(Bloomberg) — Chinese technology stocks gained as resilient earnings from major e-commerce firms helped soothe concerns over weak consumption.

The Hang Seng Tech Index ( HSTECH.HK ) rose as much as 2.2%, poised for its best day in August. JD.com Inc. ( JD ) contributed to about a third of the index’s gains after shares jumped more than 9% following a strong profit beat. Alibaba Group Holding Ltd. rose over 4% as traders focused on positive elements of its mixed results.

The current earnings season is seen as crucial to revitalizing the Chinese stock market, after key gauges tumbled from a May high due to an economic malaise and a lack of policy support. While China’s tech giants are buckling under the weight of fragile consumer sentiment, the results were solid enough to lure back dip-buyers after the Hang Seng Tech gauge fell to near a bear market.

“The macro conditions are clearly weak, but one common observation is that margins are holding up and companies are controlling their costs well with profit beats across the board, especially JD,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “For China stocks the expectations are very low and valuations are low.”

Tencent Holdings Ltd. ( NNND.VI , NNN1.BE , NNND.HA , NNND.MU , NNND.SG ), which announced its results Wednesday, showed a strong earnings beat though revenue was a slight miss. JD.com reported revenue and adjusted earnings that exceeded expectations, while Alibaba was a mixed bag with net income falling 27% and sales growth varying across segments.

Baidu Inc. and Meituan are due to report earnings later this month.