As impressive as the growth rates being delivered by Alphabet Inc./Google (GOOGL) , Facebook Inc. (FB) and Inc. (AMZN)  are, China's three biggest Internet companies are managing to collectively outpace them. And for a few different reasons, this trend has a good chance of continuing over the short-term.

Alibaba Group Holding Ltd.  (BABA) and Tencent Holdings Ltd (TCEHY) , whose spectacular growth and ever-expanding reach arguably make them China's FANG stocks, have each delivered post-earnings gains on Thursday in spite of facing very high bars. Alibaba reported June quarter (fiscal first quarter) revenue of RMB50.18 billion (equal to $7.4 billion and up 56% annually) and adjusted EPS of $1.17, beating consensus analyst estimates of $7.13 billion and $0.93. Tencent reported Q2 revenue of RMB56.6 billion (equal to $8.36 billion and up 59%) and net income of RMB18.23 billion ($2.69 billion), beating consensus estimates of RMB53 billion and RMB14.2 billion.

Alibaba made new highs on the back of its release while Tencent rose 1.9% overnight in Hong Kong. Alibaba is now up 89% on the year and valued at $424 billion. Tencent is up 74% and valued at $469 billion.

Alibaba's revenue growth nearly matched the March quarter's 60% in spite of a much smaller benefit from its 2016 deals to acquire Chinese online video giant Youku Tudou and a majority stake in Southeast Asian e-commerce leader Lazada. Notably, Alibaba's "China commerce retail" revenue, which covers its giant Taobao and Tmall marketplaces and still accounts for 73% of its revenue, grew 57% to RMB36.7 billion ($5.4 billion), a big improvement from the March quarter's 41% growth.

This growth was fueled by a 65% increase in revenue for "customer management" services for merchants (ads account for much of this business), and to a lesser extent a 28% increase in commission revenue (mostly from Tmall). While the annual active customer base for Taobao/Tmall only grew 7% annually to 466 million, annual revenue per active customer grew 35% to RMB273 ($41), thanks both to higher per-customer spend and Alibaba's very successful efforts to monetize its mobile apps and sites.

Alibaba also noted Tmall saw a 49% increase in physical goods gross merchandise volume (GMV), with GMV growth accelerating for categories such as consumer electronics, fashion/apparel and "fast-moving consumer goods." That's likely a big reason why top Alibaba rival Inc. (JD) , which has a large presence in those categories, is down 5.1% to $41.44. JD, which reported seeing 46% Q2 GMV growth and 44% revenue growth a few days ago, is still up 63% on the year.

                                Alibaba's China marketplaces are still seeing healthy customer growth.

Alibaba's international retail e-commerce ops (still just 6% of revenue) saw revenue grow 136% to RMB2.64 billion ($389 million). The timing of the Lazada deal -- it closed in mid-April 2016 -- provided a small boost to growth, but organic growth for Lazada and the AliExpress site were larger factors. International commerce wholesale revenue, driven by the site, grew a modest 12% to RMB427 million ($64 million), and Chinese commerce wholesale revenue grew 30% to RMB1.64 billion ($242 million).

More of What's Trending on TheStreet :

If you liked this article you might like

LA Times Tops 100,000 in Digital Subscriptions

CEOs Are Dropping Like Flies

PayPal CEO Reveals How Silicon Valley Could Repair Its Broken Culture

PayPal CEO Explains How to Create a Great Board in Silicon Valley

Female Tech Execs: Silicon Valley Must Have Zero Tolerance for Sexual Harassment