All articles tagged with #chinese e commerce
JD.com's U.S.-listed stock surged 16% after the Chinese online retailer announced a $3 billion share buyback plan through March 2027 and reported better-than-expected fourth-quarter net revenue of 306.1 billion yuan ($42.5 billion), up 3.6% from the previous year, as Chinese e-commerce groups engage in a price war amid an economic downturn.
Alibaba approved a $25 billion stock repurchase program in an effort to reassure investors concerned about slowing growth and increased competition in the Chinese e-commerce and cloud computing markets. Despite this, the company's US-traded shares fell 6% as investors remain worried about declining Chinese consumption and per-user spending. Alibaba is also undergoing a complex restructuring, including plans to sell off non-core assets and refocus on its core e-commerce and cloud computing businesses. The company's executives pledged to aggressively return money to shareholders and target buying back 3% of outstanding stock annually.
US lawmakers have warned that there is an "extremely high risk" that products sold on the Chinese online shopping site Temu have been made with forced labor. The claims arise from an ongoing investigation into compliance with a 2021 US law that bars the import of goods made using forced Uyghur labor. Temu said it was not responsible for third-party sellers using its platform. Nike, Adidas, and Shein are also being investigated.
JD.com's stock rose after the company beat earnings expectations despite muted revenue growth. The Chinese e-commerce company also announced that its CEO is retiring.
JD.com's CEO, Xu Lei, is leaving after only a year at the helm, as the Chinese e-commerce giant reports its slowest pace of growth on record. The company's revenue grew 1.4% to CNY 242.96bn ($35bn) in Q1 2023, beating projections but still the lowest-ever pace of expansion. The outgoing CEO's successor, CFO Sandy Xu, takes up the task of reviving one of China's largest and highest-profile public companies, amid competition from PDD Holdings and ByteDance. The personnel change suggests a shift in focus toward profitability, as JD.com struggles to regain momentum after years of punishing Covid Zero restrictions.