JD.com Financial News

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BEIJING (Reuters) -Chinese online retailer JD (NASDAQ:JD).com said on Friday that it won a lawsuit against rival Alibaba (NYSE:BABA), which was fined 1 billion yuan ($140.68 million) for monopolistic practices.

JD.com (NASDAQ:JD) was awarded 1 billion yuan (~$140M) in damages on Friday, after the company won an antimonopoly lawsuit against Alibaba (NYSE:BABA), according to JD's WeChat statement.

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Bernstein analysts downgraded shares of JD.com (NASDAQ:JD) to Market Perform from Outperform, lowering the price target to $31 from $55 per share in a note to clients.

Chinese e-commerce giant JD.com fell as much as 13% to a record low on Friday after several banks and brokers cut price targets and revenue growth forecasts for the firm, citing a weaker-than-expected recovery in consumer spending. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates. JD.com, which is listed in Hong Kong and the United States, is expected to report quarterly financial data in mid-November following China's main online shopping festival, Singles' Day. Shares in JD.com, which is also China's largest home appliance retailer, closed at their lowest level since their June 2020 debut. A debt crisis in the key property sector has contributed to slowing China's economic growth after the pandemic, while many Chinese have cut back on spending due to concerns over the economy and job security, hurting the retail sector. In March, JD.com warned it would take time to rebuild consumer confidence post-pandemic as it missed fourth-quarter revenue forecasts. Citi Research lowered its revenue assumption for JD.com by 3.4% and 4.3% for the third and fourth quarter, saying that it now estimates 0.8% and 1.3% growth respectively. The bank's analysts cited a «relatively muted consumption trend, high base, intense competition, and on-going impact from restructuring adjustment» for the change in estimates. Nomura said JD.com had yet to see any meaningful improvement in retail since the third quarter, adding that the company had also missed on any positives from the stimulus policies China has rolled out since September to rescue the property market. JD.com said it had no comment on the analyst revisions and its share price

China’s Minsheng Bank has announced it is teaming up with the CBDC-keen e-commerce giant JD.com to launch a digital CNY-powered payment service.

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Major business players are joining the Hong Kong-Mainland China “cross-border” digital yuan pilot – including the e-commerce giant JD.com and the Bank of China.

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BEIJING — Chinese tech giants Alibaba, Tencent and JD.com have all posted their slowest revenue growth on record as Covid and Beijing's tech crackdown took their toll.

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