Reporting by Sophie Yu in BEIJING and Donny Kwok in HONG KONG; editing by Brenda Goh and Miral Fahmy<\/b><\/p>\n
Africa-Press – Eritrea. <\/strong><\/span>Shares in Chinese e-commerce giant JD.com (9618.HK) 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.<\/p>\n The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates.<\/p>\n 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.<\/p>\n Shares in JD.com, which is also China’s largest home appliance retailer, closed at their lowest level since their June 2020 debut.<\/p>\n U.S.-listed shares of JD fell 4.5% in premarket trading and rival PDD Holdings (PDD.O) declined 1.9%.<\/p>\n 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.<\/p>\n In March, JD.com warned it would take time to rebuild consumer confidence post-pandemic as it missed fourth-quarter revenue forecasts.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n JD.com said it had no comment on the analyst revisions and its share price performance.<\/p>\n JD.com is China’s leading online platform for sales of digital and electronics products, such as mobile phones and domestic electrical appliances.<\/p>\n Its rivals include Alibaba Group (9988.HK), which operates the Taobao and Tmall marketplaces, as well as PDD Holding (PDD.O), which operates Pinduoduo. Both offer a wider range of products at various prices.<\/p>\n In a separate statement published earlier on Friday, JD.com said it had filed a police report over online rumours about an arrested businessman that the perpetrators had maliciously linked to the company.<\/p>\n For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Reporting by Sophie Yu in BEIJING and Donny Kwok in HONG KONG; editing by Brenda Goh and Miral Fahmy Africa-Press – Eritrea. Shares in Chinese e-commerce giant JD.com (9618.HK) 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, […]<\/p>\n","protected":false},"author":84,"featured_media":22718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[242,243,233],"class_list":["post-22719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\n