E-commerce platforms like JD.com made strategic moves to react to the gloom in the retail consumption market brought by the COVID-19 pandemic.
Multiple sources have confirmed that Chinese tech companies NetEase and JD.com are set for secondary listings in the Hong Kong Stock Exchange in June.
It’s reported that JD has formed a strategic partnership with Kuaishou on e-commerce livestreaming.
JD.com, which plans to list on the Hong Kong Stock Exchange on June 18, is reported to have scheduled a listing hearing on Thursday, May 28.
After the release of its Q1 financial report on May 15, JD.com accelerated its preparations for a secondary listing in Hong Kong.
Chinese e-commerce platform Pinduoduo rose 5.26% to a record high of $57.83, putting its latest market capitalization at $69.26 billion.
JD.com has allegedly submitted its listing documents in secret and plans to conduct a secondary listing in Hong Kong.
Luckin Coffee opened an online store on its app and WeChat mini program, selling a wide range of products at discounted prices.
Bejing-based e-commerce giant JD.com surpassed the high end of their guidance range posting quarterly revenue of 170.7 billion yuan.
Comparing the current crisis to the SARS outbreak of 2003, some people argue that similar to how SARS boosted China’s e-commerce industry, the COVID-19 outbreak could also propel new innovations.
Many of China’s unicorn companies, responsible for the creation of China’s formidable logistics system, have assisted in various emergency initiatives.
The logistics unit of JD.com is eyeing a potential overseas IPO that could raise $8 – $10 billion, two insiders revealed to Reuters.
China’s 2019 11.11 Global Shopping Festival has once again set new records in terms of GMV.
On October 25, the stock price of Pinduoduo, a new Chinese e-commerce star, soared by 12.62% to $39.38, reaching an all-time high.
51 Credit Card, China’s largest credit card service startup in terms of monthly active users (MAU), saw its share price plummet by 34.32% to $1.77 HKD today.