JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China and Europe. It operates through three segments: JD Retail, JD Logistics, and New Businesses. The company provides home appliances; mobile handsets and other digital products; computers, including desktop, laptop, and other various products, as well as printers and other office equipment; furniture and household goods; apparel; cosmetics and other personal care items; and pet products. It offers women's shoes, bags, watches, jewelry, and luxury goods; men's shoes, sports gear, and fitness equipment; automobiles and accessories; maternal and childcare products; toys and musical instruments; food, beverages, and fresh produce; gifts, flowers, and plants; and pharmaceutical and healthcare products, such as OCT pharmaceutical products, nutritional supplements, healthcare services, and other healthcare equipment. In addition, the company provides books, e-books, music, movies, and other media products; virtual goods consisting of online travel agency, attraction tickets, and prepaid phone cards and game cards; industrial products; and installation and maintenance services. Further, it offers online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. Additionally, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and offers asset management services and integrated service platform; leasing of storage facilities and related management services, as well as engages in online retail business; technology-driven supply chain solutions; and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.
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JD.com Forms Hong Kong Northern Metropolis Joint Venture
JD.com has agreed to form a joint venture with Chinese state-owned firms to invest in a large logistics and mixed-use project in Hong Kong's Northern Metropolis, marking a strategic expansion beyond its core e-commerce operations. The partnership will develop logistics infrastructure alongside commercial and residential space, aiming to strengthen JD.com's presence in Greater China and Hong Kong through deeper involvement in regional logistics networks and real estate development. With a market cap of about $39.2 billion, JD.com already operates across China and Europe, and this project aligns with its logistics expertise. The venture is part of JD.com's broader narrative of leveraging superior logistics and supply chain technology to drive growth, though it may add pressure on profit margins due to the capital-intensive nature of the development.
Michael Burry sold Alibaba stock before $10 billion Hong Kong share sale
Michael Burry moved his entire Alibaba Group Holding Ltd. position into rival JD.com Inc. before Alibaba closed a $10.2 billion Hong Kong share offering over the weekend, and the investor is not warming to the deal. Burry wrote on X that he cannot bless share issuances and that Alibaba stock would need to fall by half for him to consider buying back in, according to Bloomberg. Alibaba's American depositary receipts shed 8.6% on Friday, the steepest drop in more than a year, while underwriters set the offering price at an 8.4% discount to where Hong Kong shares had closed that Friday. The transaction priced 710 million shares at HK$112.70 apiece to raise HK$80 billion, setting a record as Hong Kong's largest-ever follow-on offering, with institutional orders of roughly three times the shares on offer. Alibaba said it will direct all net proceeds toward its AI infrastructure, and has pledged to invest more than 380 billion yuan over three years in AI, covering chips, data centers, and large-language model development.
PDD, operator of Temu, reports higher revenue but lower profit for April-June quarter amid intensifying competition and overseas regulations
PDD Holdings, which operates the Chinese discount e-commerce site Temu, announced on the 24th its results for the April-June quarter of 2026. Revenue rose 8 percent year on year to 112.358 billion yuan, while net profit attributable to ordinary shareholders fell 12 percent to 27.182 billion yuan, resulting in higher revenue but lower profit. Revenue came in below the average analyst estimate of 116.35 billion yuan compiled by LSEG, while adjusted earnings per American depositary share were 19.33 yuan, beating expectations. In China's e-commerce market, price competition involving Alibaba and JD.com has intensified, and tighter overseas regulations, including the end of the US de minimis tariff exemption for small packages and the introduction of fees by the European Union, also weighed on performance. Co-CEO Chen Lei said on an earnings call that competition in the Chinese market remains fierce and that the company is struggling to respond to diverse international regulations.
Alibaba raises $10.2 billion in Hong Kong to fund AI push
Alibaba launched a share sale worth 80 billion Hong Kong dollars, or 10.2 billion US dollars, yesterday to fund artificial intelligence development, marking the largest follow-on share offering in the Hong Kong stock market and, if completed, the third-largest globally this year after Alphabet and Intel. The company is offering 710 million common shares at 112.70 Hong Kong dollars each, about 3.6 percent below the latest closing price, with Morgan Stanley, HSBC, UBS and CICC acting as underwriters and placing agents. Sources said subscription demand exceeded the shares on offer, prompting Alibaba to increase the deal size, with strong interest from investors including sovereign wealth funds. The company plans to use all net proceeds to invest in AI capabilities spanning chips, infrastructure and AI model deployment, and expects the payback period for AI investment to fall to 2.5 years from 3 years amid rapidly rising demand. Net profit for the April-to-June quarter fell 75 percent from a year earlier after it accelerated AI-related investment. Meanwhile, Michael Burry, the well-known investor and founder of Scion Asset Management, criticised Alibaba shares as overvalued and recently sold the stock from his portfolio while adding to rival JD.com, saying the share price would need to halve before he became interested again, that he disagreed with the new share issuance, and that he expects Alibaba's return on invested capital to keep declining.
JD.com offers concessions in EU probe of Ceconomy takeover bid
JD.com has proposed remedies to the European Commission as part of its in-depth investigation into the company's $2.5 billion offer for German electronics retailer Ceconomy. The nature of the remedies was not specified in an EU regulatory filing cited by Reuters. The EU launched its in-depth investigation in May 2026 under the Foreign Subsidies Regulation, following an initial assessment that identified potential subsidies to JD.com, including preferential financing, tax breaks and grants from bodies possibly linked to China. Ceconomy entered discussions with JD.com over a possible voluntary public offer in July 2025, and a Statement of Grounds was issued last month formally setting out the Commission's concerns. China's Ministry of Justice and Ministry of Commerce issued a directive on 19 August 2026 instructing domestic entities not to carry out or support the EU investigation, which Beijing characterised as undue extraterritorial jurisdiction.
China blocks cooperation with EU probe into JD.com's Ceconomy bid
China has ordered domestic entities not to cooperate with a European Union investigation into e-commerce company JD.com, alleging the probe constitutes undue extraterritorial jurisdiction. The Ministry of Justice, together with the Ministry of Commerce and other departments, issued the notice under China's Regulations on Anti-Undue Extraterritorial Jurisdiction by Foreign Countries, covering the EU's cross-border investigation practices against JD.com under the bloc's Foreign Subsidies Regulation. The EU investigation concerns JD.com's $2.5 billion bid for German electronics retailer Ceconomy, with the European Commission opening an in-depth probe in May 2026 over possible subsidies including preferential financing, tax incentives and grants. A Ministry of Justice spokesperson said China hopes the EU will immediately correct its erroneous practices and cease abusing the foreign subsidies investigation tool, warning that if the EU persists in unilateral actions, China will resolutely retaliate in accordance with the law. The move follows a similar order issued by China in May 2026 against an EU investigation into Chinese security firm Nuctech, also conducted under the Foreign Subsidies Regulation.
Yuanta Securities said Meituan, or the Meituan19 depositary receipt, will report results late this month and expects short-term speculative buying, because Bloomberg consensus forecasts the company will return to profit for the first time in four quarters after Chinese authorities stepped in to curb price competition domestically, leading to a clear recovery in margins. The broker recommends watching Alibaba's earnings tonight; if margins recover well, that is expected to support Meituan as well. Although peer JD.com previously reported lower revenue, the market sees Meituan's revenue growing in the opposite direction because the main pressure on JD.com came from electrical appliances, while Meituan focuses on food delivery and restaurant services, and still has growth from new businesses such as online supermarkets, overseas food delivery, and business-to-business sales of food ingredients. Bloomberg consensus puts a target price of 1.54 baht per depositary receipt, implying 25 percent upside.
Yuanta Securities sees Alibaba earnings recovery, supported by Cloud, target 2.92 baht per DR
Yuanta Securities stated that ALIBABA GROUP HOLDING LIMITED, or DR BABA19, will report earnings on 20 August and expects short-term speculative buying, as JD.Com's results reflect a clear easing of competition in the food delivery industry, which supports profit margins. Meanwhile, Alibaba is also supported by high-growth Cloud business. Bloomberg Consensus expects profit to contract year-on-year because of some remaining impact from price competition, but low market expectations reduce the risk of earnings coming in below forecasts. The company recently reached an agreement to sell its stake in Lingxi Games, a gaming business, and is expected to receive more than 2 billion dollars in cash, which is positive because the money will be invested in expanding existing businesses with greater potential such as AI, Cloud or E-Commerce. The current price trades at only 18 times 2026 PER, and Bloomberg Consensus values the target price at 2.92 baht per DR, implying upside of around 40%.
A.P. Moller-Maersk beat Q2 profit expectations and raised its full-year guidance for the second time in less than three months, as surging freight rates resulting from gridlocked ports and strong Chinese export growth dwarfed additional costs caused by disrupted shipping from the Middle East. The Danish shipping giant's results were among the top global corporate stories last week, alongside JD.com's second-quarter revenue and adjusted earnings above analyst expectations, though a decline in sales highlighted pressure on growth amid cautious consumer spending and intensifying competition. CXMT reportedly surpassed Tencent Holdings to become the world's most valuable Chinese company, while chipmakers SK Hynix and Samsung Electronics rallied on reports that Temasek Holdings plans to acquire stakes in both companies. US stock indexes ended the week higher as strong earnings reports from semiconductor shares bolstered investor confidence, with the S&P 500 and Nasdaq rising 0.4% and 0.5% respectively, while the Dow fell 0.6%. European equities ended the week 0.5% lower, and in Asia, Chinese markets lost 1% while Japan's Nikkei 225 rose 2.6%.
JD.com Posts First Quarterly Revenue Decline Since Listing
JD.com reported its first year-on-year quarterly revenue decline since listing, alongside a return to operating profit. Improved results in JD Retail and reduced losses in Food Delivery supported group-level operating profitability. The company announced new partnerships with global brands including Chanel and Costco, adding fresh third-party offerings to its platform.
JD.com delivered a strong bottom-line performance in the second quarter of 2026 despite revenue pressure. Non-GAAP earnings per ADS rose 26.6% year over year to RMB6.29, equivalent to 93 cents, beating the Zacks Consensus Estimate of 86 cents by 8.1%. Revenues declined 2.9% year over year to $51.05 billion, missing the $51.55 billion consensus by 1%. Profitability benefited from higher JD Retail margins, improved marketing efficiency and sharply narrower losses at JD Food Delivery. JD Retail's operating margin reached 4.6%, while the company said Food Delivery losses narrowed more than 50% year over year.
JD.com posts first year-on-year revenue decline in over a decade, sees improvement in second half
JD.com, a major Chinese e-commerce company, reported second-quarter total revenue of 346.4 billion yuan, down 2.9 percent from a year earlier, marking its first year-on-year quarterly revenue decline in more than ten years. The result underscored how difficult it is for consumer spending to recover amid falling consumer confidence caused by job insecurity and a sluggish property sector. Net profit rose to 7.1 billion yuan from 6.2 billion yuan a year earlier, while non-GAAP net profit increased 20 percent year on year to 8.9 billion yuan. CEO Xu Ran said the second quarter was challenging due to a high comparison base from the previous year and soaring raw material costs, but momentum recovered in June and revenue is expected to grow in the second half of the year.
JD.com Profit Beats Estimates After Food Delivery Fight Calms
JD.com reported better-than-expected quarterly profit as its food delivery battle with Alibaba and Meituan cooled down amid regulatory curbs. Net income grew to 7.1 billion yuan, or 1.1 billion dollars, during the quarter ended June, beating the 6.5 billion yuan analysts expected on average, while revenue was 346.4 billion yuan, slightly higher than expectations. CEO Sandy Xu said the improvement was primarily driven by solid profitability in the core JD Retail business and continued narrowing of loss at JD Food Delivery. The company has invested heavily in instant delivery, pledging to reach a 30 percent share of the total market by the end of the year, doubling from the beginning of the year, and Chinese authorities have repeatedly warned against overly aggressive competition and launched investigations against major food delivery players including JD.com. JD has also stepped up expansion beyond its home base, rolling out online retail platform Joybuy and delivery service JoyExpress in Europe, and partnering with brands in Hong Kong, while its offer to acquire Germany's Ceconomy AG was hit by an in-depth subsidy probe from the European Commission.
Earnings Week Ahead: SMCI, CSCO, JD, PLUG, and More Set to Report
The second full week of August features a diverse earnings slate spanning AI infrastructure, semiconductors, space technology, healthcare, financials, and consumer names, with Super Micro Computer, Cisco Systems, JD.com, and Plug Power among the key companies reporting. Super Micro Computer is set to report its FQ4 2026 results after Tuesday's close, having already provided a preliminary update estimating revenue near the low end of its $11.0–$12.5B guidance range, while gross margin is now expected at 15%–17%, well above its prior 8.2%–8.4% outlook. Cisco Systems reports its FQ4 results after Wednesday's close, with UBS saying on August 6 that industry checks and hyperscaler commentary point to strengthening AI infrastructure demand, forecasting networking revenue above its $9.6B estimate, and Cisco has also raised its AI infrastructure revenue target to $4B from $3B. JD.com is set to report its Q2 2026 results before the U.S. market opens on Thursday, with investors focused on two key storylines: the food-delivery subsidy war weighing on profitability and the regulatory challenges surrounding its $2.5B bid for German electronics retailer Ceconomy. Plug Power reports its Q2 results after Monday's close, with shares having fallen approximately 40% since its last earnings report, options implying a roughly 12.5% move around Monday's print, and the 2026 revenue forecast having been raised to $812.7M.
JD.com signs home comfort retail agreement with Carrier
Chinese retail group JD.com has signed a co-operation agreement with US-based Carrier to create a joint omnichannel digital retail ecosystem centred on home comfort products. Carrier's brands, including Toshiba HVAC and Carrier Residential & Light Commercial, will deepen their existing relationship with JD.com by combining the retailer's online commerce infrastructure with its physical store network. The announcement comes as JD.com faces increasing regulatory attention in Europe, with the European Commission issuing a statement of grounds in its in-depth investigation into potential foreign subsidies linked to JD.com's proposed acquisition of German retailer Ceconomy. Late last month, the Conservative Party reportedly urged the UK Government to review JD.com's activities, citing concerns that the company's growth in Britain could threaten high street retailers.
JD.com receives EU formal notice over Ceconomy acquisition
Chinese e-commerce giant JD.com has received a formal notice from the European Commission outlining concerns over its proposed $2.5 billion acquisition of German electronics retailer Ceconomy. The notice was one of several major corporate developments in Asia this week, alongside Samsung Electronics creating a new robotics division called Robotics eXperience to oversee its mid-to-long-term robotics strategy, and Playtika discussing the sale of Israeli game developer SuperPlay to Tencent in a deal valued between $1 billion and $1.5 billion. In Europe, Airbus unveiled a €5 billion share buyback and raised its medium-term financial targets, Commerzbank invited UniCredit to start merger talks, and Rolls-Royce announced two commercial engine agreements. Global markets were mixed, with the S&P 500 down 0.4% and the Nasdaq falling 2.1%, while the Dow rose 0.2% and European equities gained 0.8%.
EU opens formal probe into JD.com's proposed Ceconomy takeover
The European Commission has opened a formal investigation into JD.com's proposed acquisition of German electronics retailer Ceconomy under the EU Foreign Subsidies Regulation. The review examines whether non-EU state support distorts competition, adding regulatory uncertainty to JD.com's cross-border expansion into Europe's consumer electronics market. The proposed deal, valued at €2.2 billion, would give JD.com a brick-and-mortar and online retail presence in a major European market. A formal decision deadline is set for 2 October, providing a defined timetable for the regulatory process. The investigation highlights broader scrutiny of Chinese companies expanding in the EU and may influence how JD.com structures future overseas deals.
JD.com Partners with Costco, Becoming Its Exclusive E-Commerce Partner in China
JD.com has partnered with Costco, becoming its exclusive e-commerce partner in China. Through this partnership, JD.com will serve as Costco's sole online sales partner in China. Specific transaction terms and launch timing have not been disclosed.
Nike Cuts Thousands of China Online Sellers in Brand Overhaul
Nike is cutting ties with thousands of online sellers in China as part of a major strategy overhaul to regain brand control and revive growth. Starting in January, the company will concentrate its digital presence on its own website and app, along with official stores on Tmall, JD.com, and Douyin, aiming for a more consistent shopping experience and stronger brand storytelling. The move comes as China has become a difficult market, with local brands gaining ground and fragmented online distribution complicating pricing and brand management. Topsports, Nike's largest mainland China distributor, acknowledged the near-term hit but said the changes should support a healthier retail system over time.
DeepSeek, a three-year-old Chinese AI startup, has raised $7.4 billion in the largest private AI financing in Chinese history, valuing the company at more than $50 billion. Founder Liang Wenfeng is preparing for a possible initial public offering in 2027 that could bring in billions of dollars in additional funding. The financing gives DeepSeek more resources to develop advanced AI services and offer them globally at prices substantially below those of US competitors such as OpenAI and Anthropic. Artificial Analysis estimated that completing a standardized intelligence task with DeepSeek's V4 Flash model costs about 2 cents, compared with $2.75 using Anthropic's Claude Fable 5 model. Companies are already shifting workloads toward cheaper Chinese models, with Lindy AI moving from Anthropic's Claude Sonnet to DeepSeek and now paying approximately 10% of its previous cost, reportedly saving millions of dollars each year. Chinese open-source providers have accounted for more than 30% of activity on the AI aggregation platform OpenRouter during some weeks this year, compared with less than 2% in 2024. DeepSeek's investor group includes Tencent Holdings and JD.com, which invested billions of yuan through a limited partnership controlled by Liang, accepting five-year lockups and no voting rights, while China's National AI Industry Investment Fund received direct equity, voting rights and the freedom to sell its investment.
JD.com Upgrades Online Tax-Free Shopping with Instant VAT Refunds
JD.com has introduced three digital upgrades to its online departure tax refund service, including fully paperless processing, international bank card binding, and an instant VAT refund option. The service, available through the JD.com app in English and Chinese, allows eligible foreign visitors and travelers from Hong Kong, Macao and Taiwan to shop from more than one million products across nearly 800 sub-categories and receive VAT refunds of up to 9%. Shoppers can now link internationally issued bank cards via JD PAY and choose an instant VAT refund that credits an advance payment directly to the linked card. During the current pilot in Beijing, purchases can be delivered to hotels or other designated addresses with same-day or next-day delivery.
Pomerantz Launches JD.com Investor Probe Over Alleged False Advertising
Pomerantz LLP has launched an investigation on behalf of JD.com investors after China's State Administration for Market Regulation summoned company representatives over alleged false advertising tied to the '618' midyear online shopping festival. The probe raises questions about JD.com's marketing controls, legal exposure, and corporate governance practices. JD.com's ongoing share buyback program has retired about 15.87% of shares since 2024 and continued into early 2026, which could amplify per-share earnings if profitability recovers but also sharpens focus on how management balances buybacks with potentially higher legal and compliance costs. The company's narrative projects CN¥1517.4 billion revenue and CN¥45.1 billion earnings by 2028, requiring 6.2% yearly revenue growth and an earnings increase of about CN¥6.4 billion from CN¥38.7 billion today. Before this news, the most bullish analysts assumed JD.com could lift earnings to about CN¥58.1 billion by 2029, while warning that global regulatory risks tied to international expansion might bite harder than consensus expects.
Investor Burry Buys Flutter and DraftKings Shares, Expects Prediction Market Threat to Recede
Investor Michael Burry has purchased shares in sports betting giants Flutter Entertainment and DraftKings. On his website, Burry disclosed that he acquired Flutter shares at around 107 dollars and DraftKings shares in the low 26-dollar range, building full-sized positions in both names, with Flutter accounting for roughly 60 percent and DraftKings about 40 percent. He noted that the main threat to both companies is prediction markets exploiting regulatory loopholes to avoid state gambling taxes while being offered nationwide, but expressed the view that they will eventually become subject to regulation and taxation. He also revealed that he added to his position in China's JD.com at 27.58 dollars, and said he expects Hong Kong and Chinese stocks to benefit from the cooling of overheated AI and semiconductor stocks in South Korea and Japan.
Alibaba Stock Surges 11% on UBS Upgrade and AI Optimism
Alibaba Group shares rallied 11.2% on Wednesday, their best day in nearly a year, after UBS analyst Kenneth Fong highlighted likely margin-widening revenue growth in the June quarter, including 45% top-line growth from its cloud computing unit. Jefferies analysts added that macro headwinds and soft consumer sentiment are already priced in. Broader gains in Chinese tech stocks like Baidu and JD.com also lifted sentiment, while a U.S. federal judge temporarily blocked the Pentagon from designating Alibaba as a Chinese military company under Section 1260H rules.
Alibaba Shares Surge 12% on AI Optimism and Margin Progress
Alibaba Group Holding Ltd. saw its Hong Kong-listed shares surge 12%, their strongest move since September, as investors grew more optimistic ahead of earnings and shifted capital into large Chinese internet names that had lagged the market. The rally lifted the Hang Seng Tech Index by 5%, while Tencent Holdings Ltd. and JD.com Inc. advanced nearly 4% each. Market watchers pointed to reports from local media outlet Jiemian that Alibaba told analysts its instant-commerce losses narrowed in the June quarter while overall profitability remained steady, an update seen as important because the costly battle with JD.com and Meituan over food delivery orders had weighed on profits and overshadowed progress in cloud and AI operations. UBS Group AG analysts led by Kenneth Fong said management has shifted toward protecting margins rather than chasing topline growth, suggesting investors may refocus on Alibaba's valuable AI assets, while Jefferies Hong Kong Ltd. analyst Thomas Chong said AliCloud could accelerate year over year and perform better than expected on AI demand, adding to a broader Asia AI rotation into Chinese megacaps after strong gains in South Korean and Taiwanese chipmakers.
Pomerantz Law Firm Investigates JD.com Over Potential Securities Fraud
Pomerantz LLP is investigating claims on behalf of investors of JD.com, Inc. regarding potential securities fraud or unlawful business practices. The investigation follows a June 11, 2026 Bloomberg News report that the Beijing branch of China’s State Administration for Market Regulation summoned JD representatives over alleged false advertising during the annual ‘618’ midyear online shopping festival. On that news, JD’s American Depositary Receipt price fell $0.39 per ADR, or 1.37%, to close at $28.06 per ADR. Investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
China proposes broader e-commerce law covering platforms and digital businesses
China has proposed amendments to its E-Commerce Law that would expand its scope beyond online marketplaces and merchants, introducing broader oversight of the country's fast-growing digital economy. The draft amendments, released for public consultation by the State Administration for Market Regulation and the Ministry of Commerce, would revise platform governance rules and introduce additional regulatory measures alongside existing penalties such as fines and business suspension orders. The proposal also establishes a framework for businesses operating across multiple sectors, calling for more consistent supervision of online and offline commercial activities, and seeks to strengthen coordination among central and local government agencies responsible for enforcing e-commerce regulations. Chinese regulators said the revisions are intended to better define the rights and obligations of participants in the platform economy while addressing serious violations that have drawn significant public concern. The draft also includes provisions aimed at supporting Chinese companies expanding overseas, encouraging greater industry self-regulation and strengthening international cooperation on e-commerce standards. In addition, the proposed changes seek to align China's regulatory framework more closely with international practices while introducing countermeasures designed to protect the lawful rights and interests of Chinese businesses operating at home and abroad.
EU imposes €3 customs fee on low-value e-commerce imports
The European Union has begun imposing a €3 customs fee on low-value e-commerce imports from outside the bloc, effective July 1. The charge applies to imports valued below €150 and is a temporary measure until category-specific duties take over on July 1, 2028, when the new EU Customs Authority starts operations. Policymakers argue the previous duty exemption for goods under €150 was exploited by ultra-low-cost retailers, creating unfair competition and overwhelming customs. EU research found 60% of online purchases from outside the bloc failed to comply with EU regulations, with cosmetics and toys posing the greatest risks at 65% non-compliance each.
Alibaba's Integrated Digital Commerce Ecosystem Could Drive FY2027 Growth
Alibaba's digital commerce strategy is evolving into an integrated, AI-enabled retail ecosystem that could support growth in fiscal 2027. The company is enhancing merchant productivity, consumer engagement, and platform monetization across Taobao, Tmall, and its instant commerce offerings, with customer management revenue rising 8% year over year in the March quarter and China E-commerce Group revenues up 6% to RMB 122 billion. Quick commerce order volume expanded 2.7 times year over year, supporting double-digit monthly active consumer additions for the Taobao app, while the integration of the Qwen app with Taobao, Tmall, Alipay, Amap, and Fliggy embeds AI-driven search and shopping assistance across the ecosystem. These investments have weighed on near-term profitability, with adjusted EBITA for the China E-commerce Group declining 40% year over year, but improving fulfillment efficiency and unit economics indicate increasing productivity. Alibaba faces intense competition from PDD Holdings and JD.com, yet its broader ecosystem spanning Taobao, Tmall, instant commerce, Ele.me, AliExpress, and Alibaba.com could provide a differentiated long-term growth advantage.
Michael Burry makes rare bullish bet on Microsoft with 2028 call options
Michael Burry, the Scion Asset Management founder known for shorting the housing market before the 2008 crash, has disclosed a long, multi-year bullish bet on Microsoft. He bought December 2028 LEAP call options with a strike price in the low $700s, a position that requires Microsoft shares to nearly double from recent levels around $365 to pay off. Burry called the $350 level a good place to buy and said the longer-dated options were cheap relative to his outlook. The trade escalates an earlier long position he took in April, and it comes as Microsoft has shed more than $1 trillion in market value since its October 2025 peak amid concerns over massive AI-related capital spending. Burry also covered half of his Palantir short, added to JD.com and Adobe, and sold his Alibaba stake for tax-loss reasons.
Labour urged to investigate Chinese retailer JD.com’s UK expansion
Shadow national security minister Alicia Kearns has called on the government to investigate Chinese online retail giant JD.com over fears its UK expansion poses an unfair threat to the high street. Kearns said JD.com, which recently launched in Britain under the Joybuy brand and has eyed takeovers of Currys, Argos, and Very Group, must be scrutinised for possible Chinese state subsidies that would be illegal in Europe. Her intervention follows a European Commission in-depth inquiry into whether JD.com received foreign subsidies that distorted the EU internal market, prompted by its €2.2 billion bid for German retailer Ceconomy. Kearns argued it is fundamentally unfair to expect British companies to compete with Chinese groups receiving such subsidies, and called for Parliament to block acquisitions if necessary for economic security. A JD.com spokesman said the Ceconomy bid is funded by private bank debt and available cash, not foreign subsidies, and that Joybuy is offering great value and fast delivery to over 17 million Britons.
Michael Burry doubles down on JD.com as China tech sell-off deepens
Hedge fund manager Michael Burry has added to his JD.com position at $24.79 per share, arguing that the recent sell-off in Chinese and Hong Kong stocks is driven by technical capital flows rather than business fundamentals. Burry sold Alibaba for tax-loss purposes and reallocated the proceeds to JD.com, while also watching Meituan and Tencent. JD.com just reported a record quarterly operating profit for its retail segment of 15 billion yuan, with total Q1 revenues of 316 billion yuan and a 16.5% year-over-year surge in retail operating profit. The company’s balance sheet shows $29.3 billion in cash and short-term investments against $9.1 billion in long-term debt, and analysts see potential for the stock to double within three years if it trades at 9 times forward free cash flow.
Daiwa Downgrades JD.com to Hold with $27 Price Target
Daiwa downgraded JD.com from Buy to Hold on June 24, setting a price objective of $27, which implies a 6% upside from current levels. The e-commerce company remains financially resilient with substantial cash reserves, ongoing buybacks, and dividends, having delivered a total shareholder return rate of approximately 10% in 2025. In the first quarter of fiscal 2026, JD.com repurchased $631 million of its shares and completed an annual cash dividend payment of about $1.4 billion in April, with the stock currently offering an annual dividend yield of 3.87%.
Pomerantz Law Firm Investigates JD.com Over Securities Fraud Claims
Pomerantz LLP is investigating claims on behalf of investors of JD.com, Inc. The investigation concerns whether JD and certain of its officers or directors engaged in securities fraud or other unlawful business practices. The inquiry follows a June 11, 2026 Bloomberg News report that the Beijing branch of China’s State Administration for Market Regulation summoned JD representatives over alleged false advertising during the annual 618 midyear online shopping festival. On that news, JD’s American Depositary Receipt price fell $0.39 per ADR, or 1.37%, to close at $28.06 per ADR. Investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, extension 7980.
Alibaba launches $1.5 billion bid for grocery delivery firm Pupu
Alibaba Group Holding has launched a $1.5 billion bid for grocery delivery firm Pupu, intensifying its rivalry with Meituan in local commerce. The offer puts Alibaba in direct competition with Meituan, which has been expanding in fresh produce and recently purchased Dingdong Fresh, and also heightens pressure on JD.com. The move underscores how central quick grocery and same-day delivery have become for Alibaba as it seeks to deepen its local commerce presence, with Pupu expected to plug into Alibaba's existing food delivery and neighborhood retail efforts. However, the bid adds to concerns about profit pressure from heavy investment in new business areas, as grocery delivery is capital intensive and typically low margin. Alibaba shares have fallen 32.6% year to date, trading at $104.97.
China's 618 shopping festival sales growth slows to 4% from 15.2% last year
China's annual 618 online shopping festival recorded total sales growth of just 4% year-on-year, a sharp deceleration from the 15.2% growth seen during the same event last year, according to retail data firm Syntun. The figures, covering the period from May 13 to June 18, point to persistent weakness in household spending, with total sales reaching 934 billion yuan. Among major platforms, Alibaba's Tmall led in sales, followed by JD.com and ByteDance's Douyin, but the e-commerce segment overall posted only 0.9% sales growth. Goldman Sachs lowered its second-quarter GDP growth forecast to 4.5% from a prior 4.7%, citing a widening divergence between high-tech and consumption sectors, while maintaining its full-year outlook at 4.7%.
Mastercard and JD.com announce strategic partnership for cross-border payments and agentic AI
Mastercard and JD.com have announced a strategic partnership focused on payment infrastructure, cross-border commerce, and fraud prevention. The initial work centers on supporting JD.com's international business, expanding payment options for overseas visitors in China, and improving checkout, shopping, and tax-refund experiences across JD.com's e-commerce platforms and retail channels. The companies also plan to explore a cross-border supply chain finance ecosystem for small and medium-sized businesses, giving Mastercard another path into trade-related payment flows beyond consumer card spending. The partnership includes risk management, identity authentication, real-time monitoring, and fraud-prevention tools, and the companies said they would explore agentic AI-powered purchasing through Mastercard Agent Pay and expand co-branded card initiatives.
Alibaba stock has lost nearly a quarter of its market value this year and is drifting toward its 52-week lows after peaking in January on AI optimism. China's retail sales fell 0.6% in May, the first decline in three years, weighing on Alibaba's core e-commerce business. Regulators rebuked Alibaba and JD.com for misleading shoppers on subsidies, while a price war and heavy discounts in instant commerce have eroded profits. In the March quarter, adjusted EBITA plunged 84% year-over-year to $740 million, and the company posted an operating loss of $123 million with $2.5 billion in cash burn, citing investments in quick commerce, the Qwen app, and cloud infrastructure. The Pentagon recently added Alibaba to its list of companies linked to the Chinese military, further dampening sentiment. Despite the headwinds, analysts maintain a consensus Strong Buy rating with a mean target price of $187.55, implying 74.6% upside, and Michael Burry recently increased his stake, calling Alibaba the most advanced AI company in China.
China food delivery stocks fall on fresh regulations covering subsidies
Chinese food delivery stocks fell on Thursday after the country's markets regulator issued new rules on regulating subsidies in the sector. Meituan fell 2.2%, while rivals Alibaba Group and JD.com shed 3.2% and 2.3%, respectively. China's State Administration for Market Regulation published a list of 10 draft rules aimed at prohibiting prolonged, large-scale subsidies driven by capital advantages in the food delivery industry. The rules are aimed at further quelling heated competition in the sector, which saw a major price and subsidy war over the past year as local players rushed to grab greater market share. The move is broadly expected to be positive for Meituan's long-term unit economics, especially given that the company has burnt large amounts of cash to maintain its competitive edge.