JD.com, China’s answer to Amazon, has had a rough ride. Shares in the country’s number two e-commerce group hit an 11-month high in July. They have shed 16 per cent of their value since then, as the trade fight between the US and China has worsened.
Tuesday was the company’s chance to reassure investors that the Chinese consumer remained in rude health. A surprise profit, solid user growth, a better than expected rise in revenue and soothing words on current trading did just that. The US-listed stock jumped more than 10 per cent.
Chief executive Richard Liu talked up the company’s investment in logistics and second-tier cities. This helped fend off intense competition from sector heavyweight Alibaba and upstart Pinduoduo, he said.
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