Elliott, James, and Michael Norris discuss quarterly earnings reports of Alibaba, JD, and Pinduoduo, and what investors can expect.
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Consumers are concerned about self-driving cars.Power’s inaugural 2019 Mobility Confidence Index Study published today in collaboration with SurveyMonkey, which found that a majority of the 5,749 respondents harbor doubts about the technology’s robustness.executive director of driver interaction and human machine interface research Kristin Kolodge.“As automakers head down the developmental road to self-driving vehicles and greater electrification, it’s important to know if consumers are on the same road — and headed in the same direction.That doesn’t seem to be the case right now.”Asked to rate on a 100-point scale their confidence in self-driving cars (with scores of 0-40 corresponding to low confidence and scores 61-100 corresponding to high confidence), respondents scored comfort about riding in them low (34) and sharing the road with others in them equally low (35).
Chinese e-commerce giant JD.com has named Xin Lijun, president of JD’s local lifestyle service group, the chief executive officer of its healthcare subsidiary JD Health, and JD Retail CEO Xu Lei was appointed chairman of the business unit.Why it’s important: As economic headwinds persist amid decelerating growth, JD.com is diversifying beyond its core e-commerce business.The market size of China’s online healthcare industry is forecasted to reach RMB 20.4 billion (around $3 billion) in 2019 according to data from data analytics firm iResearch.Retail online pharmacy sales, a sector which is one of JD Health’s core businesses, makes up the lion’s share of the total market, 89.2% in 2017, the iResearch data showed.Many Chinese tech giants are doubling down on their healthcare investments.Alibaba has its smart hospital plan and Tencent has invested in multiple healthcare startups and is building up offline services.
Online retailer JD.Com ranked highest among tech firms at 17th in the latest edition of Fortune’s top 500 Chinese companies released on Wednesday.Alibaba Group came in at 24th and Tencent at 33rd.Baidu was way off the pace in 92nd.The list compares financial performance of listed companies in the country.Why it matters: The ranking demonstrates how far JD.Com has come and how Baidu has failed to keep up with its peers.Baidu was one of three leading companies in China’s dot-com era along with Alibaba and Tencent, known collectively as BAT.
Chinese ecommerce giant JD.com is exploiting artificial intelligence to help drive online consumption in smaller cities and among female users to help compensate for slowing growth in China’s ecommerce industry amid the uncertain economic climate.Zhou Bowen, head of AI at JD.com, said the company’s AI-powered SnapShop, which allows users to take a photo of a product and provide identical and similar product recommendations, is helping it grow business in smaller cities and among young female consumers of fashion and beauty products, all of which are growth markets for JD.com.“Seeking growth in these categories is in line with JD’s company strategy,” Zhou said in an interview on Tuesday at the Rise tech conference in Hong Kong.“We are using AI technology to penetrate these markets.”JD is using AI across the entire purchasing process on its shopping platform, from product search and personalized recommendations to customer-service chatbots and product delivery, according to Zhou.Chinese ecommerce giants like JD, as well as its rivals Alibaba Group Holding, which owns the South China Morning Post, and Pinduoduo, are sharpening their technologies and seeking opportunities among consumers in the country’s smaller cities to help boost consumption amid a marked slowdown in ecommerce sales from consumers in the biggest cities like Beijing, Shanghai, Guangzhou and Shenzhen.
Alibaba and JD.com have been in a war over the Chinese e-commerce space for a decade or so, but a third player called Pinduoduo has managed to shake up the duopoly in recent times.The startup, which was founded in 2015 by an ex-Googler and went public on the Nasdaq last July, has further flexed muscles during the recent “6/18” shopping spree.According to data provider QuestMobile, Pinduoduo’s daily active users have outnumbered JD’s for at least the past 12 months, and it came out of the mid-year sales festival — first popularized by JD as a counterpart to archrival Alibaba’s “11/11” shopping day — with 135 million DAUs.JD, in comparison, ended with 88 million DAUs and Alibaba’s Taobao retained its top spot at 299 million.The boom of Pinduoduo is in part attributable to ties with its investor Tencent — also a backer of JD — which enables it to sell via WeChat’s lite app and tap the giant’s vast social network.Alibaba, on the other hand, has for years been prevented from selling through WeChat.
As this year’s 618 mid-year shopping festival indicates, China’s consumer market is still showing signs of life despite a slowing economy.Chinese retail giant JD, which started the 618 shopping promotion in 2010, racked up a record RMB 201.5 billion (around $29.2 billion) in sales from June 1 to 18.JD said that it served around 750 million customers around the world during the festival.This year’s mid-year shopping festival featured upgrade trends in China’s consumer market, Xu Lei, CEO of JD retail noted in an internal letter (in Chinese) to employees on Tuesday.High-quality brands and pricier imported goods were especially popular among consumers, he said.Liu Hui, director of JD Big Data Research Institute, said yesterday at JD’s 618 press conference that consumers in lower-tier cities were driving sales growth during the promotion.
Home electronics manufacturer Galanz has accused Alibaba’s online marketplace Tmall of hiding its products from search results, saying its goods have “vanished into thin air.”According to posts by Galanz on microblogging platform Weibo, the company’s inventory of 200,000 home appliances were not visible on the first page of Tmall’s search results ahead of the 618 shopping festival on Tuesday.Galanz blamed senior Tmall managers for neglecting “unusual” activity in the company’s search results, which Galanz said began on Monday afternoon.Tmall was not immediately available for comment when reached by TechNode.Alibaba began asking shop owners to choose between Tmall or rival e-commerce platform JD as far back as 2012.JD was Alibaba’s biggest competitor before Pinduoduo went public in 2018.
JD.com announced today a merger between its secondhand-selling platform Paipai and online electronics recycling platform Aihuishou.The Chinese e-commerce giant lead a RMB 500 million ($72 million) funding round in the new entity.After the merger, JD will be the new entity’s largest shareholder.Wang Yongliang, Paipai’s general manager, was named co-president of the new company alongside Zheng Pujiang.Other investors include Morningside Venture Capital, Tiger Fund, Tiantu Capital, Genbridge Capital, and Fresh Capital.A customer-to-business (C2B) platform, Aihuishou buys second-hand electronic items such as mobile phones and laptops from users and resells them to users or to recycling companies.
Chinese e-commerce behemoth JD.com exceeded estimates for its first quarter earnings this year, up 20.9 per cent on the same period in 2018 with record-breaking quarterly profits.The tech giant recently cut staff and wages in a bid to increase profitability and saw revenue grow to Rmb121bn (£13.8bn) for the quarter up until 31 March 2019.Read more: Why bombed-out Sainsbury's leads the FTSE 100 It is just over the Rmb120bn analysts predicted.The firm turned around a loss of Rmb4.8bn in the final quarter of last year to make a profit of Rmb7.3bn this quarter.It is also significantly more than the Rmb1.5bn from a year previous.“The first quarter saw solid top line growth with record breaking profitability, further demonstrating the superiority of JD.com’s business model as compared to traditional retail formats,” said JD's chief financial officer, Sidney Huang.
Chinese e-commerce giant JD released on Friday stronger-than-expected earnings for the first quarter this year thanks to strong performance from its core e-commerce business and renewed strategic agreement with Tencent.The company reported net revenues of RMB121.1 billion ($18.0 billion) in the first quarter of 2019, an increase of 20.9% from the first quarter of 2018, beating the Refinitiv’s forecast of 120.1 billion.Net service revenues for the period were RMB 12.4 billion, an increase of 44.0% from the first quarter of 2018.The company also renewed its three-year tie-up with Tencent.Under the agreement, Tencent will offer JD level one and two access points on its WeChat to provide traffic support, and cooperate on a number of areas including communications and social services, advertising, and membership services, among others.The company’s logistics arm, which lost RMB 2.8 billion in 2018, weighed on the e-commerce giant.
Beijing-based ecommerce powerhouse JD.com closed its office in Australia, the Australian Financial Review reports.The report said that JD’s move was in response to the company’s increasing losses.
Chinese e-commerce giant JD.com exits Australia – Financial ReviewWhat happened: Chinese e-commerce giant JD.com has quietly closed its Australian office fewer than 15 months after opening the location with great fanfare in February last year.The head of its Australian operations, Patrick Nestrel, has departed.However, the company will continue to conduct business in Australia and New Zealand and its partnerships with exporters from the region are unchanged.Staff in China will take over Australian operations.Why it’s important: Globalization and cross-border e-commerce has been an important theme among Chinese e-commerce giants for the past few years.
Freely available on our site now, it soon won’t be.This month Amazon announced an unceremonious retreat from the Chinese market.Yet the latest market reports put Amazon only at 0.6%.According to one former employee:Amazon’s interface is globally unified, as they hoped that people around the world could operate on the same system without barriers.But compared with domestic e-commerce, its interface is just ugly.
During last year’s record-breaking Singles Day online shopping extravaganza, there were some surprising top-selling products among the usual suspects of electronics, cosmetics and apparel: In the first hour of 11/11, T-Mall reported (Chinese link) that it had sold 13.6 million Ecuadorian shrimp, 140 thousand Mexican avocados, 920 thousand Southeast Asian lobsters and 1.4 million kilos of Australian beef.The explosive growth in online sales of the shengxian category (literally “raw fresh”) is one of the strongest manifestations of China’s so-called “consumption upgrade.” Driven by rising disposable income and all-too-frequent domestic food scares, such as the ongoing African Swine Fever epidemic, Chinese consumers are demanding healthier and safer food alternatives.Meanwhile, distrust in domestic producers and a tendency to favor foreign products has dramatically increased the amount of food sourced from overseas.Increasing food imports and an escalating “fresh produce war”—which has already seen some early casualties—make access to high quality overseas suppliers a key competitive advantage.Although all online grocery players are in one way or another dabbling in direct sourcing, supplier partnerships or even vertically-integrated food production, none have a supply chain strategy that is as comprehensive or as ambitious as that of Alibaba.Managing cross-border trade involving international merchants has always been a core focus for Alibaba, which is now building a global, data-enabled platform to seamlessly connect food producers with consumers across the world.
JD.Com, Dada-JD Daojia to Launch One-Day Intracity Logistics Service in China – Yicai GlobalWhat happened: Chinese online retailer JD.com has rolled out intra-city logistics services targeting individual consumers in a partnership with Dada-JD Daojia, the company’s grocery delivery joint venture in which it holds a 47% stake.Mainly targeted at the delivery of food, medicine, consumer electronics, apparel, and groceries, the express logistics service will operate in Beijing, Shanghai, Guangzhou, Shenzhen, and Tianjin.A package sent at 6 p.m. from Beijing will reach Shanghai at 10 p.m. the next day, the firm told local media.Why it’s important: Thanks to the booming e-commerce industry, Chinese city-to-city logistics has expanded with names such as SF Express.As a company with fast and reliable delivery networks, it makes sense for JD to enter the emerging area.
China’s popular online retailer JD.com says sales of free-range chickens have doubled in the past two years, and blockchain technology has played a key role.Its initiative for putting chickens on the blockchain, called “Running Chicken,” sees professional breeders hired by JD.com to tend to chickens.Local farmers are also offered part-time jobs growing vegetables, fruit, and grain, as well as interest-free loans to spur growth.JD.com has tracked free-range chickens using distributed ledger technology (DLT) since early 2018.This allowed customers to scan labels with smartphones to access detailed supply chain information, including diet, rearing process, and origin.The system is designed to reduce the nation’s reliance on factory farmed poultry.
Hundreds sign online petition supporting woman suing JD.com CEO in rape case – ReutersWhat happened: More than 500 of people have signed an online petition supporting Liu Jingyao, the Chinese University of Minnesota student who last week filed a civil lawsuit against Richard Liu, founder and CEO of JD.com, China’s second largest e-commerce operator, whom she had accused of rape.It remains unclear who launched the petition under the hashtag HereforJingyao.Chinese students at overseas as well as domestic universities signed the petition, which states, “We believe in survivors, we believe in your bravery and honesty, we will always stand with you.”Why it’s important: Liu Jingyao first accused the JD founder in August, but criminal charges were dropped on lack of evidence.Last week’s lawsuit comes at a difficult time for the company, when the founder’s ability to lead through a tumultuous time has come into question.
Amazon is shrinking its e-commerce offerings in China, where market share for the US mega e-tailer is barely negligible amid fierce competition from countless rivals including giants such as Alibaba and JD.18, 2019,” (our translation) the company said in a statement to TechNode on Thursday.Its withdrawal from the domestic marketplace will allow the company to sharpen focus on its cross-border e-commerce business, which mainly sells overseas products to Chinese customers, and its cloud computing service, it said in the statement.The global e-commerce giant had struggled to gain share since it strode into China’s booming e-commerce industry in August 2004 through the acquisition of online book seller Joyo for $75 million from Xiaomi founder Lei Jun, the largest shareholder of the company at the time.“They should have done away with the domestic business a long time ago.The company’s strategic decision to retain key segments is a reflection of its platform’s polarity in China.