Alibaba, JD.com results underscore the slowdown in Chinese consumer demand
Publishing timestamp: 2024-08-16 05:49:28
Summary
Alibaba and JD.com's quarterly results show weakness in China's consumer market, with retailers struggling to attract value-conscious customers. Tencent also reported slower growth in revenue from financial transactions. Competition among e-commerce platforms is fierce as consumers seek value-for-money products. ByteDance's Douyin is also facing challenges in e-commerce growth. Michael Burry has made China internet stocks some of his top holdings.
Sentiment: MIXED
Tickers: PDD, BABA, JD, 9618-HK, 700-HK,
Keywords: china, business news, alibaba group holding ltd, jd.com inc, markets, pdd holdings inc, earnings, breaking news: markets, tencent holdings ltd,