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Asia

Update: Market Chatter: JD.com's Ceconomy Deal Concessions Face Rival Criticism

(Updates to add responses from JD.com and the European Commission)JD.com's (HKG:9618) proposed $2.5 billion acquisition of German electronics retailer Ceconomy has drawn criticism from competitors over concessions aimed at addressing EU concerns about foreign subsidies, Reuters reported, citing people familiar with the matter.The European Commission informed JD.com earlier this week of the negative feedback on remedies offered last month, according to the report.The Commission is expected to decide on the deal by Oct. 23. The criticism could pressure JD.com to strengthen its concessions, Reuters said.JD.com and the European Commission declined to comment on the matter when asked by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9618
Asia

Market Chatter: JD.com's Ceconomy Deal Concessions Face Rival Criticism

JD.com's (HKG:9618) proposed $2.5 billion acquisition of German electronics retailer Ceconomy has drawn criticism from competitors over concessions aimed at addressing EU concerns about foreign subsidies, Reuters reported, citing people familiar with the matter.The European Commission informed JD.com earlier this week of the negative feedback on remedies offered last month, according to the report.The Commission is expected to decide on the deal by Oct. 23. The criticism could pressure JD.com to strengthen its concessions, Reuters said.JD.com and the European Commission did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9618
Asia

JD.com, China Resources Land Consortium Bags HK$1.03 Billion Northern Metropolis Contract in Hong Kong

A joint venture comprising six companies won the tender for the Hung Shui Kiu/Hia Tsuen development project in Hong Kong's Northern Metropolis with a bid of HK$1.03 billion, the Hong Kong Development Bureau said Monday.The six companies are subsidiaries of China Overseas Land & Investment (HKG:0688), China Merchants Land (HKG:0978), China Resources Land (HKG:1109), China Tourism Group, JD.com (HKG:9618), and Sino Land (HKG:0083).The consortium, operating as Hung Shui Kiu New Development, plans to invest approximately HK$16.8 billion in the nearly 11-hectare project, which is expected to create over 6,000 jobs.The project involves levelling three residential sites for roughly 3,000 units and building a JD.com-led smart logistics center, which is expected to open within 55 months, faster than the 99-month minimum requirement.The winning bidder will also level additional government sites and return them to the government by 2028, with recreational facilities to follow by 2033.

HKG:0083HKG:0688HKG:0978HKG:1109HKG:9618
International

South Korean Exports to China Rise 8.7% in H1

South Korea's consumer goods exports to China rose 8.7% year over year to $3.44 billion in the first half of the year, driven by higher shipments of apparel, food, and cosmetics.To sustain export momentum, the government plans to expand live-commerce marketing, pop-up stores, regional distribution channels beyond JD.com (HKG: 9618) and Alibaba (HKG: 9988), and inland logistics hubs in cities including Chengdu and Xi'an, the Ministry of Trade, Industry and Energy said in a Friday statement following a meeting with South Korean trade officials based in China.

KOSPIHKG:9618HKG:9988
Asia

China Slams EU's Foreign Subsidies Probe into JD.com's Ceconomy Takeover

China criticized the European Union for its use of the Foreign Subsidies Regulation to probe JD.com's (HKG:9618) planned 2.2 billion euro takeover of Ceconomy.The Ministry of Justice ruled on Aug. 19, that the EU's investigation constitutes improper extraterritorial jurisdiction, according to the ministry's statement on Wednesday.The decision stems from the EU's arbitrary demands for extensive information from the Chinese entity, which China views as a severe violation of international rule of law.Acting under its anti-undue extraterritorial jurisdiction regulations, China has prohibited any organization or individual from implementing or assisting these measures to protect national sovereignty and citizens' rights.China urges the EU to correct its practices immediately and warns of resolute legal retaliation if the EU persists in its unilateral actions.

Shanghai Composite^SZSEHKG:9618
Asia

Jefferies Adjusts JD.com's Price Target to HK$194 From HK$190, Keeps at Buy

JD.com (HKG:9618) has an average rating of overweight and mean price target of HK$153.64, according to analysts polled by FactSet.

HKG:9618
JD.com Swings to Operating Profit as Food Delivery Losses Narrow, Margins Hit Peak-Season High
US Markets

JD.com Swings to Operating Profit as Food Delivery Losses Narrow, Margins Hit Peak-Season High

JD.com (HKG:9618) swung to an operating profit in the second quarter even as revenue fell, as easing losses at its food delivery unit and lower marketing spending offset a drop in electronics sales, mainly due to a high comparison base last year.The Beijing-based e-commerce and logistics company reported, after market hours on Thursday, an operating profit of 4.5 billion yuan for the three months ended June 30, compared with a loss of 900 million yuan a year prior.Attributable net income rose to 7.1 billion yuan, or 2.51 yuan per share, from 6.2 billion yuan, or $2.07 yuan per share, a year earlier.JD.com CFO Ian Su Shan said the company's operating margin hit a record high for peak promotional seasons following improvements in certain key categories.Net revenue, however, fell 2.9% year over year to 346.4 billion yuan, which the company largely attributed to a high base effect."Despite near-term revenue headwinds, we achieved strong bottomline growth, marking a clear inflection in our profit trajectory," said JD.com CEO Sandy Xu."This improvement was primarily driven by solid profitability in our core JD Retail business and continued narrowing of loss at JD Food Delivery," Xu said, adding that the results underscore the strength of the company's supply chain-driven business model and operational efficiency.The results also reflect a one-time hit in April when China's market regulator fined a JD.com affiliate roughly 635 million yuan over food safety compliance violations linked to a third-party cake vendor.Elsewhere, the company said its JoyAI large language model helped triple the number of connected devices between the 11.11 promotion last year and this year's 618 promotion.JD.com now uses AI and physical automation in demand forecasting, product sourcing, smart customer services and full-stack logistics automation, Xu said during the company's earnings call.

HKG:9618
Asia

JD.com's Attributable Profit Rises in Q2

JD.com (HKG:9618) recorded a rise in net income attributable to ordinary shareholders in the second quarter to 7.13 billion yuan from 6.18 billion yuan a year prior.Earnings per share increased to 2.51 yuan from 2.07 yuan previously, according to a Thursday Hong Kong bourse filing.The Chinese e-commerce giant's revenue slipped 2.9% to 346.4 billion yuan from 356.7 billion yuan in the year-ago period, mainly due to a high base effect.For the first half of 2026, attributable net income fell to 12.2 billion yuan year over year, while revenue jumped to 662.1 billion yuan.

HKG:9618
Asia

South Korean Companies Sign US$1.5 Million Export Deals With JD.com; Shares Down 3%

Chinese e-commerce major JD.com (HKG:9618) launched a business entity in South Korea to purchase Korean consumer goods for sale in China, the South Korean trade ministry said on Wednesday.Backed by the Korean trade ministry, the partnership is expected to provide market access to about 200 Korean consumer goods companies in China, Yonhap News reported Wednesday.The Korean companies have also signed $1.5 million worth of deals to ship their products through JD.com's business-to-consumer platform in China, the report said.Shares of the e-commerce company fell 3% in recent trading.

HKG:9618
EU Raises Preliminary Concerns Over JD.com's $2.5 Billion Ceconomy Acquisition
US Markets

EU Raises Preliminary Concerns Over JD.com's $2.5 Billion Ceconomy Acquisition

The European Commission has notified JD.com (HKG:9618) of its preliminary objections over the Chinese e-commerce company's proposed $2.5 billion acquisition of German electronics retailer Ceconomy."The issuing of a statement of ​grounds is a ​formal step in an investigation under ⁠the Foreign Subsidies Regulation where the Commission informs the ​companies ​concerned ⁠in writing of the objections ​raised against ​them," ⁠the statement said.The Commission opened an in-depth investigation in May to assess whether JD.com had received foreign subsidies that could distort competition in the EU's internal market.It said it has concerns that JD.com may have benefited from preferential financing, tax incentives and grants attributable to the Chinese government.The Commission said those subsidies could strengthen the merged company's competitive position and negatively affect competition in the bloc after the transaction.JD.com announced the all-cash takeover offer for Ceconomy in July 2025, offering 4.60 euros per share.The deal aims to combine JD.com's e-commerce, logistics and technology capabilities with Ceconomy's consumer electronics retail business, which operates more than 1,000 MediaMarkt and Saturn stores across 11 European countries.Under the investment agreement, Ceconomy would continue operating as a standalone business in Europe with its existing workforce, employee agreements and sites.The European Commission's provisional deadline to complete its review is Oct. 2.

HKG:9618HKG:9988
Asia

EU Flags Foreign Subsidy Concerns in JD.com's Ceconomy Deal

The European Commission raised preliminary objections to JD.com's (NASDAQ:JD, HKG:9618) proposed $2.5 billion acquisition of German retailer Ceconomy, according to a Wednesday statement.The commission said JD.com may have benefited from Chinese government support, including preferential financing, tax incentives and grants, potentially giving the combined company an unfair competitive advantage after the acquisition.The objections are preliminary and do not prejudge the outcome of the investigation.A statement of grounds is a formal step in the investigation that outlines the Commission's preliminary concerns.The Commission's provisional deadline to complete its review is Oct. 2.

HKG:9618
Nike Ends Online Distribution Deals With China's Topsports, Pou Sheng
US Markets

Nike Ends Online Distribution Deals With China's Topsports, Pou Sheng

Chinese sportswear retailers faced a sharp selloff on Wednesday after Nike announced plans to overhaul its digital footprint in China, effective January 2027, terminating online sales partnerships for companies including Topsports International (HKG:6110) and Pou Sheng International (HKG:3813).Topsports and Pou Sheng received official notice from Nike that online sales of its products in mainland China will "terminate completely" starting in 2027, according to separate Hong Kong bourse filings on Wednesday.Near the close of the session, Topsports' stock plunged 24% to an all-time low, while Pou Sheng fell almost 9%, also trading near its lowest on record.Nike products accounted for about 22% of Topsports' revenue in the fiscal year ended Feb. 28, with the company saying it expects a "significant" negative impact, albeit short-term. Topsports also said it will continue working with Nike on offline sales arrangements.Pou Sheng, meanwhile, said Nike made up 15% of total revenue for 2025, with an "insignificant" contribution to group profit.Under Nike's revised plan, the sportswear maker will exclusively sell its products on its official Tmall, JD.com (HKG:9618) and Douyin storefronts."This is not about reducing access. It is about reducing fragmentation and strengthening the consumer journey. When the experience is consistent, the brand becomes stronger," Cathy Sparks, Nike's vice president and general manager for Greater China, said in a statement.Jefferies analysts noted that while the move strengthens Nike's direct-to-consumer ecosystem and pricing discipline, the transition will create short-term headwinds for wholesale business volumes across China.

HKG:3813HKG:6110HKG:9618
Asia

Market Chatter: JD.com-Led Group Eyes SG$1 Billion Singapore REIT Listing

A consortium involving China's e-commerce giant JD.com's (HKG:9618) asset management arm and Switzerland's Partners Group plans a confidential IPO filing for a REIT in Singapore, Bloomberg News reported Friday, citing people with knowledge of the matter.The listing proceeds are estimated at about SG$1 billion, the newswire said.The REIT will pool assets from Singapore-based developer EZA Hill, with Bank of America, DBS, and UBS advising, the publication said.JD.com, Partners Group, and EZA did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9618
Asia

Update: JD.com Secures German Regulatory Approval for Ceconomy Acquisition

(Updates third paragraph to add statement from JD.com)China's JD.com (HKG:9618) secured German regulatory approval to acquire electronics group Ceconomy, the South China Morning Post reported Tuesday, citing a government spokesman.Berlin was previously reviewing whether JD.com's planned takeover of the German electronics group posed a national security risk, the report said."The takeover was approved under certain conditions, including that JD.com ensure personal data of Ceconomy's customers in Germany remained protected," a JD.com spokesperson toldWednesday in an emailed statement.

HKG:9618
Asia

UK to Boost Service Exports to China

The U.K. is looking to increase services exports to China through a "trade booster" initiative that will be discussed during the 15th UK-China Joint Economic and Trade Commission, or JETCO, on July 2, the U.K. government said Monday.HSBC (HKG:0005), JD.com (HKG:9618), and Industrial and Commercial Bank of China (HKG:1398, SHA:601398) are among the 200 businesses joining JETCO.While the U.K. is the second-largest services exporter worldwide, China is only the ninth-largest service export destination, the U.K. government said.

Hang SengShanghai Composite^SZSEHKG:0005HKG:1398HKG:9618SHA:601398
Asia

Market Chatter: JD.com Secures German Regulatory Approval for Ceconomy Acquisition

China's JD.com (HKG:9618) secured German regulatory approval to acquire electronics group Ceconomy, the South China Morning Post reported Tuesday, citing a government spokesman.Berlin was previously reviewing whether JD.com's planned takeover of the German electronics group posed a national security risk, the report said.The takeover was approved under certain conditions, including that JD.com ensure personal data of Ceconomy's customers in Germany remained protected, the report said, citing Germany's Federal Ministry for Economic Affairs and Energy.JD.com did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9618
Asia

Hong Kong Stocks Slide Amid US Sanctions, Middle East Escalation; Alibaba, JD.com Fall on Regulatory Scrutiny

Hong Kong stocks extended losses Thursday as fresh U.S. sanctions on China- and Hong Kong-linked entities over alleged ties to Iran's military and escalating tensions in the Middle East weighed on sentiment.The Hang Seng Index fell 0.7%, or 158.67 points, to close at 24,249.29, while the Hang Seng China Enterprises Index dropped 1.2%, or 101.65 points, to finish at 8,217.08.The U.S. government on Wednesday imposed sanctions on 11 individuals and entities, including several in China and Hong Kong, for allegedly supporting weapons procurement for Iran's Islamic Revolutionary Guard Corps and military.Nine of those targeted were China- and Hong Kong-based individuals and companies, while another Hong Kong firm was accused of operating within Iran's covert banking network, according to the U.S. Treasury.Meanwhile, Washington launched a fresh round of strikes against multiple targets in Iran, according to the U.S. military, prompting Tehran to announce the full closure of the Strait of Hormuz.In corporate news, Alibaba (HKG:9988) closed over 5% lower after Beijing regulators called in major e-commerce platforms over alleged misleading promotions during the annual "618" shopping festival.JD.com (HKG:9618) closed nearly 3% lower after being named among the platforms summoned by regulators.

Hang SengHKG:9618HKG:9988
Asia

Market Chatter: Beijing Regulator Summons Alibaba, JD.com Over Discount Promotions

Beijing's branch of the State Administration for Market Regulation summoned several major e-commerce platforms over what officials described as misleading promotional practices during the annual "618" shopping festival, according to a report on Thursday by state broadcaster CCTV.The platforms included Alibaba's (HKG:9988) Taobao and Tmall, JD.com (HKG:9618), PDD Holdings' Pinduoduo, ByteDance's Douyin, and Xiaohongshu.The regulator criticized some platforms for advertising "10 Billion Yuan Subsidy" campaigns that appeared to promise tens of billions of yuan in consumer discounts, the report said.Taobao, Tmall, and JD.com were cited for failing to provide details of the actual subsidy amounts offered during the campaign, as well as the respective contributions made by the platforms and participating merchants, according to CCTV.Shares of Alibaba were down nearly 6% in Thursday's afternoon trade, while JD.com was down nearly 4%.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9618HKG:9988
Asia

Market Chatter: DeepSeek to Raise 50 Billion Yuan in Pilot Funding Round

DeepSeek seeks to raise about 50 billion yuan in its first funding round, potentially valuing the Chinese artificial intelligence startup between 350 billion yuan and 400 billion yuan, Reuters reported Wednesday, citing sources.Tencent (HKG:0700) and Contemporary Amperex Technology (SHE:300750, HKG:3750) are expected to become the biggest investors in the fundraising as they are considering injecting 10 billion yuan and 5 billion yuan, respectively, the report said.The AI firm is in discussions with China's national artificial intelligence fund, as well as NetEase (HKG:9999) and JD.com (HKG:9618), to participate in the fundraising, according to Reuters.DeepSeek's founder, Liang Wenfeng, pledged to inject 20 billion yuan into the startup, sources reportedly told the media outlet.DeepSeek, Tencent and CATL are yet to respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSEHKG:0700HKG:3750HKG:9618HKG:9999SHE:300750
Asia

Market Chatter: BYD, JD.com-Backed PaXini Technology Mulls Hong Kong IPO

PaXini Technology, a Chinese developer of dexterous robotic hands and humanoid robots, is weighing an initial public offering in Hong Kong, Bloomberg News reported Wednesday, citing people familiar with the matter.The BYD (HKG:1211, SHE:002594)- and JD.com (HKG:9618)-backed company is working with advisers and could submit a listing application in the coming months, according to the report.Key details, including the size and timing of the offering, are still under discussion and have yet to be finalized, Bloomberg said.PaXini raised more than 1 billion yuan in a March funding round, valuing the company at more than 10 billion yuan, the report added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang SengHKG:1211HKG:9618SHE:002594

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