JD stock: China Internet Stocks Fall On Fear Of Competition – Investor’s Business Daily
China e-commerce giant JD.com (JD) plans to spend $1.5 billion to create a subsidiary to rival PDD Holdings (PDD) and its shopping app known as Pinduoduo. PDD and JD stock, along with other China stocks that include Alibaba (BABA), dropped over concerns of rising competition and price wars.
According to news reports initially from Chinese media outlets on Friday, PDD and its budget-conscious shopping app known as Pinduoduo, has grown rapidly and is taking market share from JD as well as Alibaba. PDD, JD and Alibaba are the three largest e-commerce companies in China.
JD is still in the process of hammering out the details of its new strategy but plans to begin rolling out the campaign next month.
The move comes as Chinese regulators have showed signs of easing their lengthy crackdown on large China internet companies.
JD Stock: Hammering Out Details Of New Strategy
JD stock plunged 11% to 47.15, during morning trading on the stock market today.
Over the years, JD has built a network…
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source: https://news.oneseocompany.com/2023/02/21/jd-stock-china-internet-stocks-fall-on-fear-of-competition-investors-business-daily_2023022140962.html
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