JD.com Surges After Sales Beat Allays Tech Crackdown Fears
- E-commerce giant received boost from 6.18 shopping festival
- Shares of JD had dropped roughly 40% in tech selloff
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JD.com Inc.’s shares soared as much as 10.5% after the e-commerce giant reported revenue that beat estimates, defying a crackdown on the Chinese internet sector that has depressed growth across the industry.
The e-commerce giant’s shares gained by the most in almost a month in Hong Kong after it posted a better-than-expected 26% rise in revenue to 253.8 billion yuan ($39.1 billion) for the three months ended June. Star fund manager Cathie Wood’s Ark Investment Management, which has been dumping Chinese tech stocks this year, bought back 164,889 of JD’s American depositary receipts after the company reported Monday.