China E-Commerce Sector Faces Tempered Outlook Amid High Base Effect -- Market Talk

Dow Jones

2025/11/13

0803 GMT - HSBC is cautious on Chinese e-commerce companies' outlook as 4Q and 2026 growth could face tough on-year comparisons, particularly in categories supported by the government's trade-in program, the bank's analysts say in a note. Home-appliance sales growth slowed to 3% on year in September, while a high base effect for smartphones and digital products should emerge in early 2026. The tougher on-year comparisons may weigh on gross merchandise value growth for JD.com and Alibaba, though PDD could benefit from lower investment pressure. HSBC prefers Alibaba and PDD within the sector, maintaining buy ratings on both stocks with target prices of $205.00 and $155.00, respectively. Alibaba's ADRs last closed at $157.91, and PDD at $136.04. (jason.chau@wsj.com)

(END) Dow Jones Newswires

November 13, 2025 03:03 ET (08:03 GMT)

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Home-appliance sales growth slowed to 3% on year in September, while a high base effect for smartphones and digital products should emerge in early 2026. The tougher on-year comparisons may weigh on gross merchandise value growth for JD.com and Alibaba, though PDD could benefit from lower investment pressure. HSBC prefers Alibaba and PDD within the sector, maintaining buy ratings on both stocks with target prices of $205.00 and $155.00, respectively. Alibaba's ADRs last closed at $157.91, and PDD at $136.04. (jason.chau@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 13, 2025 03:03 ET (08:03 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1196710864.SGD","symbol_name":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2583514235","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2583514235","pubTimestamp":1763020980,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0803 GMT - HSBC is cautious on Chinese e-commerce companies' outlook as 4Q and 2026 growth could face tough on-year comparisons, particularly in categories supported by the government's trade-in program, the bank's analysts say in a note. 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Home-appliance sales growth slowed to 3% on year in September, while a high base effect for smartphones and digital products should emerge in early 2026. The tougher on-year comparisons may weigh on gross merchandise value growth for JD.com and Alibaba, though PDD could benefit from lower investment pressure. HSBC prefers Alibaba and PDD within the sector, maintaining buy ratings on both stocks with target prices of $205.00 and $155.00, respectively. Alibaba's ADRs last closed at $157.91, and PDD at $136.04. (jason.chau@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 13, 2025 03:03 ET (08:03 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}