China's $1.5 Trillion E-commerce Competition Intensifies — ATRenew Excels, PDD Achieves Results, JD Fully Commits to Expansion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2025
0mins
Source: Benzinga
China's Ecommerce Market Growth: China's ecommerce market is expected to reach approximately $1.5 trillion by 2025, with strong consumer sentiment following the 618 Shopping Festival and ongoing U.S. tensions.
ATRenew's Record Revenues: ATRenew Inc reported a 27.1% year-on-year revenue growth to RMB 5.15 billion ($723.3 million) in Q3, driven by demand for pre-owned electronics and enhanced operational capabilities.
PDD Holdings Earnings Report: PDD Holdings Inc experienced a 9% year-on-year revenue growth to RMB 108.28 billion ($15.22 billion) in Q3, despite missing market expectations, while non-GAAP net income rose by 14%.
JD.com's Revenue and Investments: JD.com reported a 14.9% year-on-year revenue increase to RMB 299.1 billion ($42.0 billion) in Q3, with profitability under pressure due to investments in new businesses, particularly food delivery.
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Analyst Views on JD
Wall Street analysts forecast JD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for JD is 38.83 USD with a low forecast of 28.00 USD and a high forecast of 50.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
7 Buy
1 Hold
1 Sell
Moderate Buy
Current: 29.230
Low
28.00
Averages
38.83
High
50.50
Current: 29.230
Low
28.00
Averages
38.83
High
50.50
About JD
JD.Com Inc is a company principally engaged in the e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, JD Platform). The Company operates its businesses through four segments. JD Retail segment, including JD Health, JD Industrials, and other components, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics segment includes both internal and external logistics businesses. Dada segment is a local on-demand delivery and retail platform in China. New Businesses segment mainly include JD Property, Jingxi and overseas businesses. The Company mainly conducts its businesses in the domestic market and overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Cortland Associates Sells $11.67 Million in JD.com Shares
- Share Sale Details: Cortland Associates disclosed in an SEC filing on January 28, 2026, that it sold 373,236 shares of JD.com for approximately $11.67 million, indicating a decline in confidence towards the company.
- Decline in Holdings Value: The fund's JD.com position decreased by $14.03 million in value during the fourth quarter, reflecting ongoing market concerns regarding JD's performance amid increasing competition and margin pressures.
- Change in Weighting: Following this transaction, JD.com now represents only 0.56% of Cortland Associates' U.S. equity assets under management, highlighting a diminishing significance in their investment portfolio.
- Market Performance Comparison: As of January 27, 2026, JD.com's stock was priced at $29.50, down 24.7% over the past year, significantly underperforming the S&P 500 by 40.76 percentage points, illustrating the challenges faced in the competitive e-commerce landscape.
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JD.com Faces Downward Pressure on Stock Price
- Stock Performance: JD.com shares have gained nearly 4% this year, significantly lagging behind Alibaba's 17% and Baidu's 20% increases, indicating market concerns about its future growth potential.
- Profit Forecast Downgrade: Bank of America lowered JD.com's price target from $38 to $36 and adjusted its net profit estimates downward due to higher consumer incentives and food delivery losses, reflecting the company's profitability challenges.
- Shifting Market Sentiment: Retail sentiment on JD.com has shifted from neutral to bearish, with message volume surging 485%, indicating investor concerns over potential market manipulation that could affect stock price stability.
- Increased Regulatory Risks: JD.com faces heightened regulatory pressure from Beijing, with reports suggesting that Chinese regulators may consider banning major online platforms from pressuring merchants to offer discounts, which could further impact the company's competitive position.
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