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JD.com aims to create seven listed firms with market values of $14 billion apiece, outlining aggressive targets spanning two decades as it wrapped its signature 2023 sales gala with another record haul.
Sales volume during its “6.18†June online bargains event, reached an all-time high, the company said in a WeChat post. The summer online sales event, in which larger rival Alibaba Group Holding Ltd also takes part, is an important barometer of Chinese consumer spending that’s often compared with Black Friday and the Alibaba-created November 11 event.
Chinese retail sales grew 12.7% in May but were down from April and less than projected. Along with disappointing data on unemployment and investment, that suggests the world’s second-largest economy is struggling to regain its footing.
Still, Beijing is prioritising economic growth and once again allowing its giant private sector to expand, after a two-year clampdown that obliterated growth in sectors such as online commerce.