China Market Update: JD.com Beats, CEO Sheds Light On China's Economy [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Forbes
The results largely exceeded analysts' expectations. In the press release, CEO Sandy Xu commented that the company is benefiting “as overall consumer sentiment continued to brighten.” JD is a direct beneficiary of government subsidies for home appliances, serving as the online “Best Buy of China.” CFO Ian Su Shan commented that “China's government-backed trade-in programs in over 20 provinces and cities…have been launched on JD.com”. He also commented on the rise in revenues “resulting from a rebound in growth of electronics and home appliances”. On the earnings call, when asked about the program, CEO Xu stated that “the full potential of the trade-in policy has yet to be fully realized in Q3 because some of the consumers haven't been fully aware of this policy”. Xu also commented on the economy: “At the recent National People's Congress meeting; the government just unveiled a more forceful fiscal stimulus plan based on next year's economic and social development objectives and ex
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