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<Research>CLSA Cites Experts: CN E-commerce Platforms Record Single-digit YoY Growth in Overall GMV During 'Double 11'
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Industry experts said that, during 2025 'Double 11', the overall GMV of Chinese e-commerce platforms grew by single-digit percentage YoY, according to CLSA's research report. Of which, Douyin and PDD Holdings (PDD.US) increased by 20% and 15% each, while BABA-W (09988.HK)'s Taobao Tmall hiked by about 10%. Other industry data shows a YoY increase of 14% during the period. In addition, the new advertising tax may have a slight impact on e-commerce platforms. The broker expected BABA-W's CMR to maintain about 10% YoY growth in 4Q25, while JD-SW (09618.HK)'s revenue growth may slow to single digits due to reduced trade-in subsidies. AASTOCKS Financial News Website: www.aastocks.com |
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