The total GMV of major e-commerce platforms of Mainland China during this year's 618 shopping festival rallied 15% YoY to RMB855.6 billion, CLSA's research report cited data company statistics. On the ride of a longer promotional period, higher brand participation, and trade-in subsidies, major e-commerce platforms in Mainland China logged double-digit GMV growth.

Among them, BABA-W (09988.HK)  +1.700 (+1.545%)    Short selling $3.21B; Ratio 26.960%   (BABA.US)      and JD-SW (09618.HK)  +0.900 (+0.722%)    Short selling $683.61M; Ratio 30.043%   (JD.US)      experienced faster GMV growth compared to last year, while Pinduoduo (PDD.US)      maintained a similar growth rate as last year, and Douyin's growth rate tapered off.

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This year's promotion focus shifted from low-priced products to more branded products, and platform discounts also decreased YoY. Besides, the application of AI tools resulted in higher returns on investment for merchants and lower return rates.

The broker expected Alibaba's CMR and JD.com's retail revenue to maintain solid growth in 2Q, but investments in food delivery and O2O may squeeze profits, especially for JD.com.

The target price for Alibaba (BABA.US)      was set at USD165, JD.com (JD.US)      at USD45, KUAISHOU-W (01024.HK)  +0.150 (+0.266%)    Short selling $236.62M; Ratio 19.267%   at HKD67, and TENCENT (00700.HK)  +7.500 (+1.506%)    Short selling $2.17B; Ratio 20.960%   at HKD645, all rated as Outperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-20 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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