This year's 618 shopping festival manifested a total sales of RMB855.6 billion, marking a YoY increment of 15.2%, surpassing the broker's expectations, BOC International stated.

The broker anticipated that JD-SW (09618.HK)  +3.400 (+2.686%)    Short selling $107.87M; Ratio 14.768%   will post a YoY growth of approximately 12% in its GMV for 2Q25, making it the fastest-growing platform. This was attributed to its leading position in categories such as home appliances and 3C electronics, paired with cross-selling through food delivery.

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Given the fierce competition among e-commerce platforms, the broker maintained its ranking order for Chinese internet platforms within the internet services sector as TENCENT (00700.HK)  +1.500 (+0.294%)    Short selling $278.07M; Ratio 7.558%   > JD-SW > BABA-W (09988.HK)  +2.100 (+1.863%)    Short selling $514.94M; Ratio 12.153%   > MEITUAN-W (03690.HK)  +1.500 (+1.154%)    Short selling $395.92M; Ratio 13.223%   > Pinduoduo (PDD.US)      .

In light of some regions having recently announced the exhaustion of national subsidies, the growth rate of e-commerce platform consumption may decelerate sequentially. The broker continued to recommend more defensive sub-sectors.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-25 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)