BEIJING A report this week that JD.com is launching a subsidy campaign to fight back against the advances of rival PDD Holdings sent fresh shivers through the sector, slamming shares in both firms and their larger e-commerce rival Alibaba Group. Together, the three companies lost US$33 billion (S$44.2 billion) of market value in United States trading on Tuesday, according to data compiled by Bloomberg.
Moves by Beijing to wind back its bruising crackdown on the tech sector were well received by investors in the back half of 2022, but that optimism is now starting to ebb. Instead, markets are fretting about costly price wars and fresh rounds of cash burn as firms that are struggling to expand internationally intensify rivalries at home.
Bu hikaye The Straits Times dergisinin February 24, 2023 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin February 24, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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