---
title: "Citi: 1st Phase of Double 11 E-commerce GMV Grows 4%+ YoY; Divergence Among Platforms"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/304375970.md"
description: "Citi reports that the first phase of Double 11 saw aggregate e-commerce GMV grow over 4% YoY (approx. 10% with Quick Commerce), aligning with expectations. Platform performance diverged: Douyin led growth, Tmall outperformed Taobao via 88VIP and ad spending, JD defended its electronics moat, PDD focused on supply quality, while Kuaishou lagged. Citi maintains Buy ratings on Alibaba, JD, and PDD, but keeps a Neutral rating on Kuaishou."
datetime: "2026-11-05T02:58:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/304375970.md)
  - [en](https://longbridge.com/en/news/304375970.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/304375970.md)
generator: "portal-rs"
---

# Citi: 1st Phase of Double 11 E-commerce GMV Grows 4%+ YoY; Divergence Among Platforms

During the first phase of the Double 11 campaign, the aggregate GMV of major e-commerce platforms hiked by more than 4% YoY, or about 10% YoY including Quick Commerce, in line with industry expectations,  
Citi said in a research report.

In addition, platform performance diverged. Douyin charted the fastest growth, benefiting from faster expansion in shelf-based e-commerce and tactical influencer support. Tmall outperformed Taobao on contributions from 88VIP members and growth in brand advertising spending. 

JD-SW (09618.HK) +5.300 (+4.977%) Short selling $212.90M; Ratio 27.502% defended its moat in self-operated 3C electronics and home appliances while balancing profitability. PDD Holdings Inc. (PDD.US) prioritized supply quality from industrial clusters over subsidies. KUAISHOU-W (01024.HK) +1.440 (+5.143%) Short selling $175.82M; Ratio 18.333% lagged peers.

The broker maintained Buy ratings on BABA-W (09988.HK) +6.600 (+6.561%) Short selling $1.13B; Ratio 18.128% , JD-SW and PDD Holdings Inc., while maintaining a Neutral rating on KUAISHOU-W.  
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-11-04 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**