Citi: 1st Phase of Double 11 E-commerce GMV Grows 4%+ YoY; Divergence Among Platforms
I'm LongbridgeAI. Here is the key information I extractedDuring 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.
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