T.H. Data Flash - JD.com, Inc. – August & 3Q20E: New Initiatives and Better Performance In 3Q20; Expect A Strong 4Q20 On Blockbuster Sales
We are positive on JD’s 3Q20 performance. Post the hike in 2Q20, China e-commerce vendors including JD in 3Q20 experienced a lower growth season than its normal seasonality with most categories showing slower growth, except categories like apparel, shoes & bags and accessories. JD did a big promotional event in September together with Kuaishuo (a short video vendor like TikTok) with huge subsidizations, which was an additional positive compared with last year.