77.77 +0.28 (0.36%)
After hours: 7:59PM EDT
|Bid||77.52 x 1000|
|Ask||77.47 x 3100|
|Day's range||77.26 - 78.44|
|52-week range||40.58 - 108.29|
|Beta (5Y monthly)||0.81|
|PE ratio (TTM)||16.03|
|Earnings date||11 Aug 2020 - 17 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||109.76|
JD.com, Inc. (JD) closed the most recent trading day at $78.12, moving -0.86% from the previous trading session.
(Bloomberg) -- Meituan, ByteDance Ltd. and JD.com Inc. were among 12 Chinese tech giants that issued pledges to obey antitrust laws, a day after Beijing gave the companies a month to conduct internal reviews and comply with government guidelines.Pinduoduo Inc., Baidu Inc. and Sina Weibo were also among firms that published their commitments in a statement on the website of State Administration For Market Regulation. The antitrust watchdog had summoned 34 companies to a meeting on Tuesday, ordering them to rectify their excesses and issue pledges to operate legally.Other firms will also issue statements over the next three days, SAMR said, calling on the public to help monitor the corporations and hold them to their word. The regulator had exhorted the tech giants to heed the example of Alibaba Group Holding Ltd., which was fined a record $2.8 billion following a four-month probe into the e-commerce titan for abuses like forced exclusivity.Meituan said in its pledge it will “consciously maintain market order” and “won’t force merchants to ‘pick one of two’ through unreasonable means.” The food delivery leader offered to actively work with regulators and said it accepted social supervision.Other e-commerce operators including JD.com, Suning.com Co. and Vipshop Holdings Ltd. also committed to not engage in forced exclusivity, a practice that the SAMR had criticized for “flagrantly” trampling and destroying market order. Pinduoduo and Dingdong Maicai -- major players in the red-hot community e-commerce sector -- also pledged to stay away from improper pricing.ByteDance, owner of hit apps like TikTok and Douyin, issued a 13-point pledge that included promises to strengthen its compliance management and avoid violations such as abuses of market power and unlawful mergers and acquisitions.Meituan gained nearly 4% and JD.com rose more than 2% in Hong Kong on Wednesday, recovering some of their losses from earlier this week. China’s wide-ranging campaign against its tech leaders has erased billions in value from the sector since November, when new laws on fintech and antitrust were introduced and regulators launched an offensive against Jack Ma’s empire, including the scuttling of Ant Group Co.’s $35 billion initial public offering.The 34 firms must undergo complete rectification after conducting internal checks and inspections over the next month, and make a pledge to society to obey rules and laws, the antitrust watchdog said in its statement Tuesday. Regulators will organize follow-up inspections and companies that continue to engage in abuses will be dealt with severely.Read more: China Warns 34 Tech Firms to Curb Excess in Antitrust Review(Updates with more details from statement starting in fifth pararaph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China ordered 34 internet corporations Tuesday to rectify their anti-competitive practices within the next month, signaling that Beijing’s scrutiny of its most powerful firms hasn’t ended with the conclusion of a probe into Alibaba Group Holding Ltd.Shares in Tencent Holdings Ltd. and Meituan extended losses after the State Administration for Market Regulation issued a stern statement emphasizing it will continue to eradicate abuses of information and market dominance among other violations. Also summoned to an ad-hoc meeting with the watchdog on Tuesday were industry leaders including TikTok owner ByteDance Ltd., search giant Baidu Inc. and JD.com Inc.Regulators warned internet companies to “heed Alibaba’s example,” reaffirming their intent to abolish forced exclusivity among other practices. The meeting -- organized jointly with the cyberspace and tax regulators -- came days after Beijing wrapped up a four-month probe into Alibaba by slapping a record $2.8 billion fine on the e-commerce giant for abuse of market dominance.The penalty was less severe than many feared and lifted a cloud of uncertainty hanging over founder Jack Ma’s internet empire. It also came after the Chinese central bank ordered an overhaul of his Ant Group Co. fintech titan.Alibaba’s shares have gained 7% since the start of the week, but its fellow Chinese internet giants have gyrated while investors digest the rapid-fire announcements and concerns grow that Beijing’s scrutiny will extend beyond Alibaba. On Tuesday, Tencent gave up early gains to finish down slightly while Meituan, video service Kuaishou Technology and JD all slid more than 3% in Hong Kong.“The base line of policies cannot be crossed, the red line of laws cannot be touched,” the market watchdog said in the statement on Tuesday.The investigation into Alibaba was one of the opening salvos in a campaign seemingly designed to curb the power of China’s internet leaders, which kicked off after Ma infamously rebuked “pawn shop” lenders, regulators who don’t get the internet, and the “old men” of the global banking community. Those comments set in motion an unprecedented regulatory offensive, including scuttling Ant’s $35 billion initial public offering.The 34 firms summoned Tuesday must now undergo complete rectification after conducting internal checks and inspections over the next month, and make a pledge to society to obey rules and laws, the antitrust watchdog said in its statement. Regulators will organize follow-up inspections and companies that continue to engage in abuses like forced exclusivity -- a practice that “flagrantly trampled and destroyed” market order -- will be dealt with severely.The regulator also highlighted abuses like acquisitions that squeeze out smaller rivals and burning through cash to grab market share in community group buying, currently the hottest e-commerce arena in China. Firms also need to address issues like counterfeiting, data leaks and tax evasion, according to the statement.“This is positive because the SAMR is giving the platforms one month to review their practices, rather than dish out fines and penalties without warning,” Bloomberg Intelligence senior analyst Vey-Sern Ling said. “They are using Alibaba as an example to deter misbehavior from the rest of the industry players. If these companies toe the line, industry competition can become healthier. ”(Updates with share action from the fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.