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· China's JD.com sees stock jump after swing to third-quarter profit
· Chinese eCommerce giant strikes $300 million Montana beef deal
China's JD.com sees stock jump after swing to third-quarter profit
JD.com saw its stock jump over 7 percent in pre-market trading after it reported better-than-expected income for the quarter due to strong sales.
China's second-largest e-commerce firm posted a net profit of 1 billion yuan ($151 million), its highest ever quarterly profit and outstripping analyst estimates of a 213 million yuan loss
via CNBC - Nov 13
China's second biggest e-commerce company, JD.com, reported an unexpected profit in the third quarter, though it lost about 100 merchants to fierce competition in the run-up to this month's Singles' Day shopping extravaganza.
JD posted net earnings of 1 billion yuan ($151 million), its highest ever quarterly profit, in the three months to Sept. 30, far above an analyst consensus forecast of a 213 million yuan loss.
The unexpected profit and a 39 percent rise in revenue boosted the company's shares, which were 5 percent higher. The company reported a net loss of 807.9 million yuan in the third quarter last year.
More recently, JD said it had lost roughly 100 merchants to competition during the promotion period for "Singles Day," China's biggest online sales event which ended on Saturday.
Chief Financial Officer Sidney Huang said the brands that left the platform were all major Chinese clothing brands, and that the company expected apparel growth to remain stagnant for the next two quarters before recovering.
JD accused its main competitor, Alibaba, of engaging in "coercive" tactics, saying its rival obliged merchants to choose between online platforms.
"Based on the feedback we received from these merchants, the move was mainly due to the coercive tactics from our competitor," Huang said on a call with analysts.
Alibaba said JD's allegations were false...
Chinese eCommerce giant strikes $300 million Montana beef deal
By Tom Lutey, Billings Gazette (MT)
Nov 8, 2017
Chinese e-commerce giant JD.com has struck a $300 million beef deal with the Montana Stockgrowers Association, including $100 million for a new packing plant.
JD.com signed the agreement with Montana's largest livestock organization in mid-October, but kept it quiet until President Donald Trump's visit Wednesday to China. JD.com is the world's third largest Internet retailer, behind Amazon and Google.
Stockgrower's Executive Vice President Errol Rice and Miles City Rancher Fred Wacker were in Beijing for the signing ceremony.
"JD.com is wanting these cattle from the great state of Montana, known for its fresh water and its clean air and tasty, tender beef," Wacker said. "We're now at the point where we go to ranchers and get them signed up."
Ranchers will supply $200 million worth of Montana-sourced beef to JD.com beginning in January 2018 and continuing through 2020. At a minimum, JD is expected to buy 80,000 to 90,000 cattle, Wacker said.
The agreement is expected to increase 2018 Montana beef exports by almost 40 percent, according the U.S. Department of Agriculture statistics. The agreement is nonbinding.
The $200 million beef buy will be progressively stepped in over three years, topping out at $80 million in 2020.
Construction on a packing plant and feedlot is expected to begin next spring, according to the terms in the October memorandum of agreement. The location for the slaughterhouse hasn't been announced.
The deal stems from a Sept. 9 meeting with Chinese officials in Maudlow arranged by U.S. Sen Steve Daines, R-Mont. At the meeting, Chinese Ambassador to the United States, Cui Tianka, flanked by representatives from the China Chamber of Commerce U.S., laid out terms Montana ranchers would have to meet to do business in China...
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