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<Research>Citi: Trade-in Policy Further Supports Robust Growth in 1Q25 Rev.; Recent E-commerce Pecking Order JD > BABA > PDD
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Following the Chinese government's earlier expansion and extension of the coverage of the trade-in policy, the subsidy activities officially started on January 20, according to a report from Citi. Given that the trade-in policy boosted the performance of JD.com (JD.US) and Alibaba (BABA.US), Citi estimated that their 4Q24 revenue growth will beat expectations. In Citi's opinion, extending the relevant policy into this year with a coverage over more 3C category products should further solidify robust growth in 1Q25 revenue. The broker reiterated its near-term pecking order for e-commerce: JD.com (JD.US) > Alibaba (BABA.US) > Pinduoduo (PDD.US). AAStocks Financial News |
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