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TECH shares hit record low, and banks cut Q3 growth target on retail slowdown

The logo of is seen at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo/File photo

Following a weaker-than-expected consumer spending rebound, numerous banks and brokers lowered price targets and revenue growth expectations for (9618. HK), sending shares down 13% to a record low on Friday.

Citi, Daiwa, and Jefferies sent customers memos with altered projections on Thursday and Friday. After Singles’ Day, Hong Kong- and US-listed will release quarterly financial figures in mid-November.

China’s leading home appliance store,, had its lowest closing price since June 2020. Premarket trade saw JD shares fall 4.5% and PDD Holdings (PDD.O) fall 1.9%.

After the epidemic, a property sector debt problem slowed China’s economic development, while many Chinese cut down on spending due to economic and employment insecurity, harming the retail industry.

After missing fourth-quarter revenue predictions, said it would take time to recover customer trust post-pandemic in March. Citi Research cut its third- and fourth-quarter sales assumptions for by 3.4% and 4.3%, respectively, to 0.8% and 1.3% growth.

The bank’s analysts attributed the estimated drop to a “relatively muted consumption trend, high base, intense competition, and ongoing impact from restructuring adjustment”.”Since September, China has implemented stimulus initiatives to rescue the housing market, but Nomura said has not seen any major retail improvement since the third quarter. declined to comment on analyst revisions and share price performance.

China’s top online retailer of digital and electronic items, such as mobile phones and home appliances, is

Its competitors are Aobao, Tmall, and PDD Holding (PDD.O), which runs Pinduoduo; both provide more things at different costs. filed a police report over internet rumors about a detained businessman maliciously connected to the firm.

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