Signage at JD.com’s warehouse in Shanghai, China, on Mar. 9, 2022. The U.S. Securities and Exchange Commission on Wednesday added over 80 corporations to its listing of entities dealing with attainable expulsion from American exchanges, which embrace China’s JD.com, Pinduoduo, Bilibili, and NetEase.
Qilai Shen | Bloomberg | Getty Images
Shares of Chinese e-commerce giant JD.com rose almost 5% in pre-market commerce within the U.S. on Thursday after it swung to profit and introduced a brand new chief government.
The company, which is a rival to Alibaba in China, stated web gross sales for the primary quarter rose 1.4% year-on-year to 243 billion Chinese yuan ($35 billion), beating an analysts’ common estimate of 239.42 billion yuan, in accordance to Refinitiv information.
Net profit got here in at 6.3 billion yuan versus a loss of 3 billion yuan in the identical interval final year.
JD has benefitted from Chinese customers buying on-line throughout the nation’s strict Covid-19 management measures for the reason that pandemic begun in 2020. China scrapped its so-called “zero-Covid” coverage final year.
Management shakeup
JD additionally introduced a administration change on Thursday. The company stated its present CEO Xu Lei will step down from the position in June “due to private causes.” Xu has solely been CEO for around a year after taking on from JD’s founder Richard Liu.
Xu will serve as the primary chairman of the advisory council of JD.com and “proceed to take part within the high-quality growth” of the company, JD.com stated in a press release.
Sandy Ran Xu, the present chief monetary officer of JD.com, has been appointed as the CEO and an government director of the Beijing-headquartered agency. She has served as CFO of JD.com since June 2020 and joined the agency in July 2018. Prior to her position on the e-commerce agency, she was an audit associate and spent almost 20 years at PricewaterhouseCoopers in China and the U.S.
Ian Su Shan, the present CFO of JD Logistics, will take over as CFO of JD.