Major Ratings | Credit Suisse: Estimate that the total GMV of major e-commerce platforms during the 618 sales event will rise by 15% year-on-year, assigning 'outperform the market' ratings to Alibaba and JD.com.

Gelonghui on June 20 | Credit Lyonnais published a research report stating that, according to data companies' statistics, the total GMV of major e-commerce platforms during this year's 618 increased by 15% year-on-year to 855.6 billion yuan. Benefiting from a longer promotional period, higher brand participation, and trade-in subsidies, major e-commerce platforms in mainland China recorded double-digit GMV growth, with Alibaba and JD.com experiencing faster GMV growth compared to last year. This year's promotional focus has shifted from low-priced products to a wider range of branded products, and platform discounts have also decreased year on year. In addition, the application of AI tools has resulted in higher ROI for merchants and lower return rates. The firm expects that Alibaba's Customer Management Revenue (CMR) and JD.com's retail revenue will continue to show robust growth in the next quarter, assigning Alibaba a Target Price of $165, JD.com a Target Price of $45, Kuaishou a Target Price of HKD 67, and Tencent a Target Price of HKD 645, all rated as 'outperforming the market.'