Chinese tech stocks move higher after strong Q1 from JD.com
Andrew Burton
Chinese tech stocks moved higher in pre-market trading on Thursday after JD.com (NASDAQ:JD) reported first-quarter results that handily topped expectations and unveiled management changes.
Alibaba (NYSE:BABA) gained 2.4%, while Pinduoduo (PDD) and Baidu (NASDAQ:BIDU) tacked on 1.7% and 0.8%, respectively. Bilibilii (BILI) and Tencent (OTCPK:TCEHY) saw modest losses, while others like Kingsoft Cloud Holdings (KC) and NetEase (NTES) were little changed.
The KraneShares CSI China Internet ETF (KWEB) was also higher in pre-market trading, gaining more than 0.5%.
JD.com (JD) jumped more than 4% after the company earned an adjusted 69 cents per share in the first-quarter, as revenue rose 1.4% year-over-year to $35.4B. Analysts were expecting adjusted earnings of 50 cents per share and $34.96B in revenue.
The company also noted that adjusted EBITDA rose 56.6% year-over-year to $1.4B in the period.
In addition, JD.com (JD) said that Sandy Xu, the current CFO, would succeed Lei Xu as the company's CEO and executive director. Ian Su Shan, currently the CFO of JD Logistics, has been appointed as the CFO of the company.
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