- JD.Com, Inc (NASDAQ:JD) prepared to discontinue all services in Indonesia and Thailand in March for reasons undisclosed, the related websites reflected.
- JD.com looked to end its services in Thailand from March 3, while in Indonesia, it will cease operations at the end of March, the websites showed, Reuters reports.
- Both units proposed to stop taking orders on February 15.
- Also Read: China Gets Hold Of Alibaba And Other Tops Execs Of Chinese Companies To Trumpet Confidence In Domestic Economy On State TV
- JD plans to pivot from running its regional e-commerce platforms to building “a cross-border supply chain network with logistics and warehousing” to serve regional global customers, including those in Southeast Asia, a company representative said, SCMP reports.
- JD.com will continue to serve global markets, including Southeast Asia, through its supply chain infrastructure.
- In Indonesia, JD.com began its e-commerce operation under the name JD.ID in 2015.
- JD.com began operating in Thailand in 2017 as a joint venture between China’s JD.com and Thailand’s most significant retailer Central Group.
- China’s e-commerce growth potential triggered fierce rivalry between Singapore-based firms Shopee, owned by Tencent Holding Ltd (OTC: TCEHY), and Alibaba Group Holding Limited’s (NYSE: BABA) Lazada, leaving little room for JD.
- JD has already raised its investments in supply chain solutions for local clients in Malaysia and Poland through its JD Logistics subsidiary.
- JD.com reported third-quarter FY22 revenue growth of 11.4% year-on-year to $34.2 billion, missing the consensus of $34.4 billion.
- Non-GAAP net income per ADS of $0.88 beat the consensus of $0.63.
- Price Action: JD shares closed higher by 1% at $63.74 on Friday.
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