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JD.com and rival Alibaba have long been China's top e-commerce firms, but both have seen increasing competition this year from lower-priced rivals PDD Holding's Pinduoduo and ByteDance's Douyin as wary consumers, faced with macroeconomic headwinds in China, hold tight to their purse strings.
“We must change, otherwise there is really no way out for us,” wrote Richard Liu, the billionaire founder of Chinese e-commerce giant JD.com, in a company discussion board.
‘So many issues have emerged, certainly because I mismanaged,’ Richard Liu wrote, as the growth pace of JD.com and competitor Alibaba falls behind budget retailer PDD.
Chinese consumer prices fell 0.5% from a year earlier in November, while economists expected a drop of 0.2%.
Asian equities were largely higher as Japan outperformed and Hong Kong underperformed following declines in US-listed China stocks on Friday.