SHANGHAI, June 19 (Reuters) - Sales on JD.com (9618.HK) e-commerce site during China's mid-year shopping festival - the first major shopping event since country's reopening - grew more than expected, brokerages said.
JD.com saw sales rise 6-8% over the 618 festival period that ran from late May through to Sunday evening, according to a client note from Citi analysts.
Alibaba has also stopped releasing GMV figures for the so-called Singles Day shopping festival period in November in the face of slowing sales.
The festival period this year was marked by fierce competition, with platforms offering billions of yuan in coupons and subsidies to entice Chinese consumers to spend.
Goldman Sachs analysts said in a client note said JD.com sales during 618 "slightly" exceeded expectations, while Jefferies analysts said the event "surpassed expectations and set new records."
Persons:
brokerages, JD.com, Alibaba, Goldman Sachs, Jefferies, Casey, Sophie Yu, Edwina Gibbs
Organizations:
HK, Citi, Casey Hall, Thomson
Locations:
SHANGHAI, Shanghai, Beijing