US$33bil hit shows China’s newest stock worry

A report this week that JD is launching a subsidy campaign to fight back against the advances of rival PDD sent fresh shivers through the sector, slamming shares in both firms and their larger eCommerce rival Alibaba. — Reuters

BEIJING: Just as China’s beleaguered tech stocks look to have put the worst of their regulatory blues behind them, a new threat is emerging as firms ramp up a battle for business at home.

A report this week that JD.com Inc is launching a subsidy campaign to fight back against the advances of rival PDD Holdings Inc sent fresh shivers through the sector, slamming shares in both firms and their larger eCommerce rival Alibaba Group Holding Ltd.