Citi: E-commerce GMV in the first phase of Double 11 grew more than 4% year on year, with diverging platform performance

Citi released a research report stating that during the first phase of Double 11, the overall gross merchandise value (GMV) of major e-commerce platforms grew more than 4% year on year, and about 10% year on year when including instant retail, in line with industry expectations. Platform performance diverged, with Douyin growing fastest and Tmall outperforming Taobao. The bank maintained "Buy" ratings on BABA-W (09988), JD-SW (09618), and PDD Holdings Inc. Sponsored ADR Class A (PDD.US). Citi noted that Douyin, benefiting from faster growth in shelf e-commerce and tactical influencer support, became the fastest-growing platform; Tmall outperformed Taobao on the back of contributions from 88VIP members and growth in brand advertising spending. JD.com, Inc. Sponsored ADR Class A continued to safeguard the competitive advantages of its self-operated 3C and home appliance businesses while balancing profits; PDD Holdings Inc. Sponsored ADR Class A prioritized the supply quality of industrial belts over subsidies. The bank believes that although AI applications have improved merchants' marketing and cost efficiency, consumer scenarios remain at an early stage and are insufficient to offset macroeconomic headwinds. Overall, e-commerce platforms are prioritizing sustainable, disciplined commercialization and monetization rather than price wars.