(Bloomberg) — JD.com Inc. slumped to a record low in Hong Kong as Wall Street brokerages turned bearish on the stock and rumors swirled that a businessman with the same surname as the company’s chairman had been arrested.
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At least seven brokerage firms including Morgan Stanley and Citigroup Inc. have either downgraded the stock or lowered price targets in the past two days. The stock extended its drop after JD.com said on its Weibo account it had lodged a police report over a rumor that a businessman surnamed Liu had been arrested on suspicion of violation of laws. The firm’s chairman is Richard Liu.
JD.com’s share price has halved since the start of the year, reflecting concerns about China’s sluggish consumption as the authorities struggle to revive spending and growth. A subdued domestic inflation print released Friday and lackluster spending data from the Golden Week Holiday suggest that the retailer may face an uphill battle in trying to reverse…
2023-10-13 03:12:44
Source from finance.yahoo.com
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