JD.com Is Worst China Bet as Reopening Play Fades

(Bloomberg) — China’s post-Covid spending spree was supposed to reinvigorate JD.com Inc. But things haven’t gone according to plan.

After dropping 37% since the start of the year, JD.com trails all its peers in the benchmark Hang Seng Tech Index, as well as a gauge of Chinese shares traded in Hong Kong. A slow and uneven recovery from the Covid slump, in addition to growing competition from rivals PDD Holdings Inc. and ByteDance Ltd., has led the likes of Goldman Sachs Group Inc. and UBS Group AG to cut their estimates.