Chinese E-Commerce Giants Stay Mum About Sales Figures for 618 Shopping Festival

Chinese e-commerce giants JD.com Inc. and Alibaba Group Holding Ltd. have remained tight lipped about their full sales results for this year’s 618 sales extravaganza, a sign that the recovery of consumer spending in the world’s second-largest economy might be proceeding more slowly than anticipated.

Sales on JD.com grew “more than expected” and “reached a new record” during the June 18 event, after the number of products involved in a 10 billion yuan ($1.4 billion) company-initiated subsidy program jumped tenfold from March, the company said in a social media post on Monday.