China-based ecommerce players have experienced a boost as more consumers shop online and businesses try to digitise in the aftermath of the COVID-19 outbreak, CNBC reports.
According to CNBC, Chinese players have recently reported strong earnings for the second quarter of 2020, as lockdown rules in the country relaxed.
Meituan Dianping, one of China’s biggest on-demand delivery services companies, reported a more than 152% year-on-year rise. Additionally, according to the company, the number of newly-onboard branded merchants increased by more than 110% on-year in the second quarter.
Alibaba reported a 34% year-on-year rise, representing a growth rate which is higher than the one recorded in the first quarter of 2020. JD.com also posted strong earnings. The company reported a rise in the net income of over 2,500% year-on-year.
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