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Chinese e-commerce giant JD.com Inc (NASDAQ:JD) has alleged rival platforms of forcibly persuading couriers to ditch JD Takeaway service, Reuters reported, citing the company’s social media post on Monday.
Benzinga reached out to the company for comments.
JD Takeaway began onboarding restaurants in February, ensuring “zero commissions.”
Read Next: China’s JD.com Q4 Retail Revenue And Margin Growth Impress, Hikes Annual Dividend
According to the Reuters report, Meituan (OTC:MPNGF) (OTC:MPNGY) dominated China’s food delivery sector, with Alibaba Group Holding (NYSE:BABA)-owned Ele.me the second-largest player in the country.
JD.com has promised to provide sufficient orders to couriers banned by other platforms. It aims to increase full-time riders to 100,000 from 50,000 in the next quarter.
JD.com has been expanding in the delivery and logistics space not just organically, but by making major investments in the last five years.
It had invested more than $800 million in Dada Nexus, the operator of the rapid delivery service JD Daojia in 2020.
Last year, it paid around $892 million to acquire the full stake in Kuayue-Express, which it did not already own.
Recently, President Donald Trump announced sweeping tariffs on imports from China, raising the total duties on Chinese goods to as high as 245% in some cases, prompting criticism from Beijing.
Goldman analyst Andrew Tilton expects the Chinese government to retaliate with some targeted tariffs on US products as well as non-tariff measures like export controls.
It is worth noting that billionaire investor David Tepper’s Appaloosa Management increased its stakes in prominent Chinese e-commerce names during the fourth quarter of 2024.
On the other hand, American investor Carson Block, the founder of Muddy Waters Research, had snubbed China’s stock market rally, citing unreliability in corporate accounting and geopolitical risks.
Price Action: JD stock is down 3.30% at $33.60 at the last check on Monday.
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Photo by Freer via Shutterstock
