Signage at JD.com’s warehouse in Shanghai, China, March 9, 2022. The US Securities and Exchange Commission on Wednesday added more than 80 companies to its list of entities facing possible delisting from US exchanges, which includes China’s JD.com , Pinduoduo , Bilibili and NetEase.
Qilai Shen | Bloomberg | Getty Images
Shares in the Chinese e-commerce giant JD.com rose nearly 5% in premarket trading in the US on Thursday after it turned a profit and announced a new CEO.
The company, which is a rival to Alibaba in China, said first-quarter net sales rose 1.4% year-on-year to 243 billion Chinese yuan ($35 billion), beating an analyst average estimate of 239.42 billion yuan, according to Refinitiv data.
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Net profit was 6.3 billion yuan, compared with a loss of 3 billion yuan in the same period last year.
JD has benefited from Chinese consumers shopping online under the country’s strict Covid-19 control measures since the pandemic began in 2020. China scrapped its so-called “zero-Covid” policy last year.
Management shakeup
JD also announced a management change on Thursday. The company said its current CEO Xu Lei will step down from the role in June “due to personal reasons.” Xu has only been CEO for about a year after taking over from JD founder Richard Liu.
Xu will serve as the first chairman of JD.com’s advisory board and “continue to participate in the high-quality development” of the company, JD.com said in a statement.
Sandy Ran Xu, current chief financial officer of JD.com, has been named president and chief executive officer of the Beijing-headquartered company. She has been the CFO of JD.com since June 2020 and joined the company in July 2018. Prior to joining the e-commerce company, she was an audit partner and spent nearly 20 years at PricewaterhouseCoopers in China and the US
Ian Su Shan, current CFO of JD Logistics, will take over as CFO of JD.
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