Copyright © Emerce 2023

The share price of e-commerce platform JD.com's stock rose 12 percent Wednesday after better-than-expected quarterly earnings.

In the final three months of 2023, which saw China's biggest annual shopping festival Singles Day, aggressive price reductions helped JD.com generate hefty sales.

The company reported quarterly net sales of 306.1 billion yuan ($42.52 billion), compared with analysts' average estimate of 300.04 billion yuan. However, costs continued to increase.

JD.com further announced that it will buy back up to 3 billion of its shares in the next 36 months to March 2027.

Chinese company JD.com recently expressed interest in British company Currys, a retailer that sells refrigerators, washing machines, computers and other electrical goods in Britain, Ireland, Sweden, Norway, Denmark and Finland.

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