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China Online Marketplaces: It Was a Bumpy Journey but the Worst Is Behind Us
3.6k Views09 Jul 2024 02:42
SUMMARY
- While we were expecting slow but steady growth for China online marketplaces early in 2023, we did underestimate the enduring impact of China property slump on their recovery.
- Sluggish macro environment has come above other factors in driving share performance of China e-commerce stocks, but we see the worst behind us, setting stage for the sector’s up cycle.
- We believe sector valuation will gradually normalize going into 2H24/1H25 due to a combination of continuous improvements in fundamental and risk appetites for China assets.
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Eric Chen
Greater China Equity Long/Short Analyst
- Pinduoduo (PDD US): Oversold on Concerns About Slowdown02 Sep 2024
- China Online Marketplaces: It Was a Bumpy Journey but the Worst Is Behind Us09 Jul 2024
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