NEWS BRIEF: JD Logistics swings to profit, but evicted from index
JD Logistics Inc. (2618.HK), the logistics arm of e-commerce giant JD.com (JD.US; 9618.HK) announced strong interim results last Friday, the same day it got kicked out of a major stock index. The company said its revenue grew 11% year-on-year to 86.4 billion yuan ($12.1 billion) in the first six months of 2024. It posted a profit of 2.26 billion yuan for the period, against a loss of 637 million yuan a year earlier.
The same day it released the report, it was replaced by competitor J&T Express (1519.HK), backed by Tencent, as a component off the Hang Seng China Enterprises Index. Despite that bad news, the positive earnings report helped to lift JD Logistics’ shares by 4.85% to HK$9.95 by the midday break in the Hong Kong trading day.
Reporting by Teri Yu
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