JD.com loses 2.8b yuan

China's e-commerce giant JD.com (9618) posted a third-quarter net loss of 2.81 billion yuan (HK$3.43 billion) from a net profit of 7.59 billion yuan in the same period last year.

Overall income for the third quarter plunged 41 percent to 2.57 billion yuan over last year, of which its retail business rose 18 percent to 7.94 billion yuan with an operating margin before unallocated items sliding 0.2 percentage points to 4 percent.

Its logistics arm (2618) recorded a 726 million yuan operating loss for the period, compared to an 83 million yuan operating income last year.

JD's net revenues, however, surged 25.5 percent year-on-year to 218.7 billion yuan, slightly above estimates. Among them, net product revenues increased by 22.9 percent, while net service revenues jumped by 43.3 percent.

Costs and expenses also increased for the period, mirroring the trend of revenues.

Cost of revenues increased by 27.3 percent to 187.6 billion yuan and fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, went up by 23.2 percent to 14.3 billion yuan. The annual active customer accounts soared by 25 percent to 552.2 million in the twelve months ended September.

Meanwhile, Chinese online video platform Bilibili (9626) said it plans to issue US$1.4 billion (HK$10.92 billion) convertible senior notes due 2026 for the enrichment of content offerings, research and development, and general purposes.