Online shopping boom sees beat estimates

A move to online shopping saw China's first-quarter revenue beat Wall Street estimates on Wednesday (May 19).

As growth remained robust in the domestic e-commerce sector, people have jumped online to shop for everything from groceries to luxury goods.

Net revenue at, China's largest e-commerce company by revenue, rose 39% to about $31.57 billion over the quarter.

Popular brands including Starbucks and sports retailer Decathlon, along with luxury fashion brands like Marni, launched flagship stores during the quarter on's e-commerce platform.

The earnings beat comes on the heels of a major regulatory crackdown on rival Alibaba.

Chinese anti-monopoly authorities fined the e-commerce giant a record $2.75 billion last month for engaging in a practice known as "choose one from two".

That's where platforms penalize merchants for listing products on multiple sites.

Even though that penalty targeted a rival, the uncertain regulatory environment has dampened investor sentiment across China's internet sector.

U.S.-listed shares of JD have dropped about 13% since news of the fine on Alibaba was announced.