China’s second-largest e-commerce player continues to benefit as shoppers move online in the world’s biggest market for fashion and luxury. Its sales for the quarter ended September 30 reached 174.21 billion yuan ($26.5 billion), beating analysts' expectations of 170.5 billion yuan. The company’s stock has more than doubled in 2020.

Following lockdowns at the start of the year, the acceleration and repatriation of local spending, coupled with growth in lower-tier cities, has driven a shift to online spending. JD.com’s paid membership programme, JD Plus, is also gaining ground: the service, which encompasses exclusive promotions, savings on shipping and exclusive customer service, now reaches more than 20 million users.