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| Visitors wearing face masks talk near a display for Chinese online retailer JD.com in Beijing, Sept. 2, 2022. Chinese online retailer JD.com announced Monday that it is pulling out of Indonesia and Thailand amid intense competition in Southeast Asia. AP-Yonhap |
Chinese online retailer JD.com Inc. is closing its consumer e-commerce services in Indonesia and Thailand amid intense competition in Southeast Asia.
The e-commerce service will stop taking orders Feb. 15 in both countries and shut down in March, according to announcements Monday on the two websites.
JD.com said in a separate statement it would develop its cross-border supply chain business that serves Southeast Asia and other global markets. The company operates or manages warehouses or industrial parks in Vietnam, Malaysia and Indonesia.
E-commerce vendors in Southeast Asia have been squeezed by intense competition, including from JD.com's Chinese rival, Alibaba Group.
JD.com reported a profit of 6 billion yuan ($800 million) in the quarter ending in September on sales of 243.5 billion yuan. That was an improvement from a loss of 2.8 billion yuan on sales of 218.7 billion yuan in the same period a year earlier.
JD.com's foreign operations and other "new business" accounted for just over 2 percent of total sales, the company said. (AP)
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