Why JD.com Stock Soared 150% in 2020
Shares of JD.com (NASDAQ: JD) rocketed 150% last year, according to data provided by S&P Global Market Intelligence, as the growth of the Chinese e-commerce market accelerated during the coronavirus pandemic.
JD.com served as a lifeline for millions of people during the early stages of the COVID-19 crisis, when the Chinese government imposed strict lockdowns to slow the spread of the disease. "Since the COVID-19 outbreak, JD has steadfastly leveraged our distinctive supply chain and technology capabilities to contribute to society and ensure the steady supply and undisrupted delivery of daily necessities to consumers," CEO Richard Liu said in the company's second-quarter earnings release.
JD.com's customer counts are soaring. Image source: Getty Images.
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