JD.Com's HK shares fall as unit identifies 'suspicious practices' in audit

Dada Nexus

09/01/2024 05:51

** Hong Kong shares of China's e-commerce group JD.Com
 9618.HK  fall 4.1% to HK$97.10, their lowest since Dec 13, and
on course for third straight session of fall
    ** Stock on track for the biggest one-day pct decline since
Dec 11 if losses hold; biggest pct loser in Hang Seng Tech Index
 .HSTECH  and second biggest decliner in Hang Seng Index  .HSI  
    ** JD.Com said its unit Dada Nexus  DADA.O  had identified
"certain suspicious practices" in an internal audit that may
cast doubt on the unit's online advertising, marketing services
revenues and operation costs 
    ** Dada said online advertising and marketing services
revenues as well as operations and support costs may have been
overstated for the first three quarters of 2023, sending Dada's
shares down as much as 49.5% to their all-time low on Monday
    ** Hang Seng Tech Index  .HSTECH  slips 0.7% while Hang Seng
Index  .HSI  adds 0.1%
    ** JD.Com Hong Kong stock down 13.6% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))