Chinese ecommerce giant JD.com beats estimates for quarterly profit

Chinese e-commerce giant JD.com beat estimates for quarterly profit on Thursday, helped by a mid-year sales festival and aggressive price cuts that drove more cost-sensitive consumers to its platform.

US-listed shares of the company rose 2.6% in premarket trading.

Major Chinese vendors like JD.com and Alibaba have increased focus on discounting and lower-priced goods as the world’s second largest economy sees a pullback from customers that as conscious about spending.