The company launched with an international vision from the very beginning, said Zheng Guangming from the group's public relations department. One of the reasons that Alibaba gained its name is because it is pronounced the same by people speaking all kinds of different languages, he explained.
The competition among imported wines and the continued downward prices are further reducing the profit margins of foreign wine makers compared with their domestic competitors, which makes wine distributors more carefully consider their balance of foreign wines versus domestic ones.
The company will also be the only legal entity to provide personal credit information services in the country as it is highly unlikely that the top financial regulator would issue more licenses over the next two years, said an expert close to the matter.
The company saw its profits soar in the first half of this year, even as it spent billions on COVID-19 initiatives. Amazon said earlier this month that more than 19,000 workers had tested positive or been presumed positive for COVID-19, which the company described as lower than the rate of positive cases in the general population.
The company is just one of many in the region's e-commerce industry to benefit from the pandemic.
The company, which went public at per share last November, has a market value just over billion. The stock peaked at in February.
成都排名优化
The company will continue to grow both its traffic and products. Its vending machines are expected to reach more customers in campuses, airports, gas stations and other leisure locations, Qian said.
The company is now facing tougher competition from rivals such as Alibaba and Pinduoduo. Chen Tao, an analyst at the Beijing-based consultancy Analysys, said JD's reach in first and second-tier cities is high, or close to saturation, adding it should seek new growth engines and pour more resources into smaller cities and rural areas.
The company's raw materials come from family farms in Lishui in Zhejiang province as well as other provinces in China. Farmmi's two processing plants are located in Lishui.
The company will raise funds of 30.63 billion yuan at a net price of 4.88 yuan per share, Beijing-Shanghai High-Speed Railway said in a statement filed to the stock exchange on Jan 3. Based on the offer price, the company has a price-to-earnings (P/E) ratio of 23.39 times, breaking the ceiling by a factor of 23 in real terms for the first time in new shares issuance.