BOCOM INTL: It is expected that China's e-commerce platforms will experience steady growth in the first quarter.

BOCOM INTL released a research report stating that in March this year, the growth of electrified categories in China accelerated, with the adjusted online retail sales of physical e-commerce in the first quarter increasing by 5.7% year-on-year. The bank expects steady growth in e-commerce platforms in the first quarter. Benefiting from the expansion of national subsidy varieties, the release of demand for mobile phones, computers, and the recovery of demand for home appliances, the bank expects the industry's total transaction volume (GMV) growth rate in the first quarter to be 6%, with BABA-W (09988) at 6%, JD-SW (09618) at 10%, Pinduoduo at 13%, and KUAISHOU-W (01024) at 15%.