A lifeline for Carrefour China, JD.com is taking on Pinduoduo, Trina Solar’s great results

Struggling retailer Carrefour China has received an injection of state funding: In January, after reports of empty shelves, resignations, and problems with prepaid cards, Carrefour China seemed to be on the verge of collapse, but earlier this week, the company signed a cooperation agreement with the Yingjiang District Government in Anqing, Anhui Province. No specific details on the investment have been released, but Yingjiang officials stated that the deal will support Carrefour China’s transformation and upgrading through equity investment. In August 2022, Carrefour China owner Suning.com established a joint stock corporation with the Yingjiang Government.

Ecommerce giant JD.com reportedly plans to launch $1.45 billion in subsidies in March to take on rival Pinduoduo. JD.com has not officially confirmed the reports, but journalists have learned from sources at the company that subsidies of 10 billion yuan will be implemented by March 3 to enable JD.com to launch a low price war against Pinduoduo, which has implemented 10 billion yuan subsidies for five straight years. In the second and third quarters of 2022, JD.com’s revenue growth was 5.44% and 11.4% year-on-year, while Pinduoduo’s revenue growth was 36% and 65.1%, respectively, and JD.com is now seeking to take on Pinduoduo at its own low cost game with a race to the bottom.

Earlier today, Trina Solar reported 2022 revenue of 85.24 billion yuan ($12.36 billion), an increase of 91.65% year-on-year, and net profit of 3.71 billion yuan ($538.32 million), an increase of 105.68%. Trina Solar announced a series of capacity expansions throughout 2022, and shipped a total of 43 GW of solar modules in that year, placing it second on the list of global leaders behind Longi.