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People shopped heavily online during the peak of the COVID-19 pandemic, benefiting e-commerce companies and they continue to see higher demand due to widespread outbreaks of the contagious Delta and other variants globally.
The company’s results come amid China’s regulatory crackdown on the tech industry that has led to an upheaval in sectors such as e-commerce, ride-hailing and gaming.
Its net loss attributable to ordinary shareholders was 2.81 billion yuan, from a profit of 7.56 billion yuan, a year earlier.
The company’s net revenue rose to 218.7 billion yuan ($34.27 billion) in the third quarter.
($1 = 6.3823 Chinese yuan renminbi)
