NEW YORK, Jan 2, 2026, 07:03 ET — Premarket
- JD.com ADRs were little changed in premarket trading, hovering near a 52-week low.
- China’s Xi pledged more proactive macro policies for 2026, including funding for consumer trade-in subsidies.
- China’s factory gauge moved back into expansion in December, though economists warned the bounce may not last.
JD.com, Inc (JD) shares were down about 0.1% at $28.70 in U.S. premarket trading on Friday, hovering near their 52-week low. 1
The muted move matters because JD’s U.S.-listed American depositary shares (ADS) often act as a liquid proxy for bets on China’s consumer economy. With the stock pinned near the bottom of its annual range, traders are highly sensitive to Beijing’s latest signals on growth and demand support.
Policy headlines are landing as investors reassess what will drive China internet and e-commerce earnings early in 2026: a stronger domestic spending backdrop, or more of the same mix of cautious households and heavy competition.
China will roll out more proactive macro policies in 2026, President Xi Jinping said in New Year messages carried by state media, as he reiterated support for “reasonable growth,” Reuters reported. The central government has allocated 62.5 billion yuan ($8.9 billion) from special treasury bond proceeds to local governments to fund a consumer-goods trade-in subsidy scheme next year, the report said. 2
Data released this week added nuance. China’s official purchasing managers’ index (PMI) — a gauge of factory activity where readings above 50 signal expansion — rose to 50.1 in December from 49.2 in November, the National Bureau of Statistics’ survey showed. “It will likely be a short-lived upturn in activity,” said Julian Evans-Pritchard, head of China economics at Capital Economics. 3
A separate U.S. regulatory filing also landed on investors’ screens. A Form 144 notice showed an insider named Xu Ran planned a sale involving 14,000 JD ADS after restricted share units (RSUs) vested; RSUs are stock-based pay that typically vests over time. 4
Broader risk appetite was firmer heading into the first full trading day of the year. S&P 500 futures rose 0.6% and Nasdaq futures added 1%, while Reuters noted mainland China markets were closed and Hong Kong stocks climbed to a 1-1/2-month high. 5
Other U.S.-listed China internet names were also subdued in early trading, with Alibaba (BABA) down about 0.5% and PDD Holdings (PDD) off roughly 0.4%.
For JD, the chart is doing much of the talking. The stock’s 52-week range sits at $28.21 to $46.45, and Friday’s premarket trade kept it within striking distance of that low. 1
Investors are now looking for follow-through on Beijing’s consumption-support pledges, including details and timing around trade-in subsidies aimed at big-ticket household goods. Online platforms such as JD typically see seasonal demand around Lunar New Year promotions in February.
The next major company catalyst is earnings. Wall Street calendars tracked by Zacks expect JD to report results around March 5, with investors focused on any update to margins and spending as the group defends market share. 6
Trade policy remains a sentiment swing factor for China ADRs more broadly, even for domestically oriented retailers, because it can shape the growth outlook and risk premium for Chinese assets.
