Alibaba 4Q Ecommerce Outlook

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Alibaba 4Q GMV growth was below expectations. Gap between CRM growth and GMV growth will remain large due to high return rate and more support to merchants.
- by Xin Yu, CFA on Alibaba (ADR) in Equity Bottom-Up

Key points:
1. December GMV was below expectations, due to elevated case counts after the relaxation of the covid restriction
2. With high return rate and more merchant supports, gap between GMV growth and CRM growth remained large in 4Q.
3. Long-Term wise, Alibaba will continue losing market share while PDD's market share may potentially surpass JD.

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