Synopsis The campaign has spurred concerns that larger rival Alibaba Group Holding Ltd. or upstart PDD Holdings Inc. may retaliate with cuts of their own ETtech JD . com Inc. will offer discounts across its online shopping platforms from Monday in a 10 billion yuan ($1. 4 billion) campaign to capture new users ahead of an anticipated Chinese economic recovery this year. The campaign has spurred concerns that larger rival Alibaba Group Holding Ltd. or upstart PDD Holdings Inc. may retaliate with cuts of their own, igniting a margin-eroding price war. JD announced the launch of the subsidy plan in a statement on its official WeChat account Saturday. China ’s internet firms are revving up efforts to outdo each other since Beijing began to wind back its bruising crackdown on the tech sector, spurring an abrupt surge in competition that’s spooking investors. Meituan is said to be expanding into Hong Kong and has embarked on a campaign to hire 10,000 people on the mainland — an effort to beat back heightened competition from new entrants such as ByteDance Ltd. in the $145 billion Chinese food-delivery arena. JD shares tumbled after news of the impending rivalry surfaced in domestic media last week. Alibaba executives have since dismissed speculation it would directly engage its longtime rival, warning that a return to the price wars of years past was in nobody’s best interest. In 2020, Beijing launched a crackdown campaign to rein in what it called the “reckless expansion of capital,” affecting sectors from e-commerce to online education and the sharing economy. The government has begun rolling back restrictions since late 2022, intent on reviving a Covid-struck economy. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Saturday, 04 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Brands & Companies More D-St Party: Indices Log Biggest Single-Day Gain in Four Months India’s stock benchmarks surged over 1. 5% on Friday — the biggest single-day gain in four months — as dovish commentary by one of the members of the US Federal Reserve's rate-setting panel and fresh investments in Adani Group stocks bolstered sentiment. Foxconn to Invest up to $1 B in New Bengaluru Plant The Hon Hai Technology Group (Foxconn), the biggest contract manufacturer in the world, will set up an electronics manufacturing and assembly unit on the outskirts of Bengaluru, where it is expected to invest up to $1 billion and make iPhones for Apple. Adani Stocks Jump for 4th Day in a Row Adani Group stocks rallied for the fourth consecutive day on Friday after the promoters raised ₹15,446 crore by selling stakes in four companies to US-based investment firm GQG Partners on Thursday. Read More News on JD discount China ecommerce giant JD shopping platforms Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Ed-tech Why the ed-tech sector needs to explore capital sources beyond PE, VC, and institutional investors 5 mins read Renewables After Adani stocks, Hindenburg may have crashed into India’s green hydrogen mission too 8 mins read Under the lens Pay up abroad, but play around in India. Are global firms taking Indian regulators for a ride? 14 mins read Subscribe to ETPrime.