On June 12, JD.com (09618.HK) rose 3.03% in regular trading, trading at HK$111.7/share with turnover of HK$195 million, partially recovering from the prior session's 5.08% decline triggered by a fake Moutai controversy.

On the news front, Goldman Sachs issued a research note maintaining its \"Buy\" rating on JD.com with a target price of HK$169, citing expectations of revenue acceleration and earnings recovery in the second half of the year. The investment bank noted that negative factors from the electronics and home appliances segment's high base effect in Q2 have already been fully priced in by investors, and anticipates retail growth to accelerate as general merchandise maintains double-digit gains.

Additionally, JD's existing \"Famous Wine Authentication\" infrastructure — which has verified over 2 million bottles using industrial X-ray equipment and multi-step inspection protocols — may be helping to contain reputational damage from the fake Moutai incident. The service covers both self-operated and third-party merchant channels with full traceability, reinforcing the platform's quality assurance credentials during the ongoing 618 shopping festival.

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