China’s e‑commerce market has been stuck in a profit squeeze, with platforms cutting prices to keep shoppers spending while demand stays patchy. During last year’s Singles’ Day, the world’s biggest online shopping event, sales growth slowed to roughly half the pace seen in 2024 as bargain hunters traded down to cheaper options.
So when the big platforms rolled out fresh discount pushes and “billion‑yuan subsidy” campaigns ahead of the 2026 June 18 shopping festival, regulators were already on alert.
