China Internet: May‘26 Online Total Retail/Product Sales +3.4%/+2.6% YoY

Research evidence excerpt

China Internet: May‘26 Online Total Retail/Product Sales +3.4%/+2.6% YoY

China Internet

16 June 2026 Citi Research

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Alibaba,JD.com,PDD Holdings Inc,Vipshop Holdings in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): Alibaba,JD.com.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Alibaba,JD.com,PDD Holdings Inc,Vipshop Holdings.

services provided were non-investment-banking, non-securities-related: Alibaba,JD.com,PDD Holdings Inc,Vipshop Holdings.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Alibaba,JD.com,PDD

Holdings Inc. (For an explanation of the determination of significant financial interest, please refer to the policy for managing

conflicts of interest which can be found at www.citiVelocity.com.)

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