In China top-line growth of two-thirds is considered subpar.

Thus on Monday, shares in US-listed JD.com dropped 7 per cent as the company said it expected fourth-quarter sales to be up 59-64 per cent. JD is China’s second-best known online retailer. Unlike rival Alibaba, which has a market capitalisation more than eight times as large, $34bn JD focuses on direct sales to the consumer. More akin to Amazon, it holds inventory and owns its logistics network.

JD contends that in a market plagued with counterfeit goods this assures higher quality than the intermediary model favoured by Alibaba. Yet, given the explosive growth in marketplace sales, JD has been making a shift. Third-quarter results, also on Monday, showed that principal sales accounted for only 60 per cent of transacted value, compared with three-quarters the previous year. Third-party vendor sales trebled, making up the balance, and facilitating an improvement in gross margins of about a quarter.