Aug 15 Reuters Chinese ecommerce group JD.com on Thursday reported forecast beating secondquarter profits, helped by price cuts that attracted costconscious shoppers to its platform.

JD.com39;s U.S.listed shares rose more than 4 in early trading.

Major Chinese vendors like JD.com and Alibaba have increased focus on discounts and lowerpriced goods as Chinese shoppers have become more cautious about spending.

Alibaba, which reported firstquarter revenue on Thursday, missed analysts39; expectations.

A stuttering postCOVID recovery in China has benefited lowcost ecommerce players such as PDD Holdings. Increased competition has triggered a price war between larger rivals as they look to attract the same pool of customers.

JD.com39;s CEO Sandy Xu said the company remained commited to a lowprice strategy.

Low price is a result of our core capabilities, she said. This will continue to distinguish us in the ecommerce industry.

The retailers rely heavily on major discounting events such as China39;s midyear ecommerce sales festival which took place in June, to boost overall growth and exposure.

The so called 618 shopping event, named after the June 18 founding date of ecommerce provider JD.com, but embraced by all platforms, gauges the market sentiment among household consumers.

JD.com said in June its turnover and order volumes reached a new high over the festival period, which ran from the end of May to June 18 this year.

JD.com39;s secondquarter profit rose 73.7 to…