DBS: China / HK Internet and Software

Hong Kong E-commece Sector: Shopping behaviour changes to drive growth in post-COVID era

• Percentage of consumers purchasing half of groceries online retreated by only 3% from the peak to 29% as pandemic situation eases
• Changes in shopping habits, increased online SKUs, expansion into new categories are key drivers
• Expect e-commerce growth in Hong Kong to stay healthy at a CAGR of 13% for 2021-2025
• HKTV (1137 HK) remains the most popular online retailer in Hong Kong. Maintain BUY