...March 11, 2022 HONG KONG (S&P Global Ratings) March 11, 2022--JD.com Inc. is building on its strengths and distancing itself from peers despite a tough retail environment in China. We expect the online retailer's investment in new business in 2022 to not exceed last year's level as revenue growth slows. We maintain our forecast that JD.com's (###+/Positive/--) revenue will hit Chinese renminbi (RMB) 1 trillion in 2022. This is a slower growth rate than previously expected, reflecting a tougher macro environment. JD.com finished 2021 at the high end of our expectations. Fourth quarter revenue rose 23% year on year. While margins are narrowing, JD.com's strategies to strengthen user experience are boosting customer growth. Active customers reached 569.7 million as of December 2021, up 17.5 million from September 2021, and a 97.8 million increase from a year ago. More tellingly, shopping frequency and average revenue per user remained on the uptrend as of the fourth quarter of 2021. JD.com's...
