...August 24, 2021 HONG KONG (S&P Global Ratings) Aug. 24, 2021--S&P Global Ratings said today JD.com Inc.'s (###+/Positive/--) competitive advantages are building, as indicated by a record increase of annual active customer accounts to 532 million in the second quarter of 2021. This shows some resilience in the face regulatory changes hurting other major internet companies in China. In our view, JD.com's business profile is strengthening, on the back of more users as well as more orders per user. However, ongoing investments will likely add a drag to already thin margins. The e-retailer's adjusted EBITDA margin in the second quarter dipped to 2.2% from 3.3% in the previous quarter. This is in line with our expectation as JD.com stepped up investments from last year in its logistics arm and other new business initiatives to penetrate into lower-tier cities. By our estimates, JD.com's revenue could rise to Chinese renminbi (RMB) 1 trillion in 2021. This follows a 26.2% jump in second-quarter...
