...November 21, 2021 HONG KONG (S&P Global Ratings) Nov. 22, 2021--S&P Global Ratings said today that JD.com Inc.'s (###+/Positive/--) business model is well positioned for China's strained conditions. The online retailer is outperforming its peers in China during a resurgence of COVID cases in the country and faltering consumer sentiment amid a housing downturn. JD.com's years of investment in its supply chains put it in good standing versus its peers amid pervasive shortages, as does its focus on more nondiscretionary shoppers. JD.com's revenue grew 26% year on year in the third quarter of 2021. This was well above that of Alibaba Group Holding Ltd. and Vipshop Holdings Ltd., which both registered single-digit gains in domestic gross merchandise value (GMV) in the same period. We attribute this strength to JD.com's main customer group. Its core consumers tend to shop with a specific need, and are less inclined to make impulse purchases. The entity's marketplace platform has also been helped...
