Satisfactory market position in China as the largest online retailer. Good growth prospects of the online retailing industry in China. Operations in a highly fragmented and competitive retail market. Low profitability. Minimal debt leverage and net cash position. Positive operating cash flows, excluding impact of captive finance. Highly leveraged captive finance operations. The stable outlook on JD.com Inc. reflects our expectation that the company will maintain its good business growth and improve its margins over the next 12-24 months, despite intense market competition. We expect JD to maintain a net cash balance over the period, commensurate with its financial risk profile. In addition, we expect the company to continue to implement strict underwriting standards and satisfactory delinquency ratios for its
