Satisfactory market position in China as the largest online direct sales retailer. Good growth prospects of the online retailing industry in China. Operations in a highly fragmented and competitive retail market. Low profitability, albeit gradually improving. Minimal debt level and net cash position. Positive operating cash flows, excluding impact of captive finance. Highly leveraged and fast-growing 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 and continue to implement strict underwriting standards and satisfactory delinquency ratios for its captive finance operations. We could
