The positive outlook reflects our expectation that JD.com's revenue will continue to grow at a healthy pace of above 18% per year in the next 12-24 months. We expect JD.com to largely maintain its EBITDA despite investments in new businesses. Furthermore, we forecast investments will grow but will be sufficiently funded by cash flows from operations and cash on its balance sheet. By our estimates, JD.com will maintain a net cash position in the next 24 months. We could raise the ratings if JD.com further solidifies its market leadership and competitive position while maintaining or growing its EBITDA margin and keeping minimal leverage. This could be assessed through, for example, (1) solid execution of its strategy to roll out new
