JD.com Inc. (JD) has gained market share from traditional electronics retailers and e-commerce players in the past two years, partly by leveraging its strong logistics operations amid COVID-19 controls. Although e-commerce growth could moderate as China gradually relaxes its COVID-19 controls, JD should fare relatively well. On Dec. 7, 2022, S&P Global Ratings raised its long-term issuer credit rating on JD and long-term issue ratings on its senior unsecured notes to 'A-' from 'BBB+'. The stable outlook on JD assumes the company will book higher revenue growth than most electronics retail and e-commerce peers over the next two years and its EBITDA margin will stay at about 3%. JD expanded its active user base by 6.5% year over year in
