...Well positioned to benefit from robust growth in online retail sales, despite intense competition. The online retail market is increasingly competitive with JD.com Inc.'s online competitors such as Alibaba Group Holding Ltd. increasing investments to maintain long-term growth, and offline retailers such as GOME Retail Holdings Ltd. looking to expand their online retail operations. However, as the largest direct online retailer, we expect JD to continue to benefit from robust online retail sales growth. JD's core competitive advantage of a nationwide logistics network and in-house last-mile delivery to support double-digit revenue growth. We expect the company's core competitive advantage to sustain its strong growth in service revenue. JD's service revenue rose 53% year-on-year (YoY) for the nine months ended Sept. 30, 2018, while total revenue grew about 30% YoY. JD's service revenue includes advertising revenue, commissions from third-party sellers on JD's online marketplace, and logistic...
