Form 20-F
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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
20-F
 
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021.
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
 to 
                    
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
Commission file number:
001-36450
 
 
JD.com, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
 
N/A
(Translation of Registrant’s Name into English)
 
 
Cayman Islands
(Jurisdiction of Incorporation or Organization)
 
 
20th Floor, Building A, No. 18 Kechuang 11 Street
Yizhuang Economic and Technological Development Zone
Daxing District, Beijing 101111
People’s Republic of China
(Address of Principal Executive Offices)
Sandy Ran Xu, Chief Financial Officer
Telephone: +86 10 8911-8888
Email:
ir@jd.com
20th Floor, Building A, No. 18 Kechuang 11 Street
Yizhuang Economic and Technological Development Zone
Daxing District, Beijing 101111
People’s Republic of China
(Name, Telephone,
E-mail
and/or Facsimile Number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act: 
 
Title of Each Class
  
Trading Symbol(s)
  
Name of Each Exchange On Which Registered
American depositary shares (one American

depositary
 
share representing two Class A

ordinary shares, par value
 
US$0.00002 per share)
  
JD
  
The Nasdaq Stock Market LLC
(The Nasdaq Global Select Market)
Class A ordinary shares, par value
US$0.00002 per share
  
9618
  
The Stock Exchange of Hong Kong Limited
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
 
    2,690,646,636 Class A ordinary shares (excluding the 40,476,694 Class A ordinary shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our Share Incentive Plan) and 428,185,501 Class B ordinary shares, par value US$0.00002 per share, as of December 31, 2021.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒  Yes    ☐  No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    ☐  Yes    ☒  No
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days.     
☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  
Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated
filer
     Emerging growth company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.
  ☐
 
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP  ☒   
International Financial Reporting Standards as issued
by the International Accounting Standards Board  ☐
 
Other  ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    ☐  Item 17    ☐  Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    ☐  Yes      No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    ☐  Yes    ☐  No
 
 
 

Table of Contents
TABLE OF CONTENT
 
  
 
1
 
  
 
5
 
  
  
 
6
 
Item 1.
  
  
 
6
 
Item 2.
  
  
 
6
 
Item 3.
  
  
 
6
 
Item 4.
  
  
 
78
 
Item 4A.
  
  
 
133
 
Item 5.
  
  
 
133
 
Item 6.
  
  
 
155
 
Item 7.
  
  
 
165
 
Item 8.
  
  
 
169
 
Item 9.
  
  
 
171
 
Item 10.
  
  
 
171
 
Item 11.
  
  
 
183
 
Item 12.
  
  
 
184
 
  
  
 
189
 
Item 13.
  
  
 
189
 
Item 14.
  
  
 
189
 
Item 15.
  
  
 
189
 
Item 16A.
  
  
 
190
 
Item 16B.
  
  
 
190
 
Item 16C.
  
  
 
190
 
Item 16D.
  
  
 
190
 
Item 16E.
  
  
 
191
 
Item 16F.
  
  
 
191
 
Item 16G.
  
  
 
191
 
Item 16H.
  
  
 
191
 
Item 16I.
  
  
 
192
 
  
  
 
193
 
Item 17.
  
  
 
193
 
Item 18.
  
  
 
193
 
Item 19.
  
  
 
194
 
  
  
 
202
 
 
i

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INTRODUCTION
Unless otherwise indicated or the context otherwise requires, references in this annual report to:
 
   
“ADSs” are to our American depositary shares, each of which represents two Class A ordinary shares;
 
   
“annual active customer accounts” are to customer accounts that made at least one purchase during the twelve months ended on the respective dates, including both online retail and online marketplace;
 
   
“CCASS” are to the Central Clearing and Settlement System established and operated by Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchange and Clearing Limited;
 
   
“China” or the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan;
 
   
“Companies (WUMP) Ordinance” are to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), as amended or supplemented from time to time;
 
   
“CSRC” are to the China Securities Regulatory Commission;
 
   
“HFCAA” are to the Holding Foreign Companies Accountable Act;
 
   
“HK$” or “Hong Kong dollars” or “HK dollars” are to Hong Kong dollars, the lawful currency of Hong Kong;
 
   
“Hong Kong” or “HK” or “Hong Kong S.A.R.” are to the Hong Kong Special Administrative Region of the PRC;
 
   
“Hong Kong Listing Rules” are to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time;
 
   
“Hong Kong Share Registrar” are to Computershare Hong Kong Investor Services Limited;
 
   
“Hong Kong Stock Exchange” are to The Stock Exchange of Hong Kong Limited;
 
   
“JD Health” are to JD Health International Inc., a consolidated subsidiary of our company and the shares of which are listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 6618), and, except where the context otherwise requires, its subsidiaries and its consolidated variable interest entities and their subsidiaries;
 
   
“JD Logistics” are to JD Logistics, Inc., a consolidated subsidiary of our company and the shares of which are listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 2618), and, except where the context otherwise requires, its subsidiaries and its consolidated variable interest entities and their subsidiaries;
 
   
“Main Board” are to the stock market (excluding the option market) operated by the Hong Kong Stock Exchange which is independent from and operated in parallel with the Growth Enterprise Market, or GEM, of the Hong Kong Stock Exchange;
 
   
“ordinary shares” are to our Class A and Class B ordinary shares, par value US$0.00002 per share;
 
   
“PCAOB” are to the Public Company Accounting Oversight Board of the United States;
 
   
“SEC” are to the United States Securities and Exchange Commission;
 
   
“SFC” are to the Securities and Futures Commission of Hong Kong;
 
1

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“SFO” are to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended or supplemented from time to time; and
 
   
“we,” “us,” “our company” or “our” are to JD.com, Inc., its subsidiaries, and, in the context of describing our operations and consolidated financial information, our consolidated variable interest entities and their subsidiaries. Our consolidated variable interest entities include, among others, Beijing Jingdong 360 Degree
E-Commerce
Co., Ltd., Jiangsu Yuanzhou
E-Commerce
Co., Ltd., Xi’an Jingdong Xincheng Information Technology Co., Ltd., Jiangsu Jingdong Bangneng Investment Management Co., Ltd., and Suqian Juhe Digital Enterprise Management Co., Ltd. References to our consolidated variable interest entities may include their subsidiaries, depending on the context as appropriate.
Summary of Risk Factors
An investment in our ADSs or Class A ordinary shares involves significant risks. Below is a summary of material risks we face, organized under relevant headings. These risks are discussed more fully in Item 3.D. Key Information—Risk Factors.
Risks Related to Our Business
Risks and uncertainties relating to our business include, but are not limited to, the following:
 
   
If we are unable to manage our growth or execute our strategies effectively, our business and prospects may be materially and adversely affected;
 
   
We incurred net losses in the past and we may not be able to maintain profitability in the future;
 
   
If we are unable to provide superior customer experience, our business and reputation may be materially and adversely affected;
 
   
Uncertainties relating to the growth and profitability of the retail industry in China in general, and the online retail industry in particular, could adversely affect our revenues and business prospects;
 
   
Any harm to our JD brand or reputation may materially and adversely affect our business and results of operations;
 
   
If we are unable to offer products that attract purchases from new and existing customers, our business, financial condition and results of operations may be materially and adversely affected;
 
   
If we are unable to manage our nationwide fulfillment infrastructure efficiently and effectively, our business prospects and results of operations may be materially and adversely affected;
 
   
We face intense competition. We may not be able to maintain or may lose market share and customers if we fail to compete effectively;
 
   
Our expansion into new product categories and substantial increase in the number of products may expose us to new challenges and more risks;
 
   
If we fail to manage our inventory effectively, our results of operations, financial condition and liquidity may be materially and adversely affected;
 
   
Our business is subject to complex and evolving Chinese and international laws and regulations regarding data privacy and cybersecurity. Failure to protect confidential information of our customers and network against security breaches could damage our reputation and brand and substantially harm our business and results of operations;
 
2

Table of Contents
   
The approval of the CSRC or other PRC government authorities may be required in connection with our offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval; and
 
   
The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections.
 
   
Our ADSs will be prohibited from trading in the United States under the HFCAA in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or in 2023 if proposed changes to the law are enacted. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. The PCAOB identified our auditor as one of the registered public accounting firms that the PCAOB is unable to inspect or investigate completely.
Risks Related to Our Corporate Structure
Risks and uncertainties relating to our corporate structure include, but are not limited to, the following:
 
   
We are a Cayman Islands holding company with no equity ownership in our variable interest entities and we conduct certain of our operations through our variable interest entities, with which we have maintained contractual arrangements. Investors in our ADSs or Class A ordinary shares thus are not purchasing equity interest in our variable interest entities in China but instead are purchasing equity interest in a Cayman Islands holding company. If the PRC government finds that the agreements that establish the structure for operating our business do not comply with PRC laws and regulations, or if these regulations or their interpretations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company, variable interest entities and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with our variable interest entities and, consequently, significantly affect the financial performance of our variable interest entities and our company as a whole. The PRC regulatory authorities could disallow the variable interest entities structure, which would likely result in a material adverse change in our operations, and our ADSs or Class A ordinary shares may decline significantly in value.
 
   
Any failure by our variable interest entities or their shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse effect on our business; and
 
   
The shareholders of our variable interest entities may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.
Risks Related to Doing Business in China
We are also subject to risks and uncertainties relating to doing business in China in general, including, but are not limited to, the following:
 
   
PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature may cause the value of such securities to significantly decline;
 
   
Changes in China’s or global economic, political or social conditions or government policies could have a material and adverse effect on our business and operations;
 
   
Uncertainties with respect to the PRC legal system could adversely affect us;
 
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We are subject to consumer protection laws that could require us to modify our current business practices and incur increased costs; and
 
   
We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related business and companies.
Risks Related to Our ADSs and Class A Ordinary Shares
In addition to the risks described above, we are subject to general risks relating to our ADSs and Class A ordinary shares, including, but not limited to, the following:
 
   
The trading price of our ADSs and Class A ordinary shares have been and are likely to continue to be volatile, which could result in substantial losses to holders of our Class A ordinary shares and/or ADSs;
 
   
We adopt different practices as to certain matters as compared with many other companies listed on the Hong Kong Stock Exchange;
 
   
We cannot guarantee that any share repurchase program will be fully consummated or that any share repurchase program will enhance long-term shareholder value, and share repurchases could increase the volatility of the price of our Class A ordinary shares and/or ADSs and could diminish our cash reserves; and
 
   
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for our Class A ordinary shares and/or ADSs and trading volume could decline.
 
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FORWARD-LOOKING INFORMATION
This annual report on Form
20-F
contains forward-looking statements that reflect our current expectations and views of future events. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to, among other things:
 
   
our goals and strategies;
 
   
our future business development, financial conditions and results of operations;
 
   
the expected growth of the retail and online retail markets in China;
 
   
our expectations regarding demand for and market acceptance of our products and services;
 
   
our expectations regarding our relationships with customers, suppliers and third-party merchants;
 
   
our plans to invest in our fulfillment infrastructure and technology platform as well as new business initiatives;
 
   
competition in our industry; and
 
   
relevant government policies and regulations relating to our industry.
We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3.D. Key Information—Risk Factors.” Those risks are not exhaustive. We operate in a rapidly evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. You should read this annual report and the documents that we reference in this annual report completely and with the understanding that our actual future results may be materially different from what we expect.
Our reporting currency is the Renminbi, or RMB. This annual report contains translations of RMB and Hong Kong dollar amounts into U.S. dollars at specific rates solely for the convenience of the reader. Unless otherwise stated, all translations of RMB and Hong Kong dollars into U.S. dollars and from U.S. dollars into RMB in this annual report were made at a rate of RMB6.3726 to US$1.00 and HK$7.7996 to US$1.00, the respective exchange rates on December 30, 2021 set forth in the H.10 statistical release of the Federal Reserve Board. We make no representation that any RMB, Hong Kong dollar or U.S. dollar amounts referred to in this annual report could have been, or could be, converted into U.S. dollars, RMB or Hong Kong dollars, as the case may be, at any particular rate or at all.
 
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PART I
 
Item 1.
Identity of Directors, Senior Management and Advisers
Not applicable.
 
Item 2.
Offer Statistics and Expected Timetable
Not applicable.
 
Item 3.
Key Information
Our Holding Company Structure and Contractual Arrangements with Our
Variable Interest Entities
JD.com, Inc. is not a Chinese operating company but a Cayman Islands holding company with no equity ownership in its variable interest entities. We conduct our operations in China through (i) our PRC subsidiaries and (ii) our variable interest entities with which we have maintained contractual arrangements. PRC laws and regulations restrict and impose conditions on foreign investment in certain value-added telecommunication services and certain other restricted services related to our businesses, such as domestic document delivery services. Accordingly, we operate these businesses in China through our variable interest entities, and rely on contractual arrangements among our PRC subsidiaries, our variable interest entities and their shareholders to control the business operations of our variable interest entities. The external revenues contributed by our variable interest entities accounted for 4.7%, 5.0% and 6.2% of our total revenues for the years of 2019, 2020 and 2021, respectively. As used in this annual report, “we,” “us,” “our company” and “our” refers to JD.com, Inc., its subsidiaries, and, in the context of describing our operations and consolidated financial information, our variable interest entities in China, including but not limited to Beijing Jingdong 360 Degree
E-Commerce
Co., Ltd., or Jingdong 360, which was established in April 2007 and holds our ICP license as an internet information provider and operates our www.jd.com website; Jiangsu Yuanzhou
E-Commerce
Co., Ltd., or Jiangsu Yuanzhou, which was established in September 2010 and primarily engages in the business of selling books, audio and video products; Xi’an Jingdong Xincheng Information Technology Co., Ltd., or Xi’an Jingdong Xincheng, which was established in June 2017 and primarily provides technology and consulting services relating to logistics services; Jiangsu Jingdong Bangneng Investment Management Co., Ltd., or Jiangsu Jingdong Bangneng, which was established in August 2015 and primarily engages in business of investment management; and Suqian Juhe Digital Enterprise Management Co., Ltd., or Suqian Juhe, which was established in June 2020 and primarily provides enterprise management services. Investors in our ADSs or Class A ordinary shares are not purchasing equity interest in our variable interest entities in China but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands.
A series of contractual agreements, including loan agreements, exclusive purchase option agreements, exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, intellectual property rights license agreement, equity pledge agreements, powers of attorney, business cooperation agreement and business operations agreements, have been entered into by and among our subsidiaries, our variable interest entities and their respective shareholders. Terms contained in each set of contractual arrangements with our variable interest entities and their respective shareholders are substantially similar. As a result of the contractual arrangements, we have effective control over and are considered the primary beneficiary of these companies, and we have consolidated the financial results of these companies in our consolidated financial statements under the U.S. GAAP for accounting purposes. For more details of these contractual arrangements, see “Item 4.C. Information on the Company—Organizational Structure—Our Consolidated Variable Interest Entities.”
However, the contractual arrangements may not be as effective as direct ownership in providing us with control over our variable interest entities and we may incur substantial costs to enforce the terms of the arrangements. In addition, these agreements have not been tested in China courts. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure— We rely on contractual arrangements with our variable interest entities and their owners for a portion of our business operations, which may not be as effective as direct ownership in providing operational control” and “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure—The shareholders of our variable interest entities may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.”
 
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Our corporate structure is subject to risks associated with our contractual arrangements with our variable interest entities. If the PRC government deems that our contractual arrangements with our variable interest entities do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our PRC subsidiaries and variable interest entities, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with our variable interest entities and, consequently, significantly affect the financial performance of our variable interest entities and our company as a whole. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure.” Specifically, there are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with our variable interest entities and their shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or any of our variable interest entities is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure—If the PRC government deems that the contractual arrangements in relation to our variable interest entities do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations” and “—Our current corporate structure and business operations may be affected by the PRC Foreign Investment Law.”
Risks and Uncertainties Relating to Doing Business in China
We face various risks and uncertainties related to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, as well as the lack of inspection by the PCAOB, on our auditor, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States stock exchange. These risks could result in a material adverse change in our operations and the value of our ADSs and Class A ordinary shares, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline. For a detailed description of risks related to doing business in China, please refer to risks disclosed under “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China.”
PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations, including data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly decline. For more details, see “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—The PRC government’s significant oversight over our business operation could result in a material adverse change in our operations and the value of our ADSs and Class A ordinary shares.”
Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs and Class A ordinary shares. For more details, see “Item 3.D. Key Information—Risk Factors— Risks Related to Doing Business in China —Uncertainties with respect to the PRC legal system could adversely affect us” and “—We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related business and companies such as
e-commerce
business and internet platforms.”
 
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The Holding Foreign Companies Accountable Act
The HFCAA, which was enacted on December 18, 2020, states that if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange or in the
over-the-counter
market in the United States. Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently inspected by the PCAOB, which may impact our ability to remain listed on a United States stock exchange. The related risks and uncertainties could cause the value of our ADSs and Class A ordinary shares to significantly decline. For more details, see “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections” and “Item 3.D. Key Information—Risk Factors— Risks Related to Our Business —Our ADSs will be prohibited from trading in the United States under the HFCAA in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or in 2023 if proposed changes to the law are enacted. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.”
Permissions Required from the PRC Authorities for Our Operations
We conduct our business primarily through our PRC subsidiaries and variable interest entities in China. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries and variable interest entities have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations of our holding company and our variable interest entities in China, including, among others, ICP licenses, Courier Service Operation Permits and Practicing License for Medical Institutions. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. For more detailed information, see “Item 3.D. Key Information—Risk Factors— Risks Related to Doing Business in China—We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related business and companies such as
e-commerce
business and internet platforms.”
Furthermore, in connection with our previous issuance of securities to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we, our PRC subsidiaries and our variable interest entities, (i) are not required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, (ii) are not required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not been asked to obtain or were denied such permissions by any PRC authority.
However, the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. For more detailed information, see “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—The approval of and filing with the CSRC or other PRC government authorities may be required in connection with our offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.”
Cash and Asset Flows through Our Organization
JD.com, Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our subsidiaries and consolidated variable interest entities in China. As a result, although other means are available for us to obtain financing at the holding company level, JD.com, Inc.’s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and license and service fees paid by our PRC consolidated variable interest entities. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to JD.com, Inc. In addition, our PRC subsidiaries are permitted to pay dividends to JD.com, Inc. only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Further, our PRC subsidiaries and consolidated variable interest entities are required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies. For more details, see “Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Holding Company Structure.”
 
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Under PRC laws and regulations, our PRC subsidiaries and consolidated variable interest entities are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by the banks designated by State Administration of Foreign Exchange, or SAFE. The amounts restricted include the
paid-in
capital and the statutory reserve funds of our PRC subsidiaries and the net assets of our consolidated variable interest entities in which we have no legal ownership, totaling RMB24.2 billion, RMB28.9 billion and RMB46.4 billion (US$7.3 billion) as of December 31, 2019, 2020 and 2021, respectively. For risks relating to the fund flows of our operations in China, see “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China— We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.”
Under PRC law, JD.com, Inc. may provide funding to our PRC subsidiaries only through capital contributions or loans, and to our PRC consolidated variable interest entities only through loans, subject to satisfaction of applicable government registration that we are not able to make direct capital contribution.
For the year ended December 31, 2019, JD.com, Inc. received repayment of loans of RMB5.2 billion from our intermediate holding companies and subsidiaries. For the years ended December 31, 2020 and 2021, JD.com, Inc. provided loans of RMB13.4 billion and RMB20.9 billion (US$3.3 billion) to our intermediate holding companies and subsidiaries respectively.
Most of the time, our variable interest entities may be funded from intermediate holding companies, but certain VIE with function of comprehensive funds management, may also provide loan to other internal entities within our group. Since these VIEs belong to different business units, these funds transferred among business units can’t offset each other. Therefore, for the years ended December 31, 2019, 2020 and 2021, our consolidated variable interest entities received funding by loans and capital contribution of RMB5.6 billion, RMB3.4 billion and RMB11.7 billion (US$1.8 billion) from our intermediate holding companies, respectively, and also provided loans of RMB1.4 billion for the year ended December 31, 2019 and received repayment of RMB0.3 billion and RMB1.1 billion (US$0.2 billion) for the years ended December 2020 and 2021, respectively.
JD.com, Inc. has not declared or paid any cash dividends in the past. On April 21, 2022, we announced that our board of directors is considering the declaration and payment of a special dividend in cash. If the board decides to proceed, the declaration of dividend will be adopted by resolution on or about May 4, 2022. See “Item 8.A. Financial Information— Consolidated Statements and Other Financial Information—Dividend Policy.” For PRC and United States federal income tax considerations of an investment in our ADSs, see “Item 10.E. Additional Information—Taxation.”
A.    Selected Financial Data
The following table presents the selected consolidated financial information of our company. As of June 30, 2017, we deconsolidated our finance business operated by Jingdong Digits Technology Holding Co., Ltd. (now known as Jingdong Technology Holding Co., Ltd., or JD Technology), as a result of the reorganization of JD Technology. Accordingly, the historical financial results of JD Technology are reflected as discontinued operations in our consolidated financial statements for period from January 1, 2017 to June 30, 2017. Please see “Item 4.A. Information on the Company—History and Development of the Company” for further information. The selected consolidated statements of operations data for the years ended December 31, 2019, 2020 and 2021, selected consolidated balance sheets data as of December 31, 2020 and 2021, selected consolidated cash flow data for the years ended December 31, 2019, 2020 and 2021 have been derived from our audited consolidated financial statements, which are included in this annual report.
The selected consolidated statements of operations data for the years ended December 31, 2017 and 2018, selected consolidated balance sheets data as of December 31, 2017, 2018 and 2019 and selected consolidated cash flow data for the years ended December 31, 2017 and 2018 have been derived from our audited consolidated financial statements not included in this annual report. Our historical results do not necessarily indicate results expected for any future periods. The selected consolidated financial data should be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial statements and related notes and “Operating and Financial Review and Prospects” below. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP.
 
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For the Year Ended December 31,
 
    
2017
   
2018
   
2019
   
2020
   
2021
 
    
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
    
(in millions, except for share, per share and per ADS data)
 
Selected Consolidated Statements of Operations Data:
            
Net Revenues
(1)
:
            
Net product revenues
     331,824       416,109       510,734       651,879       815,655       127,994  
Net service revenues
     30,508       45,911       66,154       93,923       135,937       21,332  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total net revenues
  
 
362,332
 
 
 
462,020
 
 
 
576,888
 
 
 
745,802
 
 
 
951,592
 
 
 
149,326
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Cost of revenues
     (311,517     (396,066     (492,467     (636,694     (822,526     (129,072
Fulfillment
     (25,865     (32,010     (36,968     (48,700     (59,055     (9,267
Marketing
     (14,918     (19,237     (22,234     (27,156     (38,743     (6,080
Research and development
     (6,652     (12,144     (14,619     (16,149     (16,332     (2,563
General and administrative
     (4,215     (5,160     (5,490     (6,409     (11,562     (1,814
Impairment of goodwill and intangible assets
     —         (22     —         —         —         —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Gain on sale of development properties
     —         —         3,885       1,649       767       120  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income/(loss) from operations
(2)(3)
  
 
(835
 
 
(2,619
 
 
8,995
 
 
 
12,343
 
 
 
4,141
 
 
 
650
 
Other income/(expense):
            
Share of results of equity investees
     (1,927     (1,113     (1,738     4,291       (4,918     (772
Interest expense
     (964     (855     (725     (1,125     (1,213     (190
Others, net
(4)
     3,847       2,213       7,161       35,310       (590     (93
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income/(loss) before tax
     121       (2,374     13,693       50,819       (2,580     (405
Income tax expenses
     (140     (427     (1,803     (1,482     (1,887     (296
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) from continuing operations
  
 
(19
 
 
(2,801
 
 
11,890
 
 
 
49,337
 
 
 
(4,467
 
 
(701
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income from discontinued operations, net of tax
  
 
7
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss)
  
 
(12
 
 
(2,801
 
 
11,890
 
 
 
49,337
 
 
 
(4,467
 
 
(701
Net loss from continuing operations attributable to
non-controlling
interests shareholders
     (135     (311     (297     (75     (923     (145
Net loss from discontinued operations attributable to
non-controlling
interests shareholders
     (5     —         —         —         —         —    
Net income from continuing operations attributable to mezzanine equity classified as
non-controlling
interests shareholders
     —         2       3       7       16       3  
Net income from discontinued operations attributable to mezzanine equity classified as
non-controlling
interests shareholders
     281       —         —         —         —         —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) attributable to ordinary shareholders
  
 
(153
 
 
(2,492
 
 
12,184
 
 
 
49,405
 
 
 
(3,560
 
 
(559
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Including:
            
Net loss from discontinued operations attributable to ordinary shareholders
     (269     —         —         —         —         —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) from continuing operations attributable to ordinary shareholders
  
 
116
 
 
 
(2,492
 
 
12,184
 
 
 
49,405
 
 
 
(3,560
 
 
(559
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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For the Year Ended December 31,
 
    
2017
   
2018
   
2019
    
2020
    
2021
 
    
RMB
   
RMB
   
RMB
    
RMB
    
RMB
   
US$
 
    
(in millions, except for share, per share and per ADS data)
 
Net income/(loss) per share
              
Basic
              
Continuing operations
     0.04       (0.87     4.18        16.35        (1.15     (0.18
Discontinued operations
     (0.09     —         —          —          —          
Net income/(loss) per share
     (0.05     (0.87     4.18        16.35        (1.15     (0.18
Diluted
              
Continuing operations
     0.04       (0.87     4.11        15.84        (1.15     (0.18
Discontinued operations
     (0.09     —         —          —          —         —    
Net income/(loss) per share
     (0.05     (0.87     4.11        15.84        (1.15     (0.18
Net income/(loss) per ADS
(5)
              
Basic
              
Continuing operations
     0.08       (1.73     8.37        32.70        (2.29     (0.36
Discontinued operations
     (0.19     —         —          —          —         —    
Net income/(loss) per ADS
     (0.11     (1.73     8.37        32.70        (2.29     (0.36
Diluted
              
Continuing operations
     0.08       (1.73     8.21        31.68        (2.29     (0.36
Discontinued operations
     (0.18     —         —          —          —         —    
Net income/(loss) per ADS
     (0.11     (1.73     8.21        31.68        (2.29     (0.36
Weighted average number of shares:
              
Basic
     2,844,826,014       2,877,902,678       2,912,637,241        3,021,808,985        3,107,436,665       3,107,436,665  
Diluted
     2,911,461,817       2,877,902,678       2,967,321,803        3,109,024,030        3,107,436,665       3,107,436,665  
 
(1)
Our net revenues include net product revenues and net service revenues. Product sales is further divided into sales of electronics and home appliances products and sales of general merchandise products. Net revenues from electronics and home appliances products include revenues from sales of computer, communication and consumer electronics products as well as home appliances. Net revenues from general merchandise products mainly include revenues from sales of food, beverage and fresh produce, baby and maternity products, furniture and household goods, cosmetics and other personal care items, pharmaceutical and healthcare products, books, automobile accessories, apparel and footwear, bags and jewelry. Net service revenues are further divided into revenues from online marketplace and marketing and revenues from logistics and other services. The following table breaks down our total net revenues by these categories, by amounts and as percentages of total net revenues:
 
    
For the Year Ended December 31,
 
    
2017
    
2018
    
2019
    
2020
    
2021
 
    
RMB
    
%
    
RMB
    
%
    
RMB
    
%
    
RMB
    
%
    
RMB
    
US$
    
%
 
    
(in millions, except for percentages)
 
Electronics and home appliances revenues
     236,269        65.2        280,059        60.6        328,703        57.0        400,927        53.8        492,592        77,298        51.8  
General merchandise revenues
     95,555        26.4        136,050        29.5        182,031        31.5        250,952        33.6        323,063        50,696        33.9  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net product revenues
     331,824        91.6        416,109        90.1        510,734        88.5        651,879        87.4        815,655        127,994        85.7  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Marketplace and marketing revenues
     25,391        7.0        33,532        7.2        42,680        7.4        53,473        7.2        72,118        11,317        7.6  
Logistics and other service revenues
     5,117        1.4        12,379        2.7        23,474        4.1        40,450        5.4        63,819        10,015        6.7  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net service revenues
     30,508        8.4        45,911        9.9        66,154        11.5        93,923        12.6        135,937        21,332        14.3  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total net revenues
     362,332        100.0        462,020        100.0        576,888        100.0        745,802        100.0        951,592        149,326        100.0  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(2)
Includes share-based compensation expenses as follows:
 
 
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Table of Contents
   
For the Year Ended December 31,
 
   
2017
   
2018
   
2019
   
2020
   
2021
 
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          US$          
 
   
(in millions)
 
Cost of revenues
    (28     (72     (82     (98     (102     (16
Fulfillment
    (426     (419     (440     (646     (882     (138
Marketing
    (136     (190     (259     (347     (586     (92
Research and development
    (671     (1,163     (1,340     (1,400     (1,781     (280
General and administrative
    (1,520     (1,816     (1,574     (1,665     (5,783     (907
 
(3)
Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:
 
   
For the Year Ended December 31,
 
   
2017
   
2018
   
2019
   
2020
   
2021
 
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          US$          
 
   
(in millions)
 
Fulfillment
    (164     (168     (165     (193     (220     (35
Marketing
    (1,222     (1,232     (637     (692     (854     (134
Research and development
    (84     (98     (99     (99     (104     (16
General and administrative
    (308     (308     (308     (309     (309     (48
 
(4)
Interest income was included in Others, net since 2021, and the presentation of prior years was also updated to conform to current presentation.
(5)
Each ADS represents two Class A ordinary shares.
 
   
For the Year Ended December 31,
 
   
2017
   
2018
   
2019
   
2020
   
2021
 
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          US$          
 
   
(in millions, except for share data)
 
Selected Consolidated Balance Sheets Data:
           
Cash and cash equivalents
    25,688       34,262       36,971       86,085       70,767       11,105  
Restricted cash
    4,110       3,240       2,941       4,434       5,926       930  
Short-term investments
    8,588       2,036       24,603       60,577       114,564       17,978  
Accounts receivable, net
    16,359       11,110       6,191       7,112       11,900       1,867  
Inventories, net
    41,700       44,030       57,932       58,933       75,601       11,863  
Property, equipment and software, net
    12,574       21,083       20,654       22,597       32,944       5,170  
Land use rights, net
    7,051       10,476       10,892       11,125       14,328       2,248  
Operating lease
right-of-use
assets
    —         —         8,644       15,484       19,987       3,136  
Investment in equity investees
    18,551       31,357       35,576       58,501       63,222       9,921  
Investment securities
    10,028       15,902       21,417       39,085       19,088       2,995  
Other
non-current
assets
    2,228       5,284       6,806       13,316       21,804       3,423  
Total assets
    184,055       209,165       259,724       422,288       496,507       77,912  
Accounts payable
    74,338       79,985       90,428       106,818       140,484       22,045  
Accrued expenses and other current liabilities
    15,118       20,293       24,656       30,035       34,468       5,409  
Non-recourse
securitization debt
    17,160       4,398       —         —         —         —    
Unsecured senior notes
    6,447       6,786       6,912       12,854       9,386       1,473  
Long-term borrowings
    —         3,088       3,139       2,936       —         —    
Operating lease liabilities
    —         —         8,717       15,763       20,386       3,199  
Total liabilities
    131,666       132,337       159,099       200,669       249,723       39,187  
Total mezzanine equity
    —         15,961       15,964       17,133       1,212       190  
Total JD.com, Inc. shareholders’ equity
    52,041       59,771       81,856       187,543       208,911       32,782  
Number of outstanding ordinary shares
    2,852,663,429       2,894,296,355       2,924,315,263       3,103,499,039       3,110,791,649       3,110,791,649  
 
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Table of Contents
   
For the Year Ended December 31,
 
   
2017
   
2018
   
2019
   
2020
   
2021
 
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          RMB          
   
          US$          
 
   
(in millions)
 
Selected Consolidated Cash Flows Data:
           
Net cash provided by continuing operating activities
    29,342       20,881       24,781       42,544       42,301       6,638  
Net cash used in discontinued operating activities
    (2,486     —         —         —         —         —    
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash provided by operating activities
(6)
    26,856       20,881       24,781       42,544       42,301       6,638  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash used in continuing investing activities
    (21,944     (26,079     (25,349     (57,811     (74,248     (11,651
Net cash used in discontinued investing activities
    (17,871     —         —         —         —         —    
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash used in investing activities
(6)
    (39,815     (26,079     (25,349     (57,811     (74,248     (11,651
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash provided by continuing financing activities
    5,180       11,220       2,572       71,072       19,503       3,060  
Net cash provided by discontinued financing activities
    14,055       —         —         —         —         —    
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash provided by financing activities
    19,235       11,220       2,572       71,072       19,503       3,060  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    (642     1,682       406       (5,082     (1,498     (235
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net increase/(decrease) in cash, cash equivalents and restricted cash
    5,634       7,704       2,410       50,723       (13,942     (2,188
Cash, cash equivalents, and restricted cash at beginning of year, including cash and cash equivalents classified within assets held for sale
    24,164       29,798       37,502       39,912       90,635       14,223  
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of year
                            116       18  
Cash, cash equivalents, and restricted cash at beginning of year
    24,164       29,798       37,502       39,912       90,519       14,205  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Cash, cash equivalents and restricted cash at end of year, including cash and cash equivalents classified within assets held for sale
    29,798       37,502       39,912       90,635       76,693       12,035  
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year
    —         —         —         116       —         —    
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Cash, cash equivalents and restricted cash of continuing operations at end of year
    29,798       37,502       39,912       90,519       76,693       12,035  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(6)
As a result of new accounting guidance adopted on January 1, 2018, the consolidated statements of cash flows were retrospectively adjusted to include restricted cash in cash and cash equivalents when reconciling the
beginning-of-period
and
end-of-period
total amounts shown on the statement of cash flows. The impact of the retrospective reclassification on cash flows of operating activities for the year ended December 31, 2017 was an increase of RMB2,035 million. The impact on cash flows of investing activities for the year ended December 31, 2017 was a decrease of RMB2,317 million.
 
13

Table of Contents
Financial Information Related to Our Consolidated Variable Interest Entities
The following table presents the condensed consolidating schedule of financial position for our consolidated variable interest entities and their subsidiaries (collectively, Consolidated Variable Interest Entities or VIEs) and other entities as of the dates presented.
Selected Condensed Consolidated Statements of Income Information
 
   
For the Year Ended December 31, 2021
 
   
    Parent    
   
    Subsidiaries    
   
    Consolidated    
Variable
Interest
Entities
   
    Eliminations    
   
    Consolidated    
Total
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
(RMB in millions)
 
Net revenues
    —         922,629       117,419       (88,456     951,592  
Third-party revenues
    —         892,468       59,124       —         951,592  
Inter-company revenues
    —         30,161       58,295       (88,456     —    
Cost of revenues
    —