Form 20-F
Table of Contents
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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, 2023.
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)
Ian Su Shan, 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 (HKD Counter)
89618 (RMB Counter)
 
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:
 
   2,821,024,043
Class A ordinary shares (excluding 39,198,170 Class A ordinary shares, which consisted of 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 plans and shares repurchased but not yet cancelled) and
323,212,124 Class B ordinary shares, par value US$0.00002 per share, as of December 31, 2023.
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. 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b). ☐
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

 

INTRODUCTION

     1  

FORWARD-LOOKING INFORMATION

     7  

Part I

     8  

  Item 1.

   Identity of Directors, Senior Management and Advisers      8  

  Item 2.

   Offer Statistics and Expected Timetable      8  

  Item 3.

   Key Information      8  

  Item 4.

   Information on the Company      85  

  Item 4A.

   Unresolved Staff Comments      135  

  Item 5.

   Operating and Financial Review and Prospects      135  

  Item 6.

   Directors, Senior Management and Employees      156  

  Item 7.

   Major Shareholders and Related Party Transactions      166  

  Item 8.

   Financial Information      170  

  Item 9.

   The Offer and Listing      171  

  Item 10.

   Additional Information      172  

  Item 11.

   Quantitative and Qualitative Disclosures about Market Risk      184  

  Item 12.

   Description of Securities Other than Equity Securities      184  

Part II

     189  

  Item 13.

   Defaults, Dividend Arrearages and Delinquencies      189  

  Item 14.

   Material Modifications to the Rights of Security Holders and Use of Proceeds      189  

  Item 15.

   Controls and Procedures      189  

  Item 16A.

   Audit Committee Financial Expert      190  

  Item 16B.

   Code of Ethics      190  

  Item 16C.

   Principal Accountant Fees and Services      191  

  Item 16D.

   Exemptions from the Listing Standards for Audit Committees      192  

  Item 16E.

   Purchases of Equity Securities by the Issuer and Affiliated Purchasers      192  

  Item 16F.

   Change in Registrant’s Certifying Accountant      193  

  Item 16G.

   Corporate Governance      193  

  Item 16H.

   Mine Safety Disclosure      193  

  Item 16I.

   Disclosure Regarding Foreign Jurisdictions that Prevent Inspections      193  

  Item 16J.

   Insider Trading Policies      193  

  Item 16K.

   Cybersecurity      193  

Part III

     194  

  Item 17.

   Financial Statements      194  

  Item 18.

   Financial Statements      194  

  Item 19.

   Exhibits      195  

 

i


Table of Contents

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;

 

   

“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;

 

   

“CSRC” are to the China Securities Regulatory Commission;

 

   

“HFCAA” are to the Holding Foreign Companies Accountable Act, which was enacted on December 18, 2020, signed into law on December 29, 2022 and amended by the Consolidated Appropriations Act, 2023;

 

   

“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 (HKD counter) and 86618 (RMB counter)), and, except where the context otherwise requires, its subsidiaries and the consolidated variable interest entities and their subsidiaries;

 

   

“JD Industrials” are to JINGDONG Industrials, Inc. (formerly known as JD Industrial Technology Inc. and renamed as in March 2023), a consolidated subsidiary of our company and, except where the context otherwise requires, its subsidiaries and the 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 the consolidated variable interest entities and their subsidiaries;

 

   

“JD Property” are to JINGDONG Property, Inc. (formerly known as JD Property Group Corporation and renamed as in March 2023), a consolidated subsidiary of our company and, except where the context otherwise requires, its subsidiaries and the 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 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;

 

1


Table of Contents
   

“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, the consolidated variable interest entities and their subsidiaries. The 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 the consolidated variable interest entities may include their subsidiaries, depending on the context as appropriate. The consolidated variable interest entities are PRC companies conducting operations in the Chinese mainland, and their financial results have been consolidated into our consolidated financial statements under U.S. GAAP for accounting purposes. JD.com, Inc. is a holding company with no operations of its own. We do not have any equity ownership in the consolidated variable interest entities.

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. The operational risks associated with being based in and having operations in the Chinese mainland also apply to operations in Hong Kong and Macau. While entities and businesses in Hong Kong and Macau operate under different sets of laws from the Chinese mainland, the legal risks associated with being based in and having operations in the Chinese mainland could apply to our operations in Hong Kong and Macau, if the laws applicable to the Chinese mainland become applicable to entities and businesses in Hong Kong and Macau in the future. 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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—If we are unable to manage our growth or execute our strategies effectively, our business and prospects may be materially and adversely affected” on page 26 for details;

 

   

We incurred net losses in the past and we may not be able to maintain profitability in the future. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—We incurred net losses in the past and we may not be able to maintain profitability in the future” on page 26 for details;

 

   

If we are unable to provide superior customer experience, our business and reputation may be materially and adversely affected. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—If we are unable to provide superior customer experience, our business and reputation may be materially and adversely affected” on page 26 for details;

 

   

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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—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 business, prospects and results of operations” on page 27 for details;

 

   

Any harm to our JD brand or reputation may materially and adversely affect our business and results of operations. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—Any harm to our JD brand or reputation may materially and adversely affect our business and results of operations” on page 28 for details;

 

   

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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—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” on page 28 for details;

 

2


Table of Contents
   

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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—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” on page 29 for details;

 

   

We face intense competition. We may not be able to maintain or may lose market share and customers if we fail to compete effectively. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—We face intense competition. We may not be able to maintain or may lose market share and customers if we fail to compete effectively” on page 29 for details;

 

   

Our expansion into new product categories and substantial increase in the number of products may expose us to new challenges and more risks. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—Our expansion into new product categories and substantial increase in the number of products may expose us to new challenges and more risks” on page 30 for details;

 

   

If we fail to manage our inventory effectively, our results of operations, financial condition and liquidity may be materially and adversely affected. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—If we fail to manage our inventory effectively, our results of operations, financial condition and liquidity may be materially and adversely affected” on page 30 for details;

 

   

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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—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” on page 40 for details;

 

   

Our business is subject to complex and evolving Chinese and international laws and regulations regarding data privacy and cybersecurity. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—Our business is subject to complex and evolving Chinese and international laws and regulations regarding data privacy and cybersecurity.” on page 41 for details;

 

   

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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—The approval of and/or 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” on page 56 for details;

 

   

The PCAOB had historically been 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 of our auditor in the past has deprived our investors with the benefits of such inspections. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—The PCAOB had historically been 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 of our auditor in the past has deprived our investors with the benefits of such inspections” on page 57 for details; and

 

   

Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment” on page 57 for details.

 

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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 the consolidated variable interest entities and we conduct certain of our operations through the consolidated 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 the consolidated variable interest entities in China but instead are purchasing equity interest in a Cayman Islands holding company. If the PRC government determines that the contractual agreements that constituting part of the consolidated variable interest entities the structure do not comply with PRC laws and regulations, or if these laws and 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, the consolidated 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 the consolidated variable interest entities and, consequently, significantly affect the financial performance of the consolidated 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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure—If the PRC government determines that the contractual arrangements constituting part of the consolidated variable interest entities structure do not comply with PRC laws and regulations, or if these laws and 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” on page 59 for details;

 

   

Any failure by the consolidated variable interest entities or their shareholders to perform their obligations under the contractual arrangements with them would have a material and adverse effect on our business. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure—Any failure by the consolidated 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” on page 62 for details; and

 

   

The shareholders of the consolidated variable interest entities may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure—The shareholders of the consolidated variable interest entities may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition” on page 62 for details.

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 has significant authority in regulating our operations and may influence our operations. It may exert more oversight and control over offerings conducted overseas by, and/or foreign investment in, China-based issuers, which 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. 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” on page 69 for details;

 

   

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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—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” on page 66 for details;

 

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Uncertainties with respect to the legal system in the Chinese mainland could adversely affect us. Certain laws and regulations in the Chinese mainland can evolve quickly, which bring risks and uncertainties to their interpretation and enforcement. Administrative and court proceedings in the Chinese mainland may be protracted. Some government policies and internal rules may not be published on a timely manner. These risks and uncertainties may make it difficult for us to meet or comply with requirements under the applicable laws and regulations. See “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—Uncertainties with respect to the legal system in the Chinese mainland could adversely affect us” on page 66 for details;

 

   

We are subject to consumer protection laws that could require us to modify our current business practices and incur increased costs. See “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—We are subject to consumer protection laws that could require us to modify our current business practices and incur increased costs” on page 66 for details;

 

   

We may be adversely affected by the complexity and changes in PRC regulation of internet-related business and companies. See “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—We may be adversely affected by the complexity and changes in PRC regulation of internet-related business and companies such as e-commerce business and internet platforms” on page 67 for details; and

 

   

The funds in our PRC subsidiaries or the consolidated variable interest entities in the Chinese mainland may not be available to fund operations or for other use outside of the Chinese mainland if our holding company, our subsidiaries, or the consolidated variable interest entities do not comply with applicable laws or regulations on cash transfers. Although currently there are not equivalent or similar requirements in Hong Kong on cash transfers in, or out of, our Hong Kong entities, if certain requirements in the Chinese mainland were to become applicable to cash transfers in and out of Hong Kong entities in the future, the funds in our Hong Kong entities, likewise, may not be available to fund operations or for other use outside of Hong Kong. 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” on page 63 and “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—Governmental regulation of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment” on page 71 for details.

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 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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our ADSs and Class A Ordinary Shares—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” on page 76 for details;

 

   

We adopt different practices as to certain matters as compared with many other companies listed on the Hong Kong Stock Exchange. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our ADSs and Class A Ordinary Shares—We adopt different practices as to certain matters as compared with many other companies listed on the Hong Kong Stock Exchange” on page 77 for details;

 

   

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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our ADSs and Class A Ordinary Shares—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” on page 77 for details; and

 

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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. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our ADSs and Class A Ordinary Shares—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” on page 78 for details.

 

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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

 

   

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 RMB7.0999 to US$1.00 and HK$7.8109 to US$1.00, the respective exchange rates on December 29, 2023 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 Organizational Structure

The following diagram illustrates our corporate structure, including our principal subsidiaries and the consolidated variable interest entities as of March 31, 2024:

 

LOGO

 

Notes:

 

(1)

JD Assets Holding Limited has 65 subsidiaries holding, directly or indirectly, non-logistics properties.

(2)

JD Asia Development Limited has 499 subsidiaries holding, directly or indirectly, logistics properties.

(3)

Jingdong 360, Jiangsu Yuanzhou, Xi’an Jingdong Xincheng, Jiangsu Jingdong Bangneng and Suqian Juhe are the significant consolidated variable interest entities with which we have contractual arrangements. Suqian Juhe is 45% owned by Mr. Richard Qiangdong Liu, 30% owned by Ms. Yayun Li and 25% owned by Ms. Pang Zhang. Each of Jingdong 360, Jiangsu Yuanzhou, Xi’an Jingdong Xincheng and Jiangsu Jingdong Bangneng is 45% owned by Mr. Qin Miao, 30% owned by Ms. Yayun Li and 25% owned by Ms. Pang Zhang. Mr. Richard Qiangdong Liu is our chairman of board of directors, Mr. Qin Miao is a vice president of our company, Ms. Yayun Li is chief executive officer of JD Technology, a significant investee of our company, and Ms. Pang Zhang is our chief human resources officer.

(4)

Jingdong Century has 269 subsidiaries that engage in retail business.

 

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(5)

JD.com Investment Limited has 79 subsidiaries that hold, directly or indirectly, the companies invested by us.

*

The diagram above omits our equity investees that are insignificant individually and in the aggregate.

Our Holding Company Structure and Contractual Arrangements with the Consolidated Variable Interest Entities

JD.com, Inc. is not an operating company but a Cayman Islands holding company with no equity ownership in the consolidated variable interest entities, but maintains contractual arrangements with the consolidated variable interest entities and is considered the primary beneficiary of these entities, whose financial results are consolidated in JD.com, Inc.’s consolidated financial statements under the U.S. GAAP for accounting purposes. The contractual arrangements may not be as effective as direct equity ownership in the consolidated variable interest entities, and the government authorities may challenge the enforceability of these contractual arrangements. We conduct our operations in the Chinese mainland through (i) our PRC subsidiaries and (ii) the consolidated variable interest entities with which we have maintained contractual arrangements. The laws and regulations in the Chinese mainland 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 the Chinese mainland through the consolidated variable interest entities, and such structure is used to provide investors with exposure to foreign investment in China-based companies where laws and regulations in the Chinese mainland prohibit or restrict direct foreign investment in certain operating companies, and rely on contractual arrangements among our PRC subsidiaries, the consolidated variable interest entities and their shareholders to control the business operations of the consolidated variable interest entities. The external revenues contributed by the consolidated variable interest entities accounted for 6.2%, 6.9% and 7.8% of our total revenues for the years of 2021, 2022 and 2023, 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, the consolidated variable interest entities in China, including 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. The consolidated variable interest entities are PRC companies conducting operations in the Chinese mainland, and their financial results have been consolidated into our consolidated financial statements under U.S. GAAP for accounting purposes. JD.com, Inc. is a holding company with no operations of its own. We do not have any equity ownership in the consolidated variable interest entities. Investors in our ADSs or Class A ordinary shares are not purchasing equity interest in the consolidated variable interest entities in the Chinese mainland but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands, and may never directly hold equity interests in the consolidated variable interest entities in the Chinese mainland.

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, the consolidated variable interest entities and their respective shareholders. Terms contained in each set of contractual arrangements with the consolidated variable interest entities and their respective shareholders are substantially similar. As a result of the contractual arrangements, we are considered the primary beneficiary of these companies and have consolidated the financial results of these companies in our consolidated financial statements under the U.S. GAAP for accounting purposes. Neither JD.com, Inc. nor its investors has an equity ownership in, direct foreign investment in, or control through such ownership or investment of, the consolidated variable interest entities, and the contractual arrangements are not equivalent to an equity ownership in the business of the consolidated variable interest entities. For more details of these contractual arrangements, see “Item 4.C. Information on the Company—Organizational Structure—The Consolidated Variable Interest Entities.”

 

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However, the contractual arrangements may not be as effective as direct ownership in providing us with control over the consolidated 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 courts of the Chinese mainland. See “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure—We rely on contractual arrangements with the consolidated 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 the consolidated variable interest entities may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.”

Our corporate structure is subject to risks associated with the contractual arrangements with the consolidated variable interest entities. If the PRC government determines that the contractual arrangements constituting part of the consolidated variable interest entities structure do not comply with PRC laws and regulations, or if these laws and 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. 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 or become worthless. Our holding company, our PRC subsidiaries and the consolidated 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 the consolidated variable interest entities and, consequently, significantly affect the financial performance of the consolidated 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 the consolidated 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 the consolidated 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 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 determines that the contractual arrangements constituting part of the consolidated variable interest entities structure do not comply with PRC laws and regulations, or if these laws and 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” 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 the Chinese mainland. Our business operations are primarily conducted in the Chinese mainland, and we are subject to complex and evolving laws and regulations in the Chinese mainland. For example, we face risks associated with regulatory approvals on offshore offerings, antimonopoly 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. As of the date of this annual report, regulatory actions related to data security or anti-monopoly concerns in Hong Kong do not have a material impact on our ability to conduct business, accept foreign investment in the future, continue to list on a United States stock exchange or maintain our listing status on the Hong Kong Stock Exchange. However, new regulatory actions related to data security or anti-monopoly concerns in Hong Kong may be taken in the future, and such regulatory actions may have a material impact on our ability to conduct business, accept foreign investment, continue to list on a United States stock exchange or maintain our listing status on the Hong Kong Stock Exchange. 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 has significant authority in regulating our operations and may influence our operations. It may exert more oversight and control over offerings conducted overseas by, and/or foreign investment in, China-based issuers, which 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. 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.”

 

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Risks and uncertainties arising from the PRC legal system, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in the Chinese mainland, 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 legal system in the Chinese mainland could adversely affect us” and “—We may be adversely affected by the complexity and changes in PRC regulation of internet-related business and companies such as e-commerce business and internet platforms.”

The Holding Foreign Companies Accountable Act

Pursuant to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in the Chinese mainland and Hong Kong, including our auditor. In May 2022, the SEC conclusively listed us as a Commission-Identified Issuer under the HFCAA following the filing of the annual report on Form 20-F for the fiscal year ended December 31, 2021. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed the Chinese mainland and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. For this reason, we were not identified as a Commission-Identified Issuer under the HFCAA after we filed our annual report on Form 20-F for the fiscal year ended December 31, 2022 and do not expect to be identified so after we file this annual report on Form 20-F. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in the Chinese mainland and Hong Kong, among other jurisdictions. If PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in the Chinese mainland and Hong Kong and we continue to use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the Securities and Exchange Commission, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. For more details, see “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—The PCAOB had historically been 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 of our auditor in the past has deprived our investors with the benefits of such inspections” and “Item 3.D. Key Information—Risk Factors—Risks Related to Our Business—Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. The delisting of the 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 the consolidated 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 the consolidated variable interest entities have obtained the necessary licenses and permits from the PRC government authorities, including, among others, ICP licenses, Courier Service Operation Permits and Practicing License for Medical Institutions, except as disclosed in “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—We may be adversely affected by the complexity and changes in PRC regulation of internet-related business and companies such as e-commerce business and internet platforms.” Given the uncertainties of interpretation and implementation of laws and regulations and the enforcement practice by government authorities, we may be required to obtain additional licenses, permits, filings or approvals for our business and operations in the future.

 

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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 the consolidated variable interest entities, (i) are not required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, (ii) are not required to file an application for cybersecurity review by the Cyberspace Administration of China, or the CAC, as advised by Shihui Partners, our PRC legal counsel, and (iii) have not been asked to obtain or were denied such permissions by any PRC authority.

If (i) we do not receive or maintain any permissions or approvals, (ii) we inadvertently concluded that certain permissions or approvals have been acquired or are not required, or (iii) applicable laws, regulations or interpretations thereof change and we become subject to the requirement of additional permissions or approvals in the future, we cannot assure you that we will be able to obtain such permissions or approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could subject us to penalties, including fines, suspension of business and revocation of required licenses, which could materially and adversely affect our business, financial condition and results of operations.

However, the PRC government has promulgated certain regulations and rules to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. On February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines, or, collectively, the Trial Measures, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies in the Chinese mainland that directly or indirectly offer or list their securities in an overseas market are required to file with the CSRC. In addition, an overseas-listed company must also submit the filing with respect to its follow-on offerings, issuance of convertible corporate bonds and exchangeable bonds, and other equivalent offering activities, within a specific time frame requested under the Trial Measures. Therefore, we will be required to file with the CSRC for our overseas offering of equity and equity linked securities in the future within the applicable scope of the Trial Measures. For more detailed information, see “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—The approval of and/or 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 the Chinese mainland primarily through our subsidiaries and the consolidated variable interest entities in the Chinese mainland. 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 investors of the ADSs and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and license and service fees paid by the 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 the 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.”

Our board of directors has complete discretion on whether to distribute dividends subject to our current memorandum and articles of association and certain restrictions under Cayman Islands law. In addition, our shareholders may, by ordinary resolution, declare dividends, but no dividend shall exceed the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. See “Item 8.A. Financial Information—Consolidated Statements and Other Financial Information—Dividend Policy” for details.

As a Cayman Islands exempted company and offshore holding company, we are permitted under PRC laws and regulations to provide funding to our wholly foreign-owned subsidiaries in the Chinese mainland only through loans or capital contributions, subject to the approval of government authorities and limits on the amount of capital contributions and loans. In addition, our wholly foreign-owned subsidiaries in the Chinese mainland may provide RMB funding to their respective subsidiaries only through capital contributions and entrusted loans, and to the consolidated variable interest entities only through entrusted loans. See “Introduction—Summary of Risk Factors—Risks Related to Our Corporate Structure,” “Item 5.B. Operating and Financial Review—Liquidity and Capital Resources” and “Item 3.D. Key Information—Risk Factors—Risks Related to Our Corporate Structure—PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans to our PRC subsidiaries and the consolidated variable interest entities or making additional capital contributions to our wholly foreign-owned subsidiaries in the Chinese mainland, which could materially and adversely affect our liquidity and our ability to fund and expand our business.”

 

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Under PRC laws and regulations, our PRC subsidiaries and the 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 the Chinese mainland 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 the consolidated variable interest entities in which we have no legal ownership, totaling RMB46.4 billion, RMB58.2 billion and RMB67.6 billion (US$9.5 billion) as of December 31, 2021, 2022 and 2023, respectively. Furthermore, cash transfers from our PRC subsidiaries and the consolidated variable interest entities to entities outside of the Chinese mainland are subject to PRC governmental regulations on currency conversion. As a result, the funds in our PRC subsidiaries or the consolidated variable interest entities in the Chinese mainland may not be available to fund operations or for other use outside of the Chinese mainland if our holding company, our subsidiaries, or the consolidated variable interest entities do not comply with applicable laws or regulations on such currency conversion. As of the date of this annual report, there are not equivalent or similar requirements in Hong Kong on cash transfers in, or out of, our Hong Kong entities. However, if certain requirements were to become applicable to cash transfers in and out of Hong Kong entities in the future, the funds in our Hong Kong entities may not be available to fund operations or for other use outside of Hong Kong. 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.” and “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China—Govermental regulation of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.”

Under PRC law, JD.com, Inc. may provide funding to our PRC subsidiaries only through capital contributions or loans, and to the 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.

Our company has established a centralized cash management policy to direct how funds are transferred between JD.com, Inc., our subsidiaries and the consolidated variable interest entities and their subsidiaries to improve the efficiency and ensure the security of cash management. Our management has established a series of manuals and policies on funds management, bank accounts management, financing activities and safe handling of cash and assets, which apply to all of our subsidiaries and the consolidated variable interest entities and their subsidiaries. We and our consolidated subsidiaries that are listed on the Hong Kong Stock Exchange have also established respective centralized cash management accounts within certain entities, under which funds are transferred and dispatched to each subsidiary or consolidated variable interest entity under central command. The major offshore entities outside of the Chinese mainland with the function of centralized cash management are JD.com, Inc. (our holding company), JD.com International Limited (our intermediate holding company), JD Logistics, Inc., and JD Health International Inc. (both of which are our subsidiaries). In addition, the major entities within the Chinese mainland with similar functions are Beijing Jingdong Century Trade Co., Ltd. (a primary beneficiary of the consolidated variable interest entities), Beijing Jingbangda Trade Co., Ltd. (a consolidated variable interest entity), and Beijing Jingdong Jiankang Co., Ltd. (a primary beneficiary of the consolidated variable interest entities). The centralized cash management function in these entities lead to high-volume and high-frequency cash transferred and dispatched to the remaining consolidated subsidiaries and consolidated variable interest entities. We have complied with the applicable laws and regulations for the operation of such cash centralized management accounts and completed necessary registration and approval procedures with governmental authorities. Every fund transfer within our group goes through an appropriate review and approval process depending on the nature and amount of the transfer under our cash management policy.

 

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For the years ended December 31, 2021, 2022 and 2023, JD.com, Inc. provided loans of RMB20.9 billion to, and received repayment of RMB7.4 billion and RMB12.6 billion (US$1.8 billion) from, respectively, our intermediate holding companies through our day-to-day centralized cash management activities. Please refer to the line item “Loans (provided to)/settled by internal companies” in the “Parent” column of the tables titled “Financial Information Related to the Consolidated Variable Interest Entities—Selected Condensed Consolidated Cash Flows Information” for the years ended December 31, 2021, 2022 and 2023 on pages 23–25 for the detail figures.

Our day-to-day centralized cash management activities also cover the cash flow of the consolidated variable interest entities. For the years ended December 31, 2021, the consolidated variable interest entities received funding by loans from our intermediate holding companies of RMB11.7 billion. For the years ended December 31, 2022 and 2023, the consolidated variable interest entities repaid RMB3.2 billion and RMB3.3 billion (US$0.5 billion) to our intermediate holding companies. Please refer to the line item “Net proceeds from/(repayment to) internal companies” in the “Consolidated Variable Interest Entities” column of the tables titled “Financial Information Related to the Consolidated Variable Interest Entities—Selected Condensed Consolidated Cash Flows Information” for the years ended December 31, 2021, 2022 and 2023 on pages 23–25 for the detail figures. The consolidated variable interest entities received repayment of loans of RMB1.1 billion from, provided funding of RMB11.3 billion to, and received repayment of loans of RMB4.8 billion (US$0.7 billion) from our intermediate holding companies for the years ended December 31, 2021, 2022 and 2023, respectively. Please refer to the line item “Loans (provided to)/settled by internal companies” in the “Consolidated Variable Interest Entities” column of the tables titled “Financial Information Related to the Consolidated Variable Interest Entities—Selected Condensed Consolidated Cash Flows Information” for the years ended December 31, 2021, 2022 and 2023 on pages 23–25 for the detail figures.

In May 2022, our board of directors approved a special cash dividend of US$0.63 per ordinary share, or US$1.26 per ADS, to holders of ordinary shares and holders of ADSs, respectively. The aggregate amount of the special dividend was approximately US$2.0 billion. In March 2023, our board of directors approved a cash dividend of US$0.31 per ordinary share, or US$0.62 per ADS, to holders of ordinary shares and holders of ADSs. The aggregate amount of the cash dividend was approximately US$1.0 billion. In March 2024, our board of directors approved an annual cash dividend for the year ended December 31, 2023 of US$0.38 per ordinary share, or US$0.76 per ADS, to holders of ordinary shares and holders of ADSs. The aggregate amount of the dividend will be approximately US$1.2 billion. In addition, we have adopted an annual dividend policy, under which we may choose to declare and distribute a cash dividend each year, at an amount determined in relation to our financial performance in the previous fiscal year, among other factors. The determination to make dividend distributions in any particular year will be made at the discretion of our board of directors based upon factors such as our results of operations, cash flow, financial condition, business strategies and prospects, capital requirements, regulatory constraints to the extent relevant, availability of foreign currency and other considerations that the board deems relevant. 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. The selected consolidated statements of operations data for the years ended December 31, 2021, 2022 and 2023, selected consolidated balance sheets data as of December 31, 2022 and 2023, selected consolidated cash flow data for the years ended December 31, 2021, 2022 and 2023 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, 2019 and 2020, selected consolidated balance sheets data as of December 31, 2019, 2020 and 2021 and selected consolidated cash flow data for the years ended December 31, 2019 and 2020 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,  
     2019     2020     2021     2022     2023  
     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

     510,734       651,879       815,655       865,062       871,224       122,709  

Net service revenues

     66,154       93,923       135,937       181,174       213,438       30,062  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     576,888       745,802       951,592       1,046,236       1,084,662       152,771  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues

     (492,467     (636,694     (822,526     (899,163     (924,958     (130,277

Fulfillment

     (36,968     (48,700     (59,055     (63,011     (64,558     (9,093

Marketing

     (22,234     (27,156     (38,743     (37,772     (40,133     (5,653

Research and development

     (14,619     (16,149     (16,332     (16,893     (16,393     (2,309

General and administrative

     (5,490     (6,409     (11,562     (11,053     (9,710     (1,368

Impairment of goodwill

     —        —        —        —        (3,143     (443

Impairment of long-lived assets

     —        —        —        —        (2,025     (285

Gain on sale of development properties

     3,885       1,649       767       1,379       2,283       322  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations(2)(3)

     8,995       12,343       4,141       19,723       26,025       3,665  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income/(expense):

            

Share of results of equity investees

     (1,738     4,291       (4,918     (2,195     1,010       142  

Interest expense

     (725     (1,125     (1,213     (2,106     (2,881     (406

Others, net(4)

     7,161       35,310       (590     (1,555     7,496       1,056  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) before tax

     13,693       50,819       (2,580     13,867       31,650       4,457  

Income tax expenses

     (1,803     (1,482     (1,887     (4,176     (8,393     (1,182
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income/(loss)

     11,890       49,337       (4,467     9,691       23,257       3,275  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to non-controlling interests shareholders

     (297     (75     (923     (697     (910     (128

Net income attributable to mezzanine equity classified as non-controlling interests shareholders

     3       7       16       8       —        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income/(loss) attributable to the Company’s ordinary shareholders

     12,184       49,405       (3,560     10,380       24,167       3,403  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income/(loss) per share

            

Basic

     4.18       16.35       (1.15     3.32       7.69       1.08  

Diluted

     4.11       15.84       (1.15     3.21       7.61       1.07  

Net income/(loss) per ADS(5)

            

Basic

     8.37       32.70       (2.29     6.64       15.37       2.17  

Diluted

     8.21       31.68       (2.29     6.42       15.23       2.14  

Weighted average number of shares:

            

Basic

     2,912,637,241       3,021,808,985       3,107,436,665       3,125,571,110       3,144,233,160       3,144,233,160  

Diluted

     2,967,321,803       3,109,024,030       3,107,436,665       3,180,886,136       3,170,542,396       3,170,542,396  

 

(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, industrial 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:

 

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     For the Year Ended December 31,  
     2019      2020      2021      2022      2023  
     RMB      %      RMB      %      RMB      %      RMB      %      RMB      US$      %  
     (in millions, except for percentages)  

Electronics and home appliances revenues

     328,703        57.0        400,927        53.8        492,592        51.8        515,945        49.3        538,799        75,888        49.7  

General merchandise revenues

     182,031        31.5        250,952        33.6        323,063        33.9        349,117        33.4        332,425        46,821        30.6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net product revenues

     510,734        88.5        651,879        87.4        815,655        85.7        865,062        82.7        871,224        122,709        80.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Marketplace and marketing revenues

     42,680        7.4        53,473        7.2        72,118        7.6        81,970        7.8        84,726        11,933        7.8  

Logistics and other service revenues

     23,474        4.1        40,450        5.4        63,819        6.7        99,204        9.5        128,712        18,129        11.9  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net service revenues

     66,154        11.5        93,923        12.6        135,937        14.3        181,174        17.3        213,438        30,062        19.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total net revenues

     576,888        100.0        745,802        100.0        951,592        100.0        1,046,236        100.0        1,084,662        152,771        100.0  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(2)

Includes share-based compensation expenses as follows:

 

     For the Year Ended December 31,  
     2019     2020     2021     2022     2023  
     RMB     RMB     RMB     RMB     RMB     US$  
     (in millions)  

Cost of revenues

     (82     (98     (102     (143     (133     (19

Fulfillment

     (440     (646     (882     (930     (697     (98

Marketing

     (259     (347     (586     (631     (426     (60

Research and development

     (1,340     (1,400     (1,781     (1,557     (859     (121

General and administrative

     (1,574     (1,665     (5,783     (4,287     (2,689     (379
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     (3,695     (4,156     (9,134     (7,548     (4,804     (677
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(3)

Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:

 

     For the Year Ended December 31,  
     2019     2020     2021     2022     2023  
     RMB     RMB     RMB     RMB     RMB     US$  
     (in millions)  

Fulfillment

     (165     (193     (220     (392     (414     (58

Marketing

     (637     (692     (854     (868     (880     (124

Research and development

     (99     (99     (104     (271     (305     (43

General and administrative

     (308     (309     (309     (161     (128     (18
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     (1,209     (1,293     (1,487     (1,692     (1,727     (243
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.

 

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     For the Year Ended December 31,  
     2019      2020      2021      2022      2023  
     RMB      RMB      RMB      RMB      RMB      US$  
     (in millions)  

Selected Consolidated Balance Sheets Data:

                 

Cash and cash equivalents

     36,971        86,085        70,767        78,861        71,892        10,126  

Restricted cash

     2,941        4,434        5,926        6,254        7,506        1,057  

Short-term investments

     24,603        60,577        114,564        141,095        118,254        16,656  

Accounts receivable, net

     6,191        7,112        11,900        20,576        20,302        2,859  

Inventories, net

     57,932        58,933        75,601        77,949        68,058        9,586  

Property, equipment and software, net

     20,654        22,597        32,944        55,080        70,035        9,864  

Land use rights, net

     10,892        11,125        14,328        33,848        39,563        5,572  

Operating lease right-of-use assets

     8,644        15,484        19,987        22,267        20,863        2,938  

Investment in equity investees

     35,576        58,501        63,222        57,641        56,746        7,993  

Marketable securities and other investments

     21,417        44,085        24,248        14,360        80,840        11,386  

Other non-current assets

     6,806        8,316        16,644        16,021        14,522        2,045  

Total assets

     259,724        422,288        496,507        595,250        628,958        88,586  

Short-term debts

     —         —         4,368        12,146        5,034        709  

Accounts payable

     90,428        106,818        140,484        160,607        166,167        23,404  

Accrued expenses and other

                 

current liabilities

     24,656        30,035        34,468        42,570        43,533        6,132  

Unsecured senior notes

     6,912        12,854        9,386        10,224        10,411        1,466  

Long-term borrowings

     3,139        2,936        —         20,009        31,555        4,444  

Operating lease liabilities

     8,717        15,763        20,386        22,666        21,431        3,018  

Total liabilities

     159,099        200,669        249,723        321,127        332,578        46,842  

Total mezzanine equity

     15,964        17,133        1,212        590        614        86  

Total JD.com, Inc. shareholders’ equity

     81,856        187,543        208,911        213,366        231,858        32,657  

Number of outstanding ordinary shares

     2,924,315,263        3,103,499,039        3,110,791,649        3,135,679,247        3,137,663,915        3,137,663,915  

 

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     For the Year Ended December 31,  
     2019     2020     2021     2022     2023  
     RMB     RMB     RMB     RMB     RMB     US$  
     (in millions)  

Selected Consolidated Cash Flows Data:

            

Net cash provided by operating activities

     24,781       42,544       42,301       57,819       59,521       8,383  

Net cash used in investing activities

     (25,349     (57,811     (74,248     (54,026     (59,543     (8,386

Net cash provided by/(used in) financing activities

     2,572       71,072       19,503       1,180       (5,808     (818

Effect of exchange rate changes on cash, cash equivalents and restricted cash

     406       (5,082     (1,498     3,490       125       17  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase/(decrease) in cash, cash equivalents and restricted cash

     2,410       50,723       (13,942     8,463       (5,705     (804
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash, cash equivalents, and restricted cash at beginning of year, including cash and cash equivalents classified within assets held for sale

     37,502       39,912       90,635       76,693       85,156       11,994  

Less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of year

     —        —        116       —        41       6  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash, cash equivalents, and restricted cash at beginning of year

     37,502       39,912       90,519       76,693       85,115       11,988  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at end of year, including cash and cash equivalents classified within assets held for sale

     39,912       90,635       76,693       85,156       79,451       11,190  

Less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year

     —        116       —        41       53       7  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at end of year

     39,912       90,519       76,693       85,115       79,398       11,183  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

18


Table of Contents

Financial Information Related to the Consolidated Variable Interest Entities

The following table presents the condensed consolidating schedule of financial position for the 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, 2023  
     Parent     Other
Subsidiaries
    Primary
Beneficiaries of
Consolidated
Variable
Interest Entities
    Consolidated
Variable
Interest
Entities
    Eliminations     Consolidated
Total
 
     (RMB in millions)  

Net revenues

     —        1,119,133       745,180       145,795       (925,446     1,084,662  

Third-party revenues

     —        991,705       7,817       85,140       —        1,084,662  

Inter-company revenues

     —        127,428       737,363       60,655       (925,446     —   

Cost of revenues

     —        (947,261     (690,707     (130,540     843,550       (924,958

Fulfillment

     —        (91,646     (12,982     (4,584     44,654       (64,558

Marketing

     (4     (35,231     (17,495     (3,970     16,567       (40,133

Research and development

     —        (15,662     (16,345     (4,853     20,467       (16,393

General and administrative

     (204     (4,881     (2,794     (2,039     208       (9,710

Impairment of goodwill

     —        (3,143     —        —        —        (3,143

Impairment of long-lived assets

     —        (2,025     —        —        —        (2,025

Gain on sale of development properties

     —        2,283       —        —        —        2,283  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) from operations

     (208     21,567       4,857       (191     —        26,025  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from subsidiaries and VIEs

     24,967       10,305       1,066       —        (36,338     —   

Other income/(expense), net

     (591     (1,328     4,367       3,177       —        5,625  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before tax

     24,168       30,544       10,290       2,986       (36,338     31,650  

Income tax expenses

     (1     (6,889     (1,020     (483     —        (8,393
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     24,167       23,655       9,270       2,503       (36,338     23,257  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

19


Table of Contents
     For the Year Ended December 31, 2022  
     Parent     Other
Subsidiaries
    Primary
Beneficiaries of
Consolidated
Variable
Interest Entities
    Consolidated
Variable
Interest
Entities
    Eliminations     Consolidated
Total
 
     (RMB in millions)  

Net revenues

     —        1,074,639       719,883       134,516       (882,802     1,046,236  

Third-party revenues

     —        967,244       6,326       72,666       —        1,046,236  

Inter-company revenues

     —        107,395       713,557       61,850       (882,802     —   

Cost of revenues

     —        (905,349     (664,233     (119,868     790,287       (899,163

Fulfillment

     —        (92,643     (13,890     (4,229     47,751       (63,011

Marketing

     (2     (31,312     (24,083     (3,622     21,247       (37,772

Research and development

     —        (18,184     (16,688     (5,370     23,349       (16,893

General and administrative

     (331     (3,640     (4,347     (2,903     168       (11,053

Gain on sale of development properties

     —        1,379       —        —        —        1,379  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) from operations

     (333     24,890       (3,358     (1,476     —        19,723  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from subsidiaries and VIEs

     10,667       502       17,785       —        (28,954     —   

Other income/(expense), net

     48       (11,491     3,599       2,780       (792     (5,856
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before tax

     10,382       13,901       18,026       1,304       (29,746     13,867  

Income tax expenses

     (2     (4,097     90       (167     —        (4,176
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     10,380       9,804       18,116       1,137       (29,746     9,691  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     For the Year Ended December 31, 2021  
     Parent     Other
Subsidiaries
    Primary
Beneficiaries of
Consolidated
Variable
Interest Entities
    Consolidated
Variable
Interest
Entities
    Eliminations     Consolidated
Total
 
     (RMB in millions)  

Net revenues

     —        984,998       676,041       117,419       (826,866     951,592  

Third-party revenues

     —        887,340       5,128       59,124       —        951,592  

Inter-company revenues

     —        97,658       670,913       58,295       (826,866     —   

Cost of revenues

     —        (837,268     (621,811     (104,564     741,117       (822,526

Fulfillment

     —        (80,833     (18,225     (4,657     44,660       (59,055

Marketing

     (4     (32,954     (23,997     (3,108     21,320       (38,743

Research and development

     —        (17,155     (13,473     (5,420     19,716       (16,332

General and administrative

     (465     (6,282     (2,511     (2,357     53       (11,562

Gain on sale of development properties

     —        767       —        —        —        767  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) from operations

     (469     11,273       (3,976     (2,687     —        4,141  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) from subsidiaries and VIEs

     (2,708     (4,774     12,037       —        (4,555     —   

Other income/(expense), net

     (376     (8,555     2,558       (348     —        (6,721
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) before tax

     (3,553     (2,056     10,619       (3,035     (4,555     (2,580

Income tax expenses

     (7     (1,716     (130     (34     —        (1,887
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income/(loss)

     (3,560     (3,772     10,489       (3,069     (4,555     (4,467
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

20


Table of Contents
     As of December 31, 2023  
     Parent      Other
Subsidiaries
     Primary
Beneficiaries of
Consolidated
Variable Interest
Entities
     Consolidated
Variable Interest
Entities
     Eliminations     Consolidated
Total
 
     (RMB in millions)  

Assets

                

Cash and cash equivalents

     4,788        24,563        31,664        10,877        —        71,892  

Restricted cash

     —         2,871        4,607        28        —        7,506  

Short-term investments

     2,843        59,775        53,304        2,332        —        118,254  

Accounts receivable, net

     —         13,863        360        6,079        —        20,302  

Inventories, net

     —         22,270        41,895        3,893        —        68,058  

Internal balance

     53,088        89,387        29,178        —         (171,653     —   

Investment in equity investees

     —         32,994        4,635        19,898        (781     56,746  

Investments in subsidiaries and consolidated VIEs

     188,817        56,577        43,355        —         (288,749     —   

Marketable securities and other investments

     —         24,160        56,572        108        —        80,840  

Property, equipment and software, net

     —         57,669        1,833        10,533        —        70,035  

Operating lease right-of-use assets

     —         10,241        52        13,558        (2,988     20,863  

Prepayments and other assets

     154        85,170        15,269        13,995        (126     114,462  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total assets

     249,690        479,540        282,724        81,301        (464,297     628,958  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Liabilities

                

Short-term debts

     —         2,442        —         2,592        —        5,034  

Accounts payable

     —         53,008        102,207        10,952        —        166,167  

Internal balance

     —         82,263        57,964        31,426        (171,653     —   

Operating lease liabilities

     —         10,168        38        14,050        (2,825     21,431  

Unsecured senior notes

     10,536        —         —         —         (125     10,411  

Long-term borrowings

     7,083        22,072        —         2,400        —        31,555  

Accrued expenses and other liabilities

     213        64,272        20,060        13,435        —        97,980  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total liabilities

     17,832        234,225        180,269        74,855        (174,603     332,578  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Convertible redeemable non-controlling interests

     —         614        —         —         —        614  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total shareholders’ equity

     231,858        244,701        102,455        6,446        (289,694     295,766  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total liabilities, mezzanine equity and shareholders’ equity

     249,690        479,540        282,724        81,301        (464,297     628,958  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

21


Table of Contents
     As of December 31, 2022  
     Parent      Other
Subsidiaries
     Primary
Beneficiaries of
Consolidated
Variable Interest
Entities
     Consolidated
Variable Interest
Entities
     Eliminations     Consolidated
Total
 
     (RMB in millions)  

Assets

                

Cash and cash equivalents

     5,029        38,158        30,534        5,140        —        78,861  

Restricted cash

     —         1,922        4,282        50        —        6,254  

Short-term investments

     —         43,264        96,270        1,561        —        141,095  

Accounts receivable, net

     —         15,530        271        4,775        —        20,576  

Inventories, net

     —         28,004        45,783        4,162        —        77,949  

Internal balance

     63,708        79,466        32,310        4,543        (180,027     —   

Investment in equity investees

     —         35,857        4,454        18,111        (781     57,641  

Investments in subsidiaries and consolidated VIEs

     162,015        26,109        56,680        —         (244,804     —   

Marketable securities and other investments

     —         10,601        952        2,807        —        14,360  

Property, equipment and software, net

     —         43,576        2,012        9,492        —        55,080  

Operating lease right-of-use assets

     —         8,508        2,049        13,809        (2,099     22,267  

Prepayments and other assets

     308        92,560        14,710        13,712        (123     121,167  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total assets

     231,060        423,555        290,307        78,162        (427,834     595,250  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Liabilities