EUR 222.15 For Business Accounts Only

JD: Less Impacted By The Weakness in China’s Economy; Better Growth In 2H2022 On Economic Recovery

JD will report 4Q21 results on March 10^th before the markets open with a 7am ET conference call. We are positive on JD’s 4Q21 performance relative to the Street expectation. Although there has been weakness in China’s economy starting from December 2021, JD is likely to do better than its peers due to its IP business model, which brings better services to consumers. In 1Q22, while the economic weakness continued, JD is likely to grow at a higher rate than peers. During the 2022 Spring Festival, JD.com’s consumption data revealed that the platform’s turnover increased 50% Y/Y from New Year’s Eve (on January 31st) to the 5th day of the first lunar month with contributions from 87%, 86%, 64%, and 61% Y/Y growth in 4 provinces, namely Henan, Jiangxi, Hunan, and Anhui, respectively.