Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Amendment Flag | false |
Document Type | 20-F |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001549802 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | JD.com, Inc. |
Document Period End Date | Dec. 31, 2021 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Annual Report | true |
Document Registration Statement | false |
Document Transition Report | false |
Entity File Number | 001-36450 |
Document Shell Company Report | false |
Document Accounting Standard | U.S. GAAP |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 20th Floor, Building A |
Entity Address, Address Line Two | No. 18 Kechuang 11 Street |
Entity Address, Address Line Three | Yizhuang Economic and Technological Development Zone |
Entity Address, City or Town | Daxing District |
Entity Address, Postal Zip Code | 101111 |
Entity Address, Country | CN |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditor Firm ID | 1113 |
Auditor Location | Beijing, the People’s Republic of China |
Business contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 20th Floor, Building A |
Entity Address, Address Line Two | No. 18 Kechuang 11 Street |
Entity Address, Address Line Three | Yizhuang Economic and Technological Development Zone |
Entity Address, City or Town | Daxing District |
Entity Address, Postal Zip Code | 101111 |
Contact Personnel Name | Sandy Ran Xu |
City Area Code | 86 |
Local Phone Number | 10 8911-8888 |
Entity Address, Country | CN |
Contact Personnel Email Address | Email: ir@jd.com |
American depositary shares | |
Document Information [Line Items] | |
Trading Symbol | JD |
Title of 12(b) Security | American depositary shares |
Security Exchange Name | NASDAQ |
Class A ordinary shares | |
Document Information [Line Items] | |
Trading Symbol | 9618 |
Title of 12(b) Security | Class A ordinary shares |
Entity Common Stock, Shares Outstanding | 2,690,646,636 |
Class B ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 428,185,501 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Current assets | ||||
Cash and cash equivalents | ¥ 70,767 | $ 11,105 | ¥ 86,085 | |
Restricted cash | 5,926 | 930 | 4,434 | |
Short-term investments | 114,564 | 17,978 | 60,577 | |
Accounts receivable, net | 11,900 | 1,867 | 7,112 | |
Advance to suppliers | 3,959 | 621 | 3,768 | |
Inventories, net | 75,601 | 11,863 | 58,933 | |
Prepayments and other current assets | 11,455 | 1,797 | 7,076 | |
Amount due from related parties | 5,500 | 863 | 6,667 | |
Assets held for sale | 149 | |||
Total current assets | 299,672 | 47,024 | 234,801 | |
Non-current assets | ||||
Property, equipment and software, net | 32,944 | 5,170 | 22,597 | |
Construction in progress | 5,817 | 913 | 7,906 | |
Intangible assets, net | 5,837 | 916 | 6,463 | |
Land use rights, net | 14,328 | 2,248 | 11,125 | |
Operating lease right-of-use assets | 19,987 | 3,136 | 15,484 | |
Goodwill | 12,433 | 1,951 | 10,904 | |
Investment in equity investees | 63,222 | 9,921 | 58,501 | |
Investment securities | 19,088 | 2,995 | 39,085 | |
Deferred tax assets | 1,111 | 174 | 533 | |
Other non-current assets | 21,804 | 3,423 | 13,316 | |
Amount due from related parties | 264 | 41 | 243 | |
Assets held for sale | 1,330 | |||
Total non-current assets | 196,835 | 30,888 | 187,487 | |
Total assets | 496,507 | 77,912 | 422,288 | |
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB22,032 million and RMB22,458 million as of December 31, 2020 and 2021, respectively. Note 1) | ||||
Short-term debts | 4,368 | 685 | ||
Accounts payable | 140,484 | 22,045 | 106,818 | |
Advance from customers | 29,106 | 4,567 | 21,000 | |
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB492 million and RMB492 million as of December 31, 2020 and 2021, respectively) | 3,458 | 543 | 3,417 | |
Taxes payable | 2,568 | 403 | 3,029 | |
Amount due to related parties | 519 | 81 | 585 | |
Accrued expenses and other current liabilities | 34,468 | 5,409 | 30,035 | |
Operating lease liabilities | 6,665 | 1,046 | 5,513 | |
Unsecured senior notes | 3,260 | |||
Liabilities held for sale | 360 | |||
Total current liabilities | 221,636 | 34,779 | 174,017 | |
Non-current liabilities | ||||
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB1,121 million and RMB629 million as of December 31, 2020 and 2021, respectively) | 1,297 | 204 | 1,618 | |
Unsecured senior notes | 9,386 | 1,473 | 9,594 | |
Deferred tax liabilities | 1,897 | 298 | 1,922 | |
Long-term borrowings | 2,936 | |||
Operating lease liabilities | 13,721 | 2,153 | 10,250 | |
Other non-current liabilities | 1,786 | 280 | 332 | |
Total non-current liabilities | 28,087 | 4,408 | 26,652 | |
Total liabilities | 249,723 | 39,187 | 200,669 | |
Commitments and contingencies | ||||
MEZZANINE EQUITY | ||||
Convertible redeemable non-controlling interests | 1,212 | 190 | 17,133 | |
JD.com, Inc. shareholders' equity | ||||
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,685,542,982 Class A ordinary shares issued and 2,667,590,268 outstanding, 444,250,851 Class B ordinary shares issued and 435,908,771 outstanding as of December 31, 2020; 2,731,123,330 Class A ordinary shares issued and 2,690,342,230 outstanding, 428,185,501 Class B ordinary shares issued and 420,449,419 outstanding as of December 31, 2021.) | [1] | |||
Additional paid-in capital | 182,578 | 28,650 | 153,358 | |
Statutory reserves | 1,586 | 249 | 1,533 | |
Treasury stock | (2,968) | (466) | (1,218) | |
Retained earnings | 33,805 | 5,305 | 37,418 | |
Accumulated other comprehensive loss | (6,090) | (956) | (3,548) | |
Total JD.com, Inc. shareholders' equity | 208,911 | 32,782 | 187,543 | |
Non-controlling interests | 36,661 | 5,753 | 16,943 | |
Total shareholders' equity | 245,572 | 38,535 | 204,486 | |
Total liabilities, mezzanine equity and shareholders' equity | ¥ 496,507 | $ 77,912 | ¥ 422,288 | |
[1] | Absolute value is less than RMB1 million. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares |
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | ¥ 221,636 | $ 34,779 | ¥ 174,017 |
Deferred revenues - current | 3,458 | 543 | 3,417 |
Deferred revenues - non-current | ¥ 1,297 | $ 204 | ¥ 1,618 |
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | ||
Ordinary shares, shares authorized (in shares) | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 |
Class A ordinary shares | |||
Ordinary shares, shares issued (in shares) | 2,731,123,330 | 2,731,123,330 | 2,685,542,982 |
Ordinary shares, shares outstanding (in shares) | 2,690,342,230 | 2,690,342,230 | 2,667,590,268 |
Class B ordinary shares | |||
Ordinary shares, shares issued (in shares) | 428,185,501 | 428,185,501 | 444,250,851 |
Ordinary shares, shares outstanding (in shares) | 420,449,419 | 420,449,419 | 435,908,771 |
Traffic support, marketing and promotion services | |||
Deferred revenues - current | ¥ | ¥ 492 | ¥ 492 | |
Deferred revenues - non-current | ¥ | 629 | 1,121 | |
Consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | |||
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | ¥ | ¥ 22,458 | ¥ 22,032 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income/(Loss) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Net revenues | ||||
Total net revenues | ¥ 951,592 | $ 149,326 | ¥ 745,802 | ¥ 576,888 |
Cost of revenues | (822,526) | (129,072) | (636,694) | (492,467) |
Fulfillment | (59,055) | (9,267) | (48,700) | (36,968) |
Marketing | (38,743) | (6,080) | (27,156) | (22,234) |
Research and development | (16,332) | (2,563) | (16,149) | (14,619) |
General and administrative | (11,562) | (1,814) | (6,409) | (5,490) |
Gain on sale of development properties | 767 | 120 | 1,649 | 3,885 |
Income from operations | 4,141 | 650 | 12,343 | 8,995 |
Other income/(expense) | ||||
Share of results of equity investees | (4,918) | (772) | 4,291 | (1,738) |
Interest expense | (1,213) | (190) | (1,125) | (725) |
Others, net | (590) | (93) | 35,310 | 7,161 |
Income/(loss) before tax | (2,580) | (405) | 50,819 | 13,693 |
Income tax expenses | (1,887) | (296) | (1,482) | (1,803) |
Net income/(loss) | (4,467) | (701) | 49,337 | 11,890 |
Net loss attributable to non-controlling interests shareholders | (923) | (145) | (75) | (297) |
Net income attributable to mezzanine equity classified as non-controlling interests shareholders | 16 | 3 | 7 | 3 |
Net income/(loss) attributable to ordinary shareholders | (3,560) | (559) | 49,405 | 12,184 |
Net income/(loss) | (4,467) | (701) | 49,337 | 11,890 |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments | (2,872) | (451) | (7,955) | 794 |
Net change in unrealized gains/(losses) on available-for-sale securities: | ||||
Unrealized gains, net of tax | 705 | 313 | ||
Reclassification adjustment for gains recorded in net income, net of tax | (760) | (259) | ||
Net unrealized gains/(losses) on available-for-sale securities | (55) | 54 | ||
Total other comprehensive income/(loss) | (2,872) | (451) | (8,010) | 848 |
Total comprehensive income/(loss) | (7,339) | (1,152) | 41,327 | 12,738 |
Total comprehensive loss attributable to non-controlling interests shareholders | (1,253) | (197) | (373) | (253) |
Total comprehensive income attributable to mezzanine equity classified as non-controlling interests shareholders | 16 | 3 | 7 | 3 |
Total comprehensive income/(loss) attributable to ordinary shareholders | ¥ (6,102) | $ (958) | ¥ 41,693 | ¥ 12,988 |
Basic | ||||
Net income/(loss) per share | (per share) | ¥ (1.15) | $ (0.18) | ¥ 16.35 | ¥ 4.18 |
Diluted | ||||
Net income/(loss) per share | (per share) | ¥ (1.15) | $ (0.18) | ¥ 15.84 | ¥ 4.11 |
Weighted average number of shares | ||||
Basic | shares | 3,107,436,665 | 3,107,436,665 | 3,021,808,985 | 2,912,637,241 |
Diluted | shares | 3,107,436,665 | 3,107,436,665 | 3,109,024,030 | 2,967,321,803 |
Products | ||||
Net revenues | ||||
Total net revenues | ¥ 815,655 | $ 127,994 | ¥ 651,879 | ¥ 510,734 |
Service | ||||
Net revenues | ||||
Total net revenues | ¥ 135,937 | $ 21,332 | ¥ 93,923 | ¥ 66,154 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash flows from operating activities: | ||||
Net income/(loss) | ¥ (4,467) | $ (701) | ¥ 49,337 | ¥ 11,890 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 6,232 | 978 | 6,068 | 5,828 |
Share-based compensation | 9,134 | 1,433 | 4,156 | 3,695 |
Losses from disposal of property, equipment and software | 18 | 3 | 68 | 65 |
Gain from extinguishment of debt | (11) | |||
Deferred income tax | (651) | (102) | (719) | 533 |
Amortization of discounts and issuance costs of the unsecured senior notes | 14 | 2 | 19 | 15 |
Allowance for doubtful accounts | 708 | 111 | 353 | 424 |
Impairment of investments | 574 | 90 | 208 | 1,954 |
Fair value change of long-term investments | 7,252 | 1,138 | (29,483) | (3,496) |
Gain from business and investment disposals | (140) | (22) | (279) | (1,199) |
Gain on sale of development properties | (767) | (120) | (1,649) | (3,885) |
Share of results of equity investees | 4,918 | 772 | (4,291) | 1,738 |
Foreign exchange (gains)/losses | (42) | (7) | 90 | (124) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (5,632) | (884) | (412) | 3,723 |
Advance to suppliers | (107) | (17) | (2,300) | (128) |
Inventories | (16,697) | (2,620) | 799 | (13,916) |
Prepayments and other current assets | (2,539) | (399) | (260) | 276 |
Amount due from related parties | (278) | (44) | 583 | (1,501) |
Operating lease right-of-use assets | (4,045) | (635) | (2,922) | (1,407) |
Other non-current assets | (1,701) | (267) | (871) | (409) |
Accounts payable | 32,585 | 5,113 | 11,095 | 10,391 |
Advance from customers | 8,702 | 1,366 | 4,052 | 3,061 |
Deferred revenues | (243) | (38) | (235) | 455 |
Taxes payable | (468) | (73) | 849 | 723 |
Amount due to related parties | (66) | (10) | 282 | 135 |
Accrued expenses and other current liabilities | 5,257 | 825 | 4,784 | 4,418 |
Operating lease liabilities | 4,180 | 656 | 3,233 | 1,522 |
Other non-current liabilities | 570 | 90 | ||
Net cash provided by operating activities | 42,301 | 6,638 | 42,544 | 24,781 |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (167,684) | (26,313) | (60,747) | (24,501) |
Maturity of short-term investments | 113,362 | 17,789 | 25,148 | 2,018 |
Purchases of long-term time deposits | (160) | (25) | (5,000) | |
Purchases of investment securities | (2,656) | (417) | (1,122) | (771) |
Cash received from disposal of investment securities | 13,165 | 2,066 | 9,139 | 1,009 |
Prepayments and investments in equity investees | (11,576) | (1,817) | (16,939) | (10,508) |
Cash received from disposal of equity investments | 407 | 64 | 1,092 | 3,606 |
Cash paid for loan originations | (82,197) | (12,899) | (60,304) | (43,560) |
Cash received from loan repayments | 80,561 | 12,642 | 60,879 | 44,592 |
Purchase of property, equipment and software | (5,562) | (873) | (3,370) | (2,597) |
Disposal of equipment and other assets (Note 6) | 1,765 | 277 | ||
Purchase of intangible assets | (23) | (4) | (19) | (41) |
Cash paid for asset acquisitions, net of cash acquired | (1,603) | (252) | ||
Purchase of land use rights | (7,825) | (1,228) | (1,518) | (1,039) |
Cash paid for construction in progress | (8,868) | (1,392) | (7,549) | (5,322) |
Cash received from sale of development properties | 3,549 | 557 | 4,787 | 7,905 |
Cash received from/(paid for) business combinations, net of cash acquired | (321) | (50) | 671 | (41) |
Loans settled by/(provided to) JD Technology | (169) | (27) | (2,342) | 4,149 |
Other investing activities | 1,587 | 251 | (617) | (248) |
Net cash used in investing activities | (74,248) | (11,651) | (57,811) | (25,349) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 31,342 | |||
Repurchase of ordinary shares | (5,246) | (823) | (312) | (131) |
Proceeds from issuance of ordinary shares pursuant to share-based awards | 62 | 10 | 236 | 112 |
Proceeds from issuance of convertible redeemable preferred shares of JD Logistics | 443 | |||
Capital injection from non-controlling interest shareholders | 27,662 | 4,341 | 34,579 | 6,649 |
Return of capital to non-controlling interests | (68) | (11) | ||
Acquisition of additional equity interests in non-wholly owned subsidiaries | (775) | (122) | ||
Proceeds from short-term borrowings | 7,133 | 1,119 | 14,766 | 5,804 |
Repayment of short-term borrowings | (5,982) | (938) | (16,582) | (5,970) |
Repayment of long-term borrowings | (29) | (5) | (123) | |
Proceeds from unsecured senior notes | 6,804 | |||
Repurchase and repayment of unsecured senior notes | (3,246) | (509) | (72) | |
Repayment of nonrecourse securitization debt | (3,886) | |||
Other financing activities | (8) | (2) | (9) | (6) |
Net cash provided by financing activities | 19,503 | 3,060 | 71,072 | 2,572 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,498) | (235) | (5,082) | 406 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (13,942) | (2,188) | 50,723 | 2,410 |
Cash, cash equivalents, and restricted cash at beginning of year, including cash and cash equivalents classified within assets held for sale | 90,635 | 14,223 | 39,912 | 37,502 |
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of year | 116 | 18 | ||
Cash, cash equivalents, and restricted cash at beginning of year | 90,519 | 14,205 | 39,912 | 37,502 |
Cash, cash equivalents, and restricted cash at end of year, including cash and cash equivalents classified within assets held for sale | 76,693 | 12,035 | 90,635 | 39,912 |
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year | 116 | |||
Cash, cash equivalents, and restricted cash at end of year | 76,693 | 12,035 | 90,519 | 39,912 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | (2,538) | (398) | (1,190) | (808) |
Cash paid for interest | (1,221) | (192) | (1,020) | (679) |
Supplemental disclosures of non-cash investing and financing activities: | ||||
Issuance of ordinary shares in connection with strategic cooperation agreement with Tencent | 463 | 73 | 549 | 759 |
Equity investments obtained through commitment of future services and contribution of certain business | 2,371 | |||
Right-of-use assets acquired under operating leases | ¥ 10,228 | $ 1,605 | 10,678 | ¥ 4,861 |
Acquisition of equity interest in Jiangsu Five Star by loan conversion | 1,025 | |||
Acquisition of equity interest in Kuayue Express by issuance of ordinary shares of JD Logistics | ¥ 116 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Millions, $ in Millions | CNY (¥) | USD ($) | Ordinary sharesCNY (¥)shares | Treasury stockCNY (¥)shares | Additional paid-in capitalCNY (¥) | Statutory reservesCNY (¥) | Accumulated other comprehensive income/(loss)CNY (¥) | Retained earnings/ (accumulated deficit)CNY (¥) | Non-controlling interestsCNY (¥) | ||
Balance at Dec. 31, 2018 | ¥ 60,867 | ¥ 0 | [1] | ¥ (3,784) | ¥ 82,834 | ¥ 1,400 | ¥ 3,359 | ¥ (24,038) | ¥ 1,096 | ||
Balance (in shares) at Dec. 31, 2018 | shares | 2,965,815,847 | (71,519,492) | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares | 759 | ¥ 0 | [1] | 759 | |||||||
Issuance of ordinary shares (in shares) | shares | 8,127,302 | ||||||||||
Repurchase of ordinary shares | (131) | ¥ (131) | |||||||||
Repurchase of ordinary shares (in shares) | shares | (1,871,696) | ||||||||||
Accretion of convertible redeemable non-controlling interests | (3) | (3) | |||||||||
Exercise of share-based awards | 120 | ¥ 210 | (79) | (11) | |||||||
Exercise of share-based awards (in shares) | shares | 3,299,962 | ||||||||||
Share-based compensation and vesting of share-based awards | 3,695 | ¥ 1,175 | 1,948 | 572 | |||||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 20,463,340 | ||||||||||
Net income/(loss) | 11,890 | 12,187 | (297) | ||||||||
Foreign currency translation adjustments | 794 | 750 | 44 | ||||||||
Net change in unrealized gains/(losses) on available-for-sale debt securities | 54 | 54 | |||||||||
Statutory reserves | 59 | (59) | |||||||||
Change of the capital from non-controlling interest shareholders | 6,629 | 5,229 | 1,400 | ||||||||
Share of changes in the equity investee's capital accounts | (14) | (14) | |||||||||
Balance at Dec. 31, 2019 | 84,660 | ¥ 0 | [1] | ¥ (2,530) | 90,677 | 1,459 | 4,163 | (11,913) | 2,804 | ||
Balance (in shares) at Dec. 31, 2019 | shares | 2,973,943,149 | (49,627,886) | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares | 31,864 | ¥ 0 | [1] | 31,864 | |||||||
Issuance of ordinary shares (in shares) | shares | 155,850,684 | ||||||||||
Repurchase of ordinary shares | (312) | ¥ (312) | |||||||||
Repurchase of ordinary shares (in shares) | shares | (2,382,740) | ||||||||||
Accretion of convertible redeemable non-controlling interests | (7) | (7) | |||||||||
Exercise of share-based awards | 209 | ¥ 335 | (115) | (11) | |||||||
Exercise of share-based awards (in shares) | shares | 5,073,294 | ||||||||||
Share-based compensation and vesting of share-based awards | 4,156 | ¥ 1,289 | 1,775 | 1,092 | |||||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 20,642,538 | ||||||||||
Net income/(loss) | 49,337 | 49,412 | (75) | ||||||||
Foreign currency translation adjustments | (7,955) | (7,656) | (299) | ||||||||
Net change in unrealized gains/(losses) on available-for-sale debt securities | (55) | (55) | |||||||||
Statutory reserves | 74 | (74) | |||||||||
Change of the capital from non-controlling interest shareholders | 34,875 | 23,548 | 11,327 | ||||||||
Acquisition of subsidiaries | 2,634 | 529 | 2,105 | ||||||||
Share of changes in the equity investee's capital accounts | (574) | (574) | |||||||||
Conversion of profit sharing right in JD Technology | 5,654 | 5,654 | |||||||||
Balance at Dec. 31, 2020 | 204,486 | ¥ 0 | [1] | ¥ (1,218) | 153,358 | 1,533 | (3,548) | 37,418 | 16,943 | ||
Balance (in shares) at Dec. 31, 2020 | shares | 3,129,793,833 | (26,294,794) | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares | 463 | ¥ 0 | [1] | 463 | |||||||
Issuance of ordinary shares (in shares) | shares | 1,914,998 | ||||||||||
Issuance of Class A ordinary shares reserved for future exercise/vesting of share-based awards | [1] | ¥ 0 | ¥ 0 | ||||||||
Issuance of Class A ordinary shares reserved for future exercise /vesting of share-based awards | shares | 27,600,000 | (27,600,000) | |||||||||
Repurchase of ordinary shares | (5,246) | ¥ (5,246) | |||||||||
Repurchase of ordinary shares (in shares) | shares | (20,429,654) | ||||||||||
Accretion of convertible redeemable non-controlling interests | (16) | (16) | |||||||||
Exercise of share-based awards | 50 | ¥ 252 | (195) | (7) | |||||||
Exercise of share-based awards (in shares) | shares | 1,962,856 | ||||||||||
Share-based compensation and vesting of share-based awards | 10,270 | ¥ 3,244 | 2,124 | 4,902 | |||||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 23,844,410 | ||||||||||
Net income/(loss) | (4,467) | $ (701) | (3,544) | (923) | |||||||
Foreign currency translation adjustments | (2,872) | (2,542) | (330) | ||||||||
Statutory reserves | 53 | (53) | |||||||||
Change of the capital from non-controlling interest shareholders | 26,832 | 15,960 | 10,872 | ||||||||
Conversion of JD Logistics preferred shares | 16,403 | 11,799 | 4,604 | ||||||||
Reorganization of JD Cloud & AI | (901) | (901) | |||||||||
Acquisition of subsidiaries | 600 | 600 | |||||||||
Share of changes in the equity investee's capital accounts | (30) | (30) | |||||||||
Balance at Dec. 31, 2021 | ¥ 245,572 | $ 38,535 | ¥ 0 | [1] | ¥ (2,968) | ¥ 182,578 | ¥ 1,586 | ¥ (6,090) | ¥ 33,805 | ¥ 36,661 | |
Balance (in shares) at Dec. 31, 2021 | shares | 3,159,308,831 | (48,517,182) | |||||||||
[1] | Absolute value is less than RMB1 million. |
Principal activities and organi
Principal activities and organization | 12 Months Ended |
Dec. 31, 2021 | |
Principal activities and organization | |
Principal activities and organization | 1. Principal activities and organization JD.com, Inc. (the “Company”) is a leading supply chain-based technology and service provider, providing products and services to consumers, third-party merchants, suppliers and other business partners through its subsidiaries, consolidated variable interest entities (“VIEs”) and consolidated VIEs’ subsidiaries (collectively, the “Group”). The Group operates e-commerce On June 18, 2020, the Company completed its global offering and the Company’s shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”) under the stock code “9618”. The Company issued 152,912,100 Class A ordinary shares, including the exercise of the over-allotment option, at Hong Kong Dollar (“HK$”) 226 per share. Net proceeds from the global offering after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB31.3 billion. On December 8, 2020, JD Health International Inc. (“JD Health”), the Group’s healthcare subsidiary, completed its initial public offering (“IPO”) and JD Health’s shares have been listed on the Main Board of the HKEX under the stock code “6618” (“JD Health IPO”). JD Health issued 439,185,000 ordinary shares, including the exercise of the over-allotment option, at HK$70.58 per share. Net proceeds from the JD Health IPO after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB25.7 billion. On May 28, 2021, JD Logistics completed its IPO and JD Logistics’s The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries. As of December 31, 2021, the Company’s major subsidiaries, consolidated VIEs and consolidated VIEs’ subsidiaries are as follows: Equity Place and date of incorporation Subsidiaries Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”) 100% Beijing, China, April 2007 Jiangsu Jingdong Information Technology Co., Ltd. 100% Jiangsu, China, June 2009 Shanghai Shengdayuan Information Technology Co., Ltd. (“Shanghai Shengdayuan”) 100% Shanghai, China, April 2011 JD Logistics Holding Limited 63% Hong Kong, China, August 2011 Jingdong Technology Group Corporation 100% Cayman Islands, November 2011 JD Property Group Corporation (“JD Property”) 84% Cayman Islands, January 2012 JD Logistics, Inc. 63% Cayman Islands, January 2012 JD.com E-Commerce 100% Hong Kong, China, February 2012 Jingdong E-Commerce 100% Hong Kong, China, February 2012 JD.com International Limited 100% Hong Kong, China, February 2012 Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”) 100% Beijing, China, March 2012 JD.com E-Commerce 100% Hong Kong, China, July 2013 Chongqing Jingdong Haijia E-commerce 100% Chongqing, China, June 2014 JD.com Overseas Innovation Limited 100% Hong Kong, China, October 2014 JD.com Investment Limited 100% British Virgin Islands, January 2015 JD Asia Development Limited 84% British Virgin Islands, February 2015 Suqian Hanbang Investment Management Co., Ltd. 100% Jiangsu, China, January 2016 Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”) 63% Shaanxi, China, May 2017 Xi’an Jingdong Xuncheng Logistics Co., Ltd. 63% Shaanxi, China, June 2017 JD Assets Holding Limited 100% Cayman Islands, March 2018 JD Property Holding Limited 100% Cayman Islands, March 2018 Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”) 100% Beijing, China, May 2018 Beijing Jingdong Zhenshi Information Technology Co., Ltd. 63% Beijing, China, August 2018 JD Health International Inc. 67% Cayman Islands, November 2018 Jiangsu Huiji Space Technology Co., Ltd. (“Jiangsu Huiji”) 100% Jiangsu, China, March 2019 JD Jiankang Limited 100% British Virgin Islands, April 2019 JD Industrial Technology Limited 100% British Virgin Islands, October 2019 JD Industrial Technology Inc. (“JD Industry”) 81% Cayman Islands, November 2019 Jingdong Logistics Supply Chain Co., Ltd. 63% Jiangsu, China, June 2020 Jingdong Five Star Appliance Group Co., Ltd. 100% Jiangsu, China, December 1998 Consolidated VIEs Beijing Jingdong 360 Degree E-commerce Beijing, China, April 2007 Jiangsu Yuanzhou E-commerce Jiangsu, China, September 2010 Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”) Jiangsu, China, August 2015 Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”) Shaanxi, China, June 2017 Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”) Jiangsu, China, June 2020 Consolidated VIEs’ Subsidiaries Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”) Beijing, China, August 2012 Suqian Jingdong Mingfeng Enterprise Management Co., Ltd. Jiangsu, China, July 2017 Suqian Jingdong Jinyi Enterprise Management Co., Ltd. Jiangsu, China, August 2017 Suqian Jingdong Sanhong Enterprise Management Center (L.P.) Jiangsu, China, August 2017 Beijing Jingxundi Technology Co., Ltd. Beijing, China, December 2017 Beijing Jingdong Qianshi Technology Co., Ltd. Beijing, China, September 2018 • Organization The Company was incorporated in the British Virgin Islands (“BVI”) in November 2006 and was re-domiciled In April 2007, May 2017, March 2019 and June 2019, the Company established Jingdong Century, Xi’an Jingxundi, Jiangsu Huiji and Beijing Jingdong Jiankang Co., Ltd. (“Jingdong Jiankang”) as wholly foreign-owned enterprises in the PRC, respectively. In April 2007, September 2010, August 2015, June 2017, June 2019 and June 2020, Jingdong 360, Jiangsu Yuanzhou, Jingdong Bangneng, Xi’an Jingdong Xincheng, Suqian Jingdong Tianning Jiankang Technology Co., Ltd. (“Suqian Jingdong Tianning”) and Suqian Juhe were incorporated in the PRC, respectively. The paid-in • Consolidated variable interest entities In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group operates its websites and other restricted businesses in the PRC through certain PRC domestic companies, whose equity interests are held by certain individuals (“Nominee Shareholders”). The Group obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements are substantially similar in key aspects governing the contractual arrangements with a variable interest entity of the Group, include 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 operation agreements. These contractual agreements can be extended at the Group’s relevant PRC subsidiaries’ options prior to the expiration date. Management concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Group is the ultimate primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements. Refer to Note 2(b) to the consolidated financial statements for the principles of consolidation. The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Group, through its subsidiaries, entered into with the consolidated VIEs and their Nominee Shareholders: • Loan agreements Pursuant to the relevant loan agreements, the Group’s relevant PRC subsidiaries have granted interest-free loans to the relevant Nominee Shareholders of the VIEs with the sole purpose of providing funds necessary for the capital injection to the relevant VIEs. The loans for initial and subsequent capital injections are eliminated with the capital of the relevant VIEs during consolidation. The Group’s relevant PRC subsidiaries can require the Nominee Shareholders to settle the loan amount with the equity interests of the relevant VIEs, subject to any applicable PRC laws, rules and regulations. The loan agreements are renewable upon expiration. • Exclusive purchase option agreements The Nominee Shareholders of the VIEs have granted the Group’s relevant PRC subsidiaries the exclusive and irrevocable rights to purchase from the Nominee Shareholders, to the extent permitted under the PRC laws and regulations, part or all of the equity interests in these entities for a purchase price equal to the lowest price permitted by the PRC laws and regulations. The Group’s relevant PRC subsidiaries may exercise such option at any time. In addition, the VIEs and their Nominee Shareholders have agreed that without prior written consent of the Group’s relevant PRC subsidiaries, they will not transfer or otherwise dispose the equity interests or declare any dividend. • Exclusive technology consulting and services agreements or exclusive business cooperation agreements The Group’s relevant PRC subsidiaries and relevant VIEs entered into exclusive technology consulting and services agreements or exclusive business cooperation agreements, as applicable, under which the relevant VIEs engage the Group’s relevant PRC subsidiaries as their exclusive provider of technical platform and technical support, business support, maintenance and other services. The VIEs shall pay to the Group’s relevant PRC subsidiaries service fees determined based on the volume and market price of the service provided. All the benefits and interests generated from the agreements, including but not limited to intellectual property rights, know-how • Intellectual property rights license agreement Pursuant to the intellectual property rights license agreement, Jingdong Century has granted Jingdong 360 non-exclusive • Equity pledge agreements Pursuant to the relevant equity pledge agreements, the Nominee Shareholders of the VIEs have pledged all of their equity interests in the relevant VIEs to the Group’s relevant PRC subsidiaries as collateral for all of their payments due to the Group’s relevant PRC subsidiaries and to secure their obligations under the above agreements. The Nominee Shareholders may not transfer or assign the equity interests, the rights and obligations in the equity pledge agreements or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Group’s relevant PRC subsidiaries without the Group’s relevant PRC subsidiaries’ preapproval. The Group’s relevant PRC subsidiaries are entitled to transfer or assign in full or in part the equity interests pledged. In the event of default, the Group’s relevant PRC subsidiaries as the pledgee, will be entitled to request immediate repayment of the loans or to dispose of the pledged equity interests through transfer or assignment. • Powers of attorney Pursuant to the irrevocable powers of attorney, each of the Nominee Shareholders appointed any person designated by the Group’s relevant PRC subsidiaries as their attorney-in-fact • Business cooperation agreement Pursuant to the business cooperation agreement, Jingdong 360 has agreed to provide services to Jingdong Century and Shanghai Shengdayuan including operating the Group’s website, posting Jingdong Century’s and Shanghai Shengdayuan’s products and services information on the website, transmitting the users’ orders and transactions information to Jingdong Century and Shanghai Shengdayuan, processing user data and transactions in collaboration with banks and payment agents and other services reasonably requested by Jingdong Century and Shanghai Shengdayuan. Jingdong Century and Shanghai Shengdayuan agree to pay service fees to Jingdong 360 on a quarterly basis. The service fee is decided based on Jingdong 360’s operating costs incurred. • Business operation agreements Pursuant to the business operation agreements, the relevant Nominee Shareholders of the VIEs must appoint the candidates nominated by the Group’s relevant PRC subsidiaries to be the directors on the VIEs’ board of directors in accordance with applicable laws and the articles of association of the VIEs, and must cause the persons recommended by the Group’s relevant PRC subsidiaries to be appointed as the VIEs’ general manager, chief financial officer and other senior executives. • Risks in relations to the VIE structure The Company believes that the contractual arrangements among its subsidiaries, the VIEs and their owners are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. The Company’s ability to control its VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholders’ approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholders’ voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with its VIEs were found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or potentially be forced to relinquish Company’s interests in those operations. The Company believes the possibility that it will no longer be able to control and consolidate its VIEs as a result of the aforementioned risks is remote. The following table sets forth the assets, liabilities, results of operations and changes in cash, cash equivalents, and restricted cash of the consolidated VIEs (where appropriate, the term “VIEs” also refers to its subsidiaries as a whole) structured by the Contractual Agreements, which have eliminated the intercompany transactions within the consolidated VIEs: As of December 31, 2020 2021 (RMB in millions) Total assets 65,594 80,138 Total liabilities 59,298 77,858 For the year ended December 31, 2019 2020 2021 (RMB in millions) Total net revenues 59,306 86,054 117,419 Net loss (2,268 ) (422 ) (3,069 ) For the year ended December 31, 2019 2020 2021 (RMB in millions) Net cash provided by operating activities 954 9,912 1,593 Net cash used in investing activities (6,450 ) (11,053 ) (10,089) Net cash provided by financing activities 5,543 2,659 11,611 Net increase in cash, cash equivalents, and restricted cash 47 1,518 3,115 Cash, cash equivalents, and restricted cash at beginning of year 880 927 2,445 Cash, cash equivalents, and restricted cash at end of year 927 2,445 5,560 As of December 31, 2020 and 2021, the total assets of the Group’s consolidated VIEs after eliminating the intra-company balances and transactions within the Group were RMB64,492 million and RMB77,734 million, respectively, which were mainly consisting of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, net, inventories, net, investment securities, investment in equity investees, property, equipment and software, net, operating lease right-of-use assets and prepayments and other assets. As of December 31, 2020 and 2021, the total liabilities of the consolidated VIEs after eliminating the intra-company balance and operating lease liabilities For the years ended December 31, 2019, 2020 and 2021, the total net revenues of the Group’s consolidated VIEs were RMB26,845 million, RMB36,976 million and RMB59,124 million, respectively, which have been reflected in the Group’s consolidated financial statements with the intra-company transactions within the Group eliminated. In accordance with the Contractual Agreements, the Group’s relevant PRC subsidiaries have the power to direct activities of the Group’s consolidated VIEs, and can have assets transferred out of the Group’s consolidated VIEs. Therefore, the Group’s relevant PRC subsidiaries consider that there is no asset in the Group’s consolidated VIEs that can be used only to settle their obligations except for registered capitals and the PRC statutory reserves of the Group’s consolidated VIEs amounting to RMB3,151 million as of December 31, 2021. As the Group’s consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of the Group’s relevant PRC subsidiaries for all the liabilities of the Group’s consolidated VIEs. As of December 31, 2020 and 2021, the total shareholders’ equity of the Group’s consolidated VIEs was RMB5,570 and , respectively . Currently there is no contractual arrangement that could require the Group’s relevant PRC subsidiaries or the Group to provide additional financial support to the Group’s consolidated VIEs. As the Group is conducting certain businesses in the PRC through the consolidated VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss. Prior to June 2020, the Group’s former finance business (“JD Technology”), which had been deconsolidated from the Group since June 30, 2017 as a result of its reorganization (Note 6), was a VIE of the Group while the Group or any subsidiary was not considered as the primary beneficiary. Upon the conversion of the profit sharing right into equity interests in JD Technology completed in June 2020, JD Technology is no longer a VIE of the Group (Note 8). |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies a. Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. All amounts, except for share, per share data or otherwise noted, are rounded to the nearest million. b. Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through the Contractual Arrangements, bear the risks of, and enjoy the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation. c. Reclassifications Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no impact on net income/(loss), shareholders’ equity, or cash flows as previously reported. d. Non-controlling For the Company’s consolidated subsidiaries and VIEs, non-controlling Non-controlling e. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, returns allowance, vendor rebates and customer incentives, determination of the stand-alone selling price (“SSP”), the valuation and recognition of share-based compensation arrangements, taxation, fair value of assets and liabilities acquired in business combinations, fair value of certain equity investees, assessment for impairment of long-lived assets, investment in equity investees, investment securities, intangible assets and goodwill, allowance for doubtful accounts including expected credit losses, inventory reserve for excess and obsolete inventories, lower of cost and net realizable value of inventories, depreciable lives of property, equipment and software, useful lives of intangible assets, the discount rate for lease and consolidation of VIEs. Actual results may differ materially from those estimates. In March 2020, the World Health Organization declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) to be a pandemic. After the initial outbreak of the COVID-19, some instances of COVID-19 infections have emerged from time to time. The COVID-19 pandemic has created and may continue to create significant uncertainty in the macroeconomic environment which, in addition to other unforeseen effects of this pandemic, may adversely impact the Group’s results of operations. The extent to which COVID-19 would impacts the results of operations is contingent on the future developments of the outbreak, including constant updates concerning the global severity of and actions needed to contain the outbreak, which are highly uncertain and unpredictable. Due to the uncertainty and the economic implications on global economics conditions from the COVID-19 pandemic, certain estimates and assumptions may change in the near term. f. Foreign currency translation The Group’s reporting currency is RMB. The functional currency of the Group’s entities incorporated in Cayman Islands, BVI, Hong Kong, Singapore and the United States of America is U.S. dollars (“US$”). The Group’s PRC subsidiaries and consolidated VIEs determined their functional currency to be RMB. The Group’s entities incorporated in the Republic of Indonesia, Japan, France, Australia and other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of ASC Topic 830, Foreign Currency Matters Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of others, net in the consolidated statements of operations and comprehensive income/(loss). Total exchange gains/(losses) were a gain of RMB124 million, a loss of RMB90 million and a gain of RMB42 million for the years ended December 31, 2019, 2020 and 2021, respectively. The consolidated financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current year are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments to the Group’s other comprehensive income/(loss) were a gain of RMB794 million, a loss of RMB7,955 million and a loss of RMB2,872 million for the years ended December 31, 2019, 2020 and 2021, respectively. g. Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.3726, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 3 0 1 h. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, money market fund investments, time deposits, as well as highly liquid investments, which have original maturities of three months or less. i. Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. The Group’s restricted cash mainly represents security deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee. j. Short-term investments Short-term investments include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed Financial Instruments available-for-sale In addition, short-term investments are also comprised of time deposits placed with banks with original maturities longer than three months but less than one year. k. Accounts receivable, net Accounts receivable mainly represent amounts due from customers and online payment channels and are recorded net of allowance for doubtful accounts. The Group, in collaboration with JD Technology, provides consumer financing to the qualified customers in the online retail business, such consumer financing receivables are recorded as accounts receivable. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, where JD Technology performs the related credit assessment. JD Technology is obligated to purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values to absorb the risks, no allowance for doubtful accounts were provided. The Group, in collaboration with JD Technology, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(w). Other than the accounts receivable arising from the consumer financing, beginning on January 1, 2020, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Group’s receivables within the scope of expected credit losses model and use these as a basis to develop the Group’s expected loss estimates. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. Please refer to Note 2(u) for adoption of expected credit losses model. l. Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Group takes ownership, risks and rewards of the products purchased, but has arrangements to return unsold goods with certain vendors. Write downs are recorded in cost of revenues in the consolidated statements of operations and comprehensive income/(loss). The Group also provides fulfillment-related services in connection with the Group’s online marketplace. Third-party merchants maintain ownership of their inventories and therefore these products are not included in the Group’s inventories. m. Loan receivables, net Loan receivables represent the consumer financing, in collaboration with JD Technology, provided to qualified individual customers on the Group’s online marketplace. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Technology performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from 1 month to 24 months. As JD Technology is obligated to purchase the receivables past due over certain agreed period of time from the Group at carrying values to absorb the credit risks, no provision for doubtful accounts was recorded for the years ended December 31, 2019, 2020 and 2021. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2020 and 2021, the loan receivables with the collection period less than one year amounting to RMB683 million and RMB1,817 million, respectively, were classified into prepayments and other current assets in the consolidated balance sheets. As of December 31, 2020 and 2021, the loan receivables with the collection period over one year amounting to non-current n. Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives of major property, equipment and software are as follows: Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3- 5 Logistics, warehouse and other heavy equipment 5-10 Leasehold improvement Over the shorter of the expected life of leasehold improvements or the lease term Software 3-5 Building 40 years Building improvement 5-10 Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operations and comprehensive income/(loss). o. Construction in progress Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2020 and 2021, construction in progress in the amount of RMB7,906 million and RMB5,817 million, respectively, were primarily relating to the construction of office buildings and warehouses. p. Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 18 to 50 years and represent the shorter of the estimated usage periods or the terms of the agreements. q. Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives. The Group performs valuation of the intangible assets arising from business combination to determine the fair value to be assigned to each asset acquired. The acquired intangible assets are recognized and measured at fair value and are expensed or amortized using the straight-line approach over the estimated economic useful lives of the assets. The estimated useful lives of intangible assets are as follows: Category Estimated useful lives Strategic cooperation 5 years Non-compete 5-8 years Domain names and trademarks 5-20 years Customer relationship 3-10 years Technology and others 2-10 r. Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 2017-04”) Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates, consideration of the impact of COVID-19, s. Investment in equity investees Investment in equity investees represents the Group’s investments in privately held companies, publicly traded companies and private equity funds. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance Investment—Equity Method and Joint Ventures An investment in in-substance Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investees are recorded in share of results of equity investees in the consolidated statements of operations and comprehensive income/(loss) and its share of post-acquisition movements of accumulated other comprehensive income/(loss) are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. The Group records its share of the results of equity investments in publicly listed companies and certain privately held companies on one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. Private equity funds pursue various investment strategies, including event driven and multi-strategy. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. These private equity funds, over which the Group does not have the ability to exercise significant influence, are accounted for under the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative (the “Measurement Alternative”) in accordance with ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10)—Recognition 2016-01”). Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323). t. Investment securities The Group invests in marketable equity securities to meet business objectives. These marketable securities are classified as investments with readily determinable fair values, which are reported at fair value in the consolidated balance sheets, the unrealized gains and losses on equity securities are recorded in others, net in the consolidated statements of operations and comprehensive income/(loss) under ASU 2016-01. u. Current expected credit losses impairment In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses : Measurement of Credit Losses on Financial Instruments The Group adopted ASC 326 on January 1, 2020 using the modified retrospective transition approach. Based on the nature of the Group’s financial instruments within the scope of this standard, which are primarily accounts receivable and other receivables, the adoption of the new standard did not have a material effect on the Group’s consolidated financial statements. v. Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. w. Nonrecourse securitization debt and transfer of financial assets The Group, in collaboration with JD Technology, periodically securitizes accounts receivable and loan receivables arising from consumer financing through the transfer of those assets to securitization vehicles. The securitization vehicles then issue (1) debt securities to third-party investors and JD Technology, or (2) trust beneficiary rights to the Group which are immediately transferred to third-party investors, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles and the trust beneficiary rights transferred by the Group are nonrecourse to the Group and are payable only out of collections on their respective underlying collateralized assets. The securitization vehicles are considered variable interest entities pursuant to ASC Topic 810, Consolidation The Group does not consolidate the securitization vehicles when no economic interests are retained by the Group, and the Group has no continuing involvements, including the servicer of the securitization vehicles. Transfers are accounted for as sale and corresponding transferred accounts receivable are de-recognized Transfers and Servicing 860-10-40-5 x. Unsecured senior notes and long-term borrowings Unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums and debt issuance costs. Debt discounts or premiums and debt issuance costs are recorded as a reduction of the principal amount and the related accretion is recorded as interest expense in the consolidated statements of operations and comprehensive income/(loss) over the maturities of the notes using the effective interest method. Long-term borrowings are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive income/(loss). y. Fair value Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures certain financial assets, including investments under the equity method on other-than-temporary basis, investments under the Measurement Alternative, intangible assets, goodwill and fixed assets at fair value when an impairment charge is recognized. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. z. Revenues Consistent with the criteria of ASC Topic 606, Revenue from Contracts with Customers In accordance with ASC 606, the Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Group is a principal, that the Group obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the Group earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value-added taxes. The Group recognizes revenues net of discounts and return allowances when the products are delivered and title is passed to customers. Significant judgement is required to estimate return allowances. For online retail business with return conditions, the Group reasonably estimate the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. As of December 31, 2020 and 2021, liabilities for return allowances were RMB496 million and RMB618 million, respectively, which were included in “Accrued expenses and other current liabilities”. The rights to recover products from customers associated with the Group’s liabilities for return allowances are the Group’s assets, which were RMB533 million and RMB660 million as of December 31, 2020 and 2021, respectively, and were included in “Prepayments and other current assets”. The Group also sells prepaid cards which can be redeemed to purchase products sold on the JD Platform. In accordance with ASC 606, the cash collected from the sales of prepaid cards is initially recorded in advance from customers in the consolidated balance sheets and subsequently recognized as revenues upon the sales of the respective products through redemption of prepaid cards are completed. The Group recognizes revenue from estimated unredeemed prepaid cards over the expected customer redemption periods, rather than waiting until prepaid cards expire or when the likelihood of redemption becomes remote in accordance with ASC 606. Revenue arrangements with multiple deliverables are divided into separate units of accounting based on the SSP of each separate unit. In instances where SSP is not directly observable, such as the Group does not have vendor-specific objective evidence or third-party evidence of the selling prices of the deliverables, considerations are allocated using estimated selling prices. Determining the SSP of each separate unit may require significant judgments, and significant assumptions and estimates have been made in estimating the relative selling price of each single-element. Net Product Revenues The Group recognizes the product revenues from the online retail business on a gross basis as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods. Revenues from the sales of electronics and home appliance products were RMB328,703 million, RMB400,927 million and RMB492,592 million, and revenues from the sales of general merchandise products were RMB182,031 million, RMB250,952 million and RMB323,063 million, for the years ended December 31, 2019, 2020 and 2021, respectively. The Group’s net product revenues were mainly generated by the JD Retail segment. Net Service Revenues The Group charges commission fees to third-party merchants for participating in the Group’s online marketplace, where the Group generally is acting as an agent and its performance obligation is to arrange for the provision of the specified goods or services by those third-party merchants. Upon successful sales, the Group charges the third-party merchants a negotiated amount or a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis at the point of delivery of products, net of return allowances. The Group provides marketing services to third-party merchants, suppliers and other business partners on its various website channels and third-party marketing affiliate’s websites, including but not limited to pay for performance marketing services on which the customers are charged based on effective clicks on their product information, and display advertising services that allow customers to place advertisements on various websites. The Group recognizes revenues from pay for performance marketing services based on effective clicks, and recognizes revenues from display advertising services ratably over the period during which the advertising services are provided or on the number of times that the advertisement has been displayed based on cost per thousand impressions. The Group did not enter into material advertising-for-advertising The Group opens its fulfillment infrastructure by offering integrated supply chain solutions and logistics services to third parties through JD Logistics, primarily including warehousing and distribution services, express and freight services and other value-added services. Revenues generated from these services are primarily recognized over time as the Group performs the services in the contracts because of the continuous transfer of control to the customers. JD Plus memberships provide the Group’s core customers with a better shopping experience, access to an evolving suite of benefits that represent a single stand-ready obligation. Subscriptions are paid for at the time of or in advance of delivering the services. Revenues from such arrangements are recognized over the subscription period. The Group offers comprehensive customer services, primarily include 7*24 hours customer services to respond to customers’ post-sales requests, return and exchange services to facilitate customers’ return, exchange and repair of defective goods. These services are free of charge. The Group also provides return/exchange logistics services to the customers, of which the revenues recognized were not material for the periods presented. Revenues from online marketplace and marketing services were RMB42,680 million, RMB53,473 million and RMB72,118 million for the years ended December 31, 2019, 2020 and 2021, respectively, which were mainly generated by the JD Retail segment. Revenues from logistics and other services were RMB23,474 million, RMB40,450 million and RMB63,819 million, for the years ended December 31, 2019, 2020 and 2021, respectively, which were mainly generated by the JD Logistics segment. aa. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment. The balances of accounts receivable, net of allowance for doubtful accounts were RMB7,112 million and RMB11,900 million as of December 31, 2020 and 2021, respectively. Unearned revenue |
Concentration and risks
Concentration and risks | 12 Months Ended |
Dec. 31, 2021 | |
Concentration and risks | |
Concentration and risks | 3. Concentration and risks Concentration of customers and suppliers There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2019, 2020 and 2021. Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable and short-term investments. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2020 and 2021, majority of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and Hong Kong which the management believes are of high credit quality. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in China are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for the Group’s accounts, as its aggregate deposits are much higher than the compensation limit. However, the Group believes that the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in China and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents, restricted cash and short-term investments are financially sound based on public available information. Accounts receivable are typically unsecured and are mainly derived from revenues earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring processes of outstanding balances. Besides, JD Technology performs the related credit assessment of the consumer financing receivables recorded in the Group’s consolidated balance sheets. JD Technology purchases the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agrees to bear other cost directly related to the consumer financing business to absorb the risks. Currency convertibility risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents, restricted cash and short-term investments denominated in RMB that are subject to such government controls amounted to RMB58,097 million and RMB99,174 million as of December 31, 2020 and 2021, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through the PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. Foreign currency exchange rate risk Since June 2010, the RMB has fluctuated against the US$, at times significantly and unpredictably. The appreciation of the RMB against the US$ was approximately and 2% for the years ended December 31, 2020 and 2021, respectively. It is difficult to predict how market forces or the PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future. |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2021 | |
Restricted cash | |
Restricted cash | 4. Restricted cash To meet the requirements of specific business operations, primarily including secured deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee, the Group held restricted cash of RMB4,434 million and RMB5,926 million as of December 31, 2020 and 2021, respectively. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair value measurement | |
Fair value measurement | 5. Fair value measurement As of December 31, 2020 and 2021, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair value measurement at reporting date using Description Fair Value as of December 31, Quoted Prices in Active Significant Other Significant (RMB in millions) Assets: Restricted cash 4,434 — 4,434 — Short-term investments Wealth management products 24,294 — 24,294 — Investment securities Listed equity securities 39,085 39,085 — — Total assets 67,813 39,085 28,728 — Fair value measurement at reporting date using Description Fair Value as of December 31, Quoted Prices in Active (Level 1) Significant Other (Level 2) Significant (Level 3) (RMB in millions) Assets: Restricted cash 5,926 — 5,926 — Short-term investments Wealth management products 77,010 — 77,010 — Investment securities Listed equity securities 19,088 19,088 — — Total assets 102,024 19,088 82,936 — When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis. Cash equivalents Money market funds. The Group values its money market funds using quoted prices in active markets for these investments, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1. Restricted cash Restricted cash is valued based on the pervasive interest rates in the market, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2. Short-term investments Wealth management products. The Group elected the fair value option to record wealth management products with variable interest rates and deposits indexed to foreign exchange with maturities less than one year and accounted them at fair value since 2021. The Group values its wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. For the year ended December 31, 2021, a gain of RMB1,514 million resulting from changes in fair value of the products under fair value option was recorded in others, net. As of December 31, 2020 and 2021, gross unrealized gains of RMB11,000 and RMB474 million were recorded on wealth management products, respectively. No impairment charges were recorded for the years ended December 31, 2019, 2020 and 2021, respectively. Investment securities Listed equity securities. The Group values its listed equity securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1. For the years ended December 31, 2019, 2020 and 2021, the unrealized gains/(losses were The material investment securities are set out as below: In 2017, the Group invested in China United Network Communications Limited (“China Unicom”) with a total consideration of RMB5,000 million. For the years ended December 31, 2019, 2020 and 2021, the unrealized gain/(loss) related to the investment in China Unicom was a gain of RMB527 million, a loss of RMB1,047 million and a loss of RMB388 million, respectively. In 2017, the Group invested in Vipshop Holdings Ltd. (“Vipshop”) with a total consideration of RMB2,795 million. In 2018 and 2019, the Group purchased additional shares with a total amount of RMB1,122 million. For the years ended December 31, 2019, 2020 and 2021, the unrealized gain/(loss) related to the investment in Vipshop was a gain of RMB3,082 million, a gain of RMB4,272 million and a loss of RMB6,560 million, respectively. In 2017, 2018 and 2020, the Group invested in Farfetch.com Limited (“Farfetch”) with a total consideration of RMB2,975 million. In 2020, the Group sold approximately 44.2% of its investment in Farfetch. For the years ended December 31, 2019 and 2020, the unrealized gain/(loss) related to the investment in Farfetch was a loss of RMB2,091 million and a gain of RMB8,427 million, respectively. In 2021, the Group further sold its remaining investment in Farfetch. The realized gain over the entire period of holding this investment is RMB13,308 million. In 2018, the Group invested in ESR Cayman Limited (“ESR”) with a total consideration of RMB1,952 million, and this investment was accounted for as equity investment measured at fair value using the Measurement Alternative as of December 31, 2018. On November 1, 2019, ESR completed its IPO on the HKEX. Concurrently with ESR’s IPO, the Group sold approximately 3.4% of its investment in ESR and started to account for the remaining investment at fair value. In 2020, the Group further sold approximately 8.0% of its remaining investment in ESR. For the years ended December 31, 2019, 2020 and 2021, the unrealized gain/(loss) related to the investment in ESR was a gain of RMB1,777 million, a gain of RMB1,632 million and a loss of RMB396 million, respectively. Other financial instruments The followings are other material financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. Time deposits. Time deposits with original maturities of three months or less and longer than three months but less than one year have been classified as cash equivalents and short-term investments, respectively, in the consolidated balance sheets. The fair value of the Group’s time deposits is determined based on the prevailing interest rates in the market, which have been categorized as Level 2 in the fair value hierarchy. As of December 31, 2020 and 2021, the fair value of time deposits classified as cash equivalents and short-term investments amounted to RMB36,473 million and RMB39,282 million, respectively. As of December 31, 2020 and 2021, time deposits with original maturities of more than one year with the fair value of RMB5,073 million and RMB5,427 million, respectively, have been classified as other non-current The carrying value of time deposits approximates to fair value. Held-to-maturity held-to-maturity held-to-maturity held-to-maturity The carrying value of held-to-maturity debt securities approximates to fair value. Unsecured senior notes. The Group determines the fair value of its unsecured senior notes using quoted prices in less active markets, and accordingly the Group categorizes the unsecured senior notes as Level 2 in the fair value hierarchy. As of December 31, 2020 and 2021, the fair value of unsecured senior notes amounted to RMB14,008 million and RMB10,020 million, respectively. Short-term receivables and payables. Accounts receivable, loan receivables and prepayments and other current assets are financial assets with carrying values that approximate to fair value due to their short-term nature. Accounts payable, accrued expenses and other current liabilities and advance from customers (exclude contract liabilities), are financial liabilities with carrying values that approximate to fair value due to their short-term nature. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. Short-term debts and long-term borrowings. Interest rates under the borrowing agreements with the lending parties were determined based on the prevailing interest rates in the market. The carrying value of short-term debts and long-term borrowings approximates to fair value. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. Assets and liabilities measured at fair value on a nonrecurring basis Goodwill. The inputs used to measure the estimated fair value of goodwill are classified as Level 3 in the fair value hierarchy due to the significance of unobservable inputs using company-specific information. Investment in equity investees. Investments in privately held companies and publicly traded companies included in investment in equity investees in the consolidated balance sheets are reviewed periodically for impairment using fair value measurement. The primary factors that the Group considers include the duration and severity that the fair value of the investment is below its carrying value; post-balance sheet date fair value of the investment; the financial condition, operating performance, strategic collaboration with and the prospects of the investee; the economic or technological environment in which the investee operates; and other entity specific information such as recent financing rounds completed by the investee companies. The investments in privately held companies without readily determinable fair value were measured using significant unobservable inputs (Level 3) as of December 31, 2020 and 2021, and the impairment charges of RMB1,612 million, RMB202 million and RMB119 million were recorded in others, net in the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2020 and investments in privately held companies under the million and RMB2,779 , respectively (Level 1) |
JD Technology reorganization
JD Technology reorganization | 12 Months Ended |
Dec. 31, 2021 | |
JD Digits reorganization | |
JD Technology reorganization | 6. JD Technology reorganization In the first half of 2017, the Group entered into a series of definitive agreements relating to the reorganization of JD Technology. Pursuant to the definitive agreements, the Group disposed all its equity stake of 68.6% in JD Technology so that it held neither legal ownership nor effective control of JD Technology, received RMB14.3 billion in cash and is entitled to a royalty and software technical services fee of 40% of the future pre-tax pre-tax pre-tax In June 2020, the Group entered into agreements with JD Technology, pursuant to which the Group has, through a consolidated PRC domestic company, acquired an aggregate of 36.8% equity interest in JD Technology by converting the profit sharing right and investing additional RMB1.78 billion in cash in JD Technology. In addition, in June 2020, the shareholders of JD Technology passed a unanimous resolution to restructure JD Technology as a company limited by shares and adopt the dual class voting structure. As a result of this dual class voting shareholding structure, the Group held approximately 18.7% voting power of JD Technology. The transaction has been completed in June 2020. Accordingly, subsequent to the completion of the transaction, investment in JD Technology has been accounted for using equity method, as the Group has significant influence but does not own a majority equity interest or otherwise control. The Group and JD Technology are both controlled by Mr. Richard Qiangdong Liu before and after the transaction, so the acquisition of JD Technology’s equity interest was achieved through an under the common control transaction. Pursuant to the supplemental agreement entered between JD Technology and its shareholders in June 2020, upon certain redemption events of JD Technology, the Group and Suqian Dongtai Jinrong Investment Management Center, Suqian Mingjin Chuangyuan Enterprise Management Consulting Partnership, Mr. Richard Qiangdong Liu, Mr. Shengqiang Chen have the obligation to make up the shortfall (if any) of the redemption price to the other shareholders of JD Technology when all other means are exhausted, and the shortfall is capped by the proceeds from the sales of the guarantor’s shares of JD Technology. As the Group and JD Technology both are entities under common control of Mr. Richard Qiangdong Liu, the Group is therefore exempted from recording a guarantee liability in its consolidated financial statements. Based on the Group’s assessment, the chance to settle the guarantee obligation by the Group is not probable as of December 31, 2021. On March 31, 2021, the Group entered into definitive agreements with JD Technology relating to the reorganization of the Group’s cloud computing and artificial intelligence business (“JD Cloud & AI”). Pursuant to the definitive agreements, the Group transferred JD Cloud & AI and additional RMB4 billion in cash, as consideration in exchange for newly issued ordinary shares of JD Technology. To support the smooth business transition of JD Cloud & AI, the Group also transferred some equipment and reserved some restricted share units of the Group for the employees of JD Cloud & AI, for which JD Technology paid cash |
Business Acquisition
Business Acquisition | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination | |
Business Acquisition | 7. Business acquisition Acquisition of Jiangsu Five Star In April 2019, the Group invested RMB1,274 million with a combination of cash and assumption of the seller’s debt as consideration to acquire ordinary shares of Jiangsu Five Star, a leading offline retailer of home appliances and consumer electronics, from its existing shareholder (the “Seller”), in exchange for 46% of Jiangsu Five Star’s total equity interest. The Group also provided a fifteen months interest-bearing loan of RMB1,025 million to the Seller and has the rights to purchase additional shares. In April 2020, the Group acquired additional 37% equity interest in Jiangsu Five Star by converting the loan of RMB1,025 million aforementioned. A gain of RMB442 million in relation to the revaluation of the previously held equity interests was recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income/(loss) for the year ended December 31, 2020. The fair value of the previously held equity interests was estimated based on the equity value of Jiangsu Five Star, which is estimated by applying an income approach. The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Conversion of loan and assuming of debt 1,025 Fair value of previously held equity interests 1,274 Total 2,299 The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net liabilities assumed (14 ) Appreciation of property, equipment and software 190 Intangible assets - Trademark 489 Goodwill 2,185 Deferred tax liabilities (170 ) Non-controlling (381 ) Total 2,299 Net assets acquired primarily consisted of restricted cash of RMB1,720 million, inventories of RMB1,652 million and accounts payable of RMB4,102 million as of the date of acquisition. The amortization period for intangible assets acquired was 19 years. Fair value of the non-controlling Accounts receivable acquired was immaterial at the date of acquisition. Goodwill arising from the acquisition of Jiangsu Five Star was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and recorded in JD Retail segment. None of the goodwill arising on the acquisition is expected to be deductible for tax purposes. In June 2020, the Group acquired the remaining 17% equity interest in Jiangsu Five Star by assuming the Seller’s RMB428 million debt owed to Jiangsu Five Star. Upon completion of the transaction, Jiangsu Five Star became a wholly-owned subsidiary of the Company. Acquisition of Kuayue Express In August 2020, the Group entered in a definitive agreement pursuant to which JD Logistics, a subsidiary of the Company, acquired approximately 60.2% of the issued and outstanding ordinary shares of Kuayue-Express Group Co., Ltd. (“Kuayue Express”), a renowned modern integrated express transportation enterprise, for a consideration of RMB2,966 million with a combination of cash and ordinary shares of JD Logistics. Upon completion of the transaction, Kuayue Express became a consolidated subsidiary of the Company. The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 2,850 Issuance of ordinary shares of JD Logistics less cash proceeds received 116 Total 2,966 The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 1,110 Appreciation of property, equipment and software 362 Intangible assets - Customer relationship 2,550 Goodwill 1,633 Deferred tax liabilities (728 ) Non-controlling (1,961 ) Total 2,966 Net assets acquired primarily consisted of cash and cash equivalents of RMB1,376 million and borrowings of RMB986 million as of the date of acquisition. The amortization period for intangible assets acquired was 9 years. Fair value of the non-controlling The accounts receivable acquired with a fair value of RMB830 million at the date of acquisition had gross contractual amounts of RMB924 million. The best estimate at acquisition date of the contractual cash flows not expected to be collected amounted to RMB94 million. Goodwill arising from the acquisition of Kuayue Express was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and recorded in JD Logistics segment. None of the goodwill arising on the acquisition is expected to be deductible for tax purposes. Results of operations attributable to the aforementioned acquisitions and pro forma results of operations for the aforementioned acquisitions have not been presented because they are not material to the consolidated statements of operations and comprehensive income/(loss) for the year ended December 31, 2020, either individually or in aggregate. During the year ended December 31, 2021, the Group acquired a few businesses which were not material to the consolidated statements of operations and comprehensive income/(loss), either individually or in aggregate. |
Investment in equity investees
Investment in equity investees | 12 Months Ended |
Dec. 31, 2021 | |
Investment in equity investees | |
Investment in equity investees | 8. Investment in equity investees Measurement Alternative and NAV practical expedient The carrying amount of the Group’s equity investments measured at fair value using the Measurement Alternative was RMB21,624 million and RMB19,643 million as of December 31, 2020 and 2021, respectively, and the carrying amount of the Group’s million in multiple private companies and private equity funds accounted for under the Measurement Alternative and NAV practical expedient, respectively, which may have operational synergy with the Group’s core business. During the years ended December 31, 2019, 2020 and 2021, fair value changes recognized for equity investments which were measured using the Measurement Alternative, excluding the gain from fair value change recognized on ATRenew Inc. (“ATRenew”, formerly known as AiHuiShou International Co. Ltd.) for the year ended December 31, 2021, and NAV practical expedient were not significant, respectively. Equity method As of December 31, 2021, the Group’s investments accounted for under the equity method totaled RMB36,254 million (as of December 31, 2020: RMB30,165 million), which mainly included the investment in Yonghui Superstores Co., Ltd, (“Yonghui”) amounting to RMB4,592 million, the investment in Dada Nexus Limited (“Dada”) amounting to RMB6,075 million, the investment in JD Technology amounting to RMB11,202 million and investment in ATRenew amounting to RMB2,832 million. The Group applies the equity method of accounting to account for its equity investments, in common stock or in-substance Investment in Yonghui On August 11, 2016, the Group completed the investment in Yonghui through the subscription of newly issued ordinary shares representing 10% equity interest in Yonghui. In 2018 and 2020, the Group acquired additional ordinary shares from the existing shareholders of Yonghui, the Group’s interest in Yonghui’s issued and outstanding ordinary shares increased from 10% to 13% accordingly. Yonghui is a leading hypermarket and supermarket operator in China and is listed on the Shanghai Stock Exchange. As of December 31, 2021, total consideration for the investment in Yonghui was RMB6,462 million in cash. Investment in Yonghui is accounted for using the equity method as the Group obtained significant influence by the rights to nominate two board members out of nine. The Group received dividend of RMB120 million, RMB147 million and RMB25 million for the years ended December 31, 2019, 2020 and 2021, respectively, which have been recorded as a reduction to the carrying amount of investment in Yonghui. Investment in Yonghui is accounted for using the equity method with the investment cost allocated as follows: As of 2020 2021 (RMB Carrying value of investment in Yonghui’s ordinary shares 6,538 4,592 Proportionate share of Yonghui’s net tangible and intangible assets 2,602 2,225 Positive basis difference 3,936 2,367 Positive basis difference has been assigned to: Goodwill(*) 2,603 1,111 Amortizable intangible assets (**) 1,777 1,674 Deferred tax liabilities (444 ) (418 ) 3,936 2,367 (*) In the third quarter of 2021, the Group conducted impairment assessments on its investment in Yonghui considering the duration and severity of the decline of Yonghui’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB1,492 million, to write down the carrying value of its investment in Yonghui to its fair value, based on quoted closing prices of Yonghui as of September 30, 2021. (**) As of December 31, 2021, the weighted average remaining life of the intangible assets not included in Yonghui’s consolidated financial statements was 14 years. As of December 31, 2020 and 2021, the market value of the Group’s investment in Yonghui was RMB8,723 million and RMB4,921 million based on its quoted closing price, respectively. Investment in Dada Prior to 2019, the Group acquired ordinary shares and preferred shares of Dada for total consideration of RMB5,723 million with a combination of RMB3,513 million in cash, the Group’s a series of future non-compete in 2020 % and was ) for the year ended December 31, 2020. on-demand The investment in Dada is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2020 2021 (RMB in millions) Carrying value of investment in Dada’s ordinary shares 7,280 6,075 Proportionate share of Dada’s net tangible and intangible assets 3,336 2,136 Positive basis difference 3,944 3,939 Positive basis difference has been assigned to: Goodwill 3,893 3,893 Amortizable intangible assets (*) 68 61 Deferred tax liabilities (17 ) (15 ) 3,944 3,939 (*) As of December 31, 2021, the weighted average remaining life of the intangible assets not included in Dada’s consolidated financial statements was 4 years. As of December 31, 2020 and 2021, the market value of the Group’s investment in Dada was RMB25,846 million and RMB9,106 million based on its quoted closing price, respectively. Investment in JD Technology As disclosed in Note 6 — “JD Technology reorganization”, investment in JD Technology has been accounted for using the equity method subsequent to June 2020. In June 2020, the Group entered into agreements with JD Technology, pursuant to which the Group has acquired an aggregate of 36.8% equity interest in JD Technology by converting the profit sharing right and investing additional RMB1.78 billion in cash in JD Technology. Upon the completion of the acquisition of JD Technology’ equity interests, the investment in JD Technology is accounted for using the equity method. In March 2021, the Group transferred JD Cloud & AI with investing additional RMB4 billion in cash in exchange of ordinary shares 805-50-25-2, billion in 2020 and 2021, respectively, based on its proportioned net assets of JD Technology. The difference between consideration transferred and the carrying amounts of the net assets received, which was an increase of million into additional paid-in capital has been recorded for the years ended December 31, 2020 and 2021, respectively. Investment in ATRenew Pre-IPO Prior to 2018, the Group acquired preferred shares of ATRenew for total consideration of million. In June 2019, the Group signed series of agreements with ATRenew, merged its Paipai Secondhand business into ATRenew with certain exclusive traffic resources for the million in cash in exchange for an additional preferred shares investment in ATRenew. Total consideration for the above investment in ATRenew was million. In 2020 and 2021, the Group completed further investment in preferred shares of ATRenew for a cash consideration of million, respectively. ATRenew is a leading technology-driven pre-owned in-substance Post-IPO On June 18, 2021, ATRenew completed its initial public offering on the Nasdaq Stock Market (“ATRenew IPO”), upon which the preferred shares investment in ATRenew were converted to ordinary shares in entirety. Pursuant to ASU 2020-01, million in others, net in the consolidated statements of operations and comprehensive income/(loss) for the year ended December 31, 2021. Concurrently, the Group subscribed ad ordinary shares of ATRenew with cash consideration million. Upon the offering, the Group held approximatel f ATRenew’s issued and outstanding shares and board seats. Accordingly, investment in ATRenew’s ordinary shares was accounted for using the equity method as the Group obtained significant influence. In December 2021, the Group purchased The investment in ATRenew is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2021 (RMB in millions) Carrying value of investment in ATRenew’s 2,832 Proportionate share of ATRenew’s 2,209 Positive basis difference 623 Positive basis difference has been assigned to: Goodwill (*) 35 Amortizable intangible assets (**) 784 Deferred tax liabilities (196 ) 623 (*) In the fourth quarter of 2021, the Group conducted impairment assessments on its investment in ATRenew considering the duration and severity of the decline of ATRenew’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of million, to write down the carrying value of its investment in ATRenew to its fair value, based on quoted closing prices of ATRenew as of December 31, 2021. (**) As of December 31, 2021, the weighted average remaining life of the intangible assets not included in ATRenew’s consolidated financial statements As of December 31, 2021, the market value of the Group’s investment in ATRenew was RMB2,832 million based on its quoted closing price. The Group recorded its interests in Yonghui, Dada, JD Technology and ATRenew one quarter in arrears to enable the Group to provide its financial disclosure independent of the reporting schedule of these equity investees. The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule 4-08 S-X: For the year ended December 31, 2019 2020 2021 (RMB in millions) Revenues 128,942 140,263 145,582 Gross profit 34,541 45,590 39,736 Income/(loss) from operations (534 ) 5,157 1,877 Net income/(loss) (565 ) 2,680 (250 ) Net income/(loss) attributable to ordinary shareholders (1,235 ) 3,292 675 As of December 31, 2020 2021 (RMB in millions) Current assets 129,535 150,304 Non-current 97,110 140,872 Current liabilities 97,669 109,790 Non-current 17,371 49,919 Non-controlling 1,119 973 The Group performs impairment assessment of its investments under the Measurement Alternative and equity method whenever events or changes in circumstances indicate that the carrying value of the investment may not be fully recoverable. Impairment charges in connection with the equity method investments of RMB797 million, RMB488 million and RMB5,514 million were recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2019, 2020 and 2021, respectively. The valuation of impairment in privately held companies under the Measurement Alternative is discussed in Note 5 — “Fair value measurement”. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2021 | |
Accounts receivable, net | |
Accounts receivable, net | 9. Accounts receivable, net Accounts receivable, net consist of the following: As of December 31, 2020 2021 (RMB in millions) Logistics receivables 4,406 6,204 Online retail and online marketplace receivables (*) 2,103 5,840 Advertising receivables and others 1,169 890 Accounts receivable 7,678 12,934 Allowance for doubtful accounts (566 ) (1,034 ) Accounts receivable, net 7,112 11,900 The movements in the allowance for doubtful accounts are as follows: For the year ended December 31, 2019 2020 2021 (RMB in millions) Balance at beginning of the year (178 ) (318 ) (566 ) Additions (214 ) (331 ) (535 ) Write-off 74 83 67 Balance at end of the year (318 ) (566 ) (1,034 ) (*) For the accounts receivable in relation to consumer financing business, which is recorded in online retail and online marketplace receivables, as JD Technology performs credit risk assessment services for the individuals and purchases the over-due |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2021 | |
Inventories, net | |
Inventories, net | 10. Inventories, net Inventories, net consist of the following: As of December 31, 2020 2021 (RMB in millions) Products 60,455 77,422 Packing materials and others 470 478 Inventories 60,925 77,900 Inventory valuation allowance (1,992 ) (2,299 ) Inventories, net 58,933 75,601 |
Property, equipment and softwar
Property, equipment and software, net | 12 Months Ended |
Dec. 31, 2021 | |
Property, equipment and software, net | |
Property, equipment and software, net | 11. Property, equipment and software, net Property, equipment and software, net consist of the following: As of December 31, 2020 2021 (RMB in millions) Electronic equipment 15,112 11,222 Building and building improvement 11,276 21,072 Logistics, warehouse and other heavy equipment 7,418 10,084 Vehicles 1,776 2,681 Leasehold improvement 2,900 3,766 Office equipment 440 530 Software 781 867 Total 39,703 50,222 Less: accumulated depreciation (17,106 ) (17,278 ) Net book value 22,597 32,944 Depreciation expenses were RMB4,673 million, RMB5,037 million and RMB5,000 million for the years ended December 31, 2019, 2020 and 2021, respectively. No impairment charge was recorded for the years ended December 31, 2019, 2020 and 2021, respectively. |
Land use rights, net
Land use rights, net | 12 Months Ended |
Dec. 31, 2021 | |
Land use rights, net | |
Land use rights, net | 12. Land use rights, net Land use rights, net consist of the following: As of December 31, 2020 2021 (RMB in millions) Land use rights 11,787 15,253 Less: accumulated amortization (662 ) (925 ) Net book value 11,125 14,328 Amortization expenses for land use rights were RMB222 million, RMB229 million and RMB276 million for the years ended December 31, 2019, 2020 and 2021, respectively. No impairment charge was recorded for the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2021, amortization expenses related to the land use rights for future periods are estimated to be as follows: For the year ended December 31, 2022 2023 2024 2025 2026 2027 and (RMB in millions) Amortization expenses 319 319 319 319 319 12,733 |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets, net | |
Intangible assets, net | 13. Intangible assets, net Intangible assets, net consist of the following: As of December 31, 2020 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB in millions RMB in millions RMB in millions RMB in millions Strategic cooperation 5.0 6,075 (6,075 ) — — Non-compete 8.0 2,467 (1,811 ) — 656 Domain names and trademarks 18.9 3,911 (837 ) (27 ) 3,047 Customer relationship 8.9 2,689 (155 ) (60 ) 2,474 Technology and others 6.0 1,019 (648 ) (85 ) 286 Total 9.5 16,161 (9,526 ) (172 ) 6,463 As of December 31, 2021 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB in millions RMB in millions RMB in millions RMB in millions Strategic cooperation 5.0 6,075 (6,075 ) — — Non-compete 8.0 2,467 (2,120 ) — 347 Domain names and trademarks 18.9 4,186 (1,066 ) (27 ) 3,093 Customer relationship 8.8 2,713 (454 ) (60 ) 2,199 Technology and others 6.0 1,050 (767 ) (85 ) 198 Total 9.6 16,491 (10,482 ) (172 ) 5,837 Amortization expenses for intangible assets were RMB933 million, RMB802 million and RMB956 million for the years ended December 31, 2019, 2020 and 2021, respectively. No impairment charge was recorded for the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2021, amortization expenses related to the intangible assets for future periods are estimated to be as follows: For the year ended December 31, 2022 2023 2024 2025 2026 2027 and (RMB in millions) Amortization expenses 818 699 576 513 507 2,724 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill | |
Goodwill | 14. Goodwill The changes in the carrying amount of goodwill are as follows, with information retrospectively adjusted in accordance with the segment changes as disclosed in Note 33: JD Retail JD Logistics New Businesses Total (RMB in millions) Balance as of December 31, 2019 Goodwill 6,651 — 2,593 9,244 Accumulated impairment loss (7 ) — (2,593 ) (2,600 ) 6,644 — — 6,644 Transaction in 2020 Additions 2,627 1,633 — 4,260 Balance as of December 31, 2020 Goodwill 9,278 1,633 2,593 13,504 Accumulated impairment loss (7 ) — (2,593 ) (2,600 ) 9,271 1,633 — 10,904 Transaction in 2021 Additions 1,529 — — 1,529 Balance as of December 31, 2021 Goodwill 10,807 1,633 2,593 15,033 Accumulated impairment loss (7 ) — (2,593 ) (2,600 ) 10,800 1,633 — 12,433 No impairment |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts payable | |
Accounts payable | 15. Accounts payable Accounts payable consist of the following: As of December 31, 2020 2021 (RMB in millions) Vendor payable 84,643 112,317 Shipping charges payable and others 22,175 28,167 Total 106,818 140,484 JD Technology and other financial institutions (the “Institutions”) offer supply chain financing services to the Group’s suppliers. Suppliers can sell one or more of the Group’s payment obligations at their sole discretion to the Institutions to receive funds ahead of time to meet their cash flow needs. The Group’s rights and obligations are not impacted. The original payment terms, timing or amount, remain unchanged. As of December 31, 2020 and 2021, RMB11,942 million and RMB20,127 million, respectively, of the outstanding payment obligations were elected by the suppliers and sold to the Institutions. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 16. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31, 2020 2021 (RMB in millions) Deposits 15,344 17,372 Salary and welfare 7,984 8,396 Rental fee payable 677 1,199 Accrued administrative expenses 513 1,165 Professional fee 756 904 Liabilities for return allowances 496 618 Internet data center fee 562 444 Vehicle fee 316 437 Payable related to employees’ exercise of share-based awards 269 333 Interest payable 136 134 Others 2,982 3,466 Total 30,035 34,468 |
Unsecured senior notes
Unsecured senior notes | 12 Months Ended |
Dec. 31, 2021 | |
Unsecured senior notes | |
Unsecured senior notes | 17. Unsecured senior notes In April 2016, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million . US$500 million were mature , and the Company repaid the principle amount of US$500 million In January 2020, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000 million. For the year ended December 31, 2020, the Group repurchased the Company’s unsecured senior notes from the open market with a total principal amounts of US$12 million (RMB78 million) at a reacquisition price of US$10 million (RMB72 million). The repurchased unsecured senior notes were derecognized from the Group’s consolidated balance sheets, and the relevant repurchase gains amounting to RMB11 million were recognized in “interest expense” in the Group’s consolidated statements of operations and comprehensive income/(loss) for the year ended December 31,2020. There was no unsecured senior notes repurchased in 2021. A summary of the Company’s unsecured senior notes as of December 31, 2020 and 2021 is as follows: As of December 31, Effective 2020 2021 (RMB in millions) US$500 million 3,260 — 3.37 % US$500 million 3,220 3,154 4.15 % US$700 million 4,502 4,402 3.47 % US$300 million 1,872 1,830 4.25 % Carrying value 12,854 9,386 Unamortized discount and debt issuance costs 118 101 Total principal amounts of unsecured senior notes 12,972 9,487 The effective interest rates for the unsecured senior notes include the interest charged on the notes as well as amortization of the debt discounts and debt issuance costs. The unsecured senior notes contain covenants including, among others, limitation on liens, consolidation, merger and sale all or substantially all of the Company’s assets. The notes will rank senior in rights of payment to all of the Company’s existing and future obligations expressly subordinated in rights of payment to the notes and rank at least equal in rights of payment with all of the Company’s existing and future unsecured and unsubordinated obligations (subject to any priority rights pursuant to applicable law). As of December 31, 2021, the principal of the unsecured senior notes of RMB3,188 million, RMB4,431 million and RMB1,868 million will be due in 2026, 2030 and 2050, respectively. The principal of the unsecured senior notes will be due according to the following schedule: Principal (RMB in millions) Within 1 year — Between 1 to 2 years — Between 2 to 3 years — Between 3 to 4 years — Between 4 to 5 years 3,188 Beyond 5 years 6,299 Total 9,487 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 18. Leases The Group has operating leases for warehouses, stores, office spaces, delivery centers and other corporate assets that the Group utilizes under lease arrangements. A summary of supplemental information related to operating leases as of December 31, 2020 and 2021 is as follows: As of December 31, 2020 2021 (RMB in millions) Operating lease ROU assets 15,484 19,987 Operating lease liabilities-current 5,513 6,665 Operating lease liabilities-non-current 10,250 13,721 Total operating lease liabilities 15,763 20,386 Weighted average remaining lease term 4.8 years 5.6 years Weighted average discount rate 5.0 % 5.0 % A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income/(loss) and supplemental cash flow information related to operating leases is as follows: For the year ended December 31, 2019 2020 2021 (RMB in millions) Operating lease cost 3,377 4,903 6,763 Short-term lease cost 1,213 1,902 2,782 Total 4,590 6,805 9,545 Cash paid for operating leases 3,461 4,801 6,715 A summary of maturity of operating lease liabilities under the Group’s non-cancelable As of December 31, 2021 (RMB in millions) 2022 6,778 2023 4,807 2024 3,338 2025 2,292 2026 1,504 2027 and thereafter 4,843 Total lease payments 23,562 Less: interest (3,176 ) Present value of operating lease liabilities 20,386 As of December 31, 2021, the Group has no significant lease contract that has been entered into but not yet commenced. |
Gain on sale of development pro
Gain on sale of development properties | 12 Months Ended |
Dec. 31, 2021 | |
Gain On Sale Of Development Properties [Abstract] | |
Gain on sale of development properties | 19. Gain on sale of development properties Gain on sale of development properties for the years ended December 31, 2019, 2020 and 2021 were RMB3,885 million, RMB1,649 million and RMB767 million, respectively. The gain on sale of development properties for the years ended December 31, 2019, 2020 and 2021, were mainly derived from disposals of logistics facilities to JD Logistics Properties Core Fund, L.P. (“Core Fund”), JD Logistics Properties Core Fund II, L.P. (the “Core Fund II”), JD Logistics Properties Development Fund I, L.P. (“Development Fund I”) and JD Aries Development XXXXX (HK) Limited (“Acquisition Fund I”). In 2018, the Group established JD Property to manage the expanding logistics facilities and other real estate properties. In February 2019 and January 2020, JD Property established Core Fund and Core Fund II (collectively, the “Core Funds”) together with GIC Private Limited (“GIC”), Singapore’s sovereign wealth fund, respectively. The Group serves as the general partner and committe d 20% and 10% of the total capital of Core Fund and Core Fund II as the limited partner, and GIC committed the remaining 80% and 90%, respectively. Furthermore, in February 2019 and January 2020, the Group entered into definitive agreements with Core Fund and Core Fund II, pursuant to which the Group will dispose of certain modern logistics facilities to Core Fund and Core Fund II for a total gross asset value of approximately RM B11 billion and RMB5 billion, respectively, and concurrently lease back these completed facilities for operational purposes with an initial lease term of 4 to 7 years. The annual rent for the completed facilities is set at fair market rent for the initial lease term and will be adjusted based on the growth rate of fair market rent at the beginning of each subsequen t 5 years’ period. The Group may choose to renew the lease upon the expiry of the initial lease agreement if the adjusted rental rate is acceptable. Core Funds used leverage to finance the purchase, and the closing of the purchase is subject to certain conditions, including the availability of debt financing. The investment committee of Core Fund and Core Fund II, which comprises the representatives from JD Property and GIC, will oversee the key operations of each fund, respectively. Given the control over Core Funds is shared between JD Property and GIC, JD Property does not consolidate Core Funds and investments in Core Funds are accounted for using the equity method as JD Property obtained significant influence by the rights to nominate two members of each investment committee out of four. The lease back transaction is accounted for under ASC 842 as operating lease, and the ROU assets and operating lease liabilities were recorded accordingly. Since the second half of 2019 and 2020, the closing conditions for each asset group of completed logistics facilities were successively met and Core Fund and Core Fund II signed definitive facility agreements with bank consortium to finance the purchase, respectively. As of December 31, 2021, all logistics facilities under asset groups related to Core Funds have been completed and satisfied hand-over condition. Therefore, the Group recorded a disposal gain to Core Funds of RM B3,801 million, RMB 1,181 million and RMB637 million for the years ended December 31, 2019, 2020 and 2021, respectively, which represents the excess of cash consideration of the net assets, including the consideration received and expected to receive, over the carrying value of the net assets disposed as of the disposal date. In the second half of 2020, JD Property entered into definitive agreements to establish another logistics investment fund, Development Fund I, together with GIC and Mubadala Investment Company (“MIC”) to replicate the successful experience of Core Funds. Development Fund I planned to acquire some of the Group’s uncompleted modern logistics facilities. JD Property serves as general partner and committe d 40% of the total capital of Development Fund I as a limited partner, and GIC and MIC committed the remaining 60% collectively. In December 2020, the Group entered into definitive agreements with Development Fund I to sell certain of its uncompleted modern logistics facilities, and will concurrently lease back such facilities for operational purposes when completed. The closing conditions for such facilities were successively met since December 2020 and the Group recorded a disposal gain of RMB468 million and RMB112 million for the years ended December 31, 2020 and 2021, respectively. As of December 31, 2021, all logistics facilities under asset groups related to Development Fund I have satisfied hand-over condition, and been derecognized by the Group. In the second half of 2021, JD Property entered into definitive agreements to establish another logistics investment fund, Acquisition Fund I, by disposing 60 % equity interests of JD Aries Development XXXXX (HK) Limited, which contained an uncompleted modern logistics facility, to a third party. The board of directors of Acquisition Fund I, which comprises board members from JD Property and the third-party investor, oversees the key operations of Acquisition Fund I. Given the control over Acquisition Fund I is shared between JD Property and the third-party investor, JD Property does not consolidate Acquisition Fund I and investment in Acquisition Fund I is accounted for using the equity method as JD Property obtained significant influence by the rights to nominate two members of the board of directors out of four. JD Property lost control of JD Aries Development XXXXX (HK) Limited and recognized a disposal gain of RMB18 million. Acquisition Fund I plans to acquire some of JD Property’s uncompleted modern logistics facilities and each shareholder of JD Aries Development XXXXX (HK) Limited committed to contribute proportionately. |
Interest expense
Interest expense | 12 Months Ended |
Dec. 31, 2021 | |
Interest income and interest expense | |
Interest expense | 20. Interest expense Interest expense consists of the following : For the year ended 2019 2020 2021 (RMB in millions) Interest expense in relation to nonrecourse securitization debt (38 ) — — Interest expense in relation to unsecured senior notes, bank borrowings and others (687 ) (1,125 ) (1,213 ) Total (725 ) (1,125 ) (1,213 ) |
Others, net
Others, net | 12 Months Ended |
Dec. 31, 2021 | |
Others, net | |
Others, net | 21. Others, net Others, net consist of the following: For the year ended 2019 2020 2021 (RMB in millions) Gains/(losses) from fair value change of long-term investments 3,496 29,483 (7,252 ) Government financial incentives 2,222 2,545 2,482 Interest income 1,786 2,753 4,213 Gain from business and investment disposals 1,199 279 140 Impairment of investments (1,954 ) (208 ) (574 ) Foreign exchange gains/(losses), net 124 (90 ) 42 Others 288 548 359 Total 7,161 35,310 (590 ) Government financial incentives represent rewards provided by the relevant PRC municipal government authorities to the Group for business achievements made by the Group. Government financial incentives are recognized in others, net in the consolidated statements of operations and comprehensive income/(loss) when the government financial incentives are received and no further conditions need to be met. The amounts of such government financial incentives are determined solely at the discretion of the relevant government authorities and there is no assurance that the Group will continue to receive these government financial incentives in the future. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2021 | |
Taxation | |
Taxation | 22. Taxation a) Value added tax (“VAT”) The Group is subject to statutory VAT rate of 10% from May 1, 2018 to March 31, 2019 and 9% from April 1, 2019 for revenues from sales of audio, video products and books in the PRC. The Group is subject to statutory VAT rate of 16% from May 1, 2018 to March 31, 2019 and 13% from April 1, 2019 for sales of other products in the PRC. The Group is exempted from VAT for revenues from sales of books from January 1, 2014 to December 31, 202 3 The Group is subject to VAT at the rate of 6% or 10%/9% (10% from May 1, 2018 to March 31, 2019 and 9% from April 1, 2019) for revenues from logistics services, and 6% for revenues from online advertising and other services. The Group is also subject to cultural undertaking development fees at the rate of 3% on revenues from online advertising services in the PRC, which is reduced by 50% from July 1, 2019 to December 31, 2019, and exempted from January 1, 2020 to December 31, 2021. b) Income tax Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. British Virgin Islands Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains. Indonesia Under the current laws of the Republic of Indonesia, the Group’s subsidiaries in Indonesia are subject to 25%, 22%, and 22% income tax rate on its taxable income generated from operations in Indonesia for the years ended December 31, 2019, 2020 and 2021, respectively. Singapore Under the current laws of Singapore, the Group’s subsidiaries in Singapore are subject to 17% income tax rate on any taxable income accruing in or derived from Singapore, or received in Singapore from outside Singapore for the years ended December 31, 2019, 2020 and 2021, respectively. Hong Kong The Group’s subsidiaries incorporated in Hong Kong are subject to a two-tiered % tax rate. Under the Hong Kong tax laws, entities in HK are exempted from the Hong Kong income tax on its foreign-derived income. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. China Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. Most of the Group’s PRC subsidiaries and consolidated VIEs are subject to the statutory income tax rate of 25%. The EIT Law and its implementation rules permit certain High and New Technologies Enterprises, or HNTEs, to enjoy a reduced 15% enterprise income tax rate subject to these HNTEs meeting certain qualification criteria. In addition, the relevant EIT laws and regulations also provide that entities recognized as Software Enterprises are able to enjoy a tax holiday consisting of a two-year-exemption Certain enterprises will benefit from a preferential tax rate of 15 % under the EIT Law if they are located in applicable PRC regions as specified in the Catalogue of Encouraged Industries in Western Regions (initially effective through the end of 2010 and further extended to 2030), or the Western Regions Catalogue, subject to certain general restrictions described in the EIT Law and the related regulations. Chongqing Haijia and certain other entities of the Group are qualified as the enterprises within the Catalogue of Encouraged Industries in Western Regions and enjoyed 15% preferential income tax rate. According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim 150% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year (“Super Deduction”). The State Taxation Administration of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as Super Deduction from January 1, 2018 to December 31, 2020, which was announced in March 2021 to be further extended to December 31, 2023. Withholding tax on undistributed dividends The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for the PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC The EIT law also imposes a withholding income tax of 10% on dividends distributed by a Foreign Investment Enterprise (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident The components of income/(loss) before tax are as follows: For the year ended December 31, 2019 2020 2021 (RMB in millions) Income/(loss) before tax Income from China operations 14,177 15,803 14,518 Income/(loss) from non-China (484 ) 35,016 (17,098 ) Total income/(loss) before tax 13,693 50,819 (2,580 ) Income tax benefits/(expenses) applicable to China operations Current income tax expenses (1,270 ) (2,201 ) (2,538 ) Deferred tax benefits/(expenses) (533 ) 719 651 Subtotal income tax expenses applicable to China operations (1,803 ) (1,482 ) (1,887 ) Total income tax expenses (1,803 ) (1,482 ) (1,887 ) Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2019, 2020 and 2021 is as follows: For the year ended December 31, 2019 2020 2021 Statutory income tax rate 25.0% 25.0% 25.0% Tax effect of preferential tax rates and tax holiday (8.1)% (2.3)% 86.0% Tax effect of tax-exempt 3.7% (16.8)% (143.7)% Effect on tax rates in different tax jurisdiction (3.9)% (0.5)% (2.3)% Tax effect of non-deductible 5.7% 0.5% (13.8)% Tax effect of non-taxable (1.0)% 0.0% 1.4% Tax effect of Super Deduction and others (13.2)% (4.2)% 105.9% Changes in valuation allowance 5.0% 1.2% (131.6)% Effective tax rates 13.2% 2.9% (73.1)% The following table sets forth the effect of tax holiday: For the year ended 2019 2020 2021 Tax holiday effect (RMB in millions) 1,116 1,153 2,219 Effect of tax holiday on basic net income per share (RMB) 0.38 0.38 0.71 Effect of tax holiday on diluted net income per share (RMB) 0.38 0.37 0.71 c) Deferred tax assets and deferred tax liabilities As of December 31, 2020 2021 (RMB in millions) Deferred tax assets - Net operating loss carry forwards and others 3,145 6,303 - Deferred revenues 208 553 - Inventory valuation allowance 498 575 - Allowance for doubtful accounts 382 603 - Unrealized fair value losses for certain investments 589 747 Less: valuation allowance (4,289 ) (7,670 ) Net deferred tax assets 533 1,111 Deferred tax liabilities - Intangible assets arisen from business combination 1,560 1,454 - Accelerated tax depreciation and others 362 443 Total deferred tax liabilities 1,922 1,897 As of December 31, 2021, the accumulated net operating loss of RMB10,905 million of the Company’s subsidiaries incorporated in Singapore and Hong Kong can be carried forward indefinitely to offset future taxable income, the remaining accumulated net operating loss of RMB17,140 million mainly arose from the Company’s subsidiaries and consolidated VIEs established in the PRC and Indonesia, which can be carried forward to offset future taxable income. The remaining accumulated net operating loss will expire during the period from 2022 to 2026 except for those arose from HNTEs, which will expire during the period from 2022 to 2031. A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s entities’ operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Valuation allowances provided on the deferred tax assets mainly related to the net operating loss carry forwards, as the Group’s management does not believe that sufficient positive evidence exists to conclude that the benefits of such deferred tax assets is more likely than not to be realized. The amount of valuation allowance offset in deferred tax assets as of December 31, 2020 and 2021 was RMB4,289 million and RMB7,670 million, respectively. The movements of valuation allowance of deferred tax assets are as follows: For the year ended 2019 2020 2021 (RMB in millions) Balance at beginning of the year 2,996 3,674 4,289 Additions 7,635 4,393 5,052 Reversals (6,957 ) (3,778 ) (1,671 ) Balance at end of the year 3,674 4,289 7,670 |
Convertible redeemable non-cont
Convertible redeemable non-controlling interests | 12 Months Ended |
Dec. 31, 2021 | |
Convertible redeemable non-controlling interests | |
Convertible redeemable non-controlling interests | 23. Convertible redeemable non-controlling As of December 31, 2020, convertible redeemable non-controlling non-controlling Kuayue Express Series A and A+ preference equity instruments and preference equity instruments of other non-wholly owned subsidiaries are not material to the consolidated financial statements. Details of JD Logistics Series A Preference Shares are as follows: JD Logistics Series A Preference Shares In February 2018, the Group entered into definitive agreements with third-party investors to raise financing for JD Logistics, with the total amount of approximately US$2.5 billion (RMB16.0 billion) by issuance of the series A preference shares of JD Logistics (“JD Logistics Series A Preference Shares”), representing approximately 19% of the ownership of JD Logistics on a fully diluted basis. In August 2020, JD Logistics issued additional JD Logistics Series A Preference Shares to third-party investors in exchange for approximately US$64 million (RMB443 million). The Group determined that JD Logistics Series A Preference Shares should be classified as mezzanine equity upon their issuance since they were contingently redeemable by the holders 5 years from the issuance date in the event that a qualified initial public offering (‘‘Qualified IPO’’) has not occurred and JD Logistics Series A Preference Shares have not been converted. The Qualified IPO is defined as an IPO that (i) has been approved by the Board of Directors of JD Logistics or (ii) with the offering price per share that values JD Logistics at no less than US$20 billion on a fully diluted basis immediately following the completion of such offering. The Group records accretion on JD Logistics Series A Preference Shares, where applicable, to the redemption value from the issuance date to the earliest redemption date. The Group determined that there were no embedded derivatives requiring bifurcation as the economic characteristics and risks of the embedded conversion and redemption features are clearly and closely related to that of JD Logistics Series A Preference Shares. JD Logistics Series A Preference Shares are not readily convertible into cash as there is not a market mechanism in place for trading of JD Logistics’s shares. The Group determined that there was no embedded beneficial conversion feature attributable to JD Logistics Series A Preference Shares because the initial effective conversion prices were higher than the fair value of JD Logistics’s ordinary shares determined by the Group with the assistance from an independent valuation firm. The rights, preferences and privileges of JD Logistics Series A Preference Shares are as follows: Dividend Rights As regards to dividends, JD Logistics Series A Preference Shares shall rank pari passu with the ordinary shares and the holders of JD Logistics Series A Preference Shares shall be entitled to the same amount of dividends as the holders of the ordinary shares on an as converted basis as if they were a single class. No dividend or distribution shall be payable except out of any funds legally available. Voting Rights The holder of each ordinary share issued and outstanding should have one vote in respect of each ordinary share held and the holder of each JD Logistics Series A Preference Share shall carry such number of votes as is equal to the number of votes of ordinary shares then issuable upon the conversion of such JD Logistics Series A Preference Shares. The holders of JD Logistics Series A Preference Shares and the holders of ordinary shares shall vote together and not as a separate class. Liquidation Preferences In the event of any voluntary or involuntary liquidation, dissolution or winding up of JD Logistics, all assets and funds of JD Logistics legally available for distribution (after satisfaction of all creditors’ claims and claims that may be preferred by law) shall be distributed ratably among the holders according to their relative number of ordinary shares held by such holders (all JD Logistics Series A Preference Shares as if they had been converted into ordinary shares immediately prior to such liquidation, dissolution or winding up of JD Logistics). Redemption Rights From and after the fifth anniversary of JD Logistics Series A Preference Shares original issuance date, and prior to the consummation of a Qualified IPO, each holder of JD Logistics Series A Preference Shares shall have the rights at any time to require and demand JD Logistics to redeem all or any portion of JD Logistics Series A Preference Shares held by such holder. The initial redemption price payable on each JD Logistics Series A Preference Share is the total of: (i) any dividend relating to each JD Logistics Series A Preference Share which has been declared by JD Logistics but unpaid, to be calculated up to and including the date of the redemption; plus (ii) JD Logistics Series A Preference Shares purchase price, that is US$2.50 per JD Logistics Series A Preference Shares, subject to appropriate adjustments in the event of any share dividend, share combination or similar recapitalization events. JD Logistics accretes changes in the redemption value over the period from the date of issuance to the earliest redemption date of JD Logistics Series A Preference Shares using effective interest method. Changes in the redemption value are considered to be changes in accounting estimates. The accretion is recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in-capital. paid-in-capital Conversion Rights Each JD Logistics Series A Preference Share shall be convertible, at the option of the holder of JD Logistics Series A Preference Shares, at any time after the date of issuance of such JD Logistics Series A Preference Shares, into such number of fully paid and non-assessable Each JD Logistics Series A Preference Share shall automatically be converted into ordinary shares (i) upon the consummation of a Qualified IPO; or (ii) in the event that the holders of JD Logistics Series A Preference Shares holding at least 50% of JD Logistics Series A Preference Shares in issue elect to convert JD Logistics Series A Preference Shares. Upon the completion of JD Logistics IPO in May 2021, JD Logistics Series A Preference Shares have been converted into ordinary shares of JD Logistics. JD Logistics received proceeds of RMB22.9 billion from JD Logistics IPO, among which RMB6.1 billion was recorded as non-controlling interests and RMB16.8 billion was recorded as additional paid-in capital. Number of shares Amount (RMB in Balance as of December 31, 2019 1,004,000,000 15,964 Issuance 22,867,347 443 Net loss attributable to mezzanine equity classified as non-controlling — — * Balance as of December 31, 2020 1,026,867,347 16,407 Net loss attributable to mezzanine equity classified as non-controlling — (4 ) Conversion of convertible redeemable preferred shares to ordinary shares (1,026,867,347 ) (16,403 ) Balance as of December 31, 2021 — — * Absolute value is less than RMB1 million. |
Financing
Financing | 12 Months Ended |
Dec. 31, 2021 | |
JD Health [Member] | |
Financing | 24. Financing for JD Health In May 2019, JD Health entered into definitive agreements for the non-redeemable In August 2020, JD Health entered into definitive agreements for the non-redeemable The Group determined that JD Health Series A Preference Shares and JD Health Series B Preference Shares should be classified as non-controlling In December 2020, JD Health IPO was completed with net proceeds after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB25.7 billion, representing 13.8% of the issued share capital of JD Health immediately after the completion of the exercise of the over-allotment option. Upon the completion of JD Health IPO, JD Health Series A Preference Shares and JD Health Series B Preference Shares have been converted into ordinary shares of JD Health. As of December 31, 2019, among the proceeds received, RMB1.0 billion was recorded as non-controlling paid-in non-controlling paid-in |
JD Industry [Member] | |
Financing | 25. Financing for JD Industry In April and December 2020, JD Industry, the Group’s subsidiary dedicated to empowering industrial development by supply chain, technology and services, entered into definitive agreements for non-redeemable series A and series A-1 preference share financing (“JD Industry Series A and A-1 Preference Shares”) with a group of third-party investors. The total amount of financing arising from JD Industry Series A and A-1 Preference Shares was Industry’s Industry A-1 The Group determined that JD Industry Series A and A-1 non-controlling Among the proceeds received, RMB510 million was recorded as non-controlling interests and RMB1,792 million was recorded as additional paid-in capital. |
Jd Property [Member] | |
Financing | 26. Financing for JD Property In March 2021, JD Property, the Group’s subsidiary which focuses on infrastructure asset management and integrated property services, entered into definitive agreements for the non-redeemable series A preference share financing (“JD Property Series A Preference Shares”) with a group of third-party investors. The total amount of financing arising from JD Property Series A Preference Shares was US$703 million. The Group held of JD Property’s issued and outstanding shares after the financing of JD Property Series A Preference Shares. The Group determined that JD Property Series A Preference Shares should be classified as non-controlling As of December 31, 2021, among the proceeds received, RMB3.1 billion was recorded as non-controlling paid-in |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2021 | |
Ordinary shares | |
Ordinary shares | 27. Ordinary shares Upon inception, 1 ordinary share was issued at a par value of US$0.00002 per share. In March 2014, the Company issued 351,678,637 ordinary shares to Huang River Investment Limited, a wholly owned subsidiary of Tencent Holdings Limited (“Tencent”), in connection with Tencent transaction (Note 32). Additionally, upon the initial public offering in May 2014, the Company issued In June 2016, the Company issued 144,952,250 Class A ordinary shares to Newheight Holdings Ltd., a wholly owned subsidiary of Wal-Mart In June 2018, the Company issued 27,106,948 Class A ordinary shares to Google LLC, and received a consideration of RMB3,531,870,000 after deducting financing charges. In May 2019, May 2020 and June 2021, the Company issued 8,127,302, 2,938,584 and 1,914,998 Class A ordinary shares, respectively, to Huang River Investment Limited (Note 3 2 In June 2020, the Company completed its global offering and the Company’s shares have been listed on the Main Board of the HKEX. Accordingly, the Company issued 152,912,100 Class A ordinary shares, including the exercise of the over-allotment option. The ordinary shares reserved for future exercise of the RSUs and share options were 139,186,246 and 124,045,978 as of December 31, 2020 and 2021, respectively. |
Share repurchase program
Share repurchase program | 12 Months Ended |
Dec. 31, 2021 | |
Share repurchase program | |
Share repurchase program | 28. Share repurchase program In December 2018, the Company’s Board of Directors authorized a share repurchase program (“2018 share repurchase program”) under which the Company may repurchase up to US$1,000 million Under the 2018 share repurchase program, the Company repurchased 2,332,048 ADSs. For the year ended December 31, 2018, the Company repurchased 1,396,200 ADSs for US$30 million (RMB206 million) on the open market, at a weighted average price of US$21.48 per ADS. For the year ended December 31, 2019, the Company repurchased 935,848 ADSs for US$19 million (RMB131 million) on the open market, at a weighted average price of US$20.41 per ADS. In March 2020, the Company’s Board of Directors authorized a share repurchase program (“2020 share repurchase program”) under which the Company may repurchase up to US$2,000 million million million Under the 2020 share repurchase program, for the year ended December 31, 2020, the Company repurchased 1,191,370 ADSs for US$44 million (RMB312 million) on the open market, at a weighted average price of US$37.04 per ADS. For the year ended December 31, 2021, the Company repurchased 10,214,827 The Company accounts for the repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity. |
Other comprehensive income
Other comprehensive income | 12 Months Ended |
Dec. 31, 2021 | |
Other comprehensive income/(loss) | |
Other comprehensive income | 29. Other comprehensive income Changes in the composition of accumulated other comprehensive income attributable to ordinary s h Foreign Net unrealized available-for-sale Total (RMB in millions) Balances as of December 31, 2018 3,358 1 3,359 Other comprehensive income 750 54 804 Balances as of December 31, 2019 4,108 55 4,163 Other comprehensive loss (7,656 ) (55 ) (7,711 ) Balances as of December 31, 2020 (3,548 ) — (3,548 ) Other comprehensive loss (2,542 ) — (2,542 ) Balances as of December 31, 2021 (6,090 ) — (6,090 ) The income tax effects related to the accumulated other comprehensive income were insignificant for all periods presented. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based compensation | |
Share-based compensation | 30. Share-based compensation For the years ended December 31, 2019, 2020 and 2021, total share-based compensation expenses recognized were RMB3,695 million, RMB4,156 million and RMB9,134 million, respectively. The following table sets forth the allocation of share-based compensation expenses: For the year ended December 31, 2019 2020 2021 (RMB in millions) Cost of revenues 82 98 102 Fulfillment 440 646 882 Marketing 259 347 586 Research and development 1,340 1,400 1,781 General and administrative 1,574 1,665 5,783 Total 3,695 4,156 9,134 Share incentive plan The Company granted share-based awards to eligible employees and non-employees As of December 31, 2021, the Group had reserved 163,391,869 ordinary shares available to be granted as share-based awards under the Share Incentive Plan. (1) Employee and non-employee The RSUs and share options are generally scheduled to be vested over two One-second one-third one-fourth one-fifth one-sixth one-ten of the awards, depending on different vesting schedules of the plans, are usually vested upon the end of the calendar year in which the awards were granted or the first anniversary dates of the grants, and the remaining of the awards shall be vested on straight line basis at the end of the remaining calendar or the anniversary years. Starting from the year ended December 31, 2016, certain awards had multiple tranches with tiered vesting commencement dates from 2016 to 2025, and each of the tranches is subject to a six-year Starting from the year ended December 31, 2021, certain granted RSUs are subject to vesting ratably over a 4-year vesting period from the grant dates. Upon the reorganization of JD Technology, the employees’ status of JD Technology changed from the employees of the Company’s subsidiary to non-employees non-employees RSUs a) Service-based RSUs A summary of activities of the service-based RSUs for the years ended December 31, 2019, 2020 and 2021 is presented as follows: Number of RSUs Weighted-Average Grant-Date Fair Value US$ Unvested as of December 31, 2018 118,496,092 15.58 Granted 33,202,744 14.29 Vested (20,423,568 ) 14.96 Forfeited or cancelled (30,444,064 ) 15.36 Unvested as of December 31, 2019 100,831,204 15.35 Granted 42,621,084 26.44 Vested (20,632,596 ) 15.25 Forfeited or cancelled (14,550,450 ) 16.13 Unvested as of December 31, 2020 108,269,242 19.62 Granted 30,069,498 39.93 Vested (23,834,466 ) 18.89 Forfeited or cancelled (19,395,408 ) 21.30 Unvested as of December 31, 2021 95,108,866 25.89 As of December 31, 2020 and 2021, 3,325,796 and 8,208,616 outstanding service-based RSUs were held by non-employees For the years ended December 31, 2019, 2020 and 2021, total share-based compensation expenses recognized by the Group for the service-based RSUs granted were RMB2,959 million, RMB3,085 million and RMB4,129 million, respectively. As of December 31, 2021, there were RMB7,574 million of unrecognized share-based compensation expenses related to the service-based RSUs granted. The expenses are expected to be recognized over a weighted-average period of 4.6 years. The total fair value and intrinsic value of service-based RSUs vested was US$313 million (RMB2,126 million), US$494 million (RMB3,458 million) and US$973 million (RMB6,359 million) during the years ended December 31, 2019, 2020 and 2021, respectively. b) Performance-based RSUs As of December 31, 2020, there were 9,944 unvested performance-based RSUs which were all vested in 2021. For the years ended December 31, 2019, 2020 and 2021, total share-based compensation expenses recognized by the Group for the performance-based RSUs granted were insignificant. As of December 31, 2021, there were no unrecognized share-based compensation expenses related to the performance-based RSUs granted. The total fair value and intrinsic value of the performance-based RSUs vested was insignificant during the years ended December 31, 2019, 2020 and 2021, respectively. Share options A summary of activities of the service-based share options for the years ended December 31, 2019, 2020 and 2021 is presented as follows: Number of Weighted Weighted Aggregate US$ Year US$ in millions Outstanding as of December 31, 2018 15,747,736 6.55 5.3 73 Exercised (3,299,962 ) 5.72 Forfeited or cancelled (2,223,650 ) 8.52 Outstanding as of December 31, 2019 10,224,124 6.39 4.3 115 Exercised (5,073,294 ) 6.23 Forfeited or cancelled (243,770 ) 10.24 Outstanding as of December 31, 2020 4,907,060 6.38 3.0 184 Exercised (1,962,856 ) 5.49 Forfeited or cancelled (7,092 ) 13.42 Outstanding as of December 31, 2021 2,937,112 6.95 2.9 82 Vested and expected to vest as of December 31, 2021 2,917,942 6.91 2.8 82 Exercisable as of December 31, 2021 2,853,764 6.77 2.8 81 As of December 31, 2020 and 2021, 71,502 and 167,206 outstanding share options were held by non-employees There was no option granted during the years ended December 31, 2019, 2020 and 2021. The total intrinsic value of options exercised during the years ended December 31, 2019, 2020 and 2021 was US$32 million (RMB220 million), US$111 million (RMB762 million) and US$70 million (RMB453 million), respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the share options. Cash received from the exercises of share options of the Company during the years ended December 31, 2019, 2020 and 2021 was US$16 million (RMB112 million), US$34 million (RMB236 million) and US$10 million (RMB62 million), respectively. Cash receivable from the exercises of share options of the Company as of December 31, 2020 and 2021 was US$0.8 million (RMB5 million) and US$77,000 (RMB491,000), respectively. For the years ended December 31, 2019, 2020 and 2021, total share-based compensation expenses recognized by the Group for the share options granted were insignificant. As of December 31, 2021, the unrecognized share-based compensation expenses related to the share options granted were insignificant. The expenses are expected to be recognized over a weighted-average period of (2) Founder awards In May 2015, with approval of the board of directors of the Company, Mr. Richard Qiangdong Liu (Mr. Liu), the Founder, was granted an option to acquire a total of 10-year 10-year For the years ended December 31, 2019, 2020 and 2021, total share-based compensation expenses recognized for the Founder’s share options were RMB134 million, RMB104 million and RMB73 million, respectively. As of December 31, 2021, there were RMB109 million of unrecognized share-based compensation expenses related to the Founder’s share options. The expenses are expected to be recognized over a weighted-average period of 3.4 years. (3) Share-based compensation of subsidiaries JD Logistics JD Logistics approved and adopted a Pre-IPO non-employees non-employees JD Logistics granted 83,476,500, 224,511,105 and 30,030,446 share options of JD Logistics to its employees and non-employees per share, respectively. For the years ended December 31, 2019, 2020 and 2021, total share-based compensation expenses for the share options granted under the JD Logistics Plan were In October 2020, options to acquire per share were granted to Mr. Liu according to the JD Logistics Plan. The grant was awarded to Mr. Liu to motivate him to continue leading the future success of JD Logistics. The grant by JD Logistics is subject to a 6-year Starting July 2021, JD Logistics non-employees. Logistics non-employees Logistics’s , JD Health JD Health approved and adopted a Pre-IPO Post-IPO non-employees non-employees JD Health granted 94,770,812 share options of JD Health to its employees and non-employees for the year ended December 31, 2020, including the share options granted to Mr. Liu as mentioned below. There was no option granted in 2021. The estimated fair value of each option grant is estimated on the date of grant using the binominal option-pricing model. The weighted average grant date fair value of options granted for the year ended December 31, 2020 was per share. For the years ended December 31, 2020 and 2021, total share-based compensation expenses for the share options granted under the JD Health Plan were million, respectively. As of December 31, 2021, there were In October 2020, options to acquire 53,042,516 ordinary shares of JD Health with an exercise price of US$ 0.0000005 Plan Starting January 2021, JD Health granted RSUs to its employees and non-employees. RSUs of JD Health to its employees and non-employees for the year ended December 31, 2021. The estimated fair value of each RSU granted is based on market value of the JD Health’s shares on each date of grant. The weighted average grant date fair value of RSUs granted for the year ended December 31, 2021 was per share. For the year ended December 31, 2021, total share-based compensation expenses for the RSUs granted under the JD Health Plan were . Other Subsidiaries In 2021, JD Property and JD Industry each approved and adopted their own share incentive plan (“JD Property Plan” and “JD Industry Plan”), respectively, to eligible employees and non-employees to attract and retain the best available personnel, provide additional incentives to its employees and non-employees for promoting the success of JD Property and JD Industry. The JD Property Plan and JD Industry Plan both consist of share options, RSUs and other types of awards. JD Property granted per share to Mr. Liu for the year ended December 31, 2021. The RSUs granted fully vested on November 25, 2021. The estimated fair value of each RSU granted is estimated on the date of grant using the Black-Scholes option pricing model. For the year ended December 31, 2021, total share-based compensation expenses for the RSUs granted under JD Property Plan were JD Industry granted RSUs with grant date fair value of US$ per share to Mr. Liu for the year ended December 31, 2021. The RSUs granted fully vested on December 30, 2021. The estimated fair value of each RSU granted is estimated on the date of grant based on the recent rounds of financing. For the year ended December 31, 2021, total share-based compensation expenses for the RSUs granted under JD Industry Plan were RMB million. |
Net income_(loss) per share
Net income/(loss) per share | 12 Months Ended |
Dec. 31, 2021 | |
Net income/(loss) per share | |
Net income/(loss) per share | 31. Net income/(loss) per share Basic and diluted net income/(loss) per share for each of the years presented are calculated as follows: For the year ended December 31, 2019 2020 2021 Numerator: Net income/(loss) attributable to ordinary shareholders – basic (RMB in millions) 12,184 49,405 (3,560 ) Impact of subsidiaries’ diluted earnings (RMB in millions) — (157 ) (2 ) Net income/(loss) attributable to ordinary shareholders – diluted (RMB in millions) 12,184 49,248 (3,562 ) Denominator: Weighted average number of shares – basic 2,912,637,241 3,021,808,985 3,107,436,665 Adjustments for dilutive options and RSUs 54,684,562 87,215,045 — Weighted average number of shares – diluted 2,967,321,803 3,109,024,030 3,107,436,665 Basic net income/(loss) per share attributable to ordinary shareholders (RMB) 4.18 16.35 (1.15 ) Diluted net income/(loss) per share attributable to ordinary shareholders (RMB) 4.11 15.84 (1.15 ) Generally, basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the respective year. Diluted net income/(loss) per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective year. The potentially dilutive ordinary shares included RSUs and options to purchase ordinary shares of 149,343,638, 138,762,892 and 127,098,868 for the years ended December 31, 2019, 2020 and 2021 on a weighted average basis, respectively. They were not included in the calculation of diluted net income/(loss) per share in the periods presented where their inclusion would be anti-dilutive. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Related party transactions | 32. Related party transactions The table below sets forth the major related parties and their relationships with the Group as of December 31, 2021: Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”) A shareholder of the Group Dada and its subsidiaries (“Dada Group”) An investee of the Group JD Technology (*) An investee of the Group, and controlled by the Founder Core Fund, Core Fund II, Development Fund I and Acquisition Fund I (“Property Funds”) Investees of the Group ATRenew and its subsidiaries (“ATRenew Group”) An investee of the Group (*) JD Technology became an investee of the Group since June 2020 (Note 6). (a) The Group entered into the following transactions with the major related parties: Transactions For the year ended December 31, 2019 2020 2021 (RMB in millions) Revenues: Commission from cooperation on advertising business with Tencent Group(**) 288 355 248 Services provided and products sold to Tencent Group(**) 399 375 553 Services provided and products sold to Dada Group 133 179 523 Services provided and products sold to ATRenew Group 349 664 894 Services provided and products sold to JD Technology 342 598 882 Operating expenses: Services received and purchases from Tencent Group(**) 2,222 3,226 5,010 Services received from Dada Group 1,565 2,200 1,087 Payment processing and other services received from JD Technology 4,981 6,945 8,762 Lease and property management services received from Property Funds 476 838 1,180 Services received from ATRenew Group 10 32 31 Other income: Income from non-compete 82 82 77 Interest income from loans provided to JD Technology 41 31 253 Interest income from loans provided to Property Funds 75 49 39 (**) In March 2014, the Group entered into a series of agreements with Tencent and its affiliates pursuant to which the Group acquired 100% interests in Tencent’s Paipai and QQ Wanggou online marketplace businesses, a 9.9% stake in Shanghai Icson E-Commerce Development Company Limited, logistics personnel and certain other assets. The Group also entered into a five-year strategic cooperation agreement and an eight-year non-compete On May 10, 2019, the Company renewed the strategic cooperation agreement with Tencent, for a period of three years starting from May 27, 2019. Tencent continued to offer the Group prominent level 1 and level 2 access points on its Weixin platform to provide traffic support, and the two parties also intend to continue to cooperate in a number of areas including communications, advertising and membership services, among others. As part of the total consideration, the Company agreed to issue to Tencent a certain number of the Company’s Class A ordinary shares for a consideration of approximately US$250 million at prevailing market prices at certain pre-determined Revenues from related parties, excluding those from the major related parties as stated above, represented approximately 0.26%, 0.15% and 0.24% of total net revenues of the Group for the years ended December 31, 2019, 2020, and 2021, respectively. Transactions with related parties included in operating expenses, excluding those with the major related parties as stated above, represented 0.20%, 0.28% and 0.17% of total operating expenses of the Group for the years ended December 31, 2019, 2020, and 2021, respecti v (b) The Group had the following balances with the major related parties: As of December 31, 2020 2021 (RMB in millions) Due from Tencent Group 791 1,956 Due from JD Technology Loans provided to JD Technology (***) 2,707 2,876 Other receivables from/(payables) to JD Technology 1,359 (416 ) Due from Property Funds Loans provided to Property Funds 1,045 769 Other receivables from Property Funds 615 87 Due from ATRenew Group 5 — Total 6,522 5,272 Due to Dada Group (498 ) (337 ) Due to ATRenew Group — (45 ) Total (498 ) (382 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Dada Group (145 ) (83 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to ATRenew Group (1,468 ) (1,038 ) Total (1,613 ) (1,121 ) Other liabilities in relation to non-compete (181 ) (101 ) Total (181 ) (101 ) (***) In relation to the loans provided to JD Technology and Property Funds, the Group charged JD Technology and Property Funds based on fair market interest rate, and cash flows resulted from the loans were presented within investing activities in the consolidated statements of cash flows. As of December 31, 2020 and 2021, the Group recorded amount due from related parties other than the major related parties as stated above of RMB388 million and RMB492 million, which represented approximately 2.87% and 2.28% of the Group’s total accounts receivable, net and prepayments and other current assets, respectively. As of December 31, 2020 and 2021, the Group recorded amount due to related parties other than the major related parties and deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties other than the major related parties as stated above of RMB87 million and RMB137 million, which represented approximately 0.05% and 0.07% of the Group’s total accounts payable, advance from customers, accrued expenses and other current liabilities, deferred revenues and other non-current (c) Other information related to related party transactions: Based on a series of agreements signed on January 1, 2016, JD Technology will perform the credit risk assessment and other related services in relation to consumer financing business and obtain the rewards from such services, thus JD Technology will purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values without recourse and also agree to bear other cost in direct relation to the consumer financing business to absorb the risks. In connection with the agreements, the total amount of over-due The Group also transferred certain financial assets to JD Technology with or without recourse at fair value. The accounts receivable transferred without recourse were Mr. Richard Qiangdong Liu, the Group’s Chairman of the board since the Group’s inception and the Chief Executive Officer since the Group’s inception to April 2022, has purchased his own aircraft for both business and personal use. The use of the aircraft in connection with the performance of his duty as employee is free of charge to the Group, and the Group has agreed to assume the cost of maintenance, crew and operations of the aircraft relating to the use of the aircraft. Such maintenance and incidental costs were insignificant for all periods presented. The terms of the agreements with the related parties are determined based on contracted prices negotiated with other parties in normal commercial terms. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Segment reporting | 33. Segment reporting The Group derives the results of the segments directly from its internal management reporting system. The CODM measures the performance of each segment based on metrics of revenues and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The Group currently does not allocate assets, share-based compensation expenses and certain operating expenses to its segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. As most of the Group’s long-lived assets are located in the PRC and most of the Group’s revenues are derived from the PRC, no geographical information is presented. As disclosed in Note 2(nn), beginning with the first quarter of 2021, the Group implemented certain segment reporting changes to better reflect its recently optimized organizational structure and business developments. As a result, the Group reports three segments, JD Retail, JD Logistics and New businesses. JD Cloud & AI businesses were deconsolidated from the Company from March 31, 2021, thus the operating results of JD Cloud & AI businesses were not included in New businesses segment from the second quarter of 2021. The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2019, 2020 and 2021, with prior periods’ segment information retrospectively recast to conform to current period presentation: For the year ended December 31, 2019 2020 2021 (RMB in millions) Net revenues: JD Retail 545,281 693,965 866,303 JD Logistics 49,848 73,375 104,693 New Businesses 11,740 17,601 26,063 Inter-segment(*) (31,127 ) (39,945 ) (46,043 ) Total segment net revenues 575,742 744,996 951,016 Unallocated items 1,146 806 576 Total consolidated net revenues 576,888 745,802 951,592 Operating income/(loss): JD Retail 14,991 20,611 26,613 JD Logistics (508 ) 1,098 (1,827 ) New Businesses (1,730 ) (4,723 ) (10,600 ) Including: gain on sale of development properties (Note 19) 3,885 1,649 767 Total segment operating income 12,753 16,986 14,186 Unallocated items(**) (3,758 ) (4,643 ) (10,045 ) Total consolidated operating income 8,995 12,343 4,141 Total other income/(expense) 4,698 38,476 (6,721 ) Income/(loss) before tax 13,693 50,819 (2,580 ) (*) The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, and property leasing services provided by JD Property to JD Logistics. (**) A summary of unallocated items for the years presented is as foll o For the year ended December 31, 2019 2020 2021 (RMB in millions) Share-based compensation (3,695 ) (4,156 ) (9,134 ) Amortization of intangible assets resulting from assets and business acquisitions (885 ) (723 ) (940 ) Effects of business cooperation arrangements 822 236 29 Total (3,758 ) (4,643 ) (10,045 ) |
Employee benefit
Employee benefit | 12 Months Ended |
Dec. 31, 2021 | |
Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract] | |
Employee benefit | 34. Employee benefit Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and consolidated VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefit expenses, which were expensed as incurred, were approximately RMB5,694 million, RMB4,580 million and RMB7,894 million for the years ended December 31, 2019, 2020 and 2021, respectively. Employee benefit expenses for the year ended December 31, 2020 was partially offset by the one-off |
Lines of credit and loan facili
Lines of credit and loan facilities | 12 Months Ended |
Dec. 31, 2021 | |
Lines of credit and loan facilities | |
Lines of credit and loan facilities | 35. Lines of credit and loan facilities As of December 31, 2021, the Group had agreements with reputable commercial banks for unsecured revolving lines of credit, and increased its revolving lines of credit to RMB115,281 million. The Group was in compliance with the financial covenants, if any, under those lines of credit as of December 31, 2021. As of December 31, 2021, under the lines of credit, the Group mainly had RMB28,749 million reserved for the issuance of bank acceptance and RMB2,146 million reserved for the bank guarantee. In December 2017, the Group entered into a 5-year million 115 million million million under the credit facilities agreement, which will expire one month prior to the final maturity date, which is sixty months after the date of this credit facilities agreement. As of December 31, 2021, the aggregate amounts repayable within a period of less than one year was million. As of December 31, 2021, in addition to the aforementioned borrowings, the Group’s short-term debts included a one-year corporate bond of RMB1.5 billion issued in July 2021. The bond was with fixed interest rate of 2.8% and repayable in one payment at maturity. In October 2021, the Group entered into a one-year HK$15,931 million term million under 50 70 basis points over HIBOR. In February 2022, the Group drew down HK$6,300 million under the facility commitment, and the borrowing will be due in March 2023. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies | |
Commitments and contingencies | 36. Commitments and contingencies Commitments for internet data center (IDC) service fee The Group entered into non-cancelable non-cancelable As of December 31, (RMB in millions) 2022 958 2023 817 2024 779 2025 354 2026 327 2027 and thereafter 2,263 5,498 Capital commitments The Group’s capital commitments primarily relate to commitments on construction and purchase of office building and warehouses. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB10,207 million as of December 31, 2021. All of these capital commitments will be fulfilled in the following years according to the construction progress. Investment commitments The Group’s investment commitments primarily related to capital contribution obligation for the investments in Dada, China Logistics Property Holdings Co., Ltd. (“CNLP”) and certain fund investments. Total investment commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB14,915 million as of December 31, 2021. Long-term debt obligations The Group’s long-term debt obligations include unsecured senior notes. The amounts exclude the corresponding interest payable. The expected repayment schedule of the unsecured senior notes have been disclosed in Note 17. Legal proceedings From time to time, the Group is subject to legal proceedings and claims in the ordinary course of business. Third parties assert patent infringement claims against the Group from time to time in the form of letters, lawsuits and other forms of communication. In addition, from time to time, the Group receives notification from customers claiming that they are entitled to indemnification or other obligations from the Group related to infringement claims made against them by third parties. Litigation, even if the Group is ultimately successful, can be costly and divert management’s attention away from the day-to-day Purchase commitments The Group’s purchase commitments primarily relate to purchase of products. Total purchase commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2021 represented less than 1% of total net revenues of the Group for the year ended December 31, 2021. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2021 | |
Restricted net assets | |
Restricted net assets | 37. Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries and consolidated VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual after-tax As a result of these PRC laws and regulations that require annual appropriations of 10% of net after-tax Amounts restricted include paid-in capital, additional paid-in capital and statutory reserve funds, as determined pursuant to the PRC GAAP, totaling approximately |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | |
Subsequent events | 38. Subsequent events Investment in Dada On March 22, 2021, the Group entered into a share purchase agreement with Dada, under which the Group has agreed to invest a total of US$800 million in newly issued ordinary shares of Dada, at a per share purchase price equal to the closing trading price of Dada’s ordinary shares on the Nasdaq, on March 19, 2021, the last trading day prior to the date of the share purchase agreement. Upon the closing of this transaction, Dada issued to the Group certain number of ordinary shares of Dada in consideration for US$546 million in cash and certain strategic resources from the Group. The Group held, taking into account its existing shareholding, approximately 52% of Dada’s issued and outstanding shares and consolidated the financial results of Dada into the Group’s consolidated financial statements since February 28, 2022. Acquisition of CNLP On September 1, 2021, JD Property entered into a sale and purchase agreement to acquire shares of CNLP, representing approximately 26.38% of the issued share capital of CNLP, for a total consideration of HK$3.99 billion in cash. Upon completion of the proposed transactions, JD Property held In accordance with relevant listing rules, JD Property were required to make an offer for all the issued shares of CNLP and an offer for all the outstanding convertible bonds of CNLP. As of March 1, 2022, JD Property held all the outstanding convertible bonds and approximately As of date of this report, JD Property has accumulatively paid approximately HK$13 billion as consideration for this transaction. Regulatory Approval of Green Loan Facility In December 2021, the Group entered into a 5-year US$2,000 million unsecured term and revolving loan facility with 5 lead arrangers. This loan facility is the Company’s first green loan facility. The term and revolving loans under this facility were priced at 85 Investment in Deppon Holdco On March 11, 2022, the Group, through a subsidiary of JD Logistics, entered into a series of agreements with the shareholders of the Ningbo Meishan Baoshui Area Deppon Investment Holding Company Limited (“Deppon Holdco”), in relation to the proposed acquisition of approximately billion. The transaction is subject to a staggered acquisition arrangement and certain customary closing conditions, including relevant regulatory approvals. Upon completion of the proposed transactions, the financial results of Deppon Holdco will be consolidated into the Group’s consolidated financial statements. JD Logistics’s Financing On March 25, 2022, JD Logistics entered into a placing agreement, pursuant to which JD Logistics had agreed to issue 150,500,000 of its ordinary shares to a group of third-party investors for net proceeds of approximately HK$3,102 million in a placement (the “JDL Placement”). Concurrently, the Company, through its wholly-owned subsidiary (the “JD Entity”), had entered into a subscription agreement with JD Logistics, pursuant to which the JD Entity had agreed to subscribe for, and JD Logistics had agreed to issue, ordinary shares of JD Logistics, at the same per share price for the JDL Placement, for net proceeds of approximately million in cash (the “JD Subscription”). On April 1, 2022, the JDL Placement completed in accordance with the terms and conditions of the placing agreement. JD Subscription is subject to certain customary closing conditions, including the approval of the HKEX for the listing of the newly issued shares, and the closing conditions for the JD Subscription also include the approval of JD Logistics’s independent shareholders. Upon completion of the JDL Placement and the JD Subscription, the Company, through the JD Entity, will maintain its shareholding in JD Logistics at approximately 63.5 consolidated financial statements. JD Property’s Financing On March 28, 2022, JD Property entered into definitive agreements for its non-redeemable series B preferred share financing with investors led by Hillhouse Investment, Warburg Pincus, and one leading global institutional investor, among others. The total amount raised in this round is expected to be approximately US$800 million. The Group will remain the majority shareholder of JD Property after the completion of this transaction. Share Repurchase Program Under the 2020 share repurchase program, as of the date of this report, the Company had repurchased 16,416,400 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Basis of presentation | a. Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. All amounts, except for share, per share data or otherwise noted, are rounded to the nearest million. |
Principles of consolidation | b. Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through the Contractual Arrangements, bear the risks of, and enjoy the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation. |
Reclassifications | c. Reclassifications Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no impact on net income/(loss), shareholders’ equity, or cash flows as previously reported. |
Non-controlling interests | d. Non-controlling For the Company’s consolidated subsidiaries and VIEs, non-controlling Non-controlling |
Use of estimates | e. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, returns allowance, vendor rebates and customer incentives, determination of the stand-alone selling price (“SSP”), the valuation and recognition of share-based compensation arrangements, taxation, fair value of assets and liabilities acquired in business combinations, fair value of certain equity investees, assessment for impairment of long-lived assets, investment in equity investees, investment securities, intangible assets and goodwill, allowance for doubtful accounts including expected credit losses, inventory reserve for excess and obsolete inventories, lower of cost and net realizable value of inventories, depreciable lives of property, equipment and software, useful lives of intangible assets, the discount rate for lease and consolidation of VIEs. Actual results may differ materially from those estimates. In March 2020, the World Health Organization declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) to be a pandemic. After the initial outbreak of the COVID-19, some instances of COVID-19 infections have emerged from time to time. The COVID-19 pandemic has created and may continue to create significant uncertainty in the macroeconomic environment which, in addition to other unforeseen effects of this pandemic, may adversely impact the Group’s results of operations. The extent to which COVID-19 would impacts the results of operations is contingent on the future developments of the outbreak, including constant updates concerning the global severity of and actions needed to contain the outbreak, which are highly uncertain and unpredictable. Due to the uncertainty and the economic implications on global economics conditions from the COVID-19 pandemic, certain estimates and assumptions may change in the near term. |
Foreign currency translation | f. Foreign currency translation The Group’s reporting currency is RMB. The functional currency of the Group’s entities incorporated in Cayman Islands, BVI, Hong Kong, Singapore and the United States of America is U.S. dollars (“US$”). The Group’s PRC subsidiaries and consolidated VIEs determined their functional currency to be RMB. The Group’s entities incorporated in the Republic of Indonesia, Japan, France, Australia and other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of ASC Topic 830, Foreign Currency Matters Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of others, net in the consolidated statements of operations and comprehensive income/(loss). Total exchange gains/(losses) were a gain of RMB124 million, a loss of RMB90 million and a gain of RMB42 million for the years ended December 31, 2019, 2020 and 2021, respectively. The consolidated financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current year are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments to the Group’s other comprehensive income/(loss) were a gain of RMB794 million, a loss of RMB7,955 million and a loss of RMB2,872 million for the years ended December 31, 2019, 2020 and 2021, respectively. |
Convenience translation | g. Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.3726, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 3 0 1 |
Cash and cash equivalents | h. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, money market fund investments, time deposits, as well as highly liquid investments, which have original maturities of three months or less. |
Restricted cash | i. Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. The Group’s restricted cash mainly represents security deposits held in designated bank accounts for issuance of bank acceptance and letter of guarantee. |
Short-term investments | j. Short-term investments Short-term investments include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed Financial Instruments available-for-sale In addition, short-term investments are also comprised of time deposits placed with banks with original maturities longer than three months but less than one year. |
Accounts receivable, net | k. Accounts receivable, net Accounts receivable mainly represent amounts due from customers and online payment channels and are recorded net of allowance for doubtful accounts. The Group, in collaboration with JD Technology, provides consumer financing to the qualified customers in the online retail business, such consumer financing receivables are recorded as accounts receivable. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, where JD Technology performs the related credit assessment. JD Technology is obligated to purchase the consumer financing receivables past due over certain agreed period of time from the Group at carrying values to absorb the risks, no allowance for doubtful accounts were provided. The Group, in collaboration with JD Technology, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(w). Other than the accounts receivable arising from the consumer financing, beginning on January 1, 2020, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Group’s receivables within the scope of expected credit losses model and use these as a basis to develop the Group’s expected loss estimates. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. Please refer to Note 2(u) for adoption of expected credit losses model. |
Inventories, net | l. Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Group takes ownership, risks and rewards of the products purchased, but has arrangements to return unsold goods with certain vendors. Write downs are recorded in cost of revenues in the consolidated statements of operations and comprehensive income/(loss). The Group also provides fulfillment-related services in connection with the Group’s online marketplace. Third-party merchants maintain ownership of their inventories and therefore these products are not included in the Group’s inventories. |
Loan receivables, net | m. Loan receivables, net Loan receivables represent the consumer financing, in collaboration with JD Technology, provided to qualified individual customers on the Group’s online marketplace. Due to the legacy contractual arrangements with JD Technology, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Technology performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from 1 month to 24 months. As JD Technology is obligated to purchase the receivables past due over certain agreed period of time from the Group at carrying values to absorb the credit risks, no provision for doubtful accounts was recorded for the years ended December 31, 2019, 2020 and 2021. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2020 and 2021, the loan receivables with the collection period less than one year amounting to RMB683 million and RMB1,817 million, respectively, were classified into prepayments and other current assets in the consolidated balance sheets. As of December 31, 2020 and 2021, the loan receivables with the collection period over one year amounting to non-current |
Property, equipment and software, net | n. Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives of major property, equipment and software are as follows: Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3- 5 Logistics, warehouse and other heavy equipment 5-10 Leasehold improvement Over the shorter of the expected life of leasehold improvements or the lease term Software 3-5 Building 40 years Building improvement 5-10 Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operations and comprehensive income/(loss). |
Construction in progress | o. Construction in progress Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2020 and 2021, construction in progress in the amount of RMB7,906 million and RMB5,817 million, respectively, were primarily relating to the construction of office buildings and warehouses. |
Land use rights, net | p. Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 18 to 50 years and represent the shorter of the estimated usage periods or the terms of the agreements. |
Intangible assets, net | q. Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives. The Group performs valuation of the intangible assets arising from business combination to determine the fair value to be assigned to each asset acquired. The acquired intangible assets are recognized and measured at fair value and are expensed or amortized using the straight-line approach over the estimated economic useful lives of the assets. The estimated useful lives of intangible assets are as follows: Category Estimated useful lives Strategic cooperation 5 years Non-compete 5-8 years Domain names and trademarks 5-20 years Customer relationship 3-10 years Technology and others 2-10 |
Goodwill | r. Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 2017-04”) Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates, consideration of the impact of COVID-19, |
Investment in equity investees | s. Investment in equity investees Investment in equity investees represents the Group’s investments in privately held companies, publicly traded companies and private equity funds. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance Investment—Equity Method and Joint Ventures An investment in in-substance Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investees are recorded in share of results of equity investees in the consolidated statements of operations and comprehensive income/(loss) and its share of post-acquisition movements of accumulated other comprehensive income/(loss) are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. The Group records its share of the results of equity investments in publicly listed companies and certain privately held companies on one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. Private equity funds pursue various investment strategies, including event driven and multi-strategy. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. These private equity funds, over which the Group does not have the ability to exercise significant influence, are accounted for under the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative (the “Measurement Alternative”) in accordance with ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10)—Recognition 2016-01”). Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323). |
Investment securities | t. Investment securities The Group invests in marketable equity securities to meet business objectives. These marketable securities are classified as investments with readily determinable fair values, which are reported at fair value in the consolidated balance sheets, the unrealized gains and losses on equity securities are recorded in others, net in the consolidated statements of operations and comprehensive income/(loss) under ASU 2016-01. |
Current expected credit losses impairment | u. Current expected credit losses impairment In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses : Measurement of Credit Losses on Financial Instruments The Group adopted ASC 326 on January 1, 2020 using the modified retrospective transition approach. Based on the nature of the Group’s financial instruments within the scope of this standard, which are primarily accounts receivable and other receivables, the adoption of the new standard did not have a material effect on the Group’s consolidated financial statements. |
Impairment of long-lived assets | v. Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. |
Nonrecourse securitization debt and transfer of financial assets | w. Nonrecourse securitization debt and transfer of financial assets The Group, in collaboration with JD Technology, periodically securitizes accounts receivable and loan receivables arising from consumer financing through the transfer of those assets to securitization vehicles. The securitization vehicles then issue (1) debt securities to third-party investors and JD Technology, or (2) trust beneficiary rights to the Group which are immediately transferred to third-party investors, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles and the trust beneficiary rights transferred by the Group are nonrecourse to the Group and are payable only out of collections on their respective underlying collateralized assets. The securitization vehicles are considered variable interest entities pursuant to ASC Topic 810, Consolidation The Group does not consolidate the securitization vehicles when no economic interests are retained by the Group, and the Group has no continuing involvements, including the servicer of the securitization vehicles. Transfers are accounted for as sale and corresponding transferred accounts receivable are de-recognized Transfers and Servicing 860-10-40-5 |
Unsecured senior notes and long-term borrowings | x. Unsecured senior notes and long-term borrowings Unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums and debt issuance costs. Debt discounts or premiums and debt issuance costs are recorded as a reduction of the principal amount and the related accretion is recorded as interest expense in the consolidated statements of operations and comprehensive income/(loss) over the maturities of the notes using the effective interest method. Long-term borrowings are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive income/(loss). |
Fair value | y. Fair value Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures certain financial assets, including investments under the equity method on other-than-temporary basis, investments under the Measurement Alternative, intangible assets, goodwill and fixed assets at fair value when an impairment charge is recognized. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. |
Revenue | z. Revenues Consistent with the criteria of ASC Topic 606, Revenue from Contracts with Customers In accordance with ASC 606, the Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Group is a principal, that the Group obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the Group earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value-added taxes. The Group recognizes revenues net of discounts and return allowances when the products are delivered and title is passed to customers. Significant judgement is required to estimate return allowances. For online retail business with return conditions, the Group reasonably estimate the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. As of December 31, 2020 and 2021, liabilities for return allowances were RMB496 million and RMB618 million, respectively, which were included in “Accrued expenses and other current liabilities”. The rights to recover products from customers associated with the Group’s liabilities for return allowances are the Group’s assets, which were RMB533 million and RMB660 million as of December 31, 2020 and 2021, respectively, and were included in “Prepayments and other current assets”. The Group also sells prepaid cards which can be redeemed to purchase products sold on the JD Platform. In accordance with ASC 606, the cash collected from the sales of prepaid cards is initially recorded in advance from customers in the consolidated balance sheets and subsequently recognized as revenues upon the sales of the respective products through redemption of prepaid cards are completed. The Group recognizes revenue from estimated unredeemed prepaid cards over the expected customer redemption periods, rather than waiting until prepaid cards expire or when the likelihood of redemption becomes remote in accordance with ASC 606. Revenue arrangements with multiple deliverables are divided into separate units of accounting based on the SSP of each separate unit. In instances where SSP is not directly observable, such as the Group does not have vendor-specific objective evidence or third-party evidence of the selling prices of the deliverables, considerations are allocated using estimated selling prices. Determining the SSP of each separate unit may require significant judgments, and significant assumptions and estimates have been made in estimating the relative selling price of each single-element. Net Product Revenues The Group recognizes the product revenues from the online retail business on a gross basis as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods. Revenues from the sales of electronics and home appliance products were RMB328,703 million, RMB400,927 million and RMB492,592 million, and revenues from the sales of general merchandise products were RMB182,031 million, RMB250,952 million and RMB323,063 million, for the years ended December 31, 2019, 2020 and 2021, respectively. The Group’s net product revenues were mainly generated by the JD Retail segment. Net Service Revenues The Group charges commission fees to third-party merchants for participating in the Group’s online marketplace, where the Group generally is acting as an agent and its performance obligation is to arrange for the provision of the specified goods or services by those third-party merchants. Upon successful sales, the Group charges the third-party merchants a negotiated amount or a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis at the point of delivery of products, net of return allowances. The Group provides marketing services to third-party merchants, suppliers and other business partners on its various website channels and third-party marketing affiliate’s websites, including but not limited to pay for performance marketing services on which the customers are charged based on effective clicks on their product information, and display advertising services that allow customers to place advertisements on various websites. The Group recognizes revenues from pay for performance marketing services based on effective clicks, and recognizes revenues from display advertising services ratably over the period during which the advertising services are provided or on the number of times that the advertisement has been displayed based on cost per thousand impressions. The Group did not enter into material advertising-for-advertising The Group opens its fulfillment infrastructure by offering integrated supply chain solutions and logistics services to third parties through JD Logistics, primarily including warehousing and distribution services, express and freight services and other value-added services. Revenues generated from these services are primarily recognized over time as the Group performs the services in the contracts because of the continuous transfer of control to the customers. JD Plus memberships provide the Group’s core customers with a better shopping experience, access to an evolving suite of benefits that represent a single stand-ready obligation. Subscriptions are paid for at the time of or in advance of delivering the services. Revenues from such arrangements are recognized over the subscription period. The Group offers comprehensive customer services, primarily include 7*24 hours customer services to respond to customers’ post-sales requests, return and exchange services to facilitate customers’ return, exchange and repair of defective goods. These services are free of charge. The Group also provides return/exchange logistics services to the customers, of which the revenues recognized were not material for the periods presented. Revenues from online marketplace and marketing services were RMB42,680 million, RMB53,473 million and RMB72,118 million for the years ended December 31, 2019, 2020 and 2021, respectively, which were mainly generated by the JD Retail segment. Revenues from logistics and other services were RMB23,474 million, RMB40,450 million and RMB63,819 million, for the years ended December 31, 2019, 2020 and 2021, respectively, which were mainly generated by the JD Logistics segment. |
Contract balances | aa. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied the Group’s performance obligation and has the unconditional rights to payment. The balances of accounts receivable, net of allowance for doubtful accounts were RMB7,112 million and RMB11,900 million as of December 31, 2020 and 2021, respectively. Unearned revenues consist of payments received or awards to customers related to unsatisfied performance obligation at the end of the period, included in current and non-current The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include certain partner sales incentive programs. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year which need to be recognized as assets. |
Customer incentives and loyalty programs | bb. Customer incentives and loyalty programs The Group provides two types of discounted coupons, referred to as D Coupons and J Coupons, for free to its customers to incentivize purchase. • D Coupons are given to a customer upon current purchase or can be given for free to promote future purchases. This coupon requires the customer to make future purchase of a minimum value in order to enjoy the value provided by the coupon. The rights to purchase discounted products in the future are not considered as a separate performance obligation under ASC 606, as the discount does not represent a material rights to the customer. The Group assesses the significance of the discount by considering its percentage of the total future minimum purchase value, historical usage pattern by the customers and relative outstanding volume and monetary value of D Coupons compared to the other discounts offered by the Group. D Coupons are accounted for as a reduction of revenues on the future purchase. • J Coupons are given to a customer upon their qualified purchase or can be given for free to promote future purchases and are to be used on a future purchase, with no limitation as to the minimum value of the future purchase. Accordingly, the Group has determined that J Coupons awarded are considered as a separate performance obligation within the scope of ASC 606, as J Coupons represent a material rights to the customer. Therefore, the delivered products and J Coupons awarded are treated as two distinct performance obligations identified in the contract. The total sales consideration is allocated based on management’s best estimate of the relative SSP of each performance obligation. The amount allocated to J Coupons is deferred and recognized when J Coupons are redeemed or at the coupon’s expiration, whichever occurs first. J Coupons have an expiration of one year after issuance. For the years ended December 31, 2019, 2020 and 2021, the amounts were Registered customers may also earn J Beans, which was launched based on certain activities performed on the Group’s website by the customers such as purchasing merchandise or reviewing their buying experiences. J Beans can be used as cash to buy any products sold by the Group, which will directly reduce the amount paid by the customer, or redeemed for D Coupons that can be used in certain shops on JD Platform. The Group considers J Beans awarded from sales of products and reviewing buying experiences to be part of its revenue generating activities. Thus J Beans is considered to be a separate performance obligation identified in the contract. Therefore, the sales consideration is allocated to the products and J Beans based on the relative SSP of the products and J Beans awarded. Consideration allocated to J Beans is initially recorded as deferred revenues, and recognized as revenues when J Beans are used or expired. J Beans will expire at the subsequent year end after issuance. For the years ended December 31, 2019, 2020 and 2021, the amounts of expired J Beans were not material. |
Cost of revenues | cc. Cost of revenues Cost of revenues consists primarily of purchase price of products, inbound shipping charges, write-downs of inventories, traffic acquisition costs related to online marketing services, and cost related to logistics services provided to third parties. |
Rebates and subsidies | dd. Rebates and subsidies The Group periodically receives considerations from certain vendors, representing rebates for products sold and subsidies for the sales of the vendors’ products over a period of time. The rebates are not sufficiently separable from the Group’s purchase of the vendors’ products and they do not represent a reimbursement of costs incurred by the Group to sell vendors’ products. The Group accounts for the rebates received from its vendors as a reduction to the prices it pays for the products purchased and therefore the Group records such amounts as a reduction of cost of revenues when recognized in the consolidated statements of operations and comprehensive income/(loss). Rebates are earned upon reaching minimum purchase thresholds for a specified period. When volume rebates can be reasonably estimated based on the Group’s past experiences and current forecasts, a portion of the rebates is recognized as the Group makes progress towards the purchase threshold. Subsidies are calculated based on the volume of products sold through the Group and are recorded as a reduction of cost of revenues when the sales have been completed and the amount is determinable. |
Fulfillment | ee. Fulfillment Fulfillment expenses consist primarily of (i) expenses incurred in operating the Group’s fulfillment centers, customer service centers and physical stores, including personnel cost and expenses attributable to buying, receiving, inspecting and warehousing inventories, picking, packaging, and preparing customer orders for shipment, processing payment and related transaction costs, (ii) expenses charged by third-party couriers for dispatching and delivering the Group’s products, (iii) lease expenses of warehouses, delivery and pickup stations, and physical stores, and (iv) depreciation and amortization of logistics and electronic equipment. The cost related to logistics services provided to third parties is classified in cost of revenues in the consolidated statements of operations and comprehensive income/(loss). Shipping cost included in fulfillment expenses amounted to RMB17,859 million, RMB23,088 million and RMB27,786 million for the years ended December 31, 2019, 2020 and 2021, respectively. |
Marketing | ff. Marketing Marketing expenses consist primarily of advertising costs, public relations expenditures, and payroll and related expenses for employees involved in marketing and business development activities. The Group pays commissions to participants in the associates program when their customer referrals result in successful product sales and records such costs in marketing in the consolidated statements of operations and comprehensive income/(loss). Advertising costs, which consist primarily of online advertising, offline television, movie and outdoor advertising, and incentive programs to attract or retain consumers for the Group’s online marketplace, are expensed as incurred, and totaled RMB19,286 million, RMB23,088 million and RMB32,704 million for the years ended December 31, 2019, 2020 and 2021, respectively. |
Research and development | gg. Research and development Research and development expenses consist primarily of payroll and related expenses for research and development employees involved in designing, developing and maintaining technology platform, and application of artificial intelligence, big data and cloud technologies and services, and technology infrastructure costs. Technology infrastructure costs include servers and other equipment depreciation, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s internal and external business. Research and development expenses are expensed as incurred. Software development costs are recorded in “Research and development” as incurred as the costs qualifying for capitalization have been insignificant. |
General and administrative | hh. General and administrative General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations; costs associated with these functions including facilities and equipment depreciation expenses, rental and other general corporate related expenses. |
Share-based compensation | ii. Share-based compensation The Group non-employees. non-employees Compensation – Stock Compensation Employees’ share-based awards, non-employees’ All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Group uses the binominal option-pricing model to estimate the fair value of share options. The determination of estimated fair value of share-based payment awards on the grant date is affected by the fair value of the Company’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of the Company over the expected term of the awards, actual and projected employee share option exercise behaviors, a risk-free interest rate, exercise multiple and expected dividend yield, if any. Determination of estimated fair value of the Company’s subsidiaries before they were publicly listed requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited public information on companies in China similar to the Company’s subsidiaries. The Company estimates the Company’s subsidiaries’ enterprise value for purposes of recording share-based compensation, and the information considered by the Company mainly include but are not limited to the pricing of recent rounds of financing, future cash flow forecasts, discount rates, and liquidity factors. The Group recognizes the estimated compensation cost of RSUs based on the fair value of its ordinary shares on the date of the grant. The Group recognizes the compensation cost, net of estimated forfeitures, over a vesting term for service-based RSUs. The Group also recognizes the compensation cost of performance-based share awards, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates. A change in the terms or conditions of a share-based award, or cancellation of a share-based award accompanied by the concurrent grant of a replacement award is accounted for as a modification (that is, an exchange of the original award for a new award), unless the award’s fair value, vesting conditions, and classification as an equity instrument are the same as immediately before and after the change. The Group recognized incremental compensation cost for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Therefore, in relation to the modified award, the Group recognize share-based compensation over the vesting periods of the modified |
Income tax | jj. Income tax Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax bases of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more-likely-than-not non-current The Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. As of December 31, 2020 and 2021, the Group did not have any significant unrecognized uncertain tax positions. |
Leases | kk. Leases In accordance with ASC Topic 842, Leases Right-of-use non-lease The Group also enters into sale and leaseback transactions. The Group acts as the seller-lessee, transfers its assets to a third-party entity (the buyer-lessor) and then leases the transferred assets back from the buyer-lessor at an arm-length 842-40-25-1 Property, Plant and Equipment The Group leases warehouses, offices and store space to third-parties. The arrangements are in the nature of operating lease which is neither a sales-type nor direct-financing lease. As such, the underlying assets remain on the Group’s balance sheet at its carrying value and continue to depreciate the asset based on its estimated useful life. Rental revenue should be recognized on a straight-line basis (or another systematic basis if that basis is more representative of the pattern in which income is earned from the underlying asset over the term of the respective lease). The Group records an unbilled rent receivable, which is the amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease. |
Comprehensive income/(loss) | ll. Comprehensive income/(loss) Comprehensive income/(loss) is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive income/(loss) for the periods presented includes net income/(loss), change in unrealized gains/(losses) on available-for-sale |
Net income/(loss) per share | mm. Net income/(loss) per share Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the calculation of diluted net income/(loss) per share, the weighted average number of ordinary shares is adjusted by the effect of dilutive potential ordinary shares, including unvested RSUs and ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method. Additionally, the Company takes into account the effect of dilutive shares of entities in which the Company holds equity interests. The dilutive impact from equity interests mainly include equity investments accounted for using the equity method and the consolidated subsidiaries. The effect mentioned above is not included in the calculation of the diluted income/(loss) per share when inclusion of such effect would be anti-dilutive. |
Segment reporting | nn. Segment reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Chief Executive Officer. Before 2021, the Group’s principal operations were organized into two major business segments, JD Retail and New Businesses, which were defined based on the products and services provided. JD Retail mainly consisted of online retail, online marketplace and marketing services in China. New Businesses included logistics services provided to third parties, overseas business, technology initiatives, as well as asset management services to logistics property investors and sale of development properties by JD Property. Beginning with the first quarter of 2021, the Group implemented certain segment reporting changes to better reflect its recently optimized organizational structure and business developments. The major changes in segment information mainly include: (1) Reported the results of JD Logistics as a new standalone segment. JD Logistics listed on the Main Board of HKEX on May 28, 2021. (2) Moved the results of Jingxi and the internal business of JD Property from JD Retail to New businesses. The changes relate to the realignment of JD Retail in connection with the establishment of the new Jingxi business group and the closing of JD Property Series A Preference Shares financing. As a result, the Group reports three segments, JD Retail, JD Logistics and New businesses. JD Retail mainly consists of online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New businesses mainly include JD Property, Jingxi, overseas businesses and technology initiatives. These changes align with the manner in which the Group’s CODM uses financial information to evaluate the performance of, and to allocate resources to, each of the segments. The prior periods’ segment operating results have been retrospectively recast to conform to current period presentation. |
Statutory reserves | oo. Statutory reserves The Company’s subsidiaries and consolidated VIEs established in the PRC are required to make appropriations to certain non-distributable In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their after-tax after-tax In addition, in accordance with the PRC Company Laws, the Group’s consolidated VIEs, registered as Chinese domestic companies, must make appropriations from their after-tax non-distributable after-tax The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. For the years ended December 31, 2019, 2020 and 2021, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC was approximately RMB59 million, RMB74 million and RMB53 million, respectively. No appropriation to other reserve funds was made for any of the periods presented. |
Recent accounting pronouncements | pp. Recent accounting pronouncements Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform 2021-01, Reference Rate Reform (Topic 848): Scope 2021-01 Recently issued accounting pronouncements not yet adopted In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40): if-converted In October 2021, the FASB issued ASU 2021-08, In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10) |
Principal activities and orga_2
Principal activities and organization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Principal activities and organization | |
Schedule of percentage of legal ownership in major subsidiaries, VIEs and VIEs' subsidiaries | Equity Place and date of incorporation Subsidiaries Beijing Jingdong Century Trade Co., Ltd. (“Jingdong Century”) 100% Beijing, China, April 2007 Jiangsu Jingdong Information Technology Co., Ltd. 100% Jiangsu, China, June 2009 Shanghai Shengdayuan Information Technology Co., Ltd. (“Shanghai Shengdayuan”) 100% Shanghai, China, April 2011 JD Logistics Holding Limited 63% Hong Kong, China, August 2011 Jingdong Technology Group Corporation 100% Cayman Islands, November 2011 JD Property Group Corporation (“JD Property”) 84% Cayman Islands, January 2012 JD Logistics, Inc. 63% Cayman Islands, January 2012 JD.com E-Commerce 100% Hong Kong, China, February 2012 Jingdong E-Commerce 100% Hong Kong, China, February 2012 JD.com International Limited 100% Hong Kong, China, February 2012 Beijing Jingdong Shangke Information Technology Co., Ltd. (“Beijing Shangke”) 100% Beijing, China, March 2012 JD.com E-Commerce 100% Hong Kong, China, July 2013 Chongqing Jingdong Haijia E-commerce 100% Chongqing, China, June 2014 JD.com Overseas Innovation Limited 100% Hong Kong, China, October 2014 JD.com Investment Limited 100% British Virgin Islands, January 2015 JD Asia Development Limited 84% British Virgin Islands, February 2015 Suqian Hanbang Investment Management Co., Ltd. 100% Jiangsu, China, January 2016 Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”) 63% Shaanxi, China, May 2017 Xi’an Jingdong Xuncheng Logistics Co., Ltd. 63% Shaanxi, China, June 2017 JD Assets Holding Limited 100% Cayman Islands, March 2018 JD Property Holding Limited 100% Cayman Islands, March 2018 Beijing Wodong Tianjun Information Technology Co., Ltd. (“Beijing Wodong Tianjun”) 100% Beijing, China, May 2018 Beijing Jingdong Zhenshi Information Technology Co., Ltd. 63% Beijing, China, August 2018 JD Health International Inc. 67% Cayman Islands, November 2018 Jiangsu Huiji Space Technology Co., Ltd. (“Jiangsu Huiji”) 100% Jiangsu, China, March 2019 JD Jiankang Limited 100% British Virgin Islands, April 2019 JD Industrial Technology Limited 100% British Virgin Islands, October 2019 JD Industrial Technology Inc. (“JD Industry”) 81% Cayman Islands, November 2019 Jingdong Logistics Supply Chain Co., Ltd. 63% Jiangsu, China, June 2020 Jingdong Five Star Appliance Group Co., Ltd. 100% Jiangsu, China, December 1998 Consolidated VIEs Beijing Jingdong 360 Degree E-commerce Beijing, China, April 2007 Jiangsu Yuanzhou E-commerce Jiangsu, China, September 2010 Jiangsu Jingdong Bangneng Investment Management Co., Ltd. (“Jingdong Bangneng”) Jiangsu, China, August 2015 Xi’an Jingdong Xincheng Information Technology Co., Ltd. (“Xi’an Jingdong Xincheng”) Shaanxi, China, June 2017 Suqian Juhe Digital Enterprise Management Co., Ltd. (“Suqian Juhe”) Jiangsu, China, June 2020 Consolidated VIEs’ Subsidiaries Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”) Beijing, China, August 2012 Suqian Jingdong Mingfeng Enterprise Management Co., Ltd. Jiangsu, China, July 2017 Suqian Jingdong Jinyi Enterprise Management Co., Ltd. Jiangsu, China, August 2017 Suqian Jingdong Sanhong Enterprise Management Center (L.P.) Jiangsu, China, August 2017 Beijing Jingxundi Technology Co., Ltd. Beijing, China, December 2017 Beijing Jingdong Qianshi Technology Co., Ltd. Beijing, China, September 2018 |
Schedule of consolidated financial information | As of December 31, 2020 2021 (RMB in millions) Total assets 65,594 80,138 Total liabilities 59,298 77,858 For the year ended December 31, 2019 2020 2021 (RMB in millions) Total net revenues 59,306 86,054 117,419 Net loss (2,268 ) (422 ) (3,069 ) For the year ended December 31, 2019 2020 2021 (RMB in millions) Net cash provided by operating activities 954 9,912 1,593 Net cash used in investing activities (6,450 ) (11,053 ) (10,089) Net cash provided by financing activities 5,543 2,659 11,611 Net increase in cash, cash equivalents, and restricted cash 47 1,518 3,115 Cash, cash equivalents, and restricted cash at beginning of year 880 927 2,445 Cash, cash equivalents, and restricted cash at end of year 927 2,445 5,560 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Schedule of estimated useful lives of property, equipment and software | Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3- 5 Logistics, warehouse and other heavy equipment 5-10 Leasehold improvement Over the shorter of the expected life of leasehold improvements or the lease term Software 3-5 Building 40 years Building improvement 5-10 |
Schedule of estimated useful lives of intangible assets | Category Estimated useful lives Strategic cooperation 5 years Non-compete 5-8 years Domain names and trademarks 5-20 years Customer relationship 3-10 years Technology and others 2-10 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair value measurement | |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | Fair value measurement at reporting date using Description Fair Value as of December 31, Quoted Prices in Active Significant Other Significant (RMB in millions) Assets: Restricted cash 4,434 — 4,434 — Short-term investments Wealth management products 24,294 — 24,294 — Investment securities Listed equity securities 39,085 39,085 — — Total assets 67,813 39,085 28,728 — Fair value measurement at reporting date using Description Fair Value as of December 31, Quoted Prices in Active (Level 1) Significant Other (Level 2) Significant (Level 3) (RMB in millions) Assets: Restricted cash 5,926 — 5,926 — Short-term investments Wealth management products 77,010 — 77,010 — Investment securities Listed equity securities 19,088 19,088 — — Total assets 102,024 19,088 82,936 — |
Business acquisition (Tables)
Business acquisition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Jiangsu Five Star [Member] | |
Business Acquisition [Line Items] | |
Summary of purchase price as of the date of acquisition | The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Conversion of loan and assuming of debt 1,025 Fair value of previously held equity interests 1,274 Total 2,299 |
Schedule of allocation of the purchase price as of the date of acquisition | The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net liabilities assumed (14 ) Appreciation of property, equipment and software 190 Intangible assets - Trademark 489 Goodwill 2,185 Deferred tax liabilities (170 ) Non-controlling (381 ) Total 2,299 |
Kuayue Express [Member] | |
Business Acquisition [Line Items] | |
Summary of purchase price as of the date of acquisition | The purchase price as of the date of acquisition is comprised of: Amounts (RMB in millions) Cash 2,850 Issuance of ordinary shares of JD Logistics less cash proceeds received 116 Total 2,966 |
Schedule of allocation of the purchase price as of the date of acquisition | The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The allocation of the purchase price based on the fair values of the acquired assets and liabilities as of the date of acquisition is summarized as follows: Amounts (RMB in millions) Net assets acquired 1,110 Appreciation of property, equipment and software 362 Intangible assets - Customer relationship 2,550 Goodwill 1,633 Deferred tax liabilities (728 ) Non-controlling (1,961 ) Total 2,966 |
Investment in equity investees
Investment in equity investees (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of condensed financial information of the Group's equity investments | For the year ended December 31, 2019 2020 2021 (RMB in millions) Revenues 128,942 140,263 145,582 Gross profit 34,541 45,590 39,736 Income/(loss) from operations (534 ) 5,157 1,877 Net income/(loss) (565 ) 2,680 (250 ) Net income/(loss) attributable to ordinary shareholders (1,235 ) 3,292 675 As of December 31, 2020 2021 (RMB in millions) Current assets 129,535 150,304 Non-current 97,110 140,872 Current liabilities 97,669 109,790 Non-current 17,371 49,919 Non-controlling 1,119 973 |
Yonghui Group | |
Schedule of investment accounted for using equity method | As of 2020 2021 (RMB Carrying value of investment in Yonghui’s ordinary shares 6,538 4,592 Proportionate share of Yonghui’s net tangible and intangible assets 2,602 2,225 Positive basis difference 3,936 2,367 Positive basis difference has been assigned to: Goodwill(*) 2,603 1,111 Amortizable intangible assets (**) 1,777 1,674 Deferred tax liabilities (444 ) (418 ) 3,936 2,367 (*) In the third quarter of 2021, the Group conducted impairment assessments on its investment in Yonghui considering the duration and severity of the decline of Yonghui’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of RMB1,492 million, to write down the carrying value of its investment in Yonghui to its fair value, based on quoted closing prices of Yonghui as of September 30, 2021. (**) As of December 31, 2021, the weighted average remaining life of the intangible assets not included in Yonghui’s consolidated financial statements was 14 years. |
Dada Group | |
Schedule of investment accounted for using equity method | As of December 31, 2020 2021 (RMB in millions) Carrying value of investment in Dada’s ordinary shares 7,280 6,075 Proportionate share of Dada’s net tangible and intangible assets 3,336 2,136 Positive basis difference 3,944 3,939 Positive basis difference has been assigned to: Goodwill 3,893 3,893 Amortizable intangible assets (*) 68 61 Deferred tax liabilities (17 ) (15 ) 3,944 3,939 (*) As of December 31, 2021, the weighted average remaining life of the intangible assets not included in Dada’s consolidated financial statements was 4 years. |
ATRenew | |
Schedule of investment accounted for using equity method | As of December 31, 2021 (RMB in millions) Carrying value of investment in ATRenew’s 2,832 Proportionate share of ATRenew’s 2,209 Positive basis difference 623 Positive basis difference has been assigned to: Goodwill (*) 35 Amortizable intangible assets (**) 784 Deferred tax liabilities (196 ) 623 (*) In the fourth quarter of 2021, the Group conducted impairment assessments on its investment in ATRenew considering the duration and severity of the decline of ATRenew’s stock price after the investment, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charges of million, to write down the carrying value of its investment in ATRenew to its fair value, based on quoted closing prices of ATRenew as of December 31, 2021. (**) As of December 31, 2021, the weighted average remaining life of the intangible assets not included in ATRenew’s consolidated financial statements |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts receivable, net | |
Schedule of accounts receivable, net | As of December 31, 2020 2021 (RMB in millions) Logistics receivables 4,406 6,204 Online retail and online marketplace receivables (*) 2,103 5,840 Advertising receivables and others 1,169 890 Accounts receivable 7,678 12,934 Allowance for doubtful accounts (566 ) (1,034 ) Accounts receivable, net 7,112 11,900 |
Schedule of movements in the allowances for doubtful accounts | For the year ended December 31, 2019 2020 2021 (RMB in millions) Balance at beginning of the year (178 ) (318 ) (566 ) Additions (214 ) (331 ) (535 ) Write-off 74 83 67 Balance at end of the year (318 ) (566 ) (1,034 ) (*) For the accounts receivable in relation to consumer financing business, which is recorded in online retail and online marketplace receivables, as JD Technology performs credit risk assessment services for the individuals and purchases the over-due |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories, net | |
Schedule of Inventories, net | As of December 31, 2020 2021 (RMB in millions) Products 60,455 77,422 Packing materials and others 470 478 Inventories 60,925 77,900 Inventory valuation allowance (1,992 ) (2,299 ) Inventories, net 58,933 75,601 |
Property, equipment and softw_2
Property, equipment and software, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, equipment and software, net | |
Schedule of property, equipment and software, net | As of December 31, 2020 2021 (RMB in millions) Electronic equipment 15,112 11,222 Building and building improvement 11,276 21,072 Logistics, warehouse and other heavy equipment 7,418 10,084 Vehicles 1,776 2,681 Leasehold improvement 2,900 3,766 Office equipment 440 530 Software 781 867 Total 39,703 50,222 Less: accumulated depreciation (17,106 ) (17,278 ) Net book value 22,597 32,944 |
Land use rights, net (Tables)
Land use rights, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Land use rights, net | |
Schedule of land use rights, net | As of December 31, 2020 2021 (RMB in millions) Land use rights 11,787 15,253 Less: accumulated amortization (662 ) (925 ) Net book value 11,125 14,328 |
Schedule of amortization expenses related to the land use rights for future periods | For the year ended December 31, 2022 2023 2024 2025 2026 2027 and (RMB in millions) Amortization expenses 319 319 319 319 319 12,733 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets, net | |
Schedule of intangible assets, net | As of December 31, 2020 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB in millions RMB in millions RMB in millions RMB in millions Strategic cooperation 5.0 6,075 (6,075 ) — — Non-compete 8.0 2,467 (1,811 ) — 656 Domain names and trademarks 18.9 3,911 (837 ) (27 ) 3,047 Customer relationship 8.9 2,689 (155 ) (60 ) 2,474 Technology and others 6.0 1,019 (648 ) (85 ) 286 Total 9.5 16,161 (9,526 ) (172 ) 6,463 As of December 31, 2021 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB in millions RMB in millions RMB in millions RMB in millions Strategic cooperation 5.0 6,075 (6,075 ) — — Non-compete 8.0 2,467 (2,120 ) — 347 Domain names and trademarks 18.9 4,186 (1,066 ) (27 ) 3,093 Customer relationship 8.8 2,713 (454 ) (60 ) 2,199 Technology and others 6.0 1,050 (767 ) (85 ) 198 Total 9.6 16,491 (10,482 ) (172 ) 5,837 |
Schedule of amortization expenses related to the intangible assets for future periods | For the year ended December 31, 2022 2023 2024 2025 2026 2027 and (RMB in millions) Amortization expenses 818 699 576 513 507 2,724 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill | |
Schedule of changes in the carrying amount of goodwill | JD Retail JD Logistics New Businesses Total (RMB in millions) Balance as of December 31, 2019 Goodwill 6,651 — 2,593 9,244 Accumulated impairment loss (7 ) — (2,593 ) (2,600 ) 6,644 — — 6,644 Transaction in 2020 Additions 2,627 1,633 — 4,260 Balance as of December 31, 2020 Goodwill 9,278 1,633 2,593 13,504 Accumulated impairment loss (7 ) — (2,593 ) (2,600 ) 9,271 1,633 — 10,904 Transaction in 2021 Additions 1,529 — — 1,529 Balance as of December 31, 2021 Goodwill 10,807 1,633 2,593 15,033 Accumulated impairment loss (7 ) — (2,593 ) (2,600 ) 10,800 1,633 — 12,433 |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts payable | |
Schedule of accounts payable | As of December 31, 2020 2021 (RMB in millions) Vendor payable 84,643 112,317 Shipping charges payable and others 22,175 28,167 Total 106,818 140,484 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | As of December 31, 2020 2021 (RMB in millions) Deposits 15,344 17,372 Salary and welfare 7,984 8,396 Rental fee payable 677 1,199 Accrued administrative expenses 513 1,165 Professional fee 756 904 Liabilities for return allowances 496 618 Internet data center fee 562 444 Vehicle fee 316 437 Payable related to employees’ exercise of share-based awards 269 333 Interest payable 136 134 Others 2,982 3,466 Total 30,035 34,468 |
Unsecured senior notes (Tables)
Unsecured senior notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Unsecured senior notes | |
Schedule of unsecured senior notes | As of December 31, Effective 2020 2021 (RMB in millions) US$500 million 3,260 — 3.37 % US$500 million 3,220 3,154 4.15 % US$700 million 4,502 4,402 3.47 % US$300 million 1,872 1,830 4.25 % Carrying value 12,854 9,386 Unamortized discount and debt issuance costs 118 101 Total principal amounts of unsecured senior notes 12,972 9,487 |
Summary of Principal Amounts due of Unsecured Senior Notes | Principal (RMB in millions) Within 1 year — Between 1 to 2 years — Between 2 to 3 years — Between 3 to 4 years — Between 4 to 5 years 3,188 Beyond 5 years 6,299 Total 9,487 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Summary of supplemental information related to operating leases | As of December 31, 2020 2021 (RMB in millions) Operating lease ROU assets 15,484 19,987 Operating lease liabilities-current 5,513 6,665 Operating lease liabilities-non-current 10,250 13,721 Total operating lease liabilities 15,763 20,386 Weighted average remaining lease term 4.8 years 5.6 years Weighted average discount rate 5.0 % 5.0 % |
Summary of lease cost recognized and supplemental cash flow information related to operating leases | For the year ended December 31, 2019 2020 2021 (RMB in millions) Operating lease cost 3,377 4,903 6,763 Short-term lease cost 1,213 1,902 2,782 Total 4,590 6,805 9,545 Cash paid for operating leases 3,461 4,801 6,715 |
Summary of maturity of lease liabilities | As of December 31, 2021 (RMB in millions) 2022 6,778 2023 4,807 2024 3,338 2025 2,292 2026 1,504 2027 and thereafter 4,843 Total lease payments 23,562 Less: interest (3,176 ) Present value of operating lease liabilities 20,386 |
Interest expense (Tables)
Interest expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest income and interest expense | |
Schedule of interest expense | Interest expense consists of the following : For the year ended 2019 2020 2021 (RMB in millions) Interest expense in relation to nonrecourse securitization debt (38 ) — — Interest expense in relation to unsecured senior notes, bank borrowings and others (687 ) (1,125 ) (1,213 ) Total (725 ) (1,125 ) (1,213 ) |
Others, net (Tables)
Others, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Others, net | |
Schedule of others non-operating income (expense), net | For the year ended 2019 2020 2021 (RMB in millions) Gains/(losses) from fair value change of long-term investments 3,496 29,483 (7,252 ) Government financial incentives 2,222 2,545 2,482 Interest income 1,786 2,753 4,213 Gain from business and investment disposals 1,199 279 140 Impairment of investments (1,954 ) (208 ) (574 ) Foreign exchange gains/(losses), net 124 (90 ) 42 Others 288 548 359 Total 7,161 35,310 (590 ) |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxation | |
Schedule of components of income/(loss) before tax | For the year ended December 31, 2019 2020 2021 (RMB in millions) Income/(loss) before tax Income from China operations 14,177 15,803 14,518 Income/(loss) from non-China (484 ) 35,016 (17,098 ) Total income/(loss) before tax 13,693 50,819 (2,580 ) Income tax benefits/(expenses) applicable to China operations Current income tax expenses (1,270 ) (2,201 ) (2,538 ) Deferred tax benefits/(expenses) (533 ) 719 651 Subtotal income tax expenses applicable to China operations (1,803 ) (1,482 ) (1,887 ) Total income tax expenses (1,803 ) (1,482 ) (1,887 ) |
Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate | For the year ended December 31, 2019 2020 2021 Statutory income tax rate 25.0% 25.0% 25.0% Tax effect of preferential tax rates and tax holiday (8.1)% (2.3)% 86.0% Tax effect of tax-exempt 3.7% (16.8)% (143.7)% Effect on tax rates in different tax jurisdiction (3.9)% (0.5)% (2.3)% Tax effect of non-deductible 5.7% 0.5% (13.8)% Tax effect of non-taxable (1.0)% 0.0% 1.4% Tax effect of Super Deduction and others (13.2)% (4.2)% 105.9% Changes in valuation allowance 5.0% 1.2% (131.6)% Effective tax rates 13.2% 2.9% (73.1)% |
Summary of income tax holiday | For the year ended 2019 2020 2021 Tax holiday effect (RMB in millions) 1,116 1,153 2,219 Effect of tax holiday on basic net income per share (RMB) 0.38 0.38 0.71 Effect of tax holiday on diluted net income per share (RMB) 0.38 0.37 0.71 |
Schedule of deferred tax assets and deferred tax liabilities | As of December 31, 2020 2021 (RMB in millions) Deferred tax assets - Net operating loss carry forwards and others 3,145 6,303 - Deferred revenues 208 553 - Inventory valuation allowance 498 575 - Allowance for doubtful accounts 382 603 - Unrealized fair value losses for certain investments 589 747 Less: valuation allowance (4,289 ) (7,670 ) Net deferred tax assets 533 1,111 Deferred tax liabilities - Intangible assets arisen from business combination 1,560 1,454 - Accelerated tax depreciation and others 362 443 Total deferred tax liabilities 1,922 1,897 |
Schedule of movement of valuation allowance | For the year ended 2019 2020 2021 (RMB in millions) Balance at beginning of the year 2,996 3,674 4,289 Additions 7,635 4,393 5,052 Reversals (6,957 ) (3,778 ) (1,671 ) Balance at end of the year 3,674 4,289 7,670 |
Convertible redeemable non-co_2
Convertible redeemable non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of convertible redeemable non-controlling interests activities | Number of shares Amount (RMB in Balance as of December 31, 2019 1,004,000,000 15,964 Issuance 22,867,347 443 Net loss attributable to mezzanine equity classified as non-controlling — — * Balance as of December 31, 2020 1,026,867,347 16,407 Net loss attributable to mezzanine equity classified as non-controlling — (4 ) Conversion of convertible redeemable preferred shares to ordinary shares (1,026,867,347 ) (16,403 ) Balance as of December 31, 2021 — — * Absolute value is less than RMB1 million. |
Other comprehensive income (Tab
Other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other comprehensive income/(loss) | |
Schedule of changes in the composition of accumulated other comprehensive income/(loss) attributable to ordinary shareholders | Changes in the composition of accumulated other comprehensive income attributable to ordinary s h Foreign Net unrealized available-for-sale Total (RMB in millions) Balances as of December 31, 2018 3,358 1 3,359 Other comprehensive income 750 54 804 Balances as of December 31, 2019 4,108 55 4,163 Other comprehensive loss (7,656 ) (55 ) (7,711 ) Balances as of December 31, 2020 (3,548 ) — (3,548 ) Other comprehensive loss (2,542 ) — (2,542 ) Balances as of December 31, 2021 (6,090 ) — (6,090 ) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based compensation | |
Schedule of share-based compensation expenses | For the year ended December 31, 2019 2020 2021 (RMB in millions) Cost of revenues 82 98 102 Fulfillment 440 646 882 Marketing 259 347 586 Research and development 1,340 1,400 1,781 General and administrative 1,574 1,665 5,783 Total 3,695 4,156 9,134 |
Service-based | Employee and non-employee | |
Share-based compensation | |
Schedule of RSUs activity | A summary of activities of the service-based RSUs for the years ended December 31, 2019, 2020 and 2021 is presented as follows: Number of RSUs Weighted-Average Grant-Date Fair Value US$ Unvested as of December 31, 2018 118,496,092 15.58 Granted 33,202,744 14.29 Vested (20,423,568 ) 14.96 Forfeited or cancelled (30,444,064 ) 15.36 Unvested as of December 31, 2019 100,831,204 15.35 Granted 42,621,084 26.44 Vested (20,632,596 ) 15.25 Forfeited or cancelled (14,550,450 ) 16.13 Unvested as of December 31, 2020 108,269,242 19.62 Granted 30,069,498 39.93 Vested (23,834,466 ) 18.89 Forfeited or cancelled (19,395,408 ) 21.30 Unvested as of December 31, 2021 95,108,866 25.89 |
Schedule of service-based share options activity | A summary of activities of the service-based share options for the years ended December 31, 2019, 2020 and 2021 is presented as follows: Number of Weighted Weighted Aggregate US$ Year US$ in millions Outstanding as of December 31, 2018 15,747,736 6.55 5.3 73 Exercised (3,299,962 ) 5.72 Forfeited or cancelled (2,223,650 ) 8.52 Outstanding as of December 31, 2019 10,224,124 6.39 4.3 115 Exercised (5,073,294 ) 6.23 Forfeited or cancelled (243,770 ) 10.24 Outstanding as of December 31, 2020 4,907,060 6.38 3.0 184 Exercised (1,962,856 ) 5.49 Forfeited or cancelled (7,092 ) 13.42 Outstanding as of December 31, 2021 2,937,112 6.95 2.9 82 Vested and expected to vest as of December 31, 2021 2,917,942 6.91 2.8 82 Exercisable as of December 31, 2021 2,853,764 6.77 2.8 81 |
Net income_(loss) per share (Ta
Net income/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Net income/(loss) per share | |
Schedule of basic and diluted net income/(loss) per share | Basic and diluted net income/(loss) per share for each of the years presented are calculated as follows: For the year ended December 31, 2019 2020 2021 Numerator: Net income/(loss) attributable to ordinary shareholders – basic (RMB in millions) 12,184 49,405 (3,560 ) Impact of subsidiaries’ diluted earnings (RMB in millions) — (157 ) (2 ) Net income/(loss) attributable to ordinary shareholders – diluted (RMB in millions) 12,184 49,248 (3,562 ) Denominator: Weighted average number of shares – basic 2,912,637,241 3,021,808,985 3,107,436,665 Adjustments for dilutive options and RSUs 54,684,562 87,215,045 — Weighted average number of shares – diluted 2,967,321,803 3,109,024,030 3,107,436,665 Basic net income/(loss) per share attributable to ordinary shareholders (RMB) 4.18 16.35 (1.15 ) Diluted net income/(loss) per share attributable to ordinary shareholders (RMB) 4.11 15.84 (1.15 ) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Schedule of the major related parties and their relationships with the Group | The table below sets forth the major related parties and their relationships with the Group as of December 31, 2021: Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”) A shareholder of the Group Dada and its subsidiaries (“Dada Group”) An investee of the Group JD Technology (*) An investee of the Group, and controlled by the Founder Core Fund, Core Fund II, Development Fund I and Acquisition Fund I (“Property Funds”) Investees of the Group ATRenew and its subsidiaries (“ATRenew Group”) An investee of the Group (*) JD Technology became an investee of the Group since June 2020 (Note 6). |
Schedule of the major related party transactions | (a) The Group entered into the following transactions with the major related parties: Transactions For the year ended December 31, 2019 2020 2021 (RMB in millions) Revenues: Commission from cooperation on advertising business with Tencent Group(**) 288 355 248 Services provided and products sold to Tencent Group(**) 399 375 553 Services provided and products sold to Dada Group 133 179 523 Services provided and products sold to ATRenew Group 349 664 894 Services provided and products sold to JD Technology 342 598 882 Operating expenses: Services received and purchases from Tencent Group(**) 2,222 3,226 5,010 Services received from Dada Group 1,565 2,200 1,087 Payment processing and other services received from JD Technology 4,981 6,945 8,762 Lease and property management services received from Property Funds 476 838 1,180 Services received from ATRenew Group 10 32 31 Other income: Income from non-compete 82 82 77 Interest income from loans provided to JD Technology 41 31 253 Interest income from loans provided to Property Funds 75 49 39 (**) In March 2014, the Group entered into a series of agreements with Tencent and its affiliates pursuant to which the Group acquired 100% interests in Tencent’s Paipai and QQ Wanggou online marketplace businesses, a 9.9% stake in Shanghai Icson E-Commerce Development Company Limited, logistics personnel and certain other assets. The Group also entered into a five-year strategic cooperation agreement and an eight-year non-compete |
Schedule of the major related party balances | (b) The Group had the following balances with the major related parties: As of December 31, 2020 2021 (RMB in millions) Due from Tencent Group 791 1,956 Due from JD Technology Loans provided to JD Technology (***) 2,707 2,876 Other receivables from/(payables) to JD Technology 1,359 (416 ) Due from Property Funds Loans provided to Property Funds 1,045 769 Other receivables from Property Funds 615 87 Due from ATRenew Group 5 — Total 6,522 5,272 Due to Dada Group (498 ) (337 ) Due to ATRenew Group — (45 ) Total (498 ) (382 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Dada Group (145 ) (83 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to ATRenew Group (1,468 ) (1,038 ) Total (1,613 ) (1,121 ) Other liabilities in relation to non-compete (181 ) (101 ) Total (181 ) (101 ) (***) In relation to the loans provided to JD Technology and Property Funds, the Group charged JD Technology and Property Funds based on fair market interest rate, and cash flows resulted from the loans were presented within investing activities in the consolidated statements of cash flows. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Schedule of the Group's operating segment results | The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2019, 2020 and 2021, with prior periods’ segment information retrospectively recast to conform to current period presentation: For the year ended December 31, 2019 2020 2021 (RMB in millions) Net revenues: JD Retail 545,281 693,965 866,303 JD Logistics 49,848 73,375 104,693 New Businesses 11,740 17,601 26,063 Inter-segment(*) (31,127 ) (39,945 ) (46,043 ) Total segment net revenues 575,742 744,996 951,016 Unallocated items 1,146 806 576 Total consolidated net revenues 576,888 745,802 951,592 Operating income/(loss): JD Retail 14,991 20,611 26,613 JD Logistics (508 ) 1,098 (1,827 ) New Businesses (1,730 ) (4,723 ) (10,600 ) Including: gain on sale of development properties (Note 19) 3,885 1,649 767 Total segment operating income 12,753 16,986 14,186 Unallocated items(**) (3,758 ) (4,643 ) (10,045 ) Total consolidated operating income 8,995 12,343 4,141 Total other income/(expense) 4,698 38,476 (6,721 ) Income/(loss) before tax 13,693 50,819 (2,580 ) (*) The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, and property leasing services provided by JD Property to JD Logistics. (**) A summary of unallocated items for the years presented is as foll o For the year ended December 31, 2019 2020 2021 (RMB in millions) Share-based compensation (3,695 ) (4,156 ) (9,134 ) Amortization of intangible assets resulting from assets and business acquisitions (885 ) (723 ) (940 ) Effects of business cooperation arrangements 822 236 29 Total (3,758 ) (4,643 ) (10,045 ) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Internet data center (IDC) service | |
Schedule of future minimum payments under these non-cancelable agreements with initial terms of one year or more | Future minimum payments under these non-cancelable As of December 31, (RMB in millions) 2022 958 2023 817 2024 779 2025 354 2026 327 2027 and thereafter 2,263 5,498 |
Principal activities and orga_3
Principal activities and organization (Details) | Dec. 31, 2021 |
Jingdong Century | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Jiangsu Jingdong Information Technology Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Shanghai Shengdayuan | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Logistics Holding Limited (formerly known as Jingdong E-Commerce (Express) Hong Kong Co., Ltd.) | |
Organization | |
Equity interest held (as a percent) | 63.00% |
Jingdong Technology Group Corporation | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Property Group Corporation ("JD Property") (formerly known as Jingdong Logistics Group Corporation) | |
Organization | |
Equity interest held (as a percent) | 84.00% |
JD Logistics, Inc. (formerly known as Jingdong Express Group Corporation) ("JD Logistics") | |
Organization | |
Equity interest held (as a percent) | 63.00% |
JD.com E-Commerce (Technology) Hong Kong Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Jingdong E-Commerce (Trade) Hong Kong Co., Ltd | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD.com International Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Beijing Jingdong Shangke Information Technology Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD.com E-Commerce (Investment) Hong Kong Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Chongqing Jingdong Haijia E-commerce Co., Ltd. ("Chongqing Haijia") | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD.com Overseas Innovation Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD.com Investment Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Asia Development Limited | |
Organization | |
Equity interest held (as a percent) | 84.00% |
Suqian Hanbang Investment Management Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Xi'an Jingxundi Supply Chain Technology Co., Ltd. ("Xi'an Jingxundi") | |
Organization | |
Equity interest held (as a percent) | 63.00% |
Xi'an Jingdong Xuncheng Logistics Co., Ltd | |
Organization | |
Equity interest held (as a percent) | 63.00% |
JD Assets Holding Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Property Holding Limited (formerly known as JD Logistics Holding Limited) | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Beijing Wodong Tianjun Information Technology Co., Ltd. ("Beijing Wodong Tianjun") | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Beijing Jingdong Zhenshi Information Technology Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 63.00% |
JD Health International Inc. | |
Organization | |
Equity interest held (as a percent) | 67.00% |
Jiangsu Huiji Space Technology Co., Ltd. ("Jiangsu Huiji") | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Jiankang Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Industrial Technology Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Industrial Technology Inc. ("JD Industry") | |
Organization | |
Equity interest held (as a percent) | 81.00% |
Jingdong Logistics Supply Chain Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 63.00% |
Jingdong Five Star Appliance Group Co., Ltd. (formerly known as Jiangsu Five Star Appliance Co., Ltd.) ("Jiangsu Five Star") | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Principal activities and orga_4
Principal activities and organization (Details 2) $ / shares in Units, ¥ in Millions, $ in Millions | May 28, 2021CNY (¥)shares | Dec. 08, 2020CNY (¥)shares | Jun. 18, 2020CNY (¥) | May 31, 2014shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | May 28, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 08, 2020$ / shares | Jun. 18, 2020$ / sharesshares | Dec. 31, 2018CNY (¥) | |
VIEs and VIEs' subsidiaries | ||||||||||||||||
Total assets | ¥ 496,507 | ¥ 422,288 | $ 77,912 | |||||||||||||
Total liabilities | 249,723 | 200,669 | 39,187 | |||||||||||||
Total net revenues | 951,592 | $ 149,326 | 745,802 | ¥ 576,888 | ||||||||||||
Net loss | (4,467) | (701) | 49,337 | 11,890 | ||||||||||||
Net cash provided by operating activities | 42,301 | 6,638 | 42,544 | 24,781 | ||||||||||||
Net cash used in investing activities | (74,248) | (11,651) | (57,811) | (25,349) | ||||||||||||
Net cash provided by financing activities | 19,503 | 3,060 | 71,072 | 2,572 | ||||||||||||
Net increase in cash, cash equivalents, and restricted cash | (13,942) | (2,188) | 50,723 | 2,410 | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 90,519 | 14,205 | 39,912 | 37,502 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of year | 76,693 | $ 12,035 | 90,519 | $ 14,205 | 39,912 | |||||||||||
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries | 245,572 | 204,486 | 84,660 | $ 38,535 | ¥ 60,867 | |||||||||||
Common stock value per share | $ / shares | $ 0.00002 | $ 0.00002 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries | [1] | ¥ 0 | ¥ 0 | ¥ 0 | ¥ 0 | |||||||||||
Stock issued during the period shares | shares | 1,914,998 | 1,914,998 | 155,850,684 | 155,850,684 | 8,127,302 | |||||||||||
Hong Kong Stock Exchange | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Proceeds from issuance of offering | ¥ 31,300 | |||||||||||||||
Class A ordinary shares | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Ordinary shares, shares issued | shares | 2,731,123,330 | 2,685,542,982 | 2,731,123,330 | 152,912,100 | ||||||||||||
Class A ordinary shares | HKD | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Common stock value per share | $ / shares | $ 226 | |||||||||||||||
Class A ordinary shares | IPO [Member] | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Stock issued during the period shares | shares | 166,120,400 | |||||||||||||||
JD Health International Inc | IPO [Member] | Common Stock [Member] | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Stock issued during the period shares | shares | 439,185,000 | |||||||||||||||
Sale of stock issue price per share | $ / shares | $ 70.58 | |||||||||||||||
Sale of stock net consideration received on the transaction | ¥ 25,700 | |||||||||||||||
JD Logistics, Inc | IPO [Member] | Common Stock [Member] | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Stock issued during the period shares | shares | 700,534,900 | |||||||||||||||
Sale of stock issue price per share | $ / shares | $ 40.36 | |||||||||||||||
Sale of stock net consideration received on the transaction | ¥ 22,900 | |||||||||||||||
VIEs and their subsidiaries | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Total assets | ¥ 80,138 | ¥ 65,594 | ||||||||||||||
Total liabilities | 77,858 | 59,298 | ||||||||||||||
Total net revenues | 117,419 | 86,054 | ¥ 59,306 | |||||||||||||
Net loss | (3,069) | (422) | (2,268) | |||||||||||||
Net cash provided by operating activities | 1,593 | 9,912 | 954 | |||||||||||||
Net cash used in investing activities | (10,089) | (11,053) | (6,450) | |||||||||||||
Net cash provided by financing activities | 11,611 | 2,659 | 5,543 | |||||||||||||
Net increase in cash, cash equivalents, and restricted cash | 3,115 | 1,518 | 47 | |||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 2,445 | 927 | 880 | |||||||||||||
Cash, cash equivalents, and restricted cash at end of year | 5,560 | 2,445 | 927 | |||||||||||||
Registered capitals and PRC statutory reserves of the Group's consolidated VIEs | 3,151 | |||||||||||||||
Total shareholders' equity(deficit) of the Group's VIEs and VIEs' subsidiaries | 1,535 | 5,570 | ||||||||||||||
VIEs and their subsidiaries | JD Variable Interest Entity with the intra-company balances and transactions within the Group eliminated [Member] | ||||||||||||||||
VIEs and VIEs' subsidiaries | ||||||||||||||||
Total assets | 77,734 | 64,492 | ||||||||||||||
Total liabilities | 32,642 | 29,621 | ||||||||||||||
Total net revenues | ¥ 59,124 | ¥ 36,976 | ¥ 26,845 | |||||||||||||
[1] | Absolute value is less than RMB1 million. |
Summary of significant accoun_4
Summary of significant accounting policies (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Foreign currency translation | ||||
Total exchange gains/(losses) | ¥ 42,000,000 | $ 7 | ¥ (90,000,000) | ¥ 124,000,000 |
Total foreign currency translation adjustments gains/(losses) | ¥ (2,872,000,000) | $ (451) | (7,955,000,000) | 794,000,000 |
Convenience translation | ||||
Convenience translation rate (RMB to USD) | 6.3726 | |||
Loan receivables, net | ||||
Provision for the doubtful loan receivables | ¥ 0 | 0 | 0 | |
Construction in progress | ||||
Amount of construction in progress | 5,817,000,000 | 7,906,000,000 | ||
Others, net | ||||
Foreign currency translation | ||||
Total exchange gains/(losses) | ¥ 42,000,000 | (90,000,000) | ¥ 124,000,000 | |
Minimum | ||||
Loan receivables, net | ||||
Loan periods extended range | 1 month | 1 month | ||
Maximum | ||||
Loan receivables, net | ||||
Loan periods extended range | 24 months | 24 months | ||
Electronic equipment | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 3 years | 3 years | ||
Electronic equipment | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Office equipment | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Vehicles | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 3 years | 3 years | ||
Vehicles | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Logistic,warehouse and other heavy equipment | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Logistic,warehouse and other heavy equipment | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 10 years | 10 years | ||
Software | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 3 years | 3 years | ||
Software | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Building | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 40 years | 40 years | ||
Building improvement | Minimum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 5 years | 5 years | ||
Building improvement | Maximum | ||||
Property, equipment and software, net | ||||
Estimated useful Lives (in Years) | 10 years | 10 years | ||
Other non-current assets | ||||
Loan receivables, net | ||||
The loan receivables with the collection period over one year | ¥ 733,000,000 | 259,000,000 | ||
Prepayments and other current assets | ||||
Loan receivables, net | ||||
The loan receivables with the collection period less than one year | ¥ 1,817,000,000 | ¥ 683,000,000 |
Summary of significant accoun_5
Summary of significant accounting policies (Details 2) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Land use rights, net | |
Estimated useful lives (in years) | 18 years |
Maximum | |
Land use rights, net | |
Estimated useful lives (in years) | 50 years |
Strategic Cooperation Agreement | |
Intangible assets, net | |
Estimated useful lives (in years) | 5 years |
Non-compete Agreement | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 5 years |
Non-compete Agreement | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 8 years |
Domain names and trademarks | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 5 years |
Domain names and trademarks | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 20 years |
Customer relationship | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 3 years |
Customer relationship | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 10 years |
Technology and others | Minimum | |
Intangible assets, net | |
Estimated useful lives (in years) | 2 years |
Technology and others | Maximum | |
Intangible assets, net | |
Estimated useful lives (in years) | 10 years |
Summary of significant accoun_6
Summary of significant accounting policies (Details 3) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥)leaseitem | Dec. 31, 2021USD ($)leaseitem | Dec. 31, 2020CNY (¥)segmentleaseitem | Dec. 31, 2019CNY (¥)lease | Dec. 31, 2021USD ($) | |
Revenue | |||||
Liabilities for return allowances | ¥ 618,000,000 | ¥ 496,000,000 | |||
Net revenues | 951,592,000,000 | $ 149,326 | 745,802,000,000 | ¥ 576,888,000,000 | |
Accounts receivable, net of allowance for doubtful accounts | 11,900,000,000 | 7,112,000,000 | $ 1,867 | ||
Unearned revenue | 29,184,000,000 | ¥ 26,033,000,000 | |||
Unearned revenue recognized | ¥ 20,124,000,000 | ||||
Revenue, Practical Expedient | true | true | |||
Customer incentives and loyalty programs | |||||
Types of discounted coupons | item | 2 | 2 | 2 | ||
Fulfillment | |||||
Fulfillment | ¥ 59,055,000,000 | $ 9,267 | ¥ 48,700,000,000 | 36,968,000,000 | |
Marketing | |||||
Advertising costs | ¥ 32,704,000,000 | ¥ 23,088,000,000 | ¥ 19,286,000,000 | ||
Leases | |||||
Number of capital leases | lease | 0 | 0 | 0 | 0 | |
Segment reporting | |||||
Number of major business segments | segment | 2 | ||||
Statutory reserves | |||||
Appropriations of statutory reserves | ¥ 53,000,000 | ¥ 74,000,000 | ¥ 59,000,000 | ||
Appropriations to other reserve funds | ¥ 0 | 0 | 0 | ||
PRC | General reserve fund | Foreign invested enterprise | |||||
Statutory reserves | |||||
Minimum portion of after tax profit to be allocated to general reserve under PRC law (as a percentage) | 10.00% | 10.00% | |||
Maximum percentage of statutory general reserve related to entity's registered capital | 50.00% | 50.00% | |||
PRC | Statutory surplus reserve | Domestic enterprise | |||||
Statutory reserves | |||||
Minimum portion of after tax profit to be allocated to statutory surplus under PRC law (as a percentage) | 10.00% | 10.00% | |||
Maximum percentage of statutory surplus reserve related to entity's registered capital | 50.00% | 50.00% | |||
Electronics and home appliance products | |||||
Revenue | |||||
Net revenues | ¥ 492,592,000,000 | 400,927,000,000 | 328,703,000,000 | ||
General merchandise products | |||||
Revenue | |||||
Net revenues | 323,063,000,000 | 250,952,000,000 | 182,031,000,000 | ||
Shipping | |||||
Fulfillment | |||||
Fulfillment | 27,786,000,000 | 23,088,000,000 | 17,859,000,000 | ||
Online marketplace and marketing services | |||||
Revenue | |||||
Net revenues | 72,118,000,000 | 53,473,000,000 | 42,680,000,000 | ||
Logistics and other services | |||||
Revenue | |||||
Net revenues | 63,819,000,000 | 40,450,000,000 | ¥ 23,474,000,000 | ||
Accrued expenses and other current liabilities | |||||
Revenue | |||||
Liabilities for return allowances | 618,000,000 | 496,000,000 | |||
Prepayments and other current assets | |||||
Revenue | |||||
Rights to recover products from customers | ¥ 660,000,000 | ¥ 533,000,000 |
Concentration and risks (Detail
Concentration and risks (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration and risks | ||
Foreign currency exchange appreciation (depreciation) rate | 2.00% | (7.00%) |
Currency convertibility risk | ||
Concentration and risks | ||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 99,174 | ¥ 58,097 |
Restricted cash (Details)
Restricted cash (Details) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Restricted cash | |||
Restricted cash | ¥ 5,926 | $ 930 | ¥ 4,434 |
Fair value measurement (Details
Fair value measurement (Details) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Assets | |||
Investment securities | ¥ 19,088 | $ 2,995 | ¥ 39,085 |
Recurring basis | |||
Assets | |||
Restricted cash | 5,926 | 4,434 | |
Total assets | 102,024 | 67,813 | |
Recurring basis | Wealth management products | |||
Assets | |||
Short-term investments | 77,010 | 24,294 | |
Recurring basis | Listed equity securities | |||
Assets | |||
Investment securities | 19,088 | 39,085 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets | |||
Total assets | 19,088 | 39,085 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Listed equity securities | |||
Assets | |||
Investment securities | 19,088 | 39,085 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | |||
Assets | |||
Restricted cash | 5,926 | 4,434 | |
Total assets | 82,936 | 28,728 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | Wealth management products | |||
Assets | |||
Short-term investments | ¥ 77,010 | ¥ 24,294 |
Fair value measurement (Detai_2
Fair value measurement (Details 2) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term investments | |||
Impairment charges | ¥ 0 | ¥ 0 | ¥ 0 |
Wealth management products | |||
Short-term investments | |||
Gain (loss) from changes in fair value option | 1,514,000,000 | ||
Gross unrealized gains | ¥ 474,000,000 | ¥ 11,000 |
Fair value measurement (Detai_3
Fair value measurement (Details 3) - CNY (¥) ¥ in Millions | Nov. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2021 |
Investment securities | |||||||||
Unrealized gain/(loss) of the investment securities | ¥ 9,344 | ¥ 18,722 | ¥ 3,414 | ||||||
Accumulated Impairment of Measurement Alternative | 2,779 | 2,660 | ¥ 2,660 | ¥ 2,779 | |||||
China Unicom | |||||||||
Investment securities | |||||||||
Total consideration for the investment | ¥ 5,000 | ||||||||
Unrealized gain/(loss) of the investment securities | (388) | (1,047) | 527 | ||||||
Vipshop | |||||||||
Investment securities | |||||||||
Total consideration for the investment | ¥ 2,795 | ¥ 1,122 | |||||||
Unrealized gain/(loss) of the investment securities | (6,560) | ¥ 4,272 | 3,082 | ||||||
Farfetch | |||||||||
Investment securities | |||||||||
Total consideration for the investment | 2,975 | ||||||||
Percentage of disposal | 44.20% | ||||||||
Unrealized gain/(loss) of the investment securities | ¥ 8,427 | (2,091) | |||||||
Realized gain of investment | 13,308 | ||||||||
ESR cayman limited | |||||||||
Investment securities | |||||||||
Total consideration for the investment | ¥ 1,952 | ||||||||
Percentage of disposal | 3.40% | 8.00% | |||||||
Unrealized gain/(loss) of the investment securities | (396) | ¥ 1,632 | 1,777 | ||||||
Significant Other Observable Inputs (Level 2) | |||||||||
Investment securities | |||||||||
Unsecured senior notes | 10,020 | 14,008 | 14,008 | 10,020 | |||||
Fair value of held to maturity debt securities | 3,008 | 17,470 | 17,470 | 3,008 | |||||
Significant Unobservable Inputs (Level 3) | Nonrecurring basis | Others, net | |||||||||
Investment securities | |||||||||
Impairment of investments | 119 | 202 | ¥ 1,612 | ||||||
Bank Time Deposits [Member] | Significant Other Observable Inputs (Level 2) | |||||||||
Investment securities | |||||||||
Time deposits | 39,282 | 36,473 | 36,473 | 39,282 | |||||
Bank Time Deposits [Member] | Significant Other Observable Inputs (Level 2) | Other Noncurrent Assets [Member] | |||||||||
Investment securities | |||||||||
Investment in time deposit with maturity of more than one year | ¥ 5,427 | ¥ 5,073 | ¥ 5,073 | ¥ 5,427 |
JD Technology reorganization (D
JD Technology reorganization (Details) - JD Technology [Member] - CNY (¥) ¥ in Millions | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2017 | Dec. 31, 2018 |
JD Technology reorganization | ||||
Percentage of equity interest converted from profit sharing right | 36.80% | |||
Additional cash in investment | ¥ 4,000 | ¥ 1,780 | ||
Equity method investment, ownership percentage | 41.70% | 36.80% | ||
Dual Class Voting Shareholding Structure [Member] | ||||
JD Technology reorganization | ||||
Percentage of Voting Right | 18.70% | |||
Held-for-sale | ||||
JD Technology reorganization | ||||
Percentage of equity stake disposed | 68.60% | |||
Amount raised | ¥ 14,300 | |||
Percentage of profit sharing right | 40.00% | 36.00% | ||
Percentage of equity interest can be converted from profit sharing right | 40.00% | 36.00% |
Business acquisition - Summary
Business acquisition - Summary of purchase price as of the date of jiangsu five star acquisition (Detail) - Jiangsu Five Star [Member] - CNY (¥) ¥ in Millions | Apr. 30, 2020 | Apr. 30, 2019 |
Summary of purchase price as of the date of acquisition [Line Items] | ||
Conversion of loan and assuming of debt | ¥ 1,025 | ¥ 1,025 |
Fair value of previously held equity interests | 1,274 | |
Total | ¥ 2,299 |
Business acquisition - Schedule
Business acquisition - Schedule of allocation of the purchase price as of the date of jiangsu five star acquisition (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Apr. 30, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Goodwill | ¥ 12,433 | $ 1,951 | ¥ 10,904 | ¥ 6,644 | |
Jiangsu Five Star [Member] | |||||
Details of allocation of the purchase price as of the date of acquisition as follows [Line Items] | |||||
Net liabilities assumed | ¥ (14) | ||||
Appreciation of property, equipment and software | 190 | ||||
Trademark | 489 | ||||
Goodwill | 2,185 | ||||
Deferred tax liabilities | (170) | ||||
Non-controlling interests | (381) | ||||
Total | ¥ 2,299 |
Business acquisition - Schedu_2
Business acquisition - Schedule of allocation of the purchase price as of the date of kuayue express acquisition (Detail) - CNY (¥) ¥ in Millions | Aug. 31, 2020 | Dec. 31, 2020 |
Summary of purchase price as of the date of acquisition is comprised [Line Items] | ||
Issuance of ordinary shares of JD Logistics less cash proceeds received | ¥ 116 | |
Kuayue Express [Member] | ||
Summary of purchase price as of the date of acquisition is comprised [Line Items] | ||
Cash | ¥ 2,850 | |
Issuance of ordinary shares of JD Logistics less cash proceeds received | 116 | |
Total | ¥ 2,966 |
Business acquisition - Details
Business acquisition - Details of allocation of the purchase price as of the date of acquisition is summarized as follows (Details) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Aug. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
Goodwill | ¥ 12,433 | $ 1,951 | ¥ 10,904 | ¥ 6,644 | |
Kuayue Express [Member] | |||||
Details of allocation of the purchase price as of the date of acquisition is summarized as follows [Line Items] | |||||
Net assets acquired | ¥ 1,110 | ||||
Appreciation of property, equipment and software | 362 | ||||
Customer relationship | 2,550 | ||||
Goodwill | 1,633 | ||||
Deferred tax liabilities | (728) | ||||
Non-controlling interests | (1,961) | ||||
Total | ¥ 2,966 |
Business acquisition - Addition
Business acquisition - Additional information (Detail) - CNY (¥) ¥ in Millions | Aug. 31, 2020 | Jun. 30, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Lineitems [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 9 years 7 months 6 days | 9 years 6 months | ||||
Jiangsu Five Star [Member] | ||||||
Statement Lineitems [Line Items] | ||||||
Business Acquisition, Transaction Costs | ¥ 1,274 | |||||
Business Acquisition, Percentage of Equity Interest | 46.00% | |||||
Business Acquisition, Percentage of Equity Interest Acquired | 17.00% | 37.00% | ||||
Acquisition of equity interest by loan conversion | ¥ 1,025 | ¥ 1,025 | ||||
Gain On Revaluation of equity interest | 442 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | 1,720 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,652 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ¥ 4,102 | |||||
Finite-Lived Intangible Asset, Useful Life | 19 years | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | ¥ 428 | |||||
Kuayue Express [Member] | ||||||
Statement Lineitems [Line Items] | ||||||
Percenatge of ordinary shares acquired | 60.20% | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||
Business Combination, Consideration Transferred | ¥ 2,966 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,376 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 986 | |||||
Business acquisition recognized identifiable assets and liabilities assumed current assets trade receivables | 830 | |||||
Business acquistion trade receivables gross contractual amount | 924 | |||||
Business acquisition trade receivables amount not expected to be collected | ¥ 94 |
Investment in equity investee_2
Investment in equity investees (Details) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Measurement Alternative and NAV practical expedient investments | |||
Carrying amount of investment under NAV practical expedient | ¥ 7,325 | ¥ 6,712 | |
Carrying values of equity investments measured at fair value using the Measurement Alternative | 19,643 | 21,624 | |
Measurement alternative and NAV practical expedient investments | ¥ 4,787 | ¥ 10,201 | ¥ 6,198 |
Investment in equity investee_3
Investment in equity investees (Details 2) ¥ in Millions, $ in Millions | Jun. 18, 2021CNY (¥)shares | Jun. 05, 2020CNY (¥) | Jun. 03, 2019CNY (¥) | Apr. 26, 2016 | Mar. 31, 2021CNY (¥) | Jun. 30, 2020CNY (¥) | Dec. 31, 2021CNY (¥)item | Sep. 30, 2021CNY (¥) | Dec. 31, 2021CNY (¥)item | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($)item | Jun. 30, 2021CNY (¥) | Jun. 30, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Aug. 11, 2016 |
Equity method investments | ||||||||||||||||||
Investments accounted for under the equity method | ¥ 36,254 | ¥ 36,254 | ¥ 30,165 | |||||||||||||||
Equity method investment with the investment cost allocation | ||||||||||||||||||
Carrying value of equity investment | 36,254 | 36,254 | 30,165 | |||||||||||||||
Operating data: | ||||||||||||||||||
Net income/(loss) | (4,467) | $ (701) | 49,337 | ¥ 11,890 | ||||||||||||||
Balance sheet data: | ||||||||||||||||||
Current assets | 299,672 | 299,672 | 234,801 | $ 47,024 | ||||||||||||||
Non-current assets | 196,835 | 196,835 | 187,487 | 30,888 | ||||||||||||||
Current liabilities | 221,636 | 221,636 | 174,017 | 34,779 | ||||||||||||||
Non-current liabilities | 28,087 | 28,087 | 26,652 | 4,408 | ||||||||||||||
Non-controlling interests | 36,661 | 36,661 | 16,943 | 5,753 | ||||||||||||||
Additional paid-in capital | 182,578 | 182,578 | 153,358 | $ 28,650 | ||||||||||||||
Impairment charges | 574 | $ 90 | 208 | 1,954 | ||||||||||||||
Equity Method Investments [Member] | ||||||||||||||||||
Operating data: | ||||||||||||||||||
Revenues | 145,582 | 140,263 | 128,942 | |||||||||||||||
Gross profit | 39,736 | 45,590 | 34,541 | |||||||||||||||
Income/(loss) from operation | 1,877 | 5,157 | (534) | |||||||||||||||
Net income/(loss) | (250) | 2,680 | (565) | |||||||||||||||
Net income/(loss) attributable to ordinary shareholders | 675 | 3,292 | (1,235) | |||||||||||||||
Balance sheet data: | ||||||||||||||||||
Current assets | 150,304 | 150,304 | 129,535 | |||||||||||||||
Non-current assets | 140,872 | 140,872 | 97,110 | |||||||||||||||
Current liabilities | 109,790 | 109,790 | 97,669 | |||||||||||||||
Non-current liabilities | 49,919 | 49,919 | 17,371 | |||||||||||||||
Non-controlling interests | 973 | 973 | 1,119 | |||||||||||||||
Share of results of equity investees | ||||||||||||||||||
Equity method investment with the investment cost allocation | ||||||||||||||||||
Impairment charges in connection with the equity method | 5,514 | 488 | 797 | |||||||||||||||
Yonghui Group | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Investments accounted for under the equity method | ¥ 4,592 | ¥ 4,592 | 6,538 | |||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 13.00% | 13.00% | 13.00% | 10.00% | ||||||||||||||
Total consideration in cash | ¥ 6,462 | |||||||||||||||||
Number of board seat held | item | 2 | 2 | 2 | |||||||||||||||
Number of board seats | item | 9 | 9 | 9 | |||||||||||||||
Dividend received | ¥ 25 | 147 | 120 | |||||||||||||||
Equity method investment with the investment cost allocation | ||||||||||||||||||
Carrying value of equity investment | ¥ 4,592 | 4,592 | 6,538 | |||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,225 | 2,225 | 2,602 | |||||||||||||||
Positive(negative) basis difference | 2,367 | 2,367 | 3,936 | |||||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 1,111 | 1,111 | 2,603 | |||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 1,674 | 1,674 | 1,777 | |||||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (418) | ¥ (418) | (444) | |||||||||||||||
Weighted average remaining life of the intangible assets | 14 years | 14 years | ||||||||||||||||
Aggregate market values | 4,921 | ¥ 4,921 | 8,723 | |||||||||||||||
Balance sheet data: | ||||||||||||||||||
Impairment charges | ¥ 1,492 | |||||||||||||||||
Dada Group | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Investments accounted for under the equity method | ¥ 6,075 | ¥ 6,075 | 7,280 | |||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 46.00% | 46.00% | 46.00% | |||||||||||||||
Total consideration in cash | 703 | ¥ 3,513 | ||||||||||||||||
Number of board seat held | item | 3 | 3 | 3 | |||||||||||||||
Number of board seats | item | 9 | 9 | 9 | |||||||||||||||
Total consideration for equity investment | ¥ 5,723 | ¥ 5,723 | ||||||||||||||||
Equity method investment with the investment cost allocation | ||||||||||||||||||
Carrying value of equity investment | ¥ 6,075 | ¥ 6,075 | 7,280 | |||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,136 | 2,136 | 3,336 | |||||||||||||||
Positive(negative) basis difference | 3,939 | 3,939 | 3,944 | |||||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 3,893 | 3,893 | 3,893 | |||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 61 | 61 | 68 | |||||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (15) | ¥ (15) | (17) | |||||||||||||||
Weighted average remaining life of the intangible assets | 4 years | 4 years | ||||||||||||||||
Aggregate market values | 9,106 | ¥ 9,106 | 25,846 | |||||||||||||||
Balance sheet data: | ||||||||||||||||||
Deemed disposal gain | ¥ 5,229 | |||||||||||||||||
Dada Group | Supply chain support | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Estimated useful lives (in years) | 10 years | |||||||||||||||||
Dada Group | Traffic and other additional support | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Estimated useful lives (in years) | 7 years | |||||||||||||||||
Dada Group | Non-compete Agreement | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Estimated useful lives (in years) | 7 years | |||||||||||||||||
JD Technology | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Investments accounted for under the equity method | ¥ 7,430 | 11,202 | 11,202 | ¥ 2,620 | ||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 36.80% | |||||||||||||||||
Total consideration in cash | ¥ 4,000 | ¥ 1,780 | ||||||||||||||||
Equity method investment with the investment cost allocation | ||||||||||||||||||
Carrying value of equity investment | ¥ 7,430 | 11,202 | 11,202 | ¥ 2,620 | ||||||||||||||
Balance sheet data: | ||||||||||||||||||
Additional paid-in capital | (901) | (901) | 5,650 | |||||||||||||||
Percentage of equity interest | 41.70% | |||||||||||||||||
ATRenew | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Investments accounted for under the equity method | ¥ 2,832 | ¥ 2,832 | ||||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 33.00% | 33.00% | 33.00% | |||||||||||||||
Estimated useful lives (in years) | 5 years | |||||||||||||||||
Total consideration in cash | ¥ 321 | ¥ 139 | ||||||||||||||||
Number of board seat held | item | 2 | 2 | 2 | |||||||||||||||
Number of board seats | item | 7 | 7 | 7 | |||||||||||||||
Total consideration for equity investment | ¥ 129 | ¥ 129 | ¥ 401 | ¥ 3,381 | ¥ 359 | |||||||||||||
Common Stock Shares Subscribed | shares | 2,333,333 | |||||||||||||||||
Equity method investment with the investment cost allocation | ||||||||||||||||||
Carrying value of equity investment | 2,832 | 2,832 | ||||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,209 | 2,209 | ||||||||||||||||
Positive(negative) basis difference | 623 | 623 | ||||||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 35 | 35 | ||||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 784 | 784 | ||||||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (196) | ¥ (196) | ||||||||||||||||
Weighted average remaining life of the intangible assets | 8 years | 8 years | ||||||||||||||||
Aggregate market values | 2,832 | ¥ 2,832 | ||||||||||||||||
Gain (loss) from changes in fair value of product | ¥ 2,305 | |||||||||||||||||
Balance sheet data: | ||||||||||||||||||
Impairment charges | 3,909 | |||||||||||||||||
ATRenew | Ordinary shares | ||||||||||||||||||
Equity method investments | ||||||||||||||||||
Total consideration for equity investment | ¥ 41 | ¥ 41 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Accounts receivable | ||||
Accounts receivable | ¥ 12,934 | ¥ 7,678 | ||
Allowance for doubtful accounts | (1,034) | (566) | ¥ (318) | |
Accounts receivable, net | 11,900 | 7,112 | $ 1,867 | |
Movements in the allowance for doubtful accounts | ||||
Balance at beginning of the year | (566) | (318) | (178) | |
Additions | (535) | (331) | (214) | |
Write-off | 67 | 83 | 74 | |
Balance at end of the year | (1,034) | (566) | ¥ (318) | |
Logistics receivables | ||||
Accounts receivable | ||||
Accounts receivable | 6,204 | 4,406 | ||
Online retail and online marketplace receivables | ||||
Accounts receivable | ||||
Accounts receivable | 5,840 | 2,103 | ||
Advertising receivables and others | ||||
Accounts receivable | ||||
Accounts receivable | 890 | 1,169 | ||
Consumer financing receivables | ||||
Movements in the allowance for doubtful accounts | ||||
Additions | ¥ 0 | ¥ 0 |
Inventories, net (Details)
Inventories, net (Details) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Inventories | |||
Inventory, Gross | ¥ 77,900 | ¥ 60,925 | |
Inventory valuation allowance | (2,299) | (1,992) | |
Inventories, net | 75,601 | $ 11,863 | 58,933 |
Products | |||
Inventories | |||
Inventory, Gross | 77,422 | 60,455 | |
Packing materials and others | |||
Inventories | |||
Inventory, Gross | ¥ 478 | ¥ 470 |
Property, equipment and softw_3
Property, equipment and software, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | |
Property, equipment and software, net | |||||||
Total | ¥ 50,222 | ¥ 39,703 | |||||
Less: accumulated depreciation | (17,278) | (17,106) | |||||
Net book value | 32,944 | 22,597 | $ 5,170 | ||||
Depreciation expenses | 5,000 | 5,037 | ¥ 4,673 | ||||
Impairment charge | $ | $ 0 | $ 0 | $ 0 | ||||
Electronic equipment | |||||||
Property, equipment and software, net | |||||||
Total | 11,222 | 15,112 | |||||
Building and building improvement | |||||||
Property, equipment and software, net | |||||||
Total | 21,072 | 11,276 | |||||
Logistics,warehouse and other heavy equipment | |||||||
Property, equipment and software, net | |||||||
Total | 10,084 | 7,418 | |||||
Vehicles | |||||||
Property, equipment and software, net | |||||||
Total | 2,681 | 1,776 | |||||
Leasehold improvement | |||||||
Property, equipment and software, net | |||||||
Total | 3,766 | 2,900 | |||||
Office equipment | |||||||
Property, equipment and software, net | |||||||
Total | 530 | 440 | |||||
Software | |||||||
Property, equipment and software, net | |||||||
Total | ¥ 867 | ¥ 781 |
Land use rights, net (Details)
Land use rights, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | |
Land Use Rights, Net [Line Items] | |||||||
Land use rights | ¥ 15,253 | ¥ 11,787 | |||||
Less: accumulated amortization | (925) | (662) | |||||
Net book value | 14,328 | 11,125 | $ 2,248 | ||||
Amortization expenses | 276 | ¥ 229 | ¥ 222 | ||||
Amortization expenses related to the land use rights for future periods | |||||||
2022 | 319 | ||||||
2023 | 319 | ||||||
2024 | 319 | ||||||
2025 | 319 | ||||||
2026 | 319 | ||||||
2027 and thereafter | ¥ 12,733 | ||||||
Impairment charge | $ | $ 0 | $ 0 | $ 0 |
Intangible assets, net (Details
Intangible assets, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 9 years 7 months 6 days | 9 years 6 months | ||
Gross Carrying Amount | ¥ 16,491 | ¥ 16,161 | ||
Accumulated Amortization | (10,482) | (9,526) | ||
Impairment Amount | (172) | (172) | ||
Net Carrying Amount | 5,837 | 6,463 | $ 916 | |
Amortization expenses | 956 | 802 | ¥ 933 | |
Intangible assets impairment charge recorded | 0 | ¥ 0 | ¥ 0 | |
Amortization expenses related to the intangible assets for future periods | ||||
2022 | 818 | |||
2023 | 699 | |||
2024 | 576 | |||
2025 | 513 | |||
2026 | 507 | |||
2027 and thereafter | ¥ 2,724 | |||
Strategic Cooperation Agreement | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 5 years | 5 years | ||
Gross Carrying Amount | ¥ 6,075 | ¥ 6,075 | ||
Accumulated Amortization | ¥ (6,075) | ¥ (6,075) | ||
Non-compete Agreement | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 8 years | 8 years | ||
Gross Carrying Amount | ¥ 2,467 | ¥ 2,467 | ||
Accumulated Amortization | (2,120) | (1,811) | ||
Net Carrying Amount | ¥ 347 | ¥ 656 | ||
Domain names and trademarks | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 18 years 10 months 24 days | 18 years 10 months 24 days | ||
Gross Carrying Amount | ¥ 4,186 | ¥ 3,911 | ||
Accumulated Amortization | (1,066) | (837) | ||
Impairment Amount | (27) | (27) | ||
Net Carrying Amount | ¥ 3,093 | ¥ 3,047 | ||
Customer relationship | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 8 years 9 months 18 days | 8 years 10 months 24 days | ||
Gross Carrying Amount | ¥ 2,713 | ¥ 2,689 | ||
Accumulated Amortization | (454) | (155) | ||
Impairment Amount | (60) | (60) | ||
Net Carrying Amount | ¥ 2,199 | ¥ 2,474 | ||
Technology and Others | ||||
Intangible assets, net | ||||
Weighted-Average Amortization Period (in years) | 6 years | 6 years | ||
Gross Carrying Amount | ¥ 1,050 | ¥ 1,019 | ||
Accumulated Amortization | (767) | (648) | ||
Impairment Amount | (85) | (85) | ||
Net Carrying Amount | ¥ 198 | ¥ 286 |
Goodwill (Details)
Goodwill (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Goodwill | ||||
Goodwill | ¥ 13,504 | ¥ 9,244 | ||
Accumulated impairment loss | (2,600) | (2,600) | ||
Goodwill, beginning balance | 10,904 | 6,644 | ||
Additions | 1,529 | 4,260 | ||
Impairment | 0 | 0 | ¥ 0 | |
Goodwill | 15,033 | 13,504 | 9,244 | |
Accumulated impairment loss | (2,600) | (2,600) | (2,600) | |
Goodwill, ending balance | 12,433 | $ 1,951 | 10,904 | 6,644 |
JD Retail | ||||
Goodwill | ||||
Goodwill | 9,278 | 6,651 | ||
Accumulated impairment loss | (7) | (7) | ||
Goodwill, beginning balance | 9,271 | 6,644 | ||
Additions | 1,529 | 2,627 | ||
Goodwill | 10,807 | 9,278 | 6,651 | |
Accumulated impairment loss | (7) | (7) | (7) | |
Goodwill, ending balance | 10,800 | 9,271 | 6,644 | |
JD Logistics | ||||
Goodwill | ||||
Goodwill | 1,633 | |||
Goodwill, beginning balance | 1,633 | |||
Additions | 1,633 | |||
Goodwill | 1,633 | 1,633 | ||
Goodwill, ending balance | 1,633 | 1,633 | ||
New Businesses | ||||
Goodwill | ||||
Goodwill | 2,593 | 2,593 | ||
Accumulated impairment loss | (2,593) | (2,593) | ||
Goodwill | 2,593 | 2,593 | 2,593 | |
Accumulated impairment loss | ¥ (2,593) | ¥ (2,593) | ¥ (2,593) |
Accounts payable (Details)
Accounts payable (Details) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Accounts payable | |||
Vendor payable | ¥ 112,317 | ¥ 84,643 | |
Shipping charges payable and others | 28,167 | 22,175 | |
Total | 140,484 | $ 22,045 | 106,818 |
Outstanding payment obligations | ¥ 20,127 | ¥ 11,942 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Accrued expenses and other current liabilities | |||
Deposits | ¥ 17,372 | ¥ 15,344 | |
Salary and welfare | 8,396 | 7,984 | |
Rental fee payables | 1,199 | 677 | |
Accrued administrative expenses | 1,165 | 513 | |
Professional fee | 904 | 756 | |
Liabilities for return allowances | 618 | 496 | |
Internet data center fee | 444 | 562 | |
Vehicle fee | 437 | 316 | |
Payable related to employees' exercise of share-based awards | 333 | 269 | |
Interest payable | 134 | 136 | |
Others | 3,466 | 2,982 | |
Total | ¥ 34,468 | $ 5,409 | ¥ 30,035 |
Unsecured senior notes (Details
Unsecured senior notes (Details) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2016CNY (¥)item | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jan. 31, 2020CNY (¥) | Jan. 31, 2020USD ($) | Apr. 30, 2016USD ($) | |
Unsecured senior notes | |||||||||
Interest rate (as a percent) | 2.80% | 2.80% | |||||||
Carrying value | ¥ 9,386 | ¥ 9,594 | $ 1,473 | ||||||
Future principal payments for unsecured senior notes due | |||||||||
Due in 2026 | 3,188 | ||||||||
Unsecured senior notes | |||||||||
Unsecured senior notes | |||||||||
Number of maturities for debt issued | item | 2 | ||||||||
Aggregate principal amount | $ | $ 500 | $ 1,000 | $ 1,000 | ||||||
Carrying value | 9,386 | 12,854 | |||||||
Unamortized discount and debt issuance costs | 101 | 118 | |||||||
Total principal amounts of unsecured senior notes | 9,487 | 12,972 | |||||||
Debt discount | ¥ 79 | ¥ 37 | |||||||
Debt issuance costs | ¥ 36 | ¥ 45 | |||||||
Future principal payments for unsecured senior notes due | |||||||||
Due in 2026 | 3,188 | ||||||||
Due in 2030 | 4,431 | ||||||||
Due in 2050 | ¥ 1,868 | ||||||||
Debt instrument maturity date | Apr. 29, 2021 | Apr. 29, 2021 | |||||||
Repayments of debt | ¥ 0 | ||||||||
Unsecured senior notes | 3.125% notes due 2021 | |||||||||
Unsecured senior notes | |||||||||
Aggregate principal amount | $ | $ 500 | ||||||||
Interest rate (as a percent) | 3.125% | 3.125% | |||||||
Carrying value | 3,260 | ||||||||
Effective interest rate (as a percent) | 3.37% | 3.37% | |||||||
Unsecured senior notes | 3.875% notes due 2026 | |||||||||
Unsecured senior notes | |||||||||
Aggregate principal amount | $ | $ 500 | ||||||||
Interest rate (as a percent) | 3.875% | 3.875% | |||||||
Carrying value | ¥ 3,154 | 3,220 | |||||||
Effective interest rate (as a percent) | 4.15% | 4.15% | |||||||
Unsecured senior notes | 3.375% notes due 2030 | |||||||||
Unsecured senior notes | |||||||||
Aggregate principal amount | $ | $ 700 | ||||||||
Interest rate (as a percent) | 3.375% | 3.375% | |||||||
Carrying value | ¥ 4,402 | 4,502 | |||||||
Effective interest rate (as a percent) | 3.47% | 3.47% | |||||||
Unsecured senior notes | 4.125% notes due 2050 | |||||||||
Unsecured senior notes | |||||||||
Aggregate principal amount | $ | $ 300 | ||||||||
Interest rate (as a percent) | 4.125% | 4.125% | |||||||
Carrying value | ¥ 1,830 | 1,872 | |||||||
Effective interest rate (as a percent) | 4.25% | 4.25% | |||||||
Unsecured senior notes | Unsecured Senior Notes [Member] | |||||||||
Future principal payments for unsecured senior notes due | |||||||||
Debt instrument repurchase amount | 78 | $ 12 | |||||||
Take as Extension | 72 | $ 10 | |||||||
Unsecured Debt [Member] | |||||||||
Future principal payments for unsecured senior notes due | |||||||||
Repayments of debt | $ | $ 500 | ||||||||
Interest Expense [Member] | Unsecured senior notes | Unsecured Senior Notes [Member] | |||||||||
Future principal payments for unsecured senior notes due | |||||||||
Debt Instrument Repurchased Gain | ¥ 11 |
Unsecured senior notes (Detail
Unsecured senior notes (Detail 2) ¥ in Millions | Dec. 31, 2021CNY (¥) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Within 1 year | ¥ 0 |
Between 1 to 2 years | 0 |
Between 2 to 3 years | 0 |
Between 3 to 4 years | 0 |
Between 4 to 5 years | 3,188 |
Beyond 5 years | 6,299 |
Total | ¥ 9,487 |
Leases (Details)
Leases (Details) ¥ in Millions, $ in Millions | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Leases | |||
Operating lease ROU assets | ¥ 19,987 | $ 3,136 | ¥ 15,484 |
Operating lease liabilities-current | 6,665 | 1,046 | 5,513 |
Operating lease liabilities-non-current | 13,721 | $ 2,153 | 10,250 |
Total operating lease liabilities | ¥ 20,386 | ¥ 15,763 | |
Weighted average remaining lease term | 5 years 7 months 6 days | 5 years 7 months 6 days | 4 years 9 months 18 days |
Weighted average discount rate | 5.00% | 5.00% | 5.00% |
Leases (Details 2)
Leases (Details 2) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Operating lease cost | ¥ 6,763 | ¥ 4,903 | ¥ 3,377 |
Short-term lease cost | 2,782 | 1,902 | 1,213 |
Total | 9,545 | 6,805 | 4,590 |
Cash paid for operating leases | ¥ 6,715 | ¥ 4,801 | ¥ 3,461 |
Leases (Details 3)
Leases (Details 3) - CNY (¥) ¥ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases | ||
2022 | ¥ 6,778 | |
2023 | 4,807 | |
2024 | 3,338 | |
2025 | 2,292 | |
2026 | 1,504 | |
2027 and thereafter | 4,843 | |
Total lease payments | 23,562 | |
Less: interest | (3,176) | |
Present value of operating lease liabilities | ¥ 20,386 | ¥ 15,763 |
Gain on sale of development p_2
Gain on sale of development properties (Details) ¥ in Millions, $ in Millions | Jan. 31, 2020CNY (¥) | Feb. 27, 2019CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | Feb. 28, 2019 |
Gain on sale of development properties [Line Items] | ||||||||
Gain on sale of development properties | ¥ 767 | $ 120 | ¥ 1,649 | ¥ 3,885 | ||||
Disposal group discontinued operations cash and cash equivalents | ¥ 116 | $ 18 | ||||||
Core Fund II | Modern Logistics Facilities | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Total gross asset value to be disposed to Core Fund | ¥ 5,000 | |||||||
Logistics Investment Development Fund One | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Committed percentage of the total capital (as a percent) | 40.00% | 40.00% | ||||||
Minimum | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Lease term | 4 years | 4 years | ||||||
Maximum | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Lease term | 7 years | 7 years | ||||||
Core Fund | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Total gross asset value to be disposed to Core Fund | ¥ 11,000 | |||||||
Core Funds | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Gain on sale of development properties | 637 | ¥ 1,181 | ¥ 3,801 | |||||
Rental rate adjusted with growth rate of fair market rent | 5 years | 5 years | ||||||
Core Funds | General partner | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Committed percentage of the total capital (as a percent) | 10.00% | 20.00% | ||||||
Core Funds | GIC | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Committed percentage of the total capital (as a percent) | 90.00% | 80.00% | ||||||
GIC And Mubdala Investment Company | Logistics Investment Development Fund One | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Committed percentage of the total capital (as a percent) | 60.00% | 60.00% | ||||||
GIC And Mubdala Investment Company | Logistics Investment Development Fund One | Modern Logistics Facilities | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Gain on sale of development properties | ¥ 112 | ¥ 468 | ||||||
JD Aries Development Member | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Percentage of equity interest disposed | 60.00% | 60.00% | ||||||
Gain on disposal of assets | ¥ 18 | |||||||
Core Fund II | ||||||||
Gain on sale of development properties [Line Items] | ||||||||
Disposal group discontinued operations cash and cash equivalents | ¥ 116 |
Interest expense (Details)
Interest expense (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Interest expense | ¥ (1,213) | $ (190) | ¥ (1,125) | ¥ (725) |
Nonrecourse securitization debt | ||||
Interest expense | (38) | |||
Unsecured Senior Notes Bank Borrowings and Others | ||||
Interest expense | ¥ (1,213) | ¥ (1,125) | ¥ (687) |
Others, net (Details)
Others, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Others, net | ||||
Gains/(losses) from fair value change of long-term investments | ¥ (7,252) | ¥ 29,483 | ¥ 3,496 | |
Government financial incentives | 2,482 | 2,545 | 2,222 | |
Interest income | 4,213 | 2,753 | 1,786 | |
Gain from business and investment disposals | 140 | $ 22 | 279 | 1,199 |
Impairment of investments | (574) | (90) | (208) | (1,954) |
Foreign exchange gains/(losses), net | 42 | 7 | (90) | 124 |
Others | 359 | 548 | 288 | |
Total | ¥ (590) | $ (93) | ¥ 35,310 | ¥ 7,161 |
Taxation (Details)
Taxation (Details) - HKD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2023 |
Taxation | |||||||||
Applicable tax rate approved (as a percent) | 25.00% | 25.00% | 25.00% | ||||||
The Hong Kong profits applicable for the first tier tax rate | $ 2 | ||||||||
Beijing Jingdong Shangke Information Technology Co., Ltd. | Software enterprise | |||||||||
Taxation | |||||||||
Number of years exempted from income tax | 2 years | ||||||||
Number of years half exempted income tax | 3 years | ||||||||
Beijing Wodong Tianjun Information Technology Co., Ltd. [Member] | Software enterprise | |||||||||
Taxation | |||||||||
Number of years half exempted income tax | 3 years | ||||||||
PRC | |||||||||
Taxation | |||||||||
Applicable tax rate approved (as a percent) | 25.00% | ||||||||
Percentage of claiming tax deductible for research and development expense (as a percent) | 150.00% | ||||||||
Percentage of entitled to claim announced by State Taxation Administration (as a percent) | 175.00% | ||||||||
Withholding tax rate on dividend distributed by FIE | 10.00% | ||||||||
Maximum rate of withholding tax for dividends paid by an FIE in China to its immediate holding company in Hong Kong under specified conditions | 5.00% | ||||||||
Minimum ownership percentage of the FIE by foreign investors to qualify for withholding tax rate limit for dividends paid by an FIE in China to its immediate holding company in Hong Kong | 25.00% | ||||||||
PRC | High and new technology enterprise | |||||||||
Taxation | |||||||||
Preferential income tax rate (as a percent) | 15.00% | ||||||||
PRC | Beijing Jingdong Shangke Information Technology Co., Ltd. | High and new technology enterprise | |||||||||
Taxation | |||||||||
Preferential income tax rate (as a percent) | 15.00% | ||||||||
PRC | Beijing Jingdong Shangke Information Technology Co., Ltd. | Software enterprise | |||||||||
Taxation | |||||||||
Reduction percentage of preferential corporate income tax rate | 50.00% | ||||||||
Preferential income tax rate (as a percent) | 12.50% | ||||||||
PRC | Certain enterprises located in applicable PRC regions | Encouraged industry in the Western Regions of China | |||||||||
Taxation | |||||||||
Preferential income tax rate (as a percent) | 15.00% | ||||||||
PRC | Beijing Wodong Tianjun Information Technology Co., Ltd. [Member] | Software enterprise | |||||||||
Taxation | |||||||||
Reduction percentage of preferential corporate income tax rate | 50.00% | ||||||||
PRC | Sales of audio, video products and books | |||||||||
Taxation | |||||||||
Statutory VAT rate (as a percent) | 10.00% | 9.00% | |||||||
PRC | Sales of other products | |||||||||
Taxation | |||||||||
Statutory VAT rate (as a percent) | 16.00% | 13.00% | |||||||
PRC | Logistics services | |||||||||
Taxation | |||||||||
Statutory VAT rate (as a percent) | 10.00% | 6.00% | 9.00% | ||||||
PRC | Online advertising and other services | |||||||||
Taxation | |||||||||
Statutory VAT rate (as a percent) | 6.00% | ||||||||
Percentage of cultural undertaking development fees | 3.00% | ||||||||
PRC | Value Added Tax [Member] | |||||||||
Taxation | |||||||||
Reduction percentage of cultural undertaking development fees | 50.00% | ||||||||
Indonesia | |||||||||
Taxation | |||||||||
Profit tax rate (as a percent) | 22.00% | 22.00% | 25.00% | ||||||
Hong Kong | Profit Above Two Million Hon Kong Dollar [Member] | |||||||||
Taxation | |||||||||
Profit tax rate (as a percent) | 16.50% | ||||||||
Hong Kong | Profit Below Two Million Hong kong Dollar [Member] | |||||||||
Taxation | |||||||||
Profit tax rate (as a percent) | 8.25% | ||||||||
Singapore | |||||||||
Taxation | |||||||||
Profit tax rate (as a percent) | 17.00% | 17.00% | 17.00% |
Taxation (Details 2)
Taxation (Details 2) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income/(loss) before tax | ||||
Income from China operations | ¥ 14,518 | ¥ 15,803 | ¥ 14,177 | |
Income/(loss) from non-China operations | (17,098) | 35,016 | (484) | |
Total income/(loss) before tax | (2,580) | $ (405) | 50,819 | 13,693 |
Income tax benefits/(expenses) applicable to China operations | ||||
Current income tax expenses | (2,538) | (2,201) | (1,270) | |
Deferred tax benefits/(expenses) | 651 | 719 | (533) | |
Subtotal income tax expenses applicable to China operations | (1,887) | (1,482) | (1,803) | |
Total income tax expenses | ¥ (1,887) | $ (296) | ¥ (1,482) | ¥ (1,803) |
Taxation (Details 3)
Taxation (Details 3) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of differences between statutory tax rate and effective tax rate | ||||
Statutory income tax rate (as a percent) | 25.00% | 25.00% | 25.00% | |
Tax effect of preferential tax rates and tax holiday | 86.00% | (2.30%) | (8.10%) | |
Tax effect of tax-exempt entities (as a percent) | (143.70%) | (16.80%) | 3.70% | |
Effect on tax rates in different tax jurisdiction (as a percent) | (2.30%) | (0.50%) | (3.90%) | |
Tax effect of non-deductible expenses (as a percent) | (13.80%) | 0.50% | 5.70% | |
Tax effect of non-taxable income (as a percent) | 1.40% | 0.00% | (1.00%) | |
Tax effect of Super Deduction and others (as a percent) | 105.90% | (4.20%) | (13.20%) | |
Changes in valuation allowance (as a percent) | (131.60%) | 1.20% | 5.00% | |
Effective tax rates (as a percent) | (73.10%) | 2.90% | 13.20% | |
Effect of tax holiday | ||||
Tax holiday effect | ¥ 2,219 | ¥ 1,153 | ¥ 1,116 | |
Effect of tax holiday on basic net income/(loss) per share | ¥ 0.71 | ¥ 0.38 | ¥ 0.38 | |
Effect of tax holiday on diluted net income/(loss) per share | ¥ 0.71 | ¥ 0.37 | ¥ 0.38 | |
Deferred tax assets | ||||
Net operating loss carry forwards and others | ¥ 6,303 | ¥ 3,145 | ||
Deferred revenues | 553 | 208 | ||
Inventory valuation allowance | 575 | 498 | ||
Allowance for doubtful accounts | 603 | 382 | ||
Unrealized fair value losses for certain investments | 747 | 589 | ||
Less: valuation allowance | (7,670) | (4,289) | ¥ (3,674) | ¥ (2,996) |
Net deferred tax assets | 1,111 | 533 | ||
Deferred tax liabilities | ||||
Intangible assets arisen from business combination | 1,454 | 1,560 | ||
Accelerated tax depreciation and others | 443 | 362 | ||
Total deferred tax liabilities | 1,897 | ¥ 1,922 | ||
Company's subsidiaries incorporated in Singapore and Hong Kong | ||||
Net operating loss carry forwards | ||||
Net operating loss carry forwards | 10,905 | |||
Company's subsidiaries, consolidated VIEs and VIEs' subsidiaries established in PRC and Indonesia | ||||
Net operating loss carry forwards | ||||
Net operating loss carry forwards | ¥ 17,140 |
Taxation (Details 4)
Taxation (Details 4) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Taxation | |||
Balance at beginning of the Year | ¥ 4,289 | ¥ 3,674 | ¥ 2,996 |
Additions | 5,052 | 4,393 | 7,635 |
Reversals | (1,671) | (3,778) | (6,957) |
Balance at end of the Year | ¥ 7,670 | ¥ 4,289 | ¥ 3,674 |
Convertible redeemable non-co_3
Convertible redeemable non-controlling interests (Details) - Series A Preferred Shares $ / shares in Units, ¥ in Millions, $ in Millions | May 31, 2021CNY (¥) | Aug. 31, 2020CNY (¥) | Aug. 31, 2020USD ($) | Feb. 28, 2018CNY (¥) | Feb. 28, 2018USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020Voteshares |
JD Logistics | |||||||
Temporary Equity | |||||||
Issuance of preferred shares | ¥ 443 | $ 64 | ¥ 16,000 | $ 2,500 | |||
Ownership percentage, on a fully-diluted (as a percentage) | 19.00% | 19.00% | |||||
Term of preferred shares redeemable by holders | 5 years | ||||||
Minimum offering value on fully diluted basis | $ | $ 20,000 | ||||||
Number of vote per share | Vote | 1 | ||||||
Shares purchase price | $ / shares | $ 2.50 | ||||||
Number of ordinary shares issued on conversion of each preferred shares | shares | 1 | ||||||
JD Logistics Inc [Member] | |||||||
Temporary Equity | |||||||
Proceeds from Issuance Initial Public Offering | ¥ 22,900 | ||||||
Issuance non controlling interest | 6,100 | ||||||
Additional Paid in Capital, Preferred Stock | ¥ 16,800 |
Convertible redeemable non-co_4
Convertible redeemable non-controlling interests (Details 2) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | |
Amount | |||
Balance at the beginning of the year | ¥ 17,133 | ||
Balance at the end of the year | ¥ 1,212 | $ 190 | ¥ 17,133 |
JD Logistics | Series A Preferred Shares | |||
Preferred shares | |||
Percentage of Preference Shareholders holding | 50.00% | ||
Number of shares | |||
Balance at the beginning of the year | shares | 1,026,867,347 | 1,026,867,347 | 1,004,000,000 |
Issuance | shares | 22,867,347 | ||
Conversion of convertible redeemable preferred shares to ordinary shares | shares | (1,026,867,347) | (1,026,867,347) | |
Balance at the end of the year | shares | 1,026,867,347 | ||
Amount | |||
Balance at the beginning of the year | ¥ 16,407 | ¥ 15,964 | |
Issuance | 443 | ||
Net loss attributable to mezzanine equity classified as non-controlling interests shareholders | (4) | ||
Conversion of convertible redeemable preferred shares to ordinary shares | ¥ (16,403) | ||
Balance at the end of the year | ¥ 16,407 |
Financing (Details)
Financing (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | May 31, 2019CNY (¥) | |
JD Health | IPO | |||||||
Sale of stock net consideration received on the transaction | ¥ 25,700 | ||||||
Shares issued as a percentage of total issued capital | 13.80% | 13.80% | |||||
Series A Preferred Shares | JD Health | |||||||
Total amount received by issuance of the non-redeemable preferred preference shares | ¥ 6,500 | ||||||
Ownership percentage, on a fully-diluted (as a percentage) | 13.50% | ||||||
Issuance non controlling interest | ¥ 11,800 | ¥ 1,000 | |||||
Additional Paid in Capital, Preferred Stock | ¥ 26,700 | ¥ 5,200 | |||||
Series A Preferred Shares | JD Industry [Member] | |||||||
Total amount received by issuance of the non-redeemable preferred preference shares | $ | $ 335 | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 81.00% | ||||||
Series A Preferred Shares | Jd Property [Member] | |||||||
Total amount received by issuance of the non-redeemable preferred preference shares | $ | $ 703 | ||||||
Issuance non controlling interest | ¥ 3,100 | ||||||
Additional Paid in Capital, Preferred Stock | ¥ 1,300 | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 84.00% | ||||||
Series B Preferred Shares | JD Health | |||||||
Total amount received by issuance of the non-redeemable preferred preference shares | ¥ 6,300 | ||||||
Ownership percentage, on a fully-diluted (as a percentage) | 4.50% | ||||||
Series A1Preferred Stock | JD Industry [Member] | |||||||
Total amount received by issuance of the non-redeemable preferred preference shares | $ | $ 335 | ||||||
Issuance non controlling interest | ¥ 510 | ||||||
Additional Paid in Capital, Preferred Stock | ¥ 1,792 | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 81.00% |
Ordinary shares (Details)
Ordinary shares (Details) | 1 Months Ended | |||||||||
Jun. 30, 2021shares | Jun. 30, 2020shares | May 31, 2020shares | May 31, 2019shares | Jun. 30, 2018CNY (¥)shares | Jun. 30, 2016shares | May 31, 2014shares | Mar. 31, 2014shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Ordinary shares | ||||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | $ 0.00002 | ||||||||
RSUs and share options | ||||||||||
Ordinary shares | ||||||||||
Ordinary shares reserved for issuance | 124,045,978 | 139,186,246 | ||||||||
Ordinary shares | Huang River Investment Limited | Transaction with Tencent | ||||||||||
Ordinary shares | ||||||||||
Shares Issued | 351,678,637 | |||||||||
Class A ordinary shares | IPO | ||||||||||
Ordinary shares | ||||||||||
Shares Issued | 166,120,400 | |||||||||
Class A ordinary shares | Huang River Investment Limited | ||||||||||
Ordinary shares | ||||||||||
Shares Issued | 1,914,998 | 2,938,584 | 8,127,302 | |||||||
Class A ordinary shares | Huang River Investment Limited | Private Placement | ||||||||||
Ordinary shares | ||||||||||
Shares Issued | 139,493,960 | |||||||||
Class A ordinary shares | Newheight Holdings Ltd | Transaction with Walmart | ||||||||||
Ordinary shares | ||||||||||
Shares Issued | 144,952,250 | |||||||||
Class A ordinary shares | Google LLC | ||||||||||
Ordinary shares | ||||||||||
Shares Issued | 27,106,948 | |||||||||
Consideration received after deducting financing charges | ¥ | ¥ 3,531,870,000 | |||||||||
Class A ordinary shares | HKSE | ||||||||||
Ordinary shares | ||||||||||
Shares Issued | 152,912,100 |
Share repurchase program (Detai
Share repurchase program (Details) $ / shares in Units, ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)$ / sharesshares | Nov. 30, 2021USD ($) | |
Shares repurchased during the year | ¥ | ¥ 5,246 | ¥ 312 | ¥ 131 | ||||||||
ADS | 2020 Share repurchase program | |||||||||||
Authorized amount | $ | $ 2,000 | ||||||||||
Repurchase period (in months) | 24 months | ||||||||||
Shares repurchased during the year (in ADS shares) | shares | 10,214,827 | 10,214,827 | 1,191,370 | 1,191,370 | |||||||
Shares repurchased during the year | ¥ 5,246 | $ 806 | ¥ 312 | $ 44 | |||||||
Weighted average repurchase price (in dollars per ADS) | $ / shares | $ 78.92 | $ 37.04 | |||||||||
Share Repurchase Authorization | $ | $ 3,000 | $ 2,000 | |||||||||
ADS | 2018 Share repurchase program | |||||||||||
Authorized amount | $ | $ 1,000 | $ 1,000 | |||||||||
Shares repurchased total (in ADS shares) | shares | 2,332,048 | 2,332,048 | |||||||||
Repurchase period (in months) | 12 months | ||||||||||
Shares repurchased during the year (in ADS shares) | shares | 935,848 | 935,848 | 1,396,200 | 1,396,200 | |||||||
Shares repurchased during the year | ¥ 131 | $ 19 | ¥ 206 | $ 30 | |||||||
Weighted average repurchase price (in dollars per ADS) | $ / shares | $ 20.41 | $ 21.48 |
Other comprehensive income (Det
Other comprehensive income (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | ¥ 204,486 | ¥ 84,660 | ¥ 60,867 | |
Balance | 245,572 | $ 38,535 | 204,486 | 84,660 |
Foreign currency translation adjustments | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | (3,548) | 4,108 | 3,358 | |
Other comprehensive income/(loss) | (2,542) | (7,656) | 750 | |
Balance | (6,090) | (3,548) | 4,108 | |
Net unrealized gains/(losses) on available-for-sale securities | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | 55 | 1 | ||
Other comprehensive income/(loss) | (55) | 54 | ||
Balance | 55 | |||
Accumulated other comprehensive income/(loss) | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance | (3,548) | 4,163 | 3,359 | |
Other comprehensive income/(loss) | (2,542) | (7,711) | 804 | |
Balance | ¥ (6,090) | ¥ (3,548) | ¥ 4,163 |
Share-based compensation (Detai
Share-based compensation (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation | |||
Share-based compensation expenses | ¥ 9,134 | ¥ 4,156 | ¥ 3,695 |
Cost of revenues | |||
Share-based compensation | |||
Share-based compensation expenses | 102 | 98 | 82 |
Fulfillment | |||
Share-based compensation | |||
Share-based compensation expenses | 882 | 646 | 440 |
Marketing | |||
Share-based compensation | |||
Share-based compensation expenses | 586 | 347 | 259 |
Research and development | |||
Share-based compensation | |||
Share-based compensation expenses | 1,781 | 1,400 | 1,340 |
General and administrative | |||
Share-based compensation | |||
Share-based compensation expenses | ¥ 5,783 | ¥ 1,665 | ¥ 1,574 |
Share-based compensation (Det_2
Share-based compensation (Details 2) | 12 Months Ended | |||||||||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021CNY (¥)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | |
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 9,134,000,000 | ¥ 4,156,000,000 | ¥ 3,695,000,000 | |||||||
Employee and non-employee | ||||||||||
Additional disclosures | ||||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 2 years | 2 years | ||||||||
Share Incentive Plan | Employee and non-employee | ||||||||||
Share-based compensation | ||||||||||
Number of ordinary shares available for future grants | 163,391,869 | 163,391,869 | 163,391,869 | |||||||
Share Incentive Plan | Employee and non-employee | RSU | ||||||||||
Share-based compensation | ||||||||||
Vesting schedule | 4 years | 4 years | ||||||||
Share Incentive Plan | Employee and non-employee | RSU | Service-based | ||||||||||
Number of Shares | ||||||||||
Unvested at the beginning of the year (in shares) | 108,269,242 | 108,269,242 | 100,831,204 | 100,831,204 | 118,496,092 | 118,496,092 | ||||
Granted (in shares) | 30,069,498 | 30,069,498 | 42,621,084 | 42,621,084 | 33,202,744 | 33,202,744 | ||||
Vested (in shares) | (23,834,466) | (23,834,466) | (20,632,596) | (20,632,596) | (20,423,568) | (20,423,568) | ||||
Forfeited or cancelled | (19,395,408) | (19,395,408) | (14,550,450) | (14,550,450) | (30,444,064) | (30,444,064) | ||||
Unvested at the end of the year (in shares) | 95,108,866 | 95,108,866 | 108,269,242 | 108,269,242 | 100,831,204 | 100,831,204 | 118,496,092 | |||
Weighted-Average Grant-Date Fair Value | ||||||||||
Unvested at the beginning of the year (in dollars per share) | $ / shares | $ 19.62 | $ 15.35 | $ 15.58 | |||||||
Granted (in dollars per share) | $ / shares | 39.93 | 26.44 | 14.29 | |||||||
Vested (in dollars per share) | $ / shares | 18.89 | 15.25 | 14.96 | |||||||
Forfeited or cancelled | $ / shares | 21.30 | 16.13 | 15.36 | |||||||
Unvested at the end of the year (in dollars per share) | $ / shares | $ 25.89 | $ 19.62 | $ 15.35 | $ 15.58 | ||||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 4,129,000,000 | ¥ 3,085,000,000 | ¥ 2,959,000,000 | |||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | 7,574,000,000 | ¥ 7,574,000,000 | ||||||||
Total fair value of RSUs vested | 6,359,000,000 | $ 973,000,000 | 3,458,000,000 | $ 494,000,000 | 2,126,000,000 | $ 313,000,000 | ||||
Total intrinsic value of RSUs vested | ¥ 6,359,000,000 | $ 973,000,000 | ¥ 3,458,000,000 | $ 494,000,000 | ¥ 2,126,000,000 | $ 313,000,000 | ||||
Number of units unvested during the period | 95,108,866 | 95,108,866 | 108,269,242 | 100,831,204 | 118,496,092 | 95,108,866 | 108,269,242 | |||
Share Incentive Plan | Employee and non-employee | RSU | Performance-based | ||||||||||
Number of Shares | ||||||||||
Unvested at the beginning of the year (in shares) | 9,944 | 9,944 | ||||||||
Unvested at the end of the year (in shares) | 9,944 | 9,944 | ||||||||
Additional disclosures | ||||||||||
Number of units unvested during the period | 9,944 | 9,944 | ||||||||
Share Incentive Plan | Employee and non-employee | Options | Service-based | ||||||||||
Number of share options | ||||||||||
Outstanding at the beginning of the year (in shares) | 4,907,060 | 4,907,060 | 10,224,124 | 10,224,124 | 15,747,736 | 15,747,736 | ||||
Granted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Exercised (in shares) | (1,962,856) | (1,962,856) | (5,073,294) | (5,073,294) | (3,299,962) | (3,299,962) | ||||
Forfeited or cancelled | (7,092) | (7,092) | (243,770) | (243,770) | (2,223,650) | (2,223,650) | ||||
Outstanding at the end of the year (in shares) | 2,937,112 | 2,937,112 | 4,907,060 | 4,907,060 | 10,224,124 | 10,224,124 | 15,747,736 | |||
Vested and expected to vest at the end of the year (in shares) | 2,917,942 | 2,917,942 | 2,917,942 | |||||||
Exercisable at the end of the year (in shares) | 2,853,764 | 2,853,764 | 2,853,764 | |||||||
Weighted Average Exercise Price | ||||||||||
Outstanding at the beginning of the year (in dollars per share) | $ / shares | $ 6.38 | $ 6.39 | $ 6.55 | |||||||
Exercised (in dollars per share) | $ / shares | 5.49 | 6.23 | 5.72 | |||||||
Forfeited or cancelled (in dollars per share) | $ / shares | 13.42 | 10.24 | 8.52 | |||||||
Outstanding at the end of the year (in dollars per share) | $ / shares | $ 6.95 | $ 6.38 | $ 6.39 | $ 6.55 | ||||||
Vested and expected to vest at the end of the year (in dollars per share) | $ / shares | $ 6.91 | |||||||||
Exercisable at the end of the year (in dollars per share) | $ / shares | $ 6.77 | |||||||||
Weighted Average Remaining Contractual Term (years) | ||||||||||
Outstanding at the end of the year | 2 years 10 months 24 days | 2 years 10 months 24 days | 3 years | 3 years | 4 years 3 months 18 days | 4 years 3 months 18 days | 5 years 3 months 18 days | |||
Vested and expected to vest at the end of the year | 2 years 9 months 18 days | 2 years 9 months 18 days | ||||||||
Exercisable at the end of the year | 2 years 9 months 18 days | 2 years 9 months 18 days | ||||||||
Aggregate Intrinsic Value | ||||||||||
Outstanding at the end of the year (in dollars) | ¥ 82,000,000 | ¥ 82,000,000 | $ 115,000,000 | $ 73,000,000 | $ 184,000,000 | |||||
Vested and expected to vest at the end of the year (in dollars) | ¥ | 82,000,000 | 82,000,000 | ||||||||
Exercisable at the end of the year (in dollars) | $ | $ 81,000,000 | |||||||||
Additional disclosures | ||||||||||
Total intrinsic value of options exercised | 453,000,000 | $ 70,000,000 | ¥ 762,000,000 | $ 111,000,000 | ¥ 220,000,000 | 32,000,000 | ||||
Cash received from the exercises of share options | 62,000,000 | $ 10,000,000 | 236,000,000 | $ 34,000,000 | ¥ 112,000,000 | $ 16,000,000 | ||||
Cash Receivable From Stock Option Exercises | ¥ 491,000 | ¥ 491,000 | ¥ 5,000,000 | $ 77,000 | $ 800,000 | |||||
Share Incentive Plan | Employee and non-employee | RSUs and options | Service-based | ||||||||||
Additional disclosures | ||||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 4 years 7 months 6 days | 4 years 7 months 6 days | ||||||||
Share Incentive Plan | Non-employees | RSU | Service-based | ||||||||||
Number of Shares | ||||||||||
Unvested at the beginning of the year (in shares) | 3,325,796 | 3,325,796 | ||||||||
Unvested at the end of the year (in shares) | 8,208,616 | 8,208,616 | 3,325,796 | 3,325,796 | ||||||
Additional disclosures | ||||||||||
Number of units unvested during the period | 8,208,616 | 8,208,616 | 3,325,796 | 8,208,616 | 3,325,796 | |||||
Share Incentive Plan | Non-employees | Options | Service-based | ||||||||||
Number of share options | ||||||||||
Outstanding at the beginning of the year (in shares) | 71,502 | 71,502 | ||||||||
Outstanding at the end of the year (in shares) | 167,206 | 167,206 | 71,502 | 71,502 | ||||||
Share Incentive Plan | Year two | Employee and non-employee | RSUs and options | ||||||||||
Share-based compensation | ||||||||||
Vesting schedule | 2 years | 2 years | ||||||||
Vesting percentage (as a percent) | 50.00% | 50.00% | ||||||||
Share Incentive Plan | Year three | Employee and non-employee | RSUs and options | ||||||||||
Share-based compensation | ||||||||||
Vesting percentage (as a percent) | 33.00% | 33.00% | ||||||||
Share Incentive Plan | Year four | Employee and non-employee | RSUs and options | ||||||||||
Share-based compensation | ||||||||||
Vesting percentage (as a percent) | 25.00% | 25.00% | ||||||||
Share Incentive Plan | Year five | Employee and non-employee | RSUs and options | ||||||||||
Share-based compensation | ||||||||||
Vesting percentage (as a percent) | 20.00% | 20.00% | ||||||||
Share Incentive Plan | Year six | Employee and non-employee | RSUs and options | ||||||||||
Share-based compensation | ||||||||||
Vesting schedule | 6 years | 6 years | ||||||||
Vesting percentage (as a percent) | 17.00% | 17.00% | ||||||||
Share Incentive Plan | Year ten | Employee and non-employee | RSUs and options | ||||||||||
Share-based compensation | ||||||||||
Vesting schedule | 10 years | 10 years | ||||||||
Vesting percentage (as a percent) | 10.00% | 10.00% | ||||||||
Jd Logistics Plan [Member] | Employee and non-employee | RSU | ||||||||||
Weighted-Average Grant-Date Fair Value | ||||||||||
Granted (in dollars per share) | (per share) | $ 9,663,953 | ¥ 35 | ||||||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 39,000,000 | |||||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 174,000,000 | ¥ 174,000,000 | ||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 10 months 24 days | 3 years 10 months 24 days | ||||||||
Jd Logistics Plan [Member] | Employee and non-employee | Options | ||||||||||
Number of share options | ||||||||||
Granted (in shares) | 30,030,446 | 30,030,446 | 224,511,105 | 224,511,105 | 83,476,500 | 83,476,500 | ||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 1,162,000,000 | ¥ 640,000,000 | ¥ 572,000,000 | |||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 4 years 6 months | 4 years 6 months | ||||||||
JD Health Plan [Member] | Employee and non-employee | RSU | ||||||||||
Number of Shares | ||||||||||
Granted (in shares) | 80,582,712 | 80,582,712 | ||||||||
Weighted-Average Grant-Date Fair Value | ||||||||||
Granted (in dollars per share) | $ / shares | ¥ 112.31 | |||||||||
Additional disclosures | ||||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 4 years 10 months 24 days | 4 years 10 months 24 days | ||||||||
JD Health Plan [Member] | Employee and non-employee | RSU | Service-based | ||||||||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 1,428,000,000 | |||||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 2,435,000,000 | ¥ 2,435,000,000 | ||||||||
JD Health Plan [Member] | Employee and non-employee | Options | ||||||||||
Number of share options | ||||||||||
Granted (in shares) | 94,770,812 | 94,770,812 | ||||||||
Jd Property [Member] | Employee and non-employee | RSU | ||||||||||
Number of Shares | ||||||||||
Granted (in shares) | 193,059,698 | 193,059,698 | ||||||||
Weighted-Average Grant-Date Fair Value | ||||||||||
Granted (in dollars per share) | ¥ / shares | ¥ 2.42 | |||||||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 467,000,000 | |||||||||
JD Industry [Member] | Employee and non-employee | RSU | ||||||||||
Number of Shares | ||||||||||
Granted (in shares) | 90,629,636 | 90,629,636 | ||||||||
Weighted-Average Grant-Date Fair Value | ||||||||||
Granted (in dollars per share) | $ / shares | $ 1.18 | |||||||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 684,000,000 |
Share-based compensation (Det_3
Share-based compensation (Details 3) ¥ in Millions | Oct. 31, 2020$ / sharesshares | May 31, 2015$ / sharesshares | Dec. 31, 2021CNY (¥)$ / shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020$ / shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019$ / shares | Dec. 31, 2019CNY (¥)shares |
Share-based compensation | ||||||||
Share-based compensation expenses | ¥ 9,134 | ¥ 4,156 | ¥ 3,695 | |||||
Employees and Non-employees | ||||||||
Share-based compensation | ||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 2 years | |||||||
Share Incentive Plan | Options | Founder | ||||||||
Share-based compensation | ||||||||
Vesting schedule | 10 years | |||||||
Share-based compensation expenses | ¥ 73 | ¥ 104 | ¥ 134 | |||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 109 | ¥ 109 | ||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 3 years 4 months 24 days | |||||||
Share Incentive Plan | Options | Founder | Each anniversary | ||||||||
Share-based compensation | ||||||||
Vesting percentage (as a percent) | 10.00% | |||||||
Share Incentive Plan | Options | Founder | Class A ordinary shares | ||||||||
Share-based compensation | ||||||||
Granted (in shares) | shares | 26,000,000 | |||||||
Exercise price | $ / shares | $ 16.70 | |||||||
Share Incentive Plan | Options | Founder | ADS | ||||||||
Share-based compensation | ||||||||
Exercise price | $ / shares | $ 33.40 | |||||||
JD Logistics Plan | Options | Employees and Non-employees | ||||||||
Share-based compensation | ||||||||
Granted (in shares) | shares | 30,030,446 | 224,511,105 | 83,476,500 | |||||
Share-based compensation expenses | ¥ 1,162 | ¥ 640 | ¥ 572 | |||||
Weighted average grant date fair value of options granted | $ / shares | ¥ 4.31 | $ 2 | $ 1.67 | |||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 1,589 | ¥ 1,589 | ||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 4 years 6 months | |||||||
JD Logistics Plan | Options | Liu | ||||||||
Share-based compensation | ||||||||
Granted (in shares) | shares | 99,186,705 | |||||||
Exercise price | $ / shares | $ 0.01 | |||||||
JD Health | Options | ||||||||
Share-based compensation | ||||||||
Granted (in shares) | shares | 0 | |||||||
JD Health | Options | Employees and Non-employees | ||||||||
Share-based compensation | ||||||||
Granted (in shares) | shares | 53,042,516 | |||||||
Vesting schedule | 6 years | |||||||
Vesting percentage (as a percent) | 16.70% | |||||||
Share-based compensation expenses | ¥ 1,133 | ¥ 331 | ||||||
Weighted average grant date fair value of options granted | $ / shares | $ 7.45 | |||||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 1,962 | ¥ 1,962 | ||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 5 years 9 months 18 days | |||||||
JD Health | Options | Liu | ||||||||
Share-based compensation | ||||||||
Exercise price | $ / shares | $ 0.00 | |||||||
Vesting schedule | 6 years | |||||||
Vesting percentage (as a percent) | 16.70% | |||||||
JD Health Plan | Options | Employees and Non-employees | ||||||||
Share-based compensation | ||||||||
Granted (in shares) | shares | 94,770,812 |
Net income_(loss) per share (De
Net income/(loss) per share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income/(loss) attributable to ordinary shareholders | ¥ (3,560) | ¥ 49,405 | ¥ 12,184 |
Impact of subsidiaries' diluted earnings | (2) | (157) | |
Net income/(loss) attributable to ordinary shareholders – diluted | ¥ (3,562) | ¥ 49,248 | ¥ 12,184 |
Denominator: | |||
Weighted average number of shares - basic | 3,107,436,665 | 3,021,808,985 | 2,912,637,241 |
Adjustments for dilutive options and RSUs | 0 | 87,215,045 | 54,684,562 |
Weighted average number of shares - diluted | 3,107,436,665 | 3,109,024,030 | 2,967,321,803 |
Basic net income/(loss) per share attributable to ordinary shareholders | ¥ (1.15) | ¥ 16.35 | ¥ 4.18 |
Diluted net income/(loss) per share attributable to ordinary shareholders | ¥ (1.15) | ¥ 15.84 | ¥ 4.11 |
Net income_(loss) per share (_2
Net income/(loss) per share (Details 2) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-vested ordinary shares, RSUs and options | |||
Anti-dilutive securities | |||
Anti-dilutive securities | 127,098,868 | 138,762,892 | 149,343,638 |
Related party transactions (Det
Related party transactions (Details) ¥ in Millions, $ in Millions | May 10, 2020shares | May 10, 2019USD ($)shares | Jun. 30, 2021shares | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) |
Related party transactions | |||||||
Amount due to related parties | ¥ (519) | ¥ (585) | $ (81) | ||||
Amount due from related parties | 5,272 | 6,522 | |||||
Amount due from related parties | 5,500 | 6,667 | $ 863 | ||||
Common Class A [Member] | Transaction With Tencent Holdings Limited [Member] | |||||||
Related party transactions | |||||||
Business Combination, Consideration Transferred | $ | $ 250 | ||||||
Issuance of ordinary shares (in shares) | shares | 2,938,584 | 8,127,302 | 1,914,998 | ||||
Tencent Group | |||||||
Related party transactions | |||||||
Amount due from related parties | 1,956 | 791 | |||||
Tencent Group | Commission service revenue from cooperation on advertising business | |||||||
Related party transactions | |||||||
Revenues | 248 | 355 | ¥ 288 | ||||
Tencent Group | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | 553 | 375 | 399 | ||||
Tencent Group | Services received and purchases | |||||||
Related party transactions | |||||||
Operating expenses | 5,010 | 3,226 | 2,222 | ||||
Dada Group | |||||||
Related party transactions | |||||||
Amount due to related parties | (337) | (498) | |||||
Dada Group | Services received | |||||||
Related party transactions | |||||||
Revenues | 523 | 179 | 133 | ||||
Operating expenses | 1,087 | 2,200 | 1,565 | ||||
Dada Group | Traffic support, marketing and promotion services | |||||||
Related party transactions | |||||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (83) | (145) | |||||
Dada Group | Non-compete agreement | |||||||
Related party transactions | |||||||
Other income | 77 | 82 | 82 | ||||
Other liabilities | (101) | (181) | |||||
ATRenew Group | |||||||
Related party transactions | |||||||
Amount due to related parties | (45) | ||||||
Amount due from related parties | 5 | ||||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (1,038) | (1,468) | |||||
ATRenew Group | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | 894 | 664 | 349 | ||||
ATRenew Group | Services received | |||||||
Related party transactions | |||||||
Operating expenses | 31 | 32 | 10 | ||||
JD Technology | |||||||
Related party transactions | |||||||
Amount of over-due receivable transferred | 77 | 493 | 189 | ||||
JD Technology | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | 882 | 598 | 342 | ||||
JD Technology | Payment processing and other services received | |||||||
Related party transactions | |||||||
Operating expenses | 8,762 | 6,945 | 4,981 | ||||
Amount due to related party for payment processing services | 1,985 | 1,721 | 1,285 | ||||
JD Technology | Loan | |||||||
Related party transactions | |||||||
Other income | 253 | 31 | 41 | ||||
Amount due from related parties | 2,876 | 2,707 | |||||
JD Technology | Other receivables from/(payables to) | |||||||
Related party transactions | |||||||
Amount due from related parties | (416) | 1,359 | |||||
JD Technology | Finance receivables past due over certain agreed period of time | |||||||
Related party transactions | |||||||
Accounts receivables transferred without recourse and derecognized | 43,299 | 33,406 | ¥ 24,586 | ||||
Major related parties | |||||||
Related party transactions | |||||||
Amount due to related parties | (382) | (498) | |||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (1,121) | (1,613) | |||||
Other liabilities | (101) | (181) | |||||
Related parties, other than the major related parties | |||||||
Related party transactions | |||||||
Amount due from related parties | ¥ 492 | ¥ 388 | |||||
Amount due from related parties as a percentage of total accounts receivable, net and prepayments and other current assets | 2.28% | 2.87% | 2.28% | ||||
Amount due to and deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | ¥ 137 | ¥ 87 | |||||
Amount due to and deferred revenues from related parties as a percentage of total accounts payable, advance from customers, accrued expenses and other current liabilities, deferred revenues and other non-current liabilities | 0.07% | 0.05% | 0.07% | ||||
Related parties, other than the major related parties | Total net revenues | Related parties concentration risk | |||||||
Related party transactions | |||||||
Concentration risk (as a percentage) | 0.24% | 0.15% | 0.26% | ||||
Related parties, other than the major related parties | Total operating expenses | Related parties concentration risk | |||||||
Related party transactions | |||||||
Concentration risk (as a percentage) | 0.17% | 0.28% | 0.20% | ||||
Property Funds [Member] | Loan | |||||||
Related party transactions | |||||||
Other income | ¥ 39 | ¥ 49 | ¥ 75 | ||||
Amount due from related parties | 769 | 1,045 | |||||
Property Funds [Member] | Other receivables from | |||||||
Related party transactions | |||||||
Amount due from related parties | 87 | 615 | |||||
Property Funds [Member] | Lease and property management services received | |||||||
Related party transactions | |||||||
Operating expenses | ¥ 1,180 | ¥ 838 | ¥ 476 |
Segment reporting (Details)
Segment reporting (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Net revenues | ¥ 951,592 | $ 149,326 | ¥ 745,802 | ¥ 576,888 |
Operating income/(loss) | 4,141 | 650 | 12,343 | 8,995 |
Including: gain on sale of development properties | 767 | 120 | 1,649 | 3,885 |
Total other income/(expense) | (6,721) | 38,476 | 4,698 | |
Income/(loss) before tax | (2,580) | $ (405) | 50,819 | 13,693 |
Operating segments | ||||
Net revenues | 951,016 | 744,996 | 575,742 | |
Operating income/(loss) | 14,186 | 16,986 | 12,753 | |
Inter-segment | ||||
Net revenues | (46,043) | (39,945) | (31,127) | |
Unallocated items | ||||
Net revenues | 576 | 806 | 1,146 | |
Operating income/(loss) | (10,045) | (4,643) | (3,758) | |
JD Retail | Operating segments | ||||
Net revenues | 866,303 | 693,965 | 545,281 | |
Operating income/(loss) | 26,613 | 20,611 | 14,991 | |
New Businesses | Operating segments | ||||
Net revenues | 26,063 | 17,601 | 11,740 | |
Operating income/(loss) | (10,600) | (4,723) | (1,730) | |
Including: gain on sale of development properties | 767 | 1,649 | 3,885 | |
JD Logistics [Member] | Operating segments | ||||
Net revenues | 104,693 | 73,375 | 49,848 | |
Operating income/(loss) | ¥ (1,827) | ¥ 1,098 | ¥ (508) |
Segment reporting (Details 2)
Segment reporting (Details 2) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Share-based compensation | ¥ (9,134) | ¥ (4,156) | ¥ (3,695) | |
Total | 4,141 | $ 650 | 12,343 | 8,995 |
Unallocated items | ||||
Share-based compensation | (9,134) | (4,156) | (3,695) | |
Amortization of intangible assets resulting from assets and business acquisitions | (940) | (723) | (885) | |
Effects of business cooperation arrangements | 29 | 236 | 822 | |
Total | ¥ (10,045) | ¥ (4,643) | ¥ (3,758) |
Employee benefit (Details)
Employee benefit (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Pension And Other Postretirements Plan Disclosure [Abstract] | |||
Employee benefit expenses | ¥ 7,894 | ¥ 4,580 | ¥ 5,694 |
Lines of credit and loan faci_2
Lines of credit and loan facilities (Details) ¥ in Millions | Dec. 31, 2021CNY (¥) |
Lines of credit and loan facilities | |
Amount reserved for the issuance of bank acceptance | ¥ 28,749 |
Amount reserved for bank guarantee | 2,146 |
Unsecured revolving lines of credit | |
Lines of credit and loan facilities | |
Revolving lines of credit | ¥ 115,281 |
Lines of credit and loan faci_3
Lines of credit and loan facilities (Details 2) ¥ in Millions, $ in Millions, $ in Millions, ₨ in Billions | Feb. 01, 2022HKD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2021CNY (¥)item | Dec. 31, 2017USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021INR (₨) | Dec. 31, 2021HKD ($) |
Lines of credit and loan facilities | |||||||||
Percentage over variable rate basis | 1.15% | ||||||||
Debt payable within one year | ¥ | ¥ 0 | ||||||||
Interest rate | 2.80% | 2.80% | 2.80% | 2.80% | |||||
Oneyear corporate bond | |||||||||
Lines of credit and loan facilities | |||||||||
short-term debts | ₨ | ₨ 1.5 | ||||||||
Term and Revolving Credit Facilities | |||||||||
Lines of credit and loan facilities | |||||||||
Term (in years) | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | |||
Maximum borrowing capacity under facilities | $ 1,000 | $ 1,000 | $ 2,000 | ||||||
Number of arrangers | item | 24 | 5 | |||||||
Undrawn balance which will be expired one month prior to the final maturity date | 550 | $ 15,931 | |||||||
Proceeds from long-term borrowings | $ 550 | $ 450 | |||||||
Debt payable within one year | $ 450 | ||||||||
Term and Revolving Credit Facilities | Subsequent Event [Member] | |||||||||
Lines of credit and loan facilities | |||||||||
Proceeds from long-term borrowings | $ 6,300 | ||||||||
Term loan facility agreement | |||||||||
Lines of credit and loan facilities | |||||||||
Undrawn balance which will be expired one month prior to the final maturity date | $ 15,931 | ||||||||
Term loan facility agreement | Hong Kong Interbank Offered Rate | Date falling 6 months from the initial utilization date | |||||||||
Lines of credit and loan facilities | |||||||||
Percentage over variable rate basis | 0.70% | ||||||||
Term loan facility agreement | Hong Kong Interbank Offered Rate | Initial Utilization date | |||||||||
Lines of credit and loan facilities | |||||||||
Percentage over variable rate basis | 0.50% |
Commitments and contingencies_2
Commitments and contingencies (Details) - Internet data center (IDC) service - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | |||
Internet data center (IDC) service related expenses | ¥ 2,236 | ¥ 2,864 | ¥ 2,494 |
Future minimum payments under these non-cancelable agreements with initial terms of one year or more | |||
2022 | 958 | ||
2023 | 817 | ||
2024 | 779 | ||
2025 | 354 | ||
2026 | 327 | ||
2027 and thereafter | 2,263 | ||
Total | ¥ 5,498 |
Commitments and contingencies_3
Commitments and contingencies (Details 1) ¥ in Millions | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Investment Commitment | |
Capital commitments and Long-Term Debt Obligations | |
Investment commitments primarily related to capital contribution obligation | ¥ 14,915 |
Capital commitments | |
Capital commitments and Long-Term Debt Obligations | |
Total commitments contracted but not yet reflected | ¥ 10,207 |
Purchase Commitment | Total net revenues | Customer | Customer Concentration Risk | |
Capital commitments and Long-Term Debt Obligations | |
Concentration risk (as a percentage) | 1.00% |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Millions | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Restricted net assets | |
Restricted net assets | ¥ 46,420 |
The ratio of restricted net assets to the Company's total consolidated net assets | 22.00% |
PRC | |
Restricted net assets | |
Required minimum percentage of annual appropriations to general reserve fund or statutory surplus fund | 10.00% |
PRC | General reserve fund | Foreign invested enterprise | |
Restricted net assets | |
Required minimum percentage of annual appropriations to general reserve fund | 10.00% |
Maximum percentage of statutory general reserve related to entity's registered capital | 50.00% |
PRC | Statutory surplus reserve | Domestic enterprise | |
Restricted net assets | |
Required minimum percentage of annual appropriations to statutory surplus fund | 10.00% |
Maximum percentage of statutory surplus reserve related to entity's registered capital | 50.00% |
Subsequent events (Details)
Subsequent events (Details) ¥ in Millions, $ in Millions, $ in Millions | Mar. 11, 2022CNY (¥) | Dec. 31, 2021USD ($)LeadArranger | Sep. 01, 2021HKD ($) | Mar. 22, 2021USD ($) | Apr. 28, 2022USD ($)shares | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2017USD ($) | Apr. 28, 2022USD ($)shares | Apr. 28, 2022HKD ($) | Apr. 01, 2022 | Mar. 28, 2022USD ($) | Mar. 25, 2022USD ($)shares | Mar. 25, 2022HKD ($)shares | Mar. 01, 2022 | Feb. 28, 2022 |
Subsequent events | |||||||||||||||||
Shares repurchased during the year | ¥ | ¥ 5,246 | ¥ 312 | ¥ 131 | ||||||||||||||
Percentage over variable rate basis | 1.15% | ||||||||||||||||
Acquisition of CNLP | |||||||||||||||||
Subsequent events | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 37.02% | ||||||||||||||||
Percentage of equity interest acquired | 26.38% | ||||||||||||||||
Payment to acquire remaining equity interest | $ 3,990 | ||||||||||||||||
Percentage of issued and outstanding shares | 80.00% | ||||||||||||||||
Dada Group | |||||||||||||||||
Subsequent events | |||||||||||||||||
Investment under the share purchase agreement | $ 800 | ||||||||||||||||
Sale of ordinary shares, equity method investment | $ 546 | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 46.00% | ||||||||||||||||
Jingdong Century | |||||||||||||||||
Subsequent events | |||||||||||||||||
Non controlling interest ownership percentage | 100.00% | ||||||||||||||||
Jingdong Century | Dada Group | |||||||||||||||||
Subsequent events | |||||||||||||||||
Non controlling interest ownership percentage | 52.00% | ||||||||||||||||
Term and Revolving Credit Facilities | |||||||||||||||||
Subsequent events | |||||||||||||||||
Maximum borrowing capacity under facilities | $ 2,000 | $ 1,000 | |||||||||||||||
Term (in years) | 5 years | 5 years | |||||||||||||||
Number of lead arrangers | LeadArranger | 5 | ||||||||||||||||
Term and Revolving Credit Facilities | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Subsequent events | |||||||||||||||||
Percentage over variable rate basis | 0.85% | ||||||||||||||||
Subsequent event | Deppon Holdco | |||||||||||||||||
Subsequent events | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 99.99% | ||||||||||||||||
Business Combination, Consideration Transferred | ¥ | ¥ 9,000 | ||||||||||||||||
Subsequent event | Deppon Logistics Co., Ltd | |||||||||||||||||
Subsequent events | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 66.50% | ||||||||||||||||
Subsequent event | CNLP [Member] | |||||||||||||||||
Subsequent events | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 13,000 | ||||||||||||||||
Subsequent event | JDL Placement [Member] | |||||||||||||||||
Subsequent events | |||||||||||||||||
Number of shares agreed to issue,Shares | shares | 150,500,000 | 150,500,000 | |||||||||||||||
Total purchase price | $ 3,102 | ||||||||||||||||
Subsequent event | JD Subscription [Member] | |||||||||||||||||
Subsequent events | |||||||||||||||||
Number of shares agreed to issue,Shares | shares | 261,400,000 | 261,400,000 | |||||||||||||||
Total purchase price | $ 692 | ||||||||||||||||
Subsequent event | American Depositary Share [Member] | |||||||||||||||||
Subsequent events | |||||||||||||||||
Shares repurchased during the year (in ADS shares) | shares | 5,010,203 | 16,416,400 | |||||||||||||||
Shares repurchased during the year | $ 286 | $ 1,137 | |||||||||||||||
Subsequent event | JDL Financing | |||||||||||||||||
Subsequent events | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 63.50% | ||||||||||||||||
Subsequent event | Jd Property [Member] | Series B Preferred Stock [Member] | Non Redeemable Series B Preferred Stock Agreement [Member] | |||||||||||||||||
Subsequent events | |||||||||||||||||
Preferred stock value issued but not subscribed | $ 800 |