Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Amendment Flag | false |
Document Type | 20-F |
Document Fiscal Year Focus | 2019 |
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, 2019 |
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 |
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 | Sidney Xuande Huang |
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] | |
No Trading Symbol Flag | true |
Title of 12(b) Security | Class A ordinary shares |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 2,483,366,264 |
Class B ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 453,672,011 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Current assets | ||||
Cash and cash equivalents | $ 5,310,612 | ¥ 36,971,420 | ¥ 34,262,445 | ¥ 25,688,327 |
Restricted cash | 422,428 | 2,940,859 | 3,239,613 | 4,110,210 |
Short-term investments | 3,533,968 | 24,602,777 | 2,035,575 | 8,587,852 |
Accounts receivable, net | 889,222 | 6,190,588 | 11,109,988 | 16,359,147 |
Advance to suppliers | 85,198 | 593,130 | 477,109 | 394,574 |
Inventories, net | 8,321,434 | 57,932,156 | 44,030,084 | 41,700,379 |
Loan receivables, net | 222,853 | 1,551,459 | 2,716,475 | 5,132,698 |
Prepayments and other current assets | 585,783 | 4,078,102 | 3,848,225 | 2,258,904 |
Amount due from related parties | 608,186 | 4,234,067 | 3,136,265 | 10,796,561 |
Total current assets | 19,979,684 | 139,094,558 | 104,855,779 | 115,028,652 |
Non-current assets | ||||
Property, equipment and software, net | 2,966,772 | 20,654,071 | 21,082,838 | 12,574,178 |
Construction in progress | 834,024 | 5,806,308 | 6,553,712 | 3,196,516 |
Intangible assets, net | 590,369 | 4,110,034 | 5,011,706 | 6,692,717 |
Land use rights, net | 1,564,501 | 10,891,742 | 10,475,658 | 7,050,809 |
Operating lease right-of-use assets | 1,241,575 | 8,643,597 | ||
Goodwill | 954,303 | 6,643,669 | 6,643,669 | 6,650,570 |
Investment in equity investees | 5,110,145 | 35,575,807 | 31,356,616 | 18,551,319 |
Investment securities | 3,076,375 | 21,417,104 | 15,901,573 | 10,027,813 |
Deferred tax assets | 11,571 | 80,556 | 103,158 | 158,250 |
Other non-current assets | 977,658 | 6,806,258 | 5,283,948 | 2,227,942 |
Amount due from related parties | 1,896,200 | 1,896,200 | ||
Total non-current assets | 17,327,293 | 120,629,146 | 104,309,078 | 69,026,314 |
Total assets | 37,306,977 | 259,723,704 | 209,164,857 | 184,054,966 |
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB7,577,086, RMB9,234,523 and RMB14,399,069 as of December 31, 2017, 2018 and 2019, respectively. Note 1) | ||||
Short-term borrowings | 0 | 147,264 | 200,000 | |
Nonrecourse securitization debt | 4,397,670 | 12,684,881 | ||
Accounts payable | 12,989,224 | 90,428,382 | 79,985,018 | 74,337,708 |
Advance from customers | 2,309,549 | 16,078,619 | 13,017,603 | 13,605,298 |
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB813,525, RMB863,480 and RMB796,193 as of December 31, 2017, 2018 and 2019, respectively) | 477,835 | 3,326,594 | 1,980,489 | 1,592,332 |
Taxes payable | 289,550 | 2,015,788 | 825,677 | 658,220 |
Amount due to related parties | 45,675 | 317,978 | 215,614 | 54,342 |
Accrued expenses and other current liabilities | 3,541,639 | 24,656,180 | 20,292,680 | 15,117,840 |
Operating lease liabilities | 458,715 | 3,193,480 | ||
Total current liabilities | 20,112,187 | 140,017,021 | 120,862,015 | 118,250,621 |
Non-current liabilities | ||||
Deferred revenues (including amounts in relation to traffic support, marketing and promotion services to be provided to related parties of RMB1,273,545, RMB463,153 and RMB1,747,020 as of December 31, 2017, 2018 and 2019, respectively) | 279,042 | 1,942,635 | 463,153 | 1,273,545 |
Nonrecourse securitization debt | 4,475,238 | |||
Unsecured senior notes | 992,917 | 6,912,492 | 6,786,143 | 6,447,357 |
Deferred tax liabilities | 192,334 | 1,338,988 | 828,473 | 882,248 |
Long-term borrowings | 450,931 | 3,139,290 | 3,088,440 | |
Operating lease liabilities | 793,353 | 5,523,164 | ||
Other non-current liabilities | 32,446 | 225,883 | 308,489 | 337,254 |
Total non-current liabilities | 2,741,023 | 19,082,452 | 11,474,698 | 13,415,642 |
Total liabilities | 22,853,210 | 159,099,473 | 132,336,713 | 131,666,263 |
MEZZANINE EQUITY | ||||
Convertible redeemable non-controlling interests (Note 23) | 2,293,140 | 15,964,384 | 15,961,284 | |
JD.com, Inc. shareholders' equity | ||||
Ordinary shares value | 55 | 381 | 380 | 377 |
Additional paid-in capital | 13,024,810 | 90,676,122 | 82,832,895 | 76,254,607 |
Statutory reserves | 209,596 | 1,459,165 | 1,400,412 | 635,966 |
Treasury stock | (363,436) | (2,530,166) | (3,783,729) | (4,457,608) |
Accumulated deficit | (1,711,149) | (11,912,679) | (24,038,081) | (22,234,609) |
Accumulated other comprehensive income | 597,999 | 4,163,147 | 3,359,096 | 1,842,081 |
Total JD.com, Inc. shareholders' equity | 11,757,875 | 81,855,970 | 59,770,973 | 52,040,814 |
Non-controlling interests | 402,752 | 2,803,877 | 1,095,887 | 347,889 |
Total shareholders' equity | 12,160,627 | 84,659,847 | 60,866,860 | 52,388,703 |
Total liabilities, mezzanine equity and shareholders' equity | $ 37,306,977 | ¥ 259,723,704 | ¥ 209,164,857 | ¥ 184,054,966 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017CNY (¥)shares |
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | ¥ 140,017,021 | ¥ 120,862,015 | ¥ 118,250,621 |
Deferred revenues - current | 3,326,594 | 1,980,489 | 1,592,332 |
Deferred revenues - non-current | ¥ 1,942,635 | ¥ 463,153 | ¥ 1,273,545 |
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) | 2,520,271,138 | 2,507,473,330 | 2,477,346,590 |
Ordinary shares, shares outstanding (in shares) | 2,480,575,334 | 2,447,926,638 | 2,406,652,132 |
Class B ordinary shares | |||
Ordinary shares, shares issued (in shares) | 453,672,011 | 458,342,517 | 461,362,309 |
Ordinary shares, shares outstanding (in shares) | 443,739,929 | 446,369,717 | 446,011,297 |
Traffic support, marketing and promotion services | |||
Deferred revenues - current | ¥ | ¥ 796,193 | ¥ 863,480 | ¥ 813,525 |
Deferred revenues - non-current | ¥ | 1,747,020 | 463,153 | 1,273,545 |
Consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | |||
Current liabilities, consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries | ¥ | ¥ 14,399,069 | ¥ 9,234,523 | ¥ 7,577,086 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income/(Loss) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |
Net revenues | ||||
Total net revenues | $ 82,864,846 | ¥ 576,888,484 | ¥ 462,019,759 | ¥ 362,331,754 |
Cost of revenues | (70,738,515) | (492,467,391) | (396,066,126) | (311,516,831) |
Fulfillment | (5,310,127) | (36,968,041) | (32,009,658) | (25,865,128) |
Marketing | (3,193,721) | (22,234,045) | (19,236,740) | (14,918,107) |
Research and development | (2,099,842) | (14,618,677) | (12,144,383) | (6,652,374) |
General and administrative | (788,612) | (5,490,159) | (5,159,666) | (4,214,790) |
Impairment of goodwill and intangible assets | (22,317) | |||
Gain on sale of development properties | 558,004 | 3,884,709 | ||
Income/(loss) from operations | 1,292,033 | 8,994,880 | (2,619,131) | (835,476) |
Other income/(expense) | ||||
Share of results of equity investees | (249,680) | (1,738,219) | (1,113,105) | (1,926,720) |
Interest income | 256,481 | 1,785,572 | 2,117,921 | 2,530,490 |
Interest expense | (104,141) | (725,010) | (854,538) | (963,742) |
Others, net | 772,115 | 5,375,309 | 95,175 | 1,316,408 |
Income/(loss) before tax | 1,966,808 | 13,692,532 | (2,373,678) | 120,960 |
Income tax expenses | (258,904) | (1,802,440) | (426,872) | (139,593) |
Net income/(loss) from continuing operations | 1,707,904 | 11,890,092 | (2,800,550) | (18,633) |
Net income from discontinued operations, net of tax | 6,915 | |||
Net income/(loss) | 1,707,904 | 11,890,092 | (2,800,550) | (11,718) |
Net loss from continuing operations attributable to non-controlling interests shareholders | (42,685) | (297,163) | (311,409) | (135,452) |
Net loss from discontinued operations attributable to non-controlling interests shareholders | (5,030) | |||
Net income from continuing operations attributable to mezzanine equity classified as non-controlling interests shareholders | 445 | 3,100 | 2,492 | |
Net income from discontinued operations attributable to mezzanine equity classified as non-controlling interests shareholders | 281,021 | |||
Net income/(loss) attributable to ordinary shareholders | 1,750,144 | 12,184,155 | (2,491,633) | (152,257) |
Including: Net loss from discontinued operations attributable to ordinary shareholders | (269,076) | |||
Net income/(loss) from continuing operations attributable to ordinary shareholders | 1,750,144 | 12,184,155 | (2,491,633) | 116,819 |
Net income/(loss) | 1,707,904 | 11,890,092 | (2,800,550) | (11,718) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 114,004 | 793,671 | 2,696,784 | (822,052) |
Net change in unrealized gains/(losses) on available-for-sale securities: | ||||
Unrealized gains, net of tax | 44,920 | 312,723 | 237,585 | 1,473,014 |
Reclassification adjustment for gains recorded in net income, net of tax | (37,137) | (258,537) | (260,712) | (352,274) |
Net unrealized gains/(losses) on available-for-sale securities | 7,783 | 54,186 | (23,127) | 1,120,740 |
Total other comprehensive income | 121,787 | 847,857 | 2,673,657 | 298,688 |
Total comprehensive income/(loss) | 1,829,691 | 12,737,949 | (126,893) | 286,970 |
Total comprehensive loss attributable to non-controlling interests shareholders | (36,392) | (253,357) | (311,409) | (140,482) |
Total comprehensive income attributable to mezzanine equity classified as non-controlling interests shareholders | 445 | 3,100 | 2,492 | 281,021 |
Total comprehensive income attributable to ordinary shareholders | $ 1,865,638 | ¥ 12,988,206 | ¥ 182,024 | ¥ 146,431 |
Basic | ||||
Continuing operations | (per share) | $ 0.60 | ¥ 4.18 | ¥ (0.87) | ¥ 0.04 |
Discontinued operations | ¥ / shares | (0.09) | |||
Net income/(loss) per share | (per share) | 0.60 | 4.18 | (0.87) | (0.05) |
Diluted | ||||
Continuing operations | (per share) | 0.59 | 4.11 | (0.87) | 0.04 |
Discontinued operations | ¥ / shares | (0.09) | |||
Net income/(loss) per share | (per share) | $ 0.59 | ¥ 4.11 | ¥ (0.87) | ¥ (0.05) |
Weighted average number of shares | ||||
Basic | shares | 2,912,637,241 | 2,912,637,241 | 2,877,902,678 | 2,844,826,014 |
Diluted | shares | 2,967,321,803 | 2,967,321,803 | 2,877,902,678 | 2,911,461,817 |
Products | ||||
Net revenues | ||||
Total net revenues | $ 73,362,344 | ¥ 510,733,967 | ¥ 416,108,746 | ¥ 331,824,410 |
Service | ||||
Net revenues | ||||
Total net revenues | $ 9,502,502 | ¥ 66,154,517 | ¥ 45,911,013 | ¥ 30,507,344 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Cash flows from operating activities: | ||||
Net income/(loss) | $ 1,707,904 | ¥ 11,890,092 | ¥ (2,800,550) | ¥ (11,718) |
Loss from discontinued operations, net of income tax | (6,915) | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 837,148 | 5,828,055 | 5,560,034 | 4,192,716 |
Share-based compensation | 530,746 | 3,694,955 | 3,659,989 | 2,780,062 |
(Gains)/losses from disposal of property, equipment and software | 9,407 | 65,492 | (11,166) | 11,591 |
Deferred income tax | 76,577 | 533,117 | (10,454) | (221,010) |
Amortization of discounts and issuance costs of the unsecured senior notes | 2,128 | 14,812 | 13,649 | 13,426 |
Impairment of goodwill and intangible assets | 22,317 | |||
Impairment of investments | 280,679 | 1,954,031 | 593,138 | 139,823 |
Fair value change of long-term investments | (502,127) | (3,495,709) | 1,512,979 | |
Gain from business and investment disposals | (172,284) | (1,199,407) | (1,320,266) | (74,965) |
Gain on sale of development properties | (558,004) | (3,884,709) | ||
Share of results of equity investees | 249,680 | 1,738,219 | 1,113,105 | 1,926,720 |
Foreign exchange (gains)/losses | (17,822) | (124,070) | 192,491 | (213,482) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 565,485 | 3,936,793 | 4,287,004 | (545,991) |
Inventories | (1,998,852) | (13,915,610) | (2,342,058) | (12,788,337) |
Advance to suppliers | (18,359) | (127,812) | (75,370) | (137,457) |
Prepayments and other current assets | 69,819 | 486,067 | (899,139) | (328,041) |
Operating lease right-of-use assets | (202,152) | (1,407,345) | ||
Amount due from related parties | (215,566) | (1,500,728) | 1,769,930 | 2,456,933 |
Other non-current assets | (58,740) | (408,937) | 44,990 | (372,576) |
Accounts payable | 1,492,623 | 10,391,341 | 5,466,698 | 26,106,191 |
Advance from customers | 439,688 | 3,061,018 | (745,854) | 2,138,964 |
Deferred revenues | 65,325 | 454,780 | (603,464) | (374,042) |
Taxes payable | 103,821 | 722,781 | 166,120 | 92,932 |
Accrued expenses and other current liabilities | 634,557 | 4,417,646 | 5,158,390 | 4,624,014 |
Operating lease liabilities | 218,569 | 1,521,635 | ||
Amount due to related parties | 19,350 | 134,713 | 128,909 | (66,370) |
Net cash provided by continuing operating activities | 3,559,600 | 24,781,220 | 20,881,422 | 29,342,468 |
Net cash used in discontinued operating activities | (2,485,741) | |||
Net cash provided by operating activities | 3,559,600 | 24,781,220 | 20,881,422 | 26,856,727 |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (3,519,398) | (24,501,345) | (2,518,000) | (9,288,743) |
Maturity of short-term investments | 289,914 | 2,018,324 | 9,053,087 | 7,211,608 |
Purchases of investment securities | (110,721) | (770,818) | (4,562,283) | (7,824,277) |
Cash received from disposal of investment securities | 144,946 | 1,009,088 | 317,975 | |
Cash paid for investments in equity investees | (1,509,442) | (10,508,432) | (17,398,204) | (6,207,880) |
Cash received from disposal of equity investment | 518,014 | 3,606,308 | 1,606,338 | 202,774 |
Cash paid for loan originations | (6,257,068) | (43,560,458) | (36,432,214) | (24,379,691) |
Cash received from loan repayments | 6,405,302 | 44,592,432 | 38,984,140 | 23,019,358 |
Purchase of property, equipment and software | (373,045) | (2,597,069) | (9,743,453) | (3,294,286) |
Purchase of intangible assets | (5,954) | (41,449) | (130,797) | (8,774) |
Purchase of land use rights | (149,258) | (1,039,106) | (4,136,305) | (4,785,538) |
Cash paid for construction in progress | (764,453) | (5,321,968) | (7,358,939) | (3,267,277) |
Cash received from sale of development properties | 1,135,518 | 7,905,251 | ||
Cash paid for business combination, net of cash acquired | (5,944) | (41,380) | (19,578) | (160,658) |
Loans (provided to)/settled by JD Digits | 595,937 | 4,148,796 | 6,259,241 | (6,187,891) |
Proceeds from JD Digits reorganization (Note 6) | 13,027,155 | |||
Other investing activities | (35,556) | (247,531) | ||
Net cash used in continuing investing activities | (3,641,208) | (25,349,357) | (26,078,992) | (21,944,120) |
Net cash used in discontinued investing activities | (17,871,171) | |||
Net cash used in investing activities | (3,641,208) | (25,349,357) | (26,078,992) | (39,815,291) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 3,531,870 | |||
Repurchase of ordinary shares | (18,818) | (131,010) | (205,886) | |
Proceeds from settlement of capped call options | 737,501 | |||
Proceeds from issuance of ordinary shares pursuant to share-based awards | 16,110 | 112,153 | 48,555 | 135,745 |
Proceeds from issuance of convertible redeemable preferred shares of JD Logistics, net | 15,958,792 | |||
Capital injection from non-controlling interest shareholders | 955,035 | 6,648,761 | 805,561 | 209,725 |
Proceeds from short-term borrowings | 833,664 | 5,803,800 | 1,179,422 | 700,000 |
Repayment of short-term borrowings | (857,504) | (5,969,768) | (1,200,000) | (2,356,888) |
Proceeds from long-term borrowings | 2,890,575 | |||
Proceeds from nonrecourse securitization debt | 16,500,000 | |||
Repayment of nonrecourse securitization debt | (558,222) | (3,886,227) | (11,960,194) | (10,889,371) |
Other financing activities | (753) | (5,242) | 171,233 | 143,653 |
Net cash provided by continuing financing activities | 369,512 | 2,572,467 | 11,219,928 | 5,180,365 |
Net cash provided by discontinued financing activities | 14,054,620 | |||
Net cash provided by financing activities | 369,512 | 2,572,467 | 11,219,928 | 19,234,985 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 58,302 | 405,891 | 1,681,163 | (641,534) |
Net increase in cash, cash equivalents, and restricted cash | 346,206 | 2,410,221 | 7,703,521 | 5,634,887 |
Cash, cash equivalents, and restricted cash at beginning of year | 5,386,834 | 37,502,058 | 29,798,537 | 24,163,650 |
Cash, cash equivalents, and restricted cash at end of year | 5,733,040 | 39,912,279 | 37,502,058 | 29,798,537 |
Supplemental cash flow disclosures of continuing operations: | ||||
Cash paid for income taxes | (116,008) | (807,622) | (666,305) | (240,899) |
Cash paid for interest | (97,550) | (679,120) | (421,035) | ¥ (577,306) |
Supplemental disclosures of non-cash investing and financing activities: | ||||
Issuance of ordinary shares in connection with strategic cooperation agreement with Tencent | 109,052 | 759,195 | ||
Equity investments obtained through commitment of future services and contribution of certain business | 340,545 | 2,370,807 | ¥ 181,228 | |
Right-of-use assets acquired under operating leases | $ 698,206 | ¥ 4,860,770 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) | Ordinary sharesCNY (¥)shares | Treasury stockCNY (¥)shares | Additional paid-in capitalCNY (¥) | Statutory reservesCNY (¥) | Accumulated other comprehensive income/(loss)CNY (¥) | Accumulated deficitCNY (¥) | Non-controlling interestsCNY (¥) |
Balance at Dec. 31, 2016 | ¥ 34,162,862 | ¥ 377 | ¥ (5,181,880) | ¥ 59,258,417 | ¥ 132,938 | ¥ 1,543,393 | ¥ (21,860,345) | ¥ 269,962 | |
Balance (in shares) at Dec. 31, 2016 | shares | 2,938,708,899 | (102,264,502) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Repurchase of ordinary shares | 737,501 | 737,501 | |||||||
Accretion of convertible redeemable non-controlling interests | (281,021) | (281,021) | |||||||
Exercise of share-based awards | 145,027 | ¥ 259,583 | (114,556) | ||||||
Exercise of share-based awards (in shares) | shares | 4,116,816 | ||||||||
Share-based compensation and vesting of share-based awards | 2,925,474 | ¥ 464,689 | 2,460,785 | ||||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 12,102,216 | ||||||||
Net income/(loss) | (11,718) | 128,764 | (140,482) | ||||||
Foreign currency translation adjustments | (822,052) | (822,052) | |||||||
Net change in unrealized gains/(losses) on available-for-sale debt securities | 1,120,740 | 1,120,740 | |||||||
Statutory reserves | 503,028 | (503,028) | |||||||
Change of the capital from non-controlling interest shareholders | 231,055 | 231,055 | |||||||
Gain from JD Digits reorganization | 14,180,835 | 14,193,481 | (12,646) | ||||||
Balance at Dec. 31, 2017 | 52,388,703 | ¥ 377 | ¥ (4,457,608) | 76,254,607 | 635,966 | 1,842,081 | (22,234,609) | 347,889 | |
Balance (in shares) at Dec. 31, 2017 | shares | 2,938,708,899 | (86,045,470) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Issuance of ordinary shares | 3,531,870 | ¥ 3 | 3,531,867 | ||||||
Issuance of ordinary shares (in shares) | shares | 27,106,948 | ||||||||
Repurchase of ordinary shares | (205,886) | ¥ (205,886) | |||||||
Repurchase of ordinary shares (in shares) | shares | (2,792,400) | ||||||||
Accretion of convertible redeemable non-controlling interests | (2,492) | (2,492) | |||||||
Exercise of share-based awards | 37,190 | ¥ 67,982 | (30,792) | ||||||
Exercise of share-based awards (in shares) | shares | 1,077,036 | ||||||||
Share-based compensation and vesting of share-based awards | 3,659,989 | ¥ 811,783 | 2,447,238 | 400,968 | |||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 16,241,342 | ||||||||
Net income/(loss) | (2,800,550) | (2,489,141) | (311,409) | ||||||
Foreign currency translation adjustments | 2,696,784 | 2,696,784 | |||||||
Net change in unrealized gains/(losses) on available-for-sale debt securities | (23,127) | (23,127) | |||||||
Statutory reserves | 764,446 | (764,446) | |||||||
Change of the capital from non-controlling interest shareholders | 658,439 | 658,439 | |||||||
Share of changes in the equity investee's capital accounts | 629,975 | 629,975 | |||||||
Balance at Dec. 31, 2018 | 60,866,860 | ¥ 380 | ¥ (3,783,729) | 82,832,895 | 1,400,412 | 3,359,096 | (24,038,081) | 1,095,887 | |
Balance (in shares) at Dec. 31, 2018 | shares | 2,965,815,847 | (71,519,492) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Cumulative effect of changes in accounting principles related to revenue recognition and financial instruments | 295,965 | (1,156,642) | 1,452,607 | ||||||
Issuance of ordinary shares | 759,195 | ¥ 1 | 759,194 | ||||||
Issuance of ordinary shares (in shares) | shares | 8,127,302 | ||||||||
Repurchase of ordinary shares | (131,010) | ¥ (131,010) | |||||||
Repurchase of ordinary shares (in shares) | shares | (1,871,696) | ||||||||
Accretion of convertible redeemable non-controlling interests | (3,100) | (3,100) | |||||||
Exercise of share-based awards | 120,437 | ¥ 210,336 | (79,352) | (10,547) | |||||
Exercise of share-based awards (in shares) | shares | 3,299,962 | ||||||||
Share-based compensation and vesting of share-based awards | 3,694,955 | ¥ 1,174,237 | 1,948,609 | 572,109 | |||||
Share-based compensation and vesting of share-based awards (in shares) | shares | 20,463,340 | ||||||||
Net income/(loss) | $ 1,707,904 | 11,890,092 | 12,187,255 | (297,163) | |||||
Foreign currency translation adjustments | 793,671 | 749,865 | 43,806 | ||||||
Net change in unrealized gains/(losses) on available-for-sale debt securities | 7,783 | 54,186 | 54,186 | ||||||
Statutory reserves | 58,753 | (58,753) | |||||||
Change of the capital from non-controlling interest shareholders | 6,628,506 | 5,228,721 | 1,399,785 | ||||||
Share of changes in the equity investee's capital accounts | (13,945) | (13,945) | |||||||
Balance at Dec. 31, 2019 | $ 12,160,627 | ¥ 84,659,847 | ¥ 381 | ¥ (2,530,166) | ¥ 90,676,122 | ¥ 1,459,165 | ¥ 4,163,147 | ¥ (11,912,679) | ¥ 2,803,877 |
Balance (in shares) at Dec. 31, 2019 | shares | 2,973,943,149 | (49,627,886) |
Principal activities and organi
Principal activities and organization | 12 Months Ended |
Dec. 31, 2019 | |
Principal activities and organization | |
Principal activities and organization | 1. Principal activities and organization JD.com, Inc. (the “Company”) is a leading technology driven e-commerce company transforming to become the 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”) (collectively, the “Group”). The Group operates e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, “JD Platform”). The Group serves consumers through online retail, focusing on product selection, price and convenience, serves third-party merchants through online marketplace, offering programs that enable the merchants to sell their products on JD Platform and to fulfill the orders either by themselves or through the Group’s logistic services. Leveraging its AI capabilities and technologies, the Group provides a variety of marketing services to business partners through its proprietary advertisement technology platform. Leveraging its nationwide fulfillment infrastructure, the Group provides comprehensive supply chain solutions, primarily including warehousing, transportation, delivery and after-sales service to third parties, including both third-party merchants and suppliers on JD Platform and other business partners, through the Group’s logistics business (“JD Logistics”). Prior to June 2017, the Group offered financial services to its suppliers, third-party merchants and qualified individual customers through the Group’s finance business (“JD Digits”, formerly known as “JD Finance”), which was deconsolidated from the Group since June 30, 2017 as a result of the reorganization of JD Digits. Upon the reorganization of JD Digits, the Group disposed all its equity stake in JD Digits and was entitled to a profit sharing right from JD Digits when JD Digits has a positive pre-tax income on a cumulative basis. In addition, the Group would be able to convert its profit sharing right with respect to JD Digits into JD Digits’s equity interest, subject to applicable regulatory approvals (Note 6). In 2018, the Group established JD Property Management Group (“JD Property”), which owns, develops and manages the Group’s logistics facilities and other real estate properties, to support JD Logistics and other third parties. By leveraging its fund management platform, JD Property can realize development profits and recycle capital from mature properties to fund new developments and scale the business. 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 and consolidated VIEs. As of December 31, 2019, the Company’s major subsidiaries, consolidated VIEs and VIEs’ subsidiaries are as follows: Equity interest held 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 Jingdong E-Commerce 80% Hong Kong, China, August 2011 Jingdong Technology Group Corporation 100% Cayman Islands, November 2011 Jingdong Logistics Group Corporation 100% Cayman Islands, January 2012 Jingdong Express Group Corporation (“Jingdong Express”) 80% Cayman Islands, January 2012 JD.com E-Commerce 100% Hong Kong, China, February 2012 Jingdong 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 JD.com American Technologies Corporation 100% Delaware, USA, August 2013 Chongqing Jingdong Haijia E-commerce 100% Chongqing, China, June 2014 JD.com Overseas Innovation Limited 100% Hong Kong, China, October 2014 JD.com International (Singapore) Pte. Ltd. 100% Singapore, November 2014 JD.com Investment Limited 100% British Virgin Islands, January 2015 JD Asia Development Limited 100% British Virgin Islands, February 2015 JD.com Asia Investment Corporation 100% Cayman Islands, March 2015 Suqian Hanbang Investment Management Co., Ltd . 100% Jiangsu, China, January 2016 Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”) 80% Shaanxi, China, May 2017 Xi’an Jingdong Xuncheng Logistics Co., Ltd. 80% Shaanxi, China, June 2017 Jingdong Express International Limited 80% British Virgin Islands, November 2017 Beijing Jinghong Logistics Co., Ltd. 80% Beijing, China, November 2017 JD Assets Holding Limited 100% Cayman Islands, March 2018 JD Logistics Holding Limited 100% Cayman Islands, March 2018 JD Health International Inc. 86% Cayman Islands, November 2018 JD Jiankang Limited 100% British Virgin Islands, April 2019 Place and date of incorporation 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 Consolidated VIEs’ Subsidiaries Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”) Beijing, China, August 2012 Hengqin Junze Management Consulting Co., Ltd. Guangdong, China, April 2017 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 (limited partnership) Jiangsu, China, August 2017 • Organization The Company was incorporated in the British Virgin Islands (“BVI”) in November 2006 and was re-domiciled In April 2007 and May 2017, the Company established Jingdong Century and Xi’an Jingxundi as wholly foreign-owned enterprises in the PRC, respectively. In April 2007, September 2010, August 2015 and June 2017, Jingdong 360, Jiangsu Yuanzhou, Jingdong Bangneng and Xi’an Jingdong Xincheng 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 management members of the Group (“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 include loan agreements, exclusive purchase option agreements, exclusive technology consulting and services agreements, 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 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 The Group’s relevant PRC subsidiaries and relevant VIEs entered into exclusive technology consulting and services agreements under which relevant VIEs engage the Group’s relevant PRC subsidiaries as their exclusive provider of technical platform and technical 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. The Group’s relevant PRC subsidiaries exclusively own any intellectual property arising from the performance of the agreements. During the term of the agreements, the relevant VIEs may not enter into any agreement with third parties for the provision of identical or similar services without prior consent of the Group’s relevant PRC subsidiaries. • 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 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. The equity pledge agreements will expire on the second anniversary of the date when the Nominee Shareholders have completed all their obligations under the above agreements unless otherwise terminated earlier by the Group’s relevant PRC subsidiaries. • 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 VIE s chief • Risks in relations to the VIE structure The Company believes that the contractual arrangements among its subsidiaries, the VIEs and its shareholders 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 its subsidiary 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 shareholder’s 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 other actions. 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 structured by the Contractual Agreements and their subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of December 31, 2017 2018 2019 RMB RMB RMB Total assets 19,281,227 23,878,253 38,749,631 Total liabilities 19,547,831 26,717,946 43,734,593 For the year ended December 31, 2017 2018 2019 RMB RMB RMB Total net revenues 15,926,297 37,561,128 59,306,001 Net loss (115,318 ) (2,646,122 ) (2,268,090 ) For the year ended December 31, 2017 2018 2019 RMB RMB RMB Net cash provided by/(used in) operating activities 1,188,220 (1,144,849 ) 953,673 Net cash used in investing activities (10,117,516 ) (7,596,181 ) (6,450,150 ) Net cash provided by financing activities 9,626,497 8,902,074 5,542,926 Net increase in cash, cash equivalents, and restricted cash 697,201 161,044 46,449 Cash, cash equivalents, and restricted cash at beginning of year 21,959 719,160 880,204 Cash, cash equivalents, and restricted cash at end of year 719,160 880,204 926,653 As of December 31, 2017, 2018 and 2019, the total assets of the Group’s consolidated VIEs (where appropriate, the term “VIEs” also refers to its subsidiaries as a whole) were mainly consisting of cash and cash equivalents, short-term investments, accounts receivable, inventories, prepayments and other current assets, investment securities, investment in equity investees, property, equipment and software, intangible assets, operating lease right-of-use assets and other non-current assets. As of December 31, 2017, 2018 and 2019, the total liabilities of the consolidated VIEs were mainly consisting of accounts payable, advance from customers, deferred revenues, accrued expenses and other current liabilities, operating lease liabilities and liabilities to the Group’s other subsidiaries. These balances have been reflected in the Group’s consolidated financial statements with intercompany transactions 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 the December 31, 2017, 2018 and 2019, 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. The Group periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, which was considered as variable interest entities of the Group when the Group held the subordinate tranche of such securitization vehicles. The Group consolidated such variable interest entities when the Group or any subsidiary was considered as the primary beneficiary, please refer to Note 2(v). JD Digits, which was deconsolidated from the Group since June 30, 2017 as a result of its reorganization (Note 6), is a VIE of the Group while the Group or any subsidiary is not considered the primary beneficiary. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
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. b. Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and 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 c. Reclassifications In 2018, items related to restricted cash in the consolidated statements of cash flows for the year ended December 31, 2017 have been reclassified to conform to the current period presentation to facilitate comparison as a result of the adoption of Accounting Standards Update (“ASU”) 2016-18, Statement of cash flows (Topic 230): restricted cash . 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 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, 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, redemption value of the redeemable preferred shares and consolidation of VIEs. Actual results may differ materially from those estimates. f. Foreign currency translation The Group’s reporting currency is Renminbi (“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$”). The Group’s PRC subsidiaries and consolidated VIEs determined their functional currency to be RMB. The Group’s entities incorporated in the Republic of Indonesia, Japan, France, Australia and other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of ASC Topic 830, Foreign Currency Matters . Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of others, net in the consolidated statements of operations and comprehensive income/(loss). Total exchange gains/(losses) were a gain of RMB213,482, a loss of RMB192,491 and a gain of RMB124,070 for the years ended December 31, 2017, 2018 and 2019, respectively. The consolidated g. Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.9618, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2019. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2019, or at any other rate. 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 available-for-sale held-to-maturity 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, net 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 Digits, 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 Digits, the Group remains as the legal owner of the consumer financing receivables, where JD Digits performs the related credit assessment. JD Digits 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 Digits, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(v). Other than the accounts receivable arising from the consumer financing, the Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the payment history, creditworthiness and financial conditions of the customers and industry trend, to determine the allowance percentage for the overdue balances by age. 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 are 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. The accounts receivable with the collection period over one year are classified into other non-current 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 historical and forecasted consumer demand, and promotional environment. 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 Digits, provided to qualified individual customers on our online marketplace. Due to the legacy contractual arrangements with JD Digits, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Digits performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from month to months. As JD Digits 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, 2017, 2018 and 2019. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2017, 2018 and 2019, the loan receivables with the collection period over one year amounting to RMB243,624 , RMB and RMB , respectively, were classified into other non-current assets in the consolidated balance sheets. Cash paid for loan originations and cash received from loan repayments are classified as investing activities in the consolidated statements of cash flows. The Group, in collaboration with JD Digits, periodically securitizes loan receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(v). 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 are as follows: Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3-5 Logistic s 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, 2017, 2019, construction in progress in the amount of RMB3,196,516, 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 34 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 c 5 years Non-compete 5-8 Domain names and trademarks 5-20 Technology and o 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 the Financial Accounting Standards Board (“FASB”) guidance on testing of goodwill for impairment, the Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the implied fair value of the reporting unit’s goodwill and the carrying amount of goodwill will be recorded. 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 and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. 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 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 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. Beginning on January 1, 2018, 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 Beginning on January 1, 2018, 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 upon the adoption of ASU 2016-01 (the “Measurement Alternative”). Under the Measurement Alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in others, net in the consolidated statements of operations and comprehensive income/(loss). The Group makes assessment of whether an investment is impaired based on performance and financial position of the investee as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance. The Group recognizes an impairment loss equal to the difference between the carrying value and fair value in others, net in the consolidated statements of operations and comprehensive income/(loss) if there is any. Prior to January 1, 2018, the cost method of accounting was used. t. Investment securities The Group invests in marketable equity securities to meet business objectives. Beginning on January 1, 2018, 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) upon the adoption of ASU 2016-01. u. 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. v. Nonrecourse securitization debt and transfer of financial assets The Group, in collaboration with JD Digits, 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 debt securities to third-party investors and JD Digits, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles 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 will 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 Due to the Group’s continuing involvement rights in securitization vehicles prior to October 2017, the Group cannot derecognize the existing receivables through the transfer of the receivables to securitization vehicles. The proceeds from the financing type transactions we non-current we we 2017, RMB11,701,973, 2017 and and 5.81% per annum, respectively. The interest expenses in relation to the nonrecourse securitization debt were charged back to JD Digits. Beginning October 2017, the Group revised certain structural arrangements to relinquish its continuing involvement rights when setting up the new securitization vehicles. In 2019, RMB 21,500,000 15,302,084 6,197,916 the periods presented w. 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 discount or premium 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). x. 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. y. Revenues The Group adopted ASC Topic 606, Revenue from Contracts with Customers approach that increased retained earnings by approximately RMB256,994. Revenues for the years Revenue Recognition . The Group’s revenue recognition policies effective on the adoption date of ASC 606 are presented as below. Consistent with the criteria of ASC 606, the Group recognizes revenues when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer. An asset is transferred when the customer obtains control of that asset. 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 retail 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. Upon the adoption of ASC 606, the Group began to recognize 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. 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 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 RMB236,268,621, RMB280,059,089 and RMB328,703,453, and revenues from the sales of general merchandise products were RMB95,555,789, RMB136,049,657 and RMB182,030,514, for the years ended December 31, 2017, 2018 and 2019, respectively. The Group’s net product revenues were mainly generated by the JD Retail (formerly known as JD Mall) 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 comprehensive supply chain solutions to third parties through JD Logistics, primarily including warehousing, transportation, delivery and after-sales service. Revenues resulting from these services are recognized over time as the Group performs the services in the contracts because of the continuous transfer of control to the customers. The Group offer s 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 logistic s Revenues from online marketplace and marketing services were RMB25,390,981, RMB33,531,862 and RMB42,680,212 for the years ended December 31, 2017, 2018 and 2019 New Businesses segment. z. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent RMB and RMB as of December 31, 20 17, 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 aa. Customer incentives and loyalty programs The Group provides two • 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 aa. Customer incentives and loyalty programs (Continued) 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 use |
Concentration and risks
Concentration and risks | 12 Months Ended |
Dec. 31, 2019 | |
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, 2017, 2018 and 2019. 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, 2017, 20 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 RMB27,566,040, RMB15,443,123 and RMB33,601,008 as of December 31, 2017, Foreign currency exchange rate risk In July 2005, the PRC government changed its decades-old was approximately % and 1% in 2018 and 2019, respectively. It is difficult to predict |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2019 | |
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 RMB4,110,210, RMB3,239,613 and RMB2,940,859 as of December 31, 2017, 2018 and 2019, respectively. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair value measurement | |
Fair value measurement | 5. Fair value measurement As of December 31, 2017, 2018 and 2019, 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 2017 Quoted Prices in Active Significant Other Significant RMB RMB RMB RMB Assets: Cash equivalents Money market funds 1,372,182 1,372,182 — — Restricted cash 4,110,210 — 4,110,210 — Short-term investments Wealth management products 8,582,754 — 8,582,754 — Investment securities Listed equity securities 10,027,813 10,027,813 — — Total assets 24,092,959 11,399,995 12,692,964 — Fair value measurement at reporting date using Description Fair value as of Quoted Prices in Active Significant Other Significant RMB RMB RMB RMB Assets: Cash equivalents Money market funds 1,373 1,373 — — Restricted cash 3,239,613 — 3,239,613 — Short-term investments Wealth management products 1,934,820 — 1,934,820 — Investment securities Listed equity securities 15,901,573 15,901,573 — — Total assets 21,077,379 15,902,946 5,174,433 — Fair value measurement at reporting date using Description Fair value as of Quoted Prices in Active Significant Other Significant RMB RMB RMB RMB Assets: Cash equivalents Money market funds 3,590,620 3,590,620 — — Restricted cash 2,940,859 — 2,940,859 — Short-term investments Wealth management products 23,206,770 — 23,206,770 — Investment securities Listed equity securities 21,417,104 21,417,104 — — Total assets 51,155,353 25,007,724 26,147,629 — 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 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. The wealth management products usually have short original maturities of less than 1 year, the carrying value approximates to fair value. As of December 31, 2017, 2018 and 2019, gross unrealized gains of RMB23,755, RMB627 and RMB54,813 were recorded on wealth management products, respectively. No impairment charges were recorded for the years ended December 31, 2017, 2018 and 2019, 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. Prior to January 1, 2018, the Group accounted for the investment securities at fair value with unrealized gains and losses recognized in accumulated other comprehensive income on the consolidated balance sheets. Realized gains and losses on marketable equity securities sold or impaired were recognized in others, net in the consolidated statements of operations and comprehensive income/(loss). Starting from January 1, 2018, upon adoption of ASU 2016-01, recognizes a cumulative-effect adjustment for the net unrealized gains related to marketable equity securities of RMB from accumulated other comprehensive income to the opening balance of retained earnings in the period adoption The following table summarizes the carrying value and fair value of the investment securities: Cost Basis Gross Unrealized Gains Gross Unrealized Losses Provision for D in V a Fair Value RMB RMB RMB RMB RMB December 31, 2017 9,087,935 1,476,834 (513,047 ) (23,909 ) 10,027,813 December 31, 2018 16,071,098 3,952,704 (4,122,229 ) — 15,901,573 December 31, 2019 18,329,057 5,008,610 (1,920,563 ) — 21,417,104 In 2017, the Group invested in China United Network Communications Limited (“China Unicom”) with a total consideration of RMB5,000,000, and held approximately 2.4% of China Unicom’s equity interest. As of December 31, 2019, the accumul a 31, 2017 and 2018: RMB366,032 and RMB 1,215,227). In 2017, the Group invested in Vipshop Holdings Ltd. (“Vipshop”) with a total consideration of RMB2,794,547 and held approximately 5.5% of Vipshop’s equity interest. In 2018 and a unrealized gain 2017 and 2018: unrealized loss of RMB37,064 and RMB 2,004,447). In 2017, the Group invested in Farfetch.com Limited (“Farfetch”) with a total consideration of RMB 2,713,285, and for initial public offering (“IPO”), the Group purchased additional shares with a total amount of RMB186,155, and started to account for the investment at fair value. As of December 31, 2019, the a unrealized gain R MB In 2018, the Group invested in ESR Cayman Limited (“ESR”) with a and for IPO sold i Other financial instruments The followings are other 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, 2017, and short-term investment s R MB5,081,748, Unsecured senior notes. The carrying amounts of unsecured senior notes approximate to their fair values due to the fact that the related interest rates approximate to the rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of unsecured senior notes was categorized as Level 2 in the fair value hierarchy. As of December 31, 2017, 2018 and 2019, the fair value of unsecured senior notes amounted to RMB6,527,960, RMB6,382,604 and RMB7,195,427, 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, 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 borrowings 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 borrowings 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. Nonrecourse securitization debt. The carrying amount of nonrecourse securitization debt approximates to its fair value due to the fact that the related interest rates approximate to the rates currently offered by financial institutions for similar debt instruments of comparable maturities. 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, 2017, 2018 and 2019, and the Note 7 —“Investment in equity investees”. |
JD Digits reorganization
JD Digits reorganization | 12 Months Ended |
Dec. 31, 2019 | |
JD Digits reorganization | |
JD Digits reorganization | 6. JD Digits reorganization In the first half of 2017, the Group entered into a series of definitive agreements relating to the reorganization of JD Digits. Pursuant to the definitive agreements, the Group disposed all its equity stake of 68.6% in JD Digits so that it holds neither legal ownership nor effective control of JD Digits, received RMB14.3 billion in cash and is entitled to a royalty and software technical services fee of 40% of the future pre-tax profit of JD Digits when JD Digits has a positive pre-tax income on a cumulative basis. In addition, the Group would be able to convert its profit sharing right the act-in-concert of employee stock ownership plan. The 2017. After JD Digits’s additional round of financing in 2018, the Group’s percentage of Digits’s pre-tax profit sharing has been diluted to approximately 36 %, and if permitted by the regulation, the Group is entitled to convert its profit-sharing right into approximately 36% of JD Digits’s equity interest. Because the Group is entitled to a royalty and software technical services fee of 40% of the future pre-tax pre-tax s Mr. Richard Qiangdong Liu holds a minority equity stake in JD Digits, and obtains majority voting rights in JD Digits through his equity stake and voting arrangements, possesses the power to direct the activities of JD Digits that would most significantly impact its economic performance, and also exposes to benefits and losses of JD Digits. As a result, JD Digits is an unconsolidated VIE of the Group as the Group is not considered the primary beneficiary of JD Digits. Hence upon the completion of the transaction on June 30, 2017, JD Digits was deconsolidated from the Group as a result of the reorganization. The Group and JD Digits are both controlled by Mr. Richard Qiangdong Liu before and after the transaction, so the disposal of JD Digits was achieved through an under the common control transaction, accordingly, the gain of RMB14,193,481 from the disposal of JD Digits was recorded in equity account as additional paid-in The disposal of JD Digits has met the discontinued operation criteria. However, given the facts that the disposal is achieved through an under common control transaction, and therefore the held-for-sale The Group has classified the historical financial results of JD Digits as discontinued operations in the Group’s consolidated statements of operations and comprehensive income/(loss) for the period presented prior to July 1, 2017. The following tables set forth the results of operations and cash flows of discontinued operations, which were included in the Group’s consolidated financial statements: For the year ended December 31, 2017 (*) RMB Net revenues 2,392,903 Operating expenses (2,067,622 ) Income from operations of discontinued operations 325,281 Other expenses (316,245 ) Income from discontinued operations before tax 9,036 Income tax expenses (2,121 ) Net income from discontinued operations, net of tax 6,915 Net loss from discontinued operations attributable to non-controlling interests shareholders (5,030 ) Net income from discontinued operations attributable to mezzanine equity classified as 281,021 Net loss from discontinued operations attributable to ordinary shareholders (269,076 ) For the year ended 2017 (*) RMB Net cash used in discontinued operating activities (2,485,741 ) Net cash used in discontinued investing activities (17,871,171 ) Net cash provided by discontinued financing activities 14,054,620 (*) Included financial results of discontinued operations from January 1, 2017 to June 30, 2017. There were no According to the JD Digits reorganization arrangements, upon certain redemption events of JD Digits, and on the premise that JD Digits is the first obligator, the Group and Suqian Dongtai Jinrong Investment Management Center, an entity controlled by Mr. Richard Qiangdong Liu further has the obligation to make up the remaining gap (if any) of the redemption price to the shareholders of JD Digits when all other means are exhausted, and such amount the Group needs to pay will be capped by the proceeds from the sales of the Group’s shares of JD Digits if the Group becomes a shareholder of JD Digits or the liquidity payment the Group would receive upon the liquidity events. As the Group and JD Digits are 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 remote as of December 31, 2017, 2018 and 2019. As disclosed above, the Group’s exposure to pay the redemption price is limited to the proceeds from the sales of the Group’s shares of JD Digits or the liquidity event payment the Group received upon the certain liquidity events. And the Group’s maximum exposure to loss as a result of its involvement with JD Digits relates to net amounts due from JD Digits were RMB12,076,035 , R MB3,902,238 and RMB1,728,568 as of December 31, 2017, 2018 and 2019, respectively (Note 30). |
Investment in equity investees
Investment in equity investees | 12 Months Ended |
Dec. 31, 2019 | |
Investment in equity investees | |
Investment in equity investees | 7. Investment in equity investees Measurement Alternative and NAV practical expedient Equity investments measured at fair value without readily determinable fair value were accounted as cost method investments prior to adopting ASU 2016-01. As of December 31, 2017, the carrying amount of the Group’s cost method investments was RMB9,750,726 . After adoption of ASU 2016-01, the carrying amount of the Group’s equity investments measured at fair value using the Measurement Alternative was RMB17,104,784 and RMB17,580,557 as of December 31, 2018 and 2019, respectively, and the carrying amount of the Groups’ investments under NAV practical expedient was RMB944,378 and RMB2,515,919 as of December 31, 2018 and 2019, respectively. For the years ended December 31, 2017, 2018 and 2019, the Group invested RMB6,217,682, RMB12,108,139 and RMB6,198,126 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 year ended Decem The Group accounted for the investment in AiHuiShou International Co. Ltd., (“AiHuiShou”) under the Measurement Alternative. In June 2019, the Group signed series of agreements with AiHuiShou, an online second-hand consumer electronics trading platform. The Group merged its Paipai Secondhand business into AiHuiShou with certain exclusive traffic resources for the next five years, and additionally invested RMB138,582 in cash in exchange for additional preferred share investment in AiHuiShou. Total consideration for the above investment in AiHuiShou was Equity method As of December 31, 2019, the Group’s investments accounted for under the equity method totaled RMB15,479,331 (as of December 31, 2017 and 2018: RMB8,800,593 and Nexus Limited (“Dada”) amounting to nil 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. On May 23, 2018, 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 12% accordingly. Yonghui is a leading hypermarket and supermarket operator in China and is listed on the Shanghai Stock Exchange. Total consideration for the investment in Yonghui was RMB5,458,074 in cash. Investment in Yonghui is accounted for using the equity method as the Group obtained significant influence by the rights to nominate two eleven RMB114,845, 2017, 2018 and 2019, 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 December 31, 2017 As of December 31, 2018 As of December 31, 2019 RMB RMB RMB Carrying value of investment in Yonghui 4,245,001 5,450,209 5,508,062 Proportionate share of Yonghui’s net tangible and intangible assets 1,946,349 2,122,874 2,249,239 Positive basis difference 2,298,652 3,327,335 3,258,823 Positive basis difference has been assigned to: Goodwill 1,270,190 1,989,726 1,989,726 Amortizable intangible assets (*) 1,371,283 1,783,478 1,692,129 Deferred tax liabilities (342,821 ) (445,869 ) (423,032 ) 2,298,652 3,327,335 3,258,823 Cumulative gains in equity interest in Yonghui 124,917 250,538 428,729 (*) As of December 31, 2019, the weighted average remaining life of the intangible assets not included in Yonghui’s consolidated financial statements was 15 As of December 31, 2017, RMB9,666,167 , The proportionate share of Yonghui’s net income recorded in “share of results of equity investees” in the consolidated statements of operations and comprehensive income/(loss) was a gain of RMB122,893, RMB96,558 and RMB164,068 for the years ended December 31, 2017, 2018 and 2019, respectively. The following table includes the results of operations of Yonghui for each of the periods presented. For the year For the year ended 2018 For the year ended RMB RMB RMB Revenue s 55,524,229 67,975,691 81,367,849 Gross profit 11,319,620 14,912,887 18,019,934 Income from operations 2,065,795 1,296,271 2,024,586 Net income 1,721,628 1,189,513 1,774,888 Net income attributable to shareholders 1,818,910 1,548,833 2,000,842 Percentage of ownership in Yonghui 10 % 12 % 12 % Proportionate share of Yonghui’s net income, before basis adjustments 181,891 160,630 232,580 Basis adjustments (58,998 ) (64,072 ) (68,512 ) Proportionate share of Yonghui’s net income 122,893 96,558 164,068 Investment in Bitauto On February 16, 2015, the Group completed its investment in Bitauto through the subscription of newly issued ordinary shares, representing approximately 25% of the outstanding ordinary shares of Bitauto. Bitauto is a leading provider of internet content and marketing services for China’s fast-growing automotive industry that is listed on Nasdaq. Total consideration for the initial investment in Bitauto was RMB5,496,188 with a combination of RMB2,450,920 in cash and RMB3,045,268 in the form of future services, including exclusive access to the new and used car channels on the JD Platform and additional support the Group’s key platforms for a period of 5 years. On June 17, 2016, the Group additionally acquired Bitauto’s newly issued ordinary shares by paying the cash consideration of RMB328,975. As of December 31, 2019, the Group held approximately 24% of Bitauto’s issued and outstanding shares. Investment in Bitauto is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2017 As of As of RMB RMB RMB Carrying value of investment in Bitauto (*) 2,128,409 2,544,367 1,817,781 Proportionate share of Bitauto’s net tangible and intangible assets 2,228,925 2,619,609 2,347,924 Positive/(negative) basis difference (100,516 ) (75,242 ) (530,143 ) Positive/(negative) basis difference has been assigned to: Goodwill (*) — — — Amortizable intangible assets (**) (100,516 ) (75,242 ) (530,143 ) (100,516 ) (75,242 ) (530,143 ) Cumulative losses in equity interest in Bitauto (3,696,754 ) (3,280,796 ) (3,910,223 ) (*) In the first quarter of 2019, the Group conducted impairment assessment on its investment in Bitauto considering the duration and severity of the decline of Bitauto’s stock price after the investment, as well as the financial condition, operating performance and the prospects of Bitauto, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charge of RMB488,453 to write down the carrying value of its investment in Bitauto to the fair value, based on quoted closing price of Bitauto’s stock as of March 31, 2019. (**) As of December 31, 2019, the negative basis difference between carrying value of investment in Bitauto and proportionate share of Bitauto’s net tangible and intangible assets was RMB530,143. This difference would not be amortized. As of December 31, 2017, 2018 and 2019, the market value of the Group’s investment in Bitauto was approximately RMB3,773,634 and RMB and RMB based on its quoted closing price, respectively. Investment in Dada In April 2016, the Group signed series of agreements with Dada, China’s largest crowdsourcing delivery platform. The Group obtained a) the newly issued ordinary shares of Dada which represents approximately 81% of the issued and outstanding ordinary shares, or approximately 41% of the equity interests of Dada on a fully diluted basis, b) the newly issued preferred shares of Dada which represents approximately 7% of the equity interest in Dada on a fully diluted basis, and c) a warrant to purchase additional preferred shares of Dada at a pre-determined non-compete two six With the assistance of an independent appraiser, the Group estimated the fair value of the assets/investments received as follows: As of April 26, 2016 RMB Assets/investments received by the Group Dada’s ordinary shares 2,164,050 Dada’s preferred shares 1,298,700 Warrant to purchase Dada’s preferred shares 45,450 3,508,200 The investment in Dada’s ordinary shares is accounted for using the equity As of December 31, 2017 As of December 31, As of December 31, RMB RMB RMB Carrying value of investment in Dada’s ordinary shares 139,147 — — Proportionate share of Dada’s net tangible and intangible assets (1,579,323 ) (1,709,458 ) (1,701,718 ) Positive basis difference 1,718,470 1,709,458 1,701,718 Positive basis difference has been assigned to: Goodwill 1,605,891 1,605,891 1,605,891 Amortizable intangible assets (*) 150,105 138,089 127,770 Deferred tax liabilities (37,526 ) (34,522 ) (31,943 ) 1,718,470 1,709,458 1,701,718 Cumulative losses in equity interest in Dada’s ordinary shares (2,024,903 ) (2,164,050 ) (2,164,050 ) (*) As of December 31, 2019, the weighted average remaining life of the intangible assets not included in Dada’s consolidated financial statements was 6 The investment in Dada’s preferred shares is accounted for under the Measurement Alternative as the underlying preferred shares were not considered in-substance pre-determined zero 323-10-35-25, Group Investment in Tuniu In December 2014, the Group acquired 7% equity interest in Tuniu with cash consideration of RMB305,930. Tuniu is a leading online leisure travel company in China that is listed on Nasdaq. The Group accounted for the i i available-for-sale On May 22, 2015, the Group additionally acquired Tuniu’s newly issued ordinary shares for total consideration of RMB2,188,490 with a combination of RMB1,528,275 in cash and RMB660,215 in the form of future services, including granting Tuniu an exclusive right s JD Platform, and Tuniu becomes the Group’s preferred partner for hotel and air ticket booking services. After the subsequent investment in May 2015, the Group held approximately 28% of Tuniu’s issued and outstanding shares and had one Investment in Tuniu is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2017 As of As of RMB RMB RMB Carrying value of investment in Tuniu (*) 947,500 858,566 457,443 Proportionate share of Tuniu’s net tangible and intangible assets 779,525 714,009 633,295 Positive/(negative) basis difference 167,975 144,557 (175,852 ) Positive/(negative) basis difference has been assigned to: Goodwill (*) 23,899 23,899 — Amortizable intangible assets (**) 192,101 160,877 (175,852 ) Deferred tax liabilities (48,025 ) (40,219 ) — 167,975 144,557 (175,852 ) Cumulative losses in equity interest in Tuniu (1,546,645 ) (1,635,579 ) (2,036,702 ) (*) In the second and fourth s s and R MB 86,072 in the second and fourth quarter s s (**) As of December 31, 2019, the negative basis difference between carrying value of investment in Tuniu and proportionate share of Tuniu’s net tangible and intangible assets was RMB175,852. This difference would not be amortized. As of December 31, 2017, 2018 and 2019, the market value of the Group’s investment in Tuniu was approximately RMB1,304,082, RMB867,921 and RMB457,443 based on quoted closing price, respectively. Investment in Jiangsu Five Star In April 2019, the Group invested RMB1,274,257 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 RMB1,024,946 to the Seller and has the right s Investment in Jiangsu Five Star is accounted for using the equity method with the investment cost allocated as follows: As of April 29, 2019 As of RMB RMB Carrying value of investment in Jiangsu Five Star 1,274,257 1,317,045 Proportionate share of Jiangsu Five Star’s net tangible and intangible assets 432,310 480,438 Positive basis difference 841,947 836,607 Positive basis difference has been assigned to: Goodwill 586,325 586,325 Amortizable intangible assets (*) 208,840 206,069 Property (*) 131,990 127,641 Deferred tax liabilities (85,208 ) (83,428 ) 841,947 836,607 Cumulative gains in equity interest in Jiangsu Five Star — 42,788 (*) As of December 31, 2019, the weighted average remaining lives of the intangible assets and property were 19 24 Investment in Yixin In February 2015 and August 2016, the Group invested US$100,000 and US$30,000 in cash, respectively, to acquire Yixin’s newly issued preferred shares. Yixin, a controlled subsidiary of Bitauto, is a leading online automobile retail transaction platform in China. The investment in Yixin was accounted for under the cost method as the underlying shares the Group invested in were not considered in-substance On November 16, 2017, Yixin successfully completed the global offering and traded on the Main Board of t one non-executive nine Investment in Yixin is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2017 As of December 31, 2018 As of December 31, 2019 RMB RMB RMB Carrying value of investment in Yixin 860,992 1,044,537 1,206,741 Proportionate share of Yixin’s net tangible and intangible assets 1,703,448 1,641,276 1,663,071 Negative basis difference (842,456 ) (596,739 ) (456,330 ) Cumulative gains in equity interest in Yixin — 183,545 345,749 As of December 31, 2019, the negative basis difference between carrying value of investment in Yixin and proportionate share of Yixin’s net tangible and intangible assets was RMB456,330. This difference would not be amortized. As of December 31, 2017, 2018 and 2019, the market value of the Group’s investment in Yixin was approximately RMB3,586,393, The Group summarizes the condensed financial information of the Group’s equity investments under e quity me thod 4-08 S-X: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Operating data: Revenue s 72,206,753 94,099,295 128,942,238 Gross profit 19,162,739 26,893,544 34,540,510 Loss from operations (2,200,140 ) (1,471,960 ) (534,006 ) Net loss (2,549,137 ) (1,722,715 ) (564,940 ) Net loss attributable to shareholder s (2,977,210 ) (1,748,305 ) (1,235,224 ) As of December 31, 2017 2018 2019 RMB RMB RMB Balance sheet data: Current assets 78,125,211 110,276,278 117,073,881 Non-current 62,806,104 78,546,934 97,456,584 Current liabilities 58,734,790 80,643,552 94,482,219 Non-current 16,703,429 22,755,496 18,910,340 Redeemable stock 5,877,854 9,897,962 10,593,025 Non-controlling 717,106 431,498 380,510 The Group recorded its interests in Yonghui, Bitauto, Dada, Tuniu, Jiangsu Five Star and Yixin one quarter in arrears to enable the Group to provide its financial disclosure independent of the reporting schedule of these equity investees. 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 Measurement Alternative investments of RMB59,987, RMB593,138 and RMB1,612,139 were recorded in others, net in the consolidated statements of operations and comprehensive income/(loss) for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2019, the accumulated impairment of the Group’s Measurement Alternative investments was RMB |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2019 | |
Accounts receivable, net | |
Accounts receivable, net | 8. Accounts receivable, net Accounts receivable, net consists of the following: As of December 31, 2017 2018 2019 RMB RMB RMB Online retail and online marketplace receivables (*) 14,819,862 7,756,808 2,392,737 Logistics receivables 1,020,771 2,997,163 3,073,641 Advertising receivables and others 572,495 534,410 1,042,211 Accounts receivable 16,413,128 11,288,381 6,508,589 Allowance for doubtful accounts (53,981 ) (178,393 ) (318,001 ) Accounts receivable, net 16,359,147 11,109,988 6,190,588 The movements in the allowance for doubtful accounts are as follows: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the year (36,993 ) (53,981 ) (178,393 ) Additions (16,988 ) (124,412 ) (213,395 ) Write-off — — 73,787 Balance at end of the year (53,981 ) (178,393 ) (318,001 ) (*) For the accounts receivable in relation to consumer financing business, which is recorded in online re tail over-due |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2019 | |
Inventories, net | |
Inventories, net | 9. Inventories, net Inventories, net consist of the following: As of December 31, 2017 2018 2019 RMB RMB RMB Products 41,840,945 44,678,983 58,795,341 Packing materials and others 358,207 219,961 223,234 Inventories 42,199,152 44,898,944 59,018,575 Inventory valuation allowance (498,773 ) (868,860 ) (1,086,419 ) Inventories, net 41,700,379 44,030,084 57,932,156 |
Property, equipment and softwar
Property, equipment and software, net | 12 Months Ended |
Dec. 31, 2019 | |
Property, equipment and software, net | |
Property, equipment and software, net | 10. Property, equipment and software, net Property, equipment and software, net consist of the following: As of December 31, 2017 2018 2019 RMB RMB RMB Electronic equipment 7,172,694 13,780,685 14,397,628 Building and building improvement 5,855,920 9,118,708 9,084,029 Logistics, warehouse and other heavy equipment 2,693,969 3,912,356 6,104,497 Vehicles 1,164,376 1,240,001 1,249,667 Leasehold improvement 827,408 1,318,735 2,100,120 Office equipment 287,282 406,534 388,841 Software 203,848 250,920 301,919 Total 18,205,497 30,027,939 33,626,701 Less: accumulated depreciation (5,631,319 ) (8,945,101 ) (12,911,659 ) Less: impairment — — (60,971 ) Net book value 12,574,178 21,082,838 20,654,071 Depreciation expenses were RMB2,310,065, RMB3,533,483 and RMB4,673,362 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Land use rights, net
Land use rights, net | 12 Months Ended |
Dec. 31, 2019 | |
Land use rights, net | |
Land use rights, net | 11. Land use rights, net Land use rights, net consist of the following: As of December 31, 2017 2018 2019 RMB RMB RMB Land use rights 7,254,974 10,860,924 11,380,221 Less: accumulated amortization (204,165 ) (385,266 ) (488,479 ) Net book value 7,050,809 10,475,658 10,891,742 Amortization expenses for land use rights were RMB84,405, RMB181,101 and RMB222,143 for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2019, amortization expenses related to the land use rights for future periods are estimated to be as follows: For the year ending December 31, 2020 2021 2022 2023 2024 2025 and RMB RMB RMB RMB RMB RMB Amortization expenses 228,572 228,572 228,572 228,572 228,572 9,748,882 |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets, net | |
Intangible assets, net | 12. Intangible assets, net Intangible assets, net consist of the following As of December 31, 2017 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB RMB RMB RMB Strategic Cooperation 5.0 6,075,289 (4,563,957 ) — 1,511,332 Non-compete 8.0 2,467,005 (885,390 ) — 1,581,615 Domain names and trademark 19.5 3,250,789 (278,372 ) (27,124 ) 2,945,293 Technology and others 6.2 1,040,668 (256,606 ) (129,585 ) 654,477 Total 9.3 12,833,751 (5,984,325 ) (156,709 ) 6,692,717 As of December 31, 2018 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB RMB RMB RMB Strategic c 5.0 6,075,289 (5,779,015 ) — 296,274 Non-compete 8.0 2,467,005 (1,194,067 ) — 1,272,938 Domain names and trademark 19.3 3,305,413 (453,423 ) (27,124 ) 2,824,866 Tech nology and o 6.2 1,165,899 (403,270 ) (145,001 ) 617,628 Total 9.3 13,013,606 (7,829,775 ) (172,125 ) 5,011,706 As of December 31, 2019 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB RMB RMB RMB Strategic c 5.0 6,075,289 (6,075,289 ) — — Non-compete 8.0 2,467,005 (1,502,141 ) — 964,864 Domain names and trademark 19.3 3,311,250 (633,360 ) (27,124 ) 2,650,766 Technology and o thers 6.2 1,181,076 (541,671 ) (145,001 ) 494,404 Total 9.3 13,034,620 (8,752,461 ) (172,125 ) 4,110,034 Amortization expenses for intangible assets were RMB1,798,246, RMB1,845,450 and RMB932,550 for the years ended December 31, 2017, 2018 and 2019, respectively. The Group recorded an impairment charge of nil, RMB15,416 and nil for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2019, amortization expenses related to the intangible assets for future periods are estimated to be as follows: For the year ending December 31, 2020 2021 2022 2023 2024 2025 and RMB RMB RMB RMB RMB RMB Amortization expenses 633,717 625,153 460,885 339,733 229,864 1,820,682 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill | |
Goodwill | 13. Goodwill The changes in the carrying amount of goodwill were as follows: JD Retail N Total RMB RMB RMB Balance as of December 31, 2016 Goodwill 6,527,019 2,593,420 9,120,439 Accumulated impairment loss — (2,593,420 ) (2,593,420 ) 6,527,019 — 6,527,019 Transaction in 2017 Additions 123,551 — 123,551 Balance as of December 31, 2017 Goodwill 6,650,570 2,593,420 9,243,990 Accumulated impairment loss — (2,593,420 ) (2,593,420 ) 6,650,570 — 6,650,570 Transaction in 2018 Impairment (6,901 ) — (6,901 ) Balance as of December 31, 2018 Goodwill 6,650,570 2,593,420 9,243,990 Accumulated impairment loss (6,901 ) (2,593,420 ) (2,600,321 ) 6,643,669 — 6,643,669 Balance as of December 31, 2019 Goodwill 6,650,570 2,593,420 9,243,990 Accumulated impairment loss (6,901 ) (2,593,420 ) (2,600,321 ) 6,643,669 — 6,643,669 The Group recorded an impairment charge of nil, RMB6,901 and nil for the years ended December 31, 2017, 2018 and 2019, respectively. |
Short-term borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Short-term borrowings | |
Short-term borrowings | 14. Short-term borrowings Short-term borrowings as of December 31, 2017, 2018 and 2019 amounted to RMB200,000, RMB147,264 and nil, respectively, which consisted of borrowings from financial institutions. All of these borrowings were repayable within one year. The weighted average interest rate for the outstanding borrowings as of December 31, 2017 and 2018 was approximately 7.00% and 4.15 % per annum, respectively. |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2019 | |
Accounts payable | |
Accounts payable | 15. Accounts payable Accounts payable consists of the following: As of December 31, 2017 2018 2019 RMB RMB RMB Vendor payable 62,548,717 66,701,380 74,639,015 Shipping charges payable and others 11,788,991 13,283,638 15,789,367 Total 74,337,708 79,985,018 90,428,382 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 1 6 Accrued expenses and other current liabilities consist of the following: As of December 31, 2017 2018 2019 RMB RMB RMB Deposits 9,787,387 12,870,155 14,619,420 Salary and welfare 3,131,752 3,952,163 5,037,530 Rental fee payables 400,632 653,105 332,893 Internet data center fee 212,143 387,478 614,712 Liabilities for return allowances (*) — 363,191 425,135 Accrued administrative expenses 185,876 318,012 368,821 Professional fee 59,802 122,930 268,054 Vehicle fee 69,042 114,576 190,289 Interest payable 84,807 44,449 43,598 Payable related to employees’ exercise of share-based awards 152,177 42,979 403,398 Others 1,034,222 1,423,642 2,352,330 Total 15,117,840 20,292,680 24,656,180 (*) Liabilities for return allowances were included in “Accounts receivable, net” as of December 31, 2017. |
Unsecured senior notes
Unsecured senior notes | 12 Months Ended |
Dec. 31, 2019 | |
Unsecured senior notes | |
Unsecured senior notes | 1 7 In April 2016, the Company issued unsecured senior notes with two maturity dates for an aggregate principal amount of US$1,000,000. Listed on the Singapore Stock Exchange, these notes are both fixed rate notes and senior unsecured obligations, with interest payable semi-annually in arrears on and of each year, beginning on October 29, 2016. A summary of the Company’s unsecured senior notes as of December 31, 2017, 2018 and 2019 is as follows: As of December 31, Effective 2017 2018 2019 RMB RMB RMB US$500,000 3.125% notes due 2021 3,242,565 3,413,264 3,477,276 3.37 % US$500,000 3.875% notes due 2026 3,204,792 3,372,879 3,435,216 4.15 % Carrying value 6,447,357 6,786,143 6,912,492 Unamortized discount and debt issuance costs 86,843 77,057 63,708 Total principal amounts of unsecured senior notes 6,534,200 6,863,200 6,976,200 The unsecured senior notes were issued at a discount amounting to RMB79,289. The debt issuance costs of RMB35,727 were presented as a direct deduction from the principal amount of the unsecured senior notes in the consolidated balance sheets. 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 right s s s The proceeds from issuance of the unsecured senior notes were used for general corporate purposes. As of December 31, 2019, the principal of the unsecured senior notes of RMB3,488,100 and RMB3,488,100 will be due in 2021 and 2026, respe ctively , and the aggregate amounts repayable of RMB3,488,100 and RMB3,488,100 were within a period of more than one year but not exceeding two years and within a period of more than five years, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | 1 8 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, 2019 is as follows: As of December 31, 2019 RMB Operating lease ROU assets 8,643,597 Operating lease liabilities-current 3,193,480 Operating lease liabilities-non-current 5,523,164 Total operating lease liabilities 8,716,644 Weighted average remaining lease term 4.4 years Weighted average discount rate 4.7 % A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income /(loss) For the year ended RMB Operating lease cost 3,377,389 Short-term lease cost 1,212,899 Total 4,590,288 Cash paid for operating leases 3,460,898 (*) The lease expenses based on ASC 840 were RMB 3,086,709 4,571,036 A summary of maturity of operating lease liabilities under the Group’s non-cancelable As of December 31, 2019 RMB 2020 3,267,527 2021 2,187,920 2022 1,549,062 2023 1,085,230 2024 664,785 2025 and thereafter 926,265 Total lease payments 9,680,789 Less: interest (964,145 ) Present value of operating lease liabilities 8,716,644 As of December 31, 2019, the Group has no significant lease contract that has been entered into but not yet commenced. As of December 31, 2018, the future minimum lease payments under the Group’s non-cancelable operating lease agreements based on ASC 840 are as follows: As of December 31, 2018 RMB 2019 3,596,926 2020 2,553,344 2021 1,452,812 2022 907,116 2023 459,342 2024 and Thereafter 1,044,818 10,014,358 |
Gain on sale of development pro
Gain on sale of development properties | 12 Months Ended |
Dec. 31, 2019 | |
Gain On Sale Of Development Properties [Abstract] | |
Gain on sale of development properties | 1 9 e development properties Gain on sale development properties nil sale development properties the In 2018, the Group established JD Property Propert y established as t h e limited pa rtner Furthermore, on Feb ruary 27 , 2019 , the Group entered into definitive agreements with Core Fund, pursuant to which the Group will dispose of certain modern logistics facilities to Core Fund for a total gross asset value of RMB10.9 billion, and concurrently lease back these completed facilities for operational purposes with an initial lease term of 5 to 6 years. The initial annual rent for the completed facilities is approximate RMB0.7 billion that increases by 3% per year throughout each 5 years period, and the rental rate will be adjusted based on the growth rate of fair market rent at the beginning of each 5 years period. Upon the expiry of the initial lease agreement, if the adjusted rental rate is acceptable, the Group may choose to renew the lease with the same terms and conditions. Core Fund will use 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, which comprises the representatives from the Group and GIC, will oversee the key operations of Core Fund. Given the control over Core Fund is shared between the Group and GIC, the Group does not consolidate Core Fund and investment in Core Fund is accounted for using the equity method as the Group obtained significant influence by the rights to nominate two members of the investment committee out of four. The lease back transaction is classified as an operating lease, and accounted for under ASC 842, the ROU assets and operating lease liabilities were recorded accordingly. In the second half of 2019, the closing conditions for the asset group of completed logistics facilities were met and Core Fund signed definitive facility agreements with bank consortium to finance the purchase, therefore, the Group recorded a total disposal gain of RMB for the completed assets for , , 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. For the remaining logistics facilities under construction, the Group will these assets upon its completion and satisfaction of the hand - |
Interest income and interest ex
Interest income and interest expense | 12 Months Ended |
Dec. 31, 2019 | |
Interest income and interest expense | |
Interest income and interest expense | 2 0 Interest income and interest expense consist of the following: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Interest income: Interest income in relation to nonrecourse securitization debt charged to JD Digits 702,147 527,025 37,646 Interest income in relation to loans provided to JD Digits 569,395 119,047 40,628 Interest income in relation to bank deposits, wealth management products and others 1,258,948 1,471,849 1,707,298 Total 2,530,490 2,117,921 1,785,572 Interest expense: Interest expense in relation to nonrecourse securitization debt (702,147 ) (527,025 ) (37,646 ) Interest expense in relation to unsecured senior notes, bank borrowings and others (261,595 ) (327,513 ) (687,364 ) Total (963,742 ) (854,538 ) (725,010 ) |
Others, net
Others, net | 12 Months Ended |
Dec. 31, 2019 | |
Others, net | |
Others, net | 2 1 Others, net consist of the following: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Gain from business and investment disposals 74,965 1,320,266 1,199,407 Government financial incentives 843,447 614,658 2,222,223 Impairment of investments (139,823 ) (593,138 ) (1,954,031 ) Foreign exchange gains/(losses), net 213,482 (192,491 ) 124,070 Gains/(losses) from fair value change of long-term investments — (1,512,979 ) 3,495,709 Others 324,337 458,859 287,931 Total 1,316,408 95,175 5,375,309 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, 2019 | |
Taxation | |
Taxation | 2 2 a) Value added tax The Group is subject to statutory VAT rate of 13% prior to J 1, , 11% from July 1, 2017 to April 30, 2018 , May 2018 in the PRC. The Group is subject to statutor y VAT rate of 17% prior to May 1, 2018 , May 2018 The Group is subject to VAT at the rate of 6% or 11%/ 11 May 2018, 10% from May 1, 2018 to March 31, and 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, 2024. 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% income tax on its taxable income generated from operations in Indonesia. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong for the year of assessment 2017/2018. Commencing from the year of assessment 2018/2019, the first Hong Kong dollars (“HK$”) 2 million of profits earned by its subsidiaries incorporated in Hong Kong will be taxed at half the current tax rate (i.e., 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate. Under the Hong Kong tax laws, the Company is 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- three 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 2020), or the Western Regions Catalogue, subject to certain general restrictions described in the EIT Law and the related regulations. Several 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 entitle to claim 175% of their research and development expenses as Super Deduction from January 1, 2018 to December 31, 2020. Withholding tax on undistributed dividends The EIT the the non-PRC as t he The E d by a Foreign Investment Enterprise (“FIE”) to its non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than % (if the foreign investor owns directly at least % of the shares of the FIE). The Company did not record any dividend withholding tax on the retained earnings of its FIEs in the PRC, as the Company intends to reinvest all earnings in China to further expand its business in China, and its FIEs do not intend to declare dividends on the retained earnings to their immediate foreign holding companies. The components of income/(loss) before tax are as follows: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Income/(loss) before tax Income/(loss) from China operations 3,681,735 (578,300 ) 14,177,105 Loss non-China (3,560,775 ) (1,795,378 ) (484,573 ) Total income/(loss) before tax 120,960 (2,373,678 ) 13,692,532 Income tax benefits/(expenses) applicable to China operations Current income tax expenses (360,603 ) (437,326 ) (1,269,323 ) Deferred tax benefits /(expen ses) 221,010 10,454 (533,117 ) Subtotal income tax expenses applicable to China operations (139,593 ) (426,872 ) (1,802,440 ) Total income tax expenses (139,593 ) (426,872 ) (1,802,440 ) Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2017, 2018 and 2019 is as follows: For the year ended December 31, 2017 2018 2019 Statutory income tax rate 25.0 % 25.0 % 25.0 % Tax effect of preferential tax rates and tax holiday (942.7 )% 8.3 % (8.1 )% Tax effect of tax-exempt 588.6 % (1.9 )% 3.7 % Effect on tax rates in different tax jurisdiction 30.5 % 2.2 % (3.9 )% Tax effect of non-deductible 536.0 % (42.4 )% 5.7 % Tax effect of non-taxable (14.0 )% 3.8 % (1.0 )% Tax effect of Super Deduction and others — 53.9 % (13.2 )% Changes in valuation allowance (120.8 )% (66.7 )% 5.0 % Expiration of loss carry forwards 12.8 % (0.2 )% — Effective tax rates 115.4 % (18.0 )% 13.2 % The following table set s For the year ended December 31, 2017 2018 2019 RMB RMB RMB Tax holiday effect 1,140,251 198,118 1,115,598 Effect of tax holiday on basic net income/( ) 0.40 0.07 0.38 Effect of tax holiday on diluted net income/( ) 0.39 0.07 0.38 c) Deferred tax assets and deferred tax liabilities As of December 31, 2017 2018 2019 RMB RMB RMB Deferred tax assets - Net operating loss carry forwards 1,162,287 2,028,350 2,775,074 - Deferred revenues 299,723 283,824 137,128 - Inventory valuation allowance 124,693 217,215 271,605 - Allowance for doubtful accounts 52,117 88,036 214,932 - Unrealized fair value losses for certain investments — 482,027 356,259 Less: valuation allowance (1,480,570 ) (2,996,294 ) (3,674,442 ) Net deferred tax assets 158,250 103,158 80,556 Deferred tax liabilities - Intangible assets arisen from business combination 882,248 819,032 748,691 - Accelerated tax depreciation and others — 9,441 590,297 Total deferred tax liabilities 882,248 828,473 1,338,988 As of December 31, 2019, the accumulated net operating loss of RMB5,413,758 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 RMB8,863,674 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 and will expire during the period from 2020 to 2024. 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. The Group has incurred net accumulated operating losses for income tax purposes since its inception. The Group believes that it is more likely than not that these net accumulated operating losses (except for the net operating loss generated by certain entities in 2017, 2018 and 2019) and other deferred tax assets will not be utilized in the future based on its estimate of the operation performance of these PRC entities. The amount of valuation allowance offset in deferred tax assets as of December 31, 2017, 2018 and 2019 was RMB1,480,570, RMB2,996,294 and RMB3,674,442 , The movements of valuation allowance of deferred tax assets are as follows: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the year 1,626,680 1,480,570 2,996,294 Additions 807,558 2,755,222 7,635,196 Reversals (953,668 ) (1,239,498 ) (6,957,048 ) Balance at end of the year 1,480,570 2,996,294 3,674,442 |
Convertible redeemable non-cont
Convertible redeemable non-controlling interests | 12 Months Ended |
Dec. 31, 2019 | |
Convertible redeemable non-controlling interests | |
Convertible redeemable non-controlling interests | 2 3 non-controlling In 2018, the Group entered into definitive agreements with third-party investors to raise financing for Jingdong Express, the parent company of JD Logistics, with the total amount of US$2,510,000 (R MB15,973,564) The Group determined that Jingdong Express Series A Preferred 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 Jingdong Express Series A Preferred Shares have not been converted. The Qualified IPO is defined as an IPO that (i) has been approved by the Board of Directors of Jingdong Express or (ii) with the offering price per share that values Jingdong Express at no less than US$20,000,000 on a fully diluted basis immediately following the completion of such offering. The Group records accretion on Jingdong Express Series A Preferred 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 Jingdong Express Series A Preferred Shares. Jingdong Express Series A Preferred Shares are not readily convertible into cash as there is not a market mechanism in place for trading of Jingdong Express’s shares. The Group determined that there was no embedded beneficial conversion feature attributable to Jingdong Express Series A Preferred Shares because the initial effective conversion prices were higher than the fair value of Jingdong Express’s ordinary shares determined by the Group with the assistance from an independent valuation firm. The rights, preferences and privileges of Jingdong Express Series A Preferred Shares are as follows: Dividend Rights As regards dividends, Jingdong Express Series A Preferred Shares shall rank pari passu with the ordinary shares and the holders of Jingdong Express Series A Preferred Shares shall be entitled to the same amount of dividends as the Voting Rights The holder of each ordinary share issued and outstanding should have one Liquidation Preferences In the event of any voluntary or involuntary liquidation, dissolution or winding up of Jingdong Express, all assets and funds of Jingdong Express 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 Jingdong Express Series A Preferred Shares as if they had been converted into ordinary shares immediately prior to such liquidation, dissolution or winding up of Jingdong Express). Redemption Rights From and after the fifth anniversary of Jingdong Express Series A Preferred Shares original issuance date, and prior to the consummation of a Qualified IPO, each holder of Jingdong Express Series A Preferred Shares shall have the rights at any time to require and demand Jingdong Express to redeem all or any portion of Jingdong Express Series A Preferred Shares held by such holder. The initial redemption price payable on each Jingdong Express Series A Preferred Shares is the total of: (i) any dividend relating to each Jingdong Express Series A Preferred Shares which has been declared by Jingdong Express but unpaid, to be calculated up to and including the date of the redemption; plus (ii) Jingdong Express Series A Preferred Shares purchase price, that is US$ 2.50 Jingdong Express accretes changes in the redemption value over the period from the date of issuance to the earliest redemption date of Jingdong Express Series A Preferred 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 Jingdong Express Series A Preferred Shares shall be convertible, at the option of the holder of Jingdong Express Series A Preferred Shares, at any time after the date of issuance of such Jingdong Express Series A Preferred Shares, into such number of fully paid and non-assessable ordinary shares as is determined by dividing Jingdong Express Series A Preferred Shares purchase price by the conversion price then applicable to such Jingdong Express Series A Preferred Shares. The conversion price of each Jingdong Express Series A Preferred Shares is the same as its original issuance price if no adjustments to conversion price have occurred. As of December 31, 2019, each Jingdong Express Series A Preferred Shares is convertible into one Each Jingdong Express Series A Preferred Shares shall automatically be converted into ordinary shares (i) upon the consummation of a Qualified IPO; or (ii) in the event that the holders of Jingdong Express Series A Preferred Shares holding at least 50% of Jingdong Express Series A Preferred Shares in issue elect to convert Jingdong Express Series A Preferred Shares. The convertible redeemable non-controlling Number of shares Amount RMB Balance as of December 31, 2017 — — Issuance 1,004,000,000 15,973,564 Less: preferred shares issuance costs (14,772 ) Net income from continuing operations attributable to mezzanine equity classified as non-controlling 2,492 Balance as of December 31, 2018 1,004,000,000 15,961,284 Net income from continuing operations attributable to mezzanine equity classified as non-controlling 3,100 Balance as of December 31, 2019 1,004,000,000 15,964,384 |
Financing for JD Health
Financing for JD Health | 12 Months Ended |
Dec. 31, 2019 | |
Financing For Subsidiary Group | |
Financing for JD Health | 2 4 In May 2019, the Group’s healthcare subsidiary, JD Health International, Inc. (“JD Health”) entered into definitive agreements for the non-redeemable wa The Group determined that JD Health Series A Preferred Shares should be classified as non-controlling non-controlling paid-in |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2019 | |
Ordinary shares | |
Ordinary shares | 2 5 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 Holding s (“Tencent”), in connection with Tencent Transaction (Note 30 In June 2016, the Company issued 144,952,250 Class A ordinary shares to Newheight Holdings Ltd., a wholly owned subsidiary of Walmart, in connection with Walmart Transaction. In June 2018, the Company issued 27,106,948 Class A ordinary shares to Google LLC, and received a consideration of US$549,836 (RMB3,531,870) after deducting financing charges. In May 2019, the Company issued 8,127,302 Class A ordinary shares to Huang River Investment Limited (Note 3 0 The ordinary shares reserved for future exercise of the RSUs and share options were 149,369,486, 2017, |
Share repurchase program
Share repurchase program | 12 Months Ended |
Dec. 31, 2019 | |
Share repurchase program | |
Share repurchase program | 2 6 In September 2015, the Company’s Board of Directors authorized a share repurchase program (“2015 share repurchase program”) under which the Company may repurchase up to US$1,000,000 worth of its American depositary shares (“ADSs”) over the following 24 months. 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$1,000,000 worth of its ADSs over the following 12 months. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management. Under the ) an of these arrangements was based entirely on the Company’s stock price and did not require the Company to deliver either shares or cash, other than the initial investment, the entire transaction was recorded in the shareholders’ equity. No repurchase activity was incurred in 2017. Under the For the year ended December 31, 2018, the Company repurchased 1,396,200 ADSs for US$29,999 (RMB205,886) 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$19,101 (RMB131,010) on the open market, at a weighted average price of US$20.41 per ADS. 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, 2019 | |
Other comprehensive income/(loss) | |
Other comprehensive income | 2 7 Changes in the composition of accumulated other comprehensive income attributable to ordinary shareholders for the years ended December 31, 2017, 2018 and 2019 are as follows: Foreign currency Net unrealized available-for-sale Total RMB RMB RMB Balances as of December 31, 2016 1,483,737 59,656 1,543,393 Other comprehensive income/(loss) (822,052 ) 1,120,740 298,688 Balances as of December 31, 2017 661,685 1,180,396 1,842,081 Cumulative effect of changes in accounting principles related to financial instruments — (1,156,642 ) (1,156,642 ) Other comprehensive income/(loss) 2,696,784 (23,127 ) 2,673,657 Balances as of December 31, 2018 3,358,469 627 3,359,096 Other comprehensive income 749,865 54,186 804,051 Balances as of December 31, 2019 4,108,334 54,813 4,163,147 The income tax effects related to the accumulated other comprehensive income we |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based compensation | |
Share-based compensation | 2 8 For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized were RMB2,780,062, RMB3,659,989 and RMB3,694,955, respectively. The following For the year ended December 31, 2017 2018 2019 RMB RMB RMB Cost of revenues 27,513 71,983 82,243 Fulfillment 425,706 418,895 440,167 Marketing 135,749 190,499 258,860 Research and development 670,612 1,162,579 1,340,317 General and administrative 1,520,482 1,816,033 1,573,368 Total 2,780,062 3,659,989 3,694,955 Share incentive plan The Company granted share-based awards to eligible employees and non-employees pursuant to a share incentive plan entitled “Share Incentive Plan”, which was adopted on November 13, 2014 and governed the terms of the awards. As of December 31, 2019, the Group had reserved 141,383,893 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 to ten years. One-second one-third one-fourth one-fifth one-sixth one-tenth six-year Upon the reorganization of JD Digits, the employees’ status of JD Digits changed from the employees of the Company’s subsidiary to non-employees RSUs a) Service-based RSUs A summary of activities of the service-based RSUs for the years ended December 31, 2017, 2018 and 2019 is presented as follows Number of RSUs Weighted-Average Grant-Date US$ Unvested as of January 1, 2017 82,847,816 11.97 Granted 41,450,212 16.27 Vested (12,005,700 ) 10.14 Forfeited or cancelled (6,246,436 ) 13.42 Unvested as of December 31, 2017 106,045,892 13.77 Granted 40,383,436 18.95 Vested (16,137,554 ) 12.47 Forfeited or cancelled (11,795,682 ) 15.16 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 As of December 31, 2017, 5,719,884, servi c non-employees For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized by the Group for the service-based RSUs granted were RMB2,462,881, RMB2,968,468 and RMB2,958,847, respectively. As of December 31, 2019, there were RMB6,000,108 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 4.7 years. The total fair value and intrinsic value of service-based ( RMB1,438,012 ( RMB1,892,221 S ( RMB2,125,609 b) Performance-based RSUs A summary of activities of the performance-based RSUs for the years ended December 31, 2017, 2018 and 2019 is presented as follows Number of RSUs Weighted-Average Grant-Date US$ Unvested as of January 1, 2017 310,002 6.33 Granted — — Vested (96,516 ) 6.33 Forfeited or cancelled — — Unvested as of December 31, 2017 213,486 6.33 Granted — — Vested (103,788 ) 6.33 Forfeited or cancelled (30,152 ) 6.33 Unvested as of December 31, 2018 79,546 6.33 Granted — — Vested (39,772 ) 6.33 Forfeited or cancelled (19,888 ) 6.33 Unvested as of December 31, 2019 19,886 6.33 For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized by the Group for the performance-based RSUs granted were insignificant for all periods As of December 31, 2019, there were RMB76 of unrecognized share-based compensation expenses related to the performance-based RSUs granted. The expenses are expected to be recognized over a weighted-average period of 1.1 years. The total fair value and intrinsic value of the performance-based RSUs vested was US$1,371 (RMB9,400), US$2,555 (RMB16,181) and US$494 (RMB3,312) during the years ended December 31, 2017, 2018 and 2019, respectively. Share options A summary of activities of the service-based share options for the years ended December 31, 2017, 2018 and 2019 is presented as follows Number of S O Weighted Weighted Aggregate US$ Year US$ Outstanding as of January 1, 2017 21,659,016 6.23 7.3 142,433 Exercised (4,116,816 ) 5.20 Forfeited or cancelled (432,092 ) 5.92 Expired — Outstanding as of December 31, 2017 17,110,108 6.49 6.2 243,327 Exercised (1,077,036 ) 5.23 Forfeited or cancelled (285,336 ) 7.68 Expired — Outstanding as of December 31, 2018 15,747,736 6.55 5.3 72,658 Exercised (3,299,962 ) 5.72 Forfeited or cancelled (2,223,650 ) 8.52 Expired — Outstanding as of December 31, 2019 10,224,124 6.39 4.3 114,720 Vested and expected to vest as of December 31, 2019 10,038,113 6.29 4.2 113,679 Exercisable as of December 31, 2019 9,129,940 5.72 4.1 108,594 As of December 31, 2017, 1,379,780, non-employees There was no option granted during the years ended December 31, 2017, 2018 and 2019. The total intrinsic value of options exercised during the years ended December 31, 2017, 2018 and 2019 was US$55,278 (RMB377,062) , US$15,326 (RMB99,267) and US$31,762 (RMB219,918), 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, 2017, 2018 and 2019 was US$19,942 (RMB135,745) , US$7,382 (RMB48,555) and US$16,201 (RMB112,153) , respectively. Cash receivable from the exercises of share options of the Company as of December 31, 2017, 2018 and 2019 was US$2,201 (RMB14,380), US$449 (RMB3,084) and US$3,127 (RMB21,813), respectively. For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized by the Group for the share options granted were RMB60,739, RMB32,558 and RMB3,837, respectively. As of December 31, 2019, there were RMB15,777 of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 2.4 years. (2) Founder awards In May 2015, the board of directors of the Company approved a 10-year 10-year 10-year 10-year For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized for the Founder’s share options granted were RMB227,326, RMB167,184 and RMB134,367, respectively. As of December 31, 2019, there were RMB302,380 of unrecognized share-based compensation expenses related to the Founder’s share options granted. The expenses are expected to be recognized over a weighted-average period of 5.4 years. (3) Share-based compensation of subsidiaries In April 2018, JD Logistics granted share-based awards (“JD Logistics Plan”) to eligible employees to attract and retain the best available personnel, provide additional incentives to employees, directors and consultants and promote the success of JD Logistics. The JD Logistics Plan consists of share options, RSU and other types of awards. JD Logistics granted 187,844,000 and 83,476,500 share options of Jingdong Express to its employees for the years ended December 31, 2018 and 2019, respectively. The weighted average grant date fair value of options granted for the years ended December 31, 2018 and 2019 was US$1.39 and US$1.67 per share, respectively. For the years ended December 31, 2018 and 2019, total share-based compensation expenses for the share options granted under JD Logistics Plan |
Net income_(loss) per share
Net income/(loss) per share | 12 Months Ended |
Dec. 31, 2019 | |
Net income/(loss) per share | |
Net income/(loss) per share | 2 9 Basic and diluted net income/(loss) per share for each of the periods presented are calculated as follows: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Numerator: Net income/(loss) from continuing operations attributable to ordinary shareholders 116,819 (2,491,633 ) 12,184,155 Net loss from discontinued operations attributable to ordinary shareholders (269,076 ) — — Net income/(loss) attributable to ordinary shareholders (152,257 ) (2,491,633 ) 12,184,155 Denominator: Weighted average number of shares – basic 2,844,826,014 2,877,902,678 2,912,637,241 Adjustments for dilutive options and RSUs 66,635,803 — 54,684,562 Weighted average number of shares – diluted 2,911,461,817 2,877,902,678 2,967,321,803 Basic net income/(loss) per share from continuing operations attributable to ordinary shareholders 0.04 (0.87 ) 4.18 Basic net loss per share from discontinued operations attributable to ordinary shareholders (0.09 ) — — Basic net income/(loss) per share attributable to ordinary shareholders (0.05 ) (0.87 ) 4.18 Diluted net income/(loss) per share from continuing operations attributable to ordinary shareholders 0.04 (0.87 ) 4.11 Diluted net loss per share from discontinued operations attributable to ordinary shareholders (0.09 ) — — Diluted net income/(loss) per share attributable to ordinary shareholders (0.05 ) (0.87 ) 4.11 Generally, basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the respective year |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions | |
Related party transactions | 30 The table below sets forth the major related parties and their relationships with the Group as of December 31, 2019: Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”) A shareholder of the Group Lexin and its subsidiaries (“Lexin Group”) (*) An investee of the Group Bitauto and its subsidiaries (“Bitauto Group”) An investee of the Group Tuniu and its subsidiaries (“Tuniu Group”) An investee of the Group Dada and its subsidiaries (“Dada Group”) An investee of the Group JD Digits An entity and its subsidiaries controlled by the Founder Yixin and its subsidiaries (“Yixin Group”) An investee of the Group Core Fund An investee of the Group AiHuiShou and its subsidiaries (“AiHuiShou Group”) An investee of the Group (*) As the Group was no longer the major vendor of Lexin Group and the Group had no significant influence on it, Lexin Group was not recognized as the Group’s related party in the years of 2018 and 2019. (a) The Group entered into the following transactions with the major related parties: Transactions For the year ended December 31, 2017 2018 2019 RMB RMB RMB Revenues: Services provided and products sold to Lexin Group 543,304 — — Commission from cooperation on advertising business with Tencent Group 260,572 345,186 287,926 Services provided and products sold to Tencent Group(**) 31,505 276,728 398,700 Services provided and products sold to Dada Group 100,360 122,326 132,585 Services provided and products sold to AiHuiShou Group — 8,781 349,257 Traffic support, marketing and promotion services provided to Bitauto 609,055 608,844 606,593 Traffic support, marketing and promotion services provided to Tuniu Group 132,042 132,008 131,621 Services provided and products sold to JD Digits 271,813 449,093 342,270 Operating expenses: Services received and purchases from Tencent Group(**) 674,727 1,175,849 2,222,196 Services received from Dada Group 694,207 938,627 1,565,470 Payment processing and other services received from JD Digits 2,936,416 3,930,847 4,980,748 Lease and property management services received from Core Fund — — 476,001 Services received from AiHuiShou Group — — 10,467 Other income: Income from non-compete 80,447 78,771 82,123 Interest income from loans provided to JD Digits 871,014 179,556 40,632 Interest income from loans provided to Core Fund — — 75,496 (**) 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, 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 0.01%, 0.06% and 0.13% of total net revenues of the Group for the years ended December 31, 2017, 2018, and 2019, respectively. Transactions with related parties included in operating expenses, excluding those with the major related parties as stated above, represented 0.07%, 0.14% and 0.20% of total operating expenses of the Group for the years ended December 31, 2017, 2018, and 2019, respectively. (b) The Group had the following balances with the major related parties: As of December 31, 2017 2018 2019 RMB RMB RMB Due from Tencent Group 595,105 862,781 1,128,102 Due from JD Digits Loans provided to JD Digits (***) 11,747,066 4,427,907 365,089 Other receivables from/(payables to) JD Digits 328,969 (525,669 ) 1,363,479 Due from Core Fund Loans provided to Core Fund (***) — — 579,118 Other receivables from Core Fund — — 569,832 Due from AiHuiShou Group — 2,025 — Total 12,671,140 4,767,044 4,005,620 Due to Lexin Group (1,367 ) — — Due to Tuniu Group (5,451 ) (585 ) (2,133 ) Due to Dada Group (7,378 ) (118,135 ) (208,123 ) Due to AiHuiShou Group — — (17,504 ) Total (14,196 ) (118,720 ) (227,760 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Bitauto Group (1,379,965 ) (771,121 ) (164,528 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Tuniu Group (346,568 ) (214,560 ) (82,939 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Dada Group (331,354 ) (269,225 ) (207,096 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to AiHuiShou Group — — (1,899,099 ) Total (2,057,887 ) (1,254,906 ) (2,353,662 ) Other liabilities in relation to non-compete (415,082 ) (354,236 ) (276,976 ) Total (415,082 ) (354,236 ) (276,976 ) (***) In relation to the loans provided to JD Digits and Core Fund, the Group charged JD Digits and Core Fund 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, 2017, RMB21,621, 0.12%, As of December 31, 2017, 2018 other than the major related parties RMB 69,329, 0.07%, non-current (c) Other information related to related party transactions: On October 27, 2017, to provide a temporary bridging finance to Yixin Group, the Group entered into an entrusted loan agreement with Yixin Group and an independent third-party PRC commercial bank whereby the Group lent a total of RMB1,000,000 to Yixin Group. The bridge loan was on normal commercial terms and Yixin Group repaid the loan and associated interest before December 31, 2017. Based on a series of agreements signed on January 1, 2016, JD Digits 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 Digits 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 Digits with or without recourse at fair value. The accounts receivable transferred with recourse were RMB167,897, RMB1,387,774, and nil for the years ended December 31, 2017, 2018 and 2019, respectively, which were not derecognized . T Mr. Richard Qiangdong Liu, the Group’s Chairman of the board and the Chief Executive Officer, 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, 2019 | |
Segment reporting | |
Segment reporting | 3 1 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 revenue s The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2017, 2018 and 2019. For the year ended December 31, 2017 2018 2019 RMB RMB RMB Net revenues: JD Retail 356,020,374 447,502,173 552,245,141 New B 6,021,508 14,665,281 23,932,278 Inter-segment(*) (546,667 ) (1,103,943 ) (435,364 ) Total segment net revenues 361,495,215 461,063,511 575,742,055 Unallocated items 836,539 956,248 1,146,429 Total consolidated net revenues 362,331,754 462,019,759 576,888,484 Operating income/(loss): JD Retail 4,956,264 7,049,222 13,775,339 New B (2,070,668 ) (5,136,657 ) (1,022,281 ) Including: gain on sale of development properties (note 19) — — 3,884,709 Total segment operating income 2,885,596 1,912,565 12,753,058 Unallocated items(**) (3,721,072 ) (4,531,696 ) (3,758,178 ) Total consolidated operating income/( ) (835,476 ) (2,619,131 ) 8,994,880 Total other income 956,436 245,453 4,697,652 Income/(loss) before tax 120,960 (2,373,678 ) 13,692,532 (*) The inter-segment eliminations mainly consist of services provided by JD Retail to overseas business, and certain services provided by JD Logistics to the vendors of JD Retail, which the Group records as a deduction of cost of revenues at the consolidated level. (**) A summary of unallocated items for the years presented is as follows: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Share-based compensation (2,780,062 ) (3,659,989 ) (3,694,955 ) Amortization of intangible assets resulting from assets and business acquisitions (1,777,549 ) (1,805,638 ) (885,385 ) Effects of business cooperation arrangements 836,539 956,248 822,162 Impairment of goodwill and intangible assets — (22,317 ) — Total (3,721,072 ) (4,531,696 ) (3,758,178 ) |
Employee benefit
Employee benefit | 12 Months Ended |
Dec. 31, 2019 | |
Employee benefit | |
Employee benefit | 3 2 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 RMB3,546,241, RMB5,290,925 and RMB5,694,240 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Lines of credit and loan facili
Lines of credit and loan facilities | 12 Months Ended |
Dec. 31, 2019 | |
Lines of credit and loan facilities | |
Lines of credit and loan facilities | 3 3 As of December 31, 2019, the Group had agreements with China RMB23,297,902 and In December 2017, the Group entered into a 5-year 115 basis points As of December 31, 2019, the aggregate amounts repayable within a period of more than two years but not exceeding five years was US $450,000. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and contingencies | |
Commitments and contingencies | 3 4 Operating lease commitments for offices and fulfillment infrastructures The Group leases offices and fulfillment infrastructures under non-cancelable non-cancelable 8 Commitments for internet data center (IDC) service fee The Group entered into non-cancelable the Future minimum payments under these non-cancelable As of December 31, 2019 RMB 2020 1,495,899 2021 1,248,228 2022 1,137,632 2023 753,652 2024 637,341 2025 and t 749,163 6,021,915 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 RMB7,093,075 as of December 31, 2019. All of these capital commitments will be fulfilled in the following years according to the construction progress. Long-term debt obligations The Group’s long-term debt obligations include unsecured senior notes and long-term borrowings. The amounts exclude the corresponding interest payable. The expected repayment schedule of the unsecured senior notes and long-term borrowings have been disclosed in Note 17 and Note 33, respectively. 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 The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2017, 2018 and 2019. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2019 | |
Restricted net assets | |
Restricted net assets | 35. Restricted net assets The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’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 Group’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 and consolidated VIEs are restricted in their ability to transfer a portion of their net assets to the Company. Amounts restricted include paid-in the 4-08 S-X, 2017, |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent events | |
Subsequent events | 36. Subsequent events Public offering of unsecured senior notes In January 2020, the Company issued fixed rate unsecured senior notes with two maturity dates for an aggregate principal amount of US$ . The public offering consists of US$ of % notes due 2030 and US$ of % notes due 2050. The notes are listed on the Singapore Stock Exchange. The Company received net proceeds from the offering of US$ , after deducting underwriting discounts and commissions and offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes and refinancing. Share repurchase program 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$2,000,000 worth of its ADSs over the following 24 months. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management. Under 2020 share repurchase program, as of the date of this report , the Company had repurchased approximately ADSs for approximately US$ . Drew down of Syndicated loan As disclosed in Note 33, the Group entered into a 5-year US$ term and revolving credit facilities agreement with a group of 24 arrangers in December 2017. In April 2020, the Group drew down US$ under the facility commitment. The use of proceeds of the facilities was intended for general corporate purposes. Private placement of notes In February and March 2020, Century, a subsidiary of the Company, issued fixed rate private placement notes with two maturity dates for an aggregate principal amount of RMB . The private placement consists of RMB of % notes due and RMB of % notes due . The notes are listed on the inter-bank bond market of China. The Group intends to use the proceeds from the private placement for general corporate purposes. Potential impact of coronavirus (“COVID-19”) From late January 2020, the COVID-19 was rapidly evolving in China and globally. Since then, the business and transportation disruptions in China have caused adverse impact s development |
Parent company only condensed f
Parent company only condensed financial information | 12 Months Ended |
Dec. 31, 2019 | |
Parent company only condensed financial information | |
Parent company only condensed financial information | 37. Parent company only condensed financial information The Company performed a test on the restricted net assets of the consolidated subsidiaries and VIEs S-X 4-08 The subsidiaries did not pay any dividend to the Company for the periods presented. Certain information and footnote disclosures generally included in the financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. As of December 31, 2019, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements. Condensed Balance Sheets As of December 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(g) ASSETS Current assets: Cash and cash equivalents 8,964,809 2,196,796 6,575,639 944,531 Short term investments — 755 767 110 Prepayments and other current assets 63,853 121,822 2,408 346 Amount due from related parties 715,671 1,555,288 3,186,818 457,758 Total current assets 9,744,333 3,874,661 9,765,632 1,402,745 Non-current Investment in equity investees 7,514 — — — Investments in subsidiaries and consolidated VIEs 45,675,625 64,127,171 81,301,020 11,678,161 Investment securities 35,893 12,978 13,192 1,895 Intangible assets, net 3,092,549 1,569,483 965,165 138,637 Other non-current — 121,453 106,030 15,230 Total non-current 48,811,581 65,831,085 82,385,407 11,833,923 Total assets 58,555,914 69,705,746 92,151,039 13,236,668 LIABILITIES Current liabilities: Accounts payable — — 140 20 Taxes payable — — 4,497 646 Accrued expenses and other liabilities 67,743 60,190 238,650 34,279 Total current liabilities 67,743 60,190 243,287 34,945 Non-current Long-term borrowings — 3,088,440 3,139,290 450,931 Unsecured senior notes 6,447,357 6,786,143 6,912,492 992,917 Total non-current 6,447,357 9,874,583 10,051,782 1,443,848 Total liabilities 6,515,100 9,934,773 10,295,069 1,478,793 SHAREHOLDERS’ EQUITY: Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,477,346,590 Class A ordinary shares issued and 2,406,652,132 outstanding, 461,362,309 Class B ordinary shares issued and 446,011,297 outstanding as of December 31, 2017; 2,507,473,330 Class A ordinary shares issued and 2,447,926,638 outstanding, 458,342,517 Class B ordinary shares issued and 446,369,717 outstanding as of December 31, 2018; 2,520,271,138 Class A ordinary shares issued and 2,480,575,334 outstanding, 453,672,011 Class B ordinary shares issued and 443,739,929 outstanding as of December 31, 2019) 377 380 381 55 Additional paid-in 76,254,607 82,832,895 90,676,122 13,024,810 Statutory reserves 635,966 1,400,412 1,459,165 209,596 Treasury stock (4,457,608 ) (3,783,729 ) (2,530,166 ) (363,436 ) Accumulated deficit (22,234,609 ) (24,038,081 ) (11,912,679 ) (1,711,149 ) Accumulated other comprehensive income 1,842,081 3,359,096 4,163,147 597,999 Total shareholders’ equity 52,040,814 59,770,973 81,855,970 11,757,875 Total liabilities and shareholders’ equity 58,555,914 69,705,746 92,151,039 13,236,668 Condensed Statements of Operations and Comprehensive Income For the year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(g) Operating expenses Marketing (1,215,222 ) (1,218,920 ) (301,495 ) (43,307 ) General and administrative (556,534 ) (495,835 ) (469,688 ) (67,466 ) Loss from operations (1,771,756 ) (1,714,755 ) (771,183 ) (110,773 ) Share of income/(loss) of subsidiaries and consolidated VIEs 1,717,151 (653,408 ) 12,575,644 1,806,378 Interest income 66,848 220,186 163,974 23,553 Interest expense (260,756 ) (315,683 ) (376,152 ) (54,031 ) Others, net 96,256 (27,973 ) 591,872 85,017 Net income/(loss) (152,257 ) (2,491,633 ) 12,184,155 1,750,144 Net income/(loss) attributable to ordinary shareholders (152,257 ) (2,491,633 ) 12,184,155 1,750,144 Net income/(loss) (152,257 ) (2,491,633 ) 12,184,155 1,750,144 Other comprehensive income: Foreign currency translation adjustments (822,052 ) 2,696,784 749,865 107,711 Net change in unrealized gains/(losses) on available-for-sale Unrealized gains, net of tax 1,473,014 237,585 312,723 44,920 Reclassification adjustment for gains recorded in net income, net of tax (352,274 ) (260,712 ) (258,537 ) (37,137 ) Net unrealized gains/(losses) on available-for-sale 1,120,740 (23,127 ) 54,186 7,783 Total other comprehensive income 298,688 2,673,657 804,051 115,494 Total comprehensive income 146,431 182,024 12,988,206 1,865,638 Condensed Statements of Cash Flows For the year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(g) Net cash provided by/(used in) operating activities (105,219 ) (233,195 ) 697,927 100,251 Cash flows from investing activities: Purchases of investment securities — (755 ) — — Cash received from disposal of investment securities — 7,893 — — Cash received from/(prepayments and investments in) subsidiaries and consolidated VIEs 2,359,092 (12,425,233 ) 5,202,711 747,323 Prepayments and investments in equity investees (7,646 ) — — — Loans provided to JD Digits (31,161 ) (839,617 ) (1,631,530 ) (234,355 ) Net cash provided by/(used in) investing activities 2,320,285 (13,257,712 ) 3,571,181 512,968 Cash flows from financing activities: Proceeds from issuance of ordinary shares — 3,531,870 — — Repurchase of ordinary shares — (205,886 ) (131,010 ) (18,818 ) Proceeds from long-term borrowings — 2,890,575 — — Proceeds from settlement of capped call options 737,501 — — — Proceeds from issuance of ordinary shares pursuant to share-based awards 135,745 48,555 112,153 16,110 Upfront fee payment for long-term borrowings — (81,581 ) — — Net cash provided by/(used in) financing activities 873,246 6,183,533 (18,857 ) (2,708 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (240,077 ) 539,361 128,592 18,470 Net increase/(decrease) in cash, cash equivalents, and restricted cash 2,848,235 (6,768,013 ) 4,378,843 628,981 Cash, cash equivalents, and restricted cash at beginning of the year 6,116,574 8,964,809 2,196,796 315,550 Cash, cash equivalents, and restricted cash at end of the year 8,964,809 2,196,796 6,575,639 944,531 Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and consolidated VIEs. For the Company only condensed financial information, the Company records its investments in subsidiaries and consolidated VIEs under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented in the condensed balance sheets as “Investments in subsidiaries and consolidated VIEs” and shares in the subsidiaries and consolidated VIEs’ financial results are presented as “Share of income/(loss) of subsidiaries and consolidated VIEs” in the condensed statements of operations and comprehensive income/(loss). The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. |
Principles of consolidation | b. Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and 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 |
Reclassifications | c. Reclassifications In 2018, items related to restricted cash in the consolidated statements of cash flows for the year ended December 31, 2017 have been reclassified to conform to the current period presentation to facilitate comparison as a result of the adoption of Accounting Standards Update (“ASU”) 2016-18, Statement of cash flows (Topic 230): restricted cash . |
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 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, 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, redemption value of the redeemable preferred shares and consolidation of VIEs. Actual results may differ materially from those estimates. |
Foreign currency translation | f. Foreign currency translation The Group’s reporting currency is Renminbi (“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$”). The Group’s PRC subsidiaries and consolidated VIEs determined their functional currency to be RMB. The Group’s entities incorporated in the Republic of Indonesia, Japan, France, Australia and other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of ASC Topic 830, Foreign Currency Matters . Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of others, net in the consolidated statements of operations and comprehensive income/(loss). Total exchange gains/(losses) were a gain of RMB213,482, a loss of RMB192,491 and a gain of RMB124,070 for the years ended December 31, 2017, 2018 and 2019, respectively. The consolidated |
Convenience translation | g. Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations and comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.9618, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2019. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2019, or at any other rate. |
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 available-for-sale held-to-maturity 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, net 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 Digits, 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 Digits, the Group remains as the legal owner of the consumer financing receivables, where JD Digits performs the related credit assessment. JD Digits 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 Digits, periodically securitizes consumer financing receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(v). Other than the accounts receivable arising from the consumer financing, the Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the payment history, creditworthiness and financial conditions of the customers and industry trend, to determine the allowance percentage for the overdue balances by age. 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 are 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. The accounts receivable with the collection period over one year are classified into other non-current |
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 historical and forecasted consumer demand, and promotional environment. 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 Digits, provided to qualified individual customers on our online marketplace. Due to the legacy contractual arrangements with JD Digits, the Group remains as the legal owner of the consumer financing receivables, including such loan receivables, where JD Digits performs the related credit assessment and absorbs the credit risks. The loan terms extended to the customers generally range from month to months. As JD Digits 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, 2017, 2018 and 2019. The loan receivables were measured at amortized cost and reported in the consolidated balance sheets at outstanding principal. As of December 31, 2017, 2018 and 2019, the loan receivables with the collection period over one year amounting to RMB243,624 , RMB and RMB , respectively, were classified into other non-current assets in the consolidated balance sheets. Cash paid for loan originations and cash received from loan repayments are classified as investing activities in the consolidated statements of cash flows. The Group, in collaboration with JD Digits, periodically securitizes loan receivables through the transfer of those assets to securitization vehicles, please refer to Note 2(v). |
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 are as follows: Category Estimated useful lives Electronic equipment 3-5 Office equipment 5 years Vehicles 3-5 Logistic s 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, 2017, 2019, construction in progress in the amount of RMB3,196,516, 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 34 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 c 5 years Non-compete 5-8 Domain names and trademarks 5-20 Technology and o 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 the Financial Accounting Standards Board (“FASB”) guidance on testing of goodwill for impairment, the Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the implied fair value of the reporting unit’s goodwill and the carrying amount of goodwill will be recorded. 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 and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. |
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 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 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. Beginning on January 1, 2018, 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 Beginning on January 1, 2018, 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 upon the adoption of ASU 2016-01 (the “Measurement Alternative”). Under the Measurement Alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in others, net in the consolidated statements of operations and comprehensive income/(loss). The Group makes assessment of whether an investment is impaired based on performance and financial position of the investee as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance. The Group recognizes an impairment loss equal to the difference between the carrying value and fair value in others, net in the consolidated statements of operations and comprehensive income/(loss) if there is any. Prior to January 1, 2018, the cost method of accounting was used. |
Investment securities | t. Investment securities The Group invests in marketable equity securities to meet business objectives. Beginning on January 1, 2018, 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) upon the adoption of ASU 2016-01. |
Impairment of long-lived assets | u. 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 | v. Nonrecourse securitization debt and transfer of financial assets The Group, in collaboration with JD Digits, 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 debt securities to third-party investors and JD Digits, collateralized by the transferred assets. The asset-backed debt securities issued by the securitization vehicles 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 will 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 Due to the Group’s continuing involvement rights in securitization vehicles prior to October 2017, the Group cannot derecognize the existing receivables through the transfer of the receivables to securitization vehicles. The proceeds from the financing type transactions we non-current we we 2017, RMB11,701,973, 2017 and and 5.81% per annum, respectively. The interest expenses in relation to the nonrecourse securitization debt were charged back to JD Digits. Beginning October 2017, the Group revised certain structural arrangements to relinquish its continuing involvement rights when setting up the new securitization vehicles. In 2019, RMB 21,500,000 15,302,084 6,197,916 the periods presented |
Unsecured senior notes and long-term borrowings | w. 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 discount or premium 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 | x. 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 | y. Revenues The Group adopted ASC Topic 606, Revenue from Contracts with Customers approach that increased retained earnings by approximately RMB256,994. Revenues for the years Revenue Recognition . The Group’s revenue recognition policies effective on the adoption date of ASC 606 are presented as below. Consistent with the criteria of ASC 606, the Group recognizes revenues when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer. An asset is transferred when the customer obtains control of that asset. 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 retail 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. Upon the adoption of ASC 606, the Group began to recognize 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. 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 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 RMB236,268,621, RMB280,059,089 and RMB328,703,453, and revenues from the sales of general merchandise products were RMB95,555,789, RMB136,049,657 and RMB182,030,514, for the years ended December 31, 2017, 2018 and 2019, respectively. The Group’s net product revenues were mainly generated by the JD Retail (formerly known as JD Mall) 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 comprehensive supply chain solutions to third parties through JD Logistics, primarily including warehousing, transportation, delivery and after-sales service. Revenues resulting from these services are recognized over time as the Group performs the services in the contracts because of the continuous transfer of control to the customers. The Group offer s 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 logistic s Revenues from online marketplace and marketing services were RMB25,390,981, RMB33,531,862 and RMB42,680,212 for the years ended December 31, 2017, 2018 and 2019 New Businesses segment. |
Contract balances | z. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent RMB and RMB as of December 31, 20 17, 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 |
Customer incentives and loyalty programs | aa. Customer incentives and loyalty programs The Group provides two • 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 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 P |
Cost of revenues | bb. 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. Shipping charges to receive products from the suppliers are included in inventories, and recognized as cost of revenues upon sale of the products to the customers. |
Rebates and subsidies | cc. 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 | dd. 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 and (iii) lease expenses of warehouses, delivery and pickup stations, and physical stores. 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 RMB12,691,013, RMB15,216,351 and RMB17,858,972 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Marketing | ee. 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 RMB12,375,922, RMB15,970,433 and RMB19,285,939 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Research and development | ff. 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 improving 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 | gg. 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 | hh. Share-based compensation The Company grants restricted share units (“RSUs”) and share options of the Company and its subsidiaries to eligible employees and non-employee Compensation – Stock Compensation 2018-07, non-employees 505-50, Equity-Based Payments to Non-Employees. 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 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. |
Income tax | ii. 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, 2017, 2018 and 2019, the Group did not have any significant unrecognized uncertain tax positions. |
Leases | jj. Leases Before January 1, 2019, the Group adopted ASC Topic 840 (“ASC 840”), Leases, The Group adopted the new lease accounting standard, ASC Topic 842, Leases modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients. no Right-of-use s lease the discount rate for the lease at the commencement date. As the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally use the 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 arm-length 842-40-25-1 Property, Plant and Equipment |
Comprehensive income/(loss) | kk. Comprehensive income/(loss) Comprehensive income/(loss) is defined |
Net income/(loss) per share | ll. 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 | mm. 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. The Group’s principal operations are organized into two JD Retail and New Businesses, which are defined based on the products and services provided. JD Retail mainly consists of online retail, online marketplace and marketing services in China. New Businesses include 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. JD Digits was included in New Businesses before June 30, 2017, which was deconsolidated from the Group since June 30, 2017 as a result of the reorganization of JD Digits (Note 6). |
Statutory reserves | nn. 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 the P In addition, in accordance with the PRC Company Laws, the Group’s consolidated VIEs, after-tax non-distributable after-tax the 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, 2017, 2018 and 2019, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC was approximately RMB503,028, RMB764,446 and RMB58,753 , No |
Recent accounting pronouncements | oo. Recent accounting pronouncements Recently adopted accounting pronouncements In February 2016, the FASB issued ASU 2016-02, is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, 7 8 Recently issued accounting pronouncements not yet adopted In June 2016, the FASB issued ASU 2016-13, The i s on the In January 2017, the FASB issued ASU 2017-04, is not expected to have a material impact the G |
Principal activities and orga_2
Principal activities and organization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Principal activities and organization | |
Schedule of percentage of legal ownership in major subsidiaries, VIEs and VIEs' subsidiaries | Equity interest held 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 Jingdong E-Commerce 80% Hong Kong, China, August 2011 Jingdong Technology Group Corporation 100% Cayman Islands, November 2011 Jingdong Logistics Group Corporation 100% Cayman Islands, January 2012 Jingdong Express Group Corporation (“Jingdong Express”) 80% Cayman Islands, January 2012 JD.com E-Commerce 100% Hong Kong, China, February 2012 Jingdong 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 JD.com American Technologies Corporation 100% Delaware, USA, August 2013 Chongqing Jingdong Haijia E-commerce 100% Chongqing, China, June 2014 JD.com Overseas Innovation Limited 100% Hong Kong, China, October 2014 JD.com International (Singapore) Pte. Ltd. 100% Singapore, November 2014 JD.com Investment Limited 100% British Virgin Islands, January 2015 JD Asia Development Limited 100% British Virgin Islands, February 2015 JD.com Asia Investment Corporation 100% Cayman Islands, March 2015 Suqian Hanbang Investment Management Co., Ltd . 100% Jiangsu, China, January 2016 Xi’an Jingxundi Supply Chain Technology Co., Ltd. (“Xi’an Jingxundi”) 80% Shaanxi, China, May 2017 Xi’an Jingdong Xuncheng Logistics Co., Ltd. 80% Shaanxi, China, June 2017 Jingdong Express International Limited 80% British Virgin Islands, November 2017 Beijing Jinghong Logistics Co., Ltd. 80% Beijing, China, November 2017 JD Assets Holding Limited 100% Cayman Islands, March 2018 JD Logistics Holding Limited 100% Cayman Islands, March 2018 JD Health International Inc. 86% Cayman Islands, November 2018 JD Jiankang Limited 100% British Virgin Islands, April 2019 Place and date of incorporation 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 Consolidated VIEs’ Subsidiaries Beijing Jingbangda Trade Co., Ltd. (“Beijing Jingbangda”) Beijing, China, August 2012 Hengqin Junze Management Consulting Co., Ltd. Guangdong, China, April 2017 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 (limited partnership) Jiangsu, China, August 2017 |
Schedule of consolidated financial information | As of December 31, 2017 2018 2019 RMB RMB RMB Total assets 19,281,227 23,878,253 38,749,631 Total liabilities 19,547,831 26,717,946 43,734,593 For the year ended December 31, 2017 2018 2019 RMB RMB RMB Total net revenues 15,926,297 37,561,128 59,306,001 Net loss (115,318 ) (2,646,122 ) (2,268,090 ) For the year ended December 31, 2017 2018 2019 RMB RMB RMB Net cash provided by/(used in) operating activities 1,188,220 (1,144,849 ) 953,673 Net cash used in investing activities (10,117,516 ) (7,596,181 ) (6,450,150 ) Net cash provided by financing activities 9,626,497 8,902,074 5,542,926 Net increase in cash, cash equivalents, and restricted cash 697,201 161,044 46,449 Cash, cash equivalents, and restricted cash at beginning of year 21,959 719,160 880,204 Cash, cash equivalents, and restricted cash at end of year 719,160 880,204 926,653 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Logistic s 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 c 5 years Non-compete 5-8 Domain names and trademarks 5-20 Technology and o 2-10 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2017 Quoted Prices in Active Significant Other Significant RMB RMB RMB RMB Assets: Cash equivalents Money market funds 1,372,182 1,372,182 — — Restricted cash 4,110,210 — 4,110,210 — Short-term investments Wealth management products 8,582,754 — 8,582,754 — Investment securities Listed equity securities 10,027,813 10,027,813 — — Total assets 24,092,959 11,399,995 12,692,964 — Fair value measurement at reporting date using Description Fair value as of Quoted Prices in Active Significant Other Significant RMB RMB RMB RMB Assets: Cash equivalents Money market funds 1,373 1,373 — — Restricted cash 3,239,613 — 3,239,613 — Short-term investments Wealth management products 1,934,820 — 1,934,820 — Investment securities Listed equity securities 15,901,573 15,901,573 — — Total assets 21,077,379 15,902,946 5,174,433 — Fair value measurement at reporting date using Description Fair value as of Quoted Prices in Active Significant Other Significant RMB RMB RMB RMB Assets: Cash equivalents Money market funds 3,590,620 3,590,620 — — Restricted cash 2,940,859 — 2,940,859 — Short-term investments Wealth management products 23,206,770 — 23,206,770 — Investment securities Listed equity securities 21,417,104 21,417,104 — — Total assets 51,155,353 25,007,724 26,147,629 — |
Schedule of carrying value and fair value of investment securities | Cost Basis Gross Unrealized Gains Gross Unrealized Losses Provision for D in V a Fair Value RMB RMB RMB RMB RMB December 31, 2017 9,087,935 1,476,834 (513,047 ) (23,909 ) 10,027,813 December 31, 2018 16,071,098 3,952,704 (4,122,229 ) — 15,901,573 December 31, 2019 18,329,057 5,008,610 (1,920,563 ) — 21,417,104 |
JD Digits reorganization (Table
JD Digits reorganization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
JD Digits reorganization | |
Schedule of assets, liabilities, redeemable non-controlling interests, results of operations and cash flows of discontinued operations | For the year ended December 31, 2017 (*) RMB Net revenues 2,392,903 Operating expenses (2,067,622 ) Income from operations of discontinued operations 325,281 Other expenses (316,245 ) Income from discontinued operations before tax 9,036 Income tax expenses (2,121 ) Net income from discontinued operations, net of tax 6,915 Net loss from discontinued operations attributable to non-controlling interests shareholders (5,030 ) Net income from discontinued operations attributable to mezzanine equity classified as 281,021 Net loss from discontinued operations attributable to ordinary shareholders (269,076 ) For the year ended 2017 (*) RMB Net cash used in discontinued operating activities (2,485,741 ) Net cash used in discontinued investing activities (17,871,171 ) Net cash provided by discontinued financing activities 14,054,620 (*) Included financial results of discontinued operations from January 1, 2017 to June 30, 2017. |
Investment in equity investees
Investment in equity investees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of condensed financial information of the Group's equity investments | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Operating data: Revenue s 72,206,753 94,099,295 128,942,238 Gross profit 19,162,739 26,893,544 34,540,510 Loss from operations (2,200,140 ) (1,471,960 ) (534,006 ) Net loss (2,549,137 ) (1,722,715 ) (564,940 ) Net loss attributable to shareholder s (2,977,210 ) (1,748,305 ) (1,235,224 ) As of December 31, 2017 2018 2019 RMB RMB RMB Balance sheet data: Current assets 78,125,211 110,276,278 117,073,881 Non-current 62,806,104 78,546,934 97,456,584 Current liabilities 58,734,790 80,643,552 94,482,219 Non-current 16,703,429 22,755,496 18,910,340 Redeemable stock 5,877,854 9,897,962 10,593,025 Non-controlling 717,106 431,498 380,510 |
Yonghui Group | |
Schedule of investment accounted for using equity method | As of December 31, 2017 As of December 31, 2018 As of December 31, 2019 RMB RMB RMB Carrying value of investment in Yonghui 4,245,001 5,450,209 5,508,062 Proportionate share of Yonghui’s net tangible and intangible assets 1,946,349 2,122,874 2,249,239 Positive basis difference 2,298,652 3,327,335 3,258,823 Positive basis difference has been assigned to: Goodwill 1,270,190 1,989,726 1,989,726 Amortizable intangible assets (*) 1,371,283 1,783,478 1,692,129 Deferred tax liabilities (342,821 ) (445,869 ) (423,032 ) 2,298,652 3,327,335 3,258,823 Cumulative gains in equity interest in Yonghui 124,917 250,538 428,729 (*) As of December 31, 2019, the weighted average remaining life of the intangible assets not included in Yonghui’s consolidated financial statements was 15 |
Schedule of condensed financial information of the Group's equity investments | For the year For the year ended 2018 For the year ended RMB RMB RMB Revenue s 55,524,229 67,975,691 81,367,849 Gross profit 11,319,620 14,912,887 18,019,934 Income from operations 2,065,795 1,296,271 2,024,586 Net income 1,721,628 1,189,513 1,774,888 Net income attributable to shareholders 1,818,910 1,548,833 2,000,842 Percentage of ownership in Yonghui 10 % 12 % 12 % Proportionate share of Yonghui’s net income, before basis adjustments 181,891 160,630 232,580 Basis adjustments (58,998 ) (64,072 ) (68,512 ) Proportionate share of Yonghui’s net income 122,893 96,558 164,068 |
Bitauto Group | |
Schedule of investment accounted for using equity method | As of December 31, 2017 As of As of RMB RMB RMB Carrying value of investment in Bitauto (*) 2,128,409 2,544,367 1,817,781 Proportionate share of Bitauto’s net tangible and intangible assets 2,228,925 2,619,609 2,347,924 Positive/(negative) basis difference (100,516 ) (75,242 ) (530,143 ) Positive/(negative) basis difference has been assigned to: Goodwill (*) — — — Amortizable intangible assets (**) (100,516 ) (75,242 ) (530,143 ) (100,516 ) (75,242 ) (530,143 ) Cumulative losses in equity interest in Bitauto (3,696,754 ) (3,280,796 ) (3,910,223 ) (*) In the first quarter of 2019, the Group conducted impairment assessment on its investment in Bitauto considering the duration and severity of the decline of Bitauto’s stock price after the investment, as well as the financial condition, operating performance and the prospects of Bitauto, and concluded the decline in fair value of the investment was other-than-temporary. Accordingly, the Group recorded impairment charge of RMB488,453 to write down the carrying value of its investment in Bitauto to the fair value, based on quoted closing price of Bitauto’s stock as of March 31, 2019. (**) As of December 31, 2019, the negative basis difference between carrying value of investment in Bitauto and proportionate share of Bitauto’s net tangible and intangible assets was RMB530,143. This difference would not be amortized. |
Dada Group | |
Schedule of the estimated fair value of the assets/investments received | As of April 26, 2016 RMB Assets/investments received by the Group Dada’s ordinary shares 2,164,050 Dada’s preferred shares 1,298,700 Warrant to purchase Dada’s preferred shares 45,450 3,508,200 |
Schedule of investment accounted for using equity method | As of December 31, 2017 As of December 31, As of December 31, RMB RMB RMB Carrying value of investment in Dada’s ordinary shares 139,147 — — Proportionate share of Dada’s net tangible and intangible assets (1,579,323 ) (1,709,458 ) (1,701,718 ) Positive basis difference 1,718,470 1,709,458 1,701,718 Positive basis difference has been assigned to: Goodwill 1,605,891 1,605,891 1,605,891 Amortizable intangible assets (*) 150,105 138,089 127,770 Deferred tax liabilities (37,526 ) (34,522 ) (31,943 ) 1,718,470 1,709,458 1,701,718 Cumulative losses in equity interest in Dada’s ordinary shares (2,024,903 ) (2,164,050 ) (2,164,050 ) (*) As of December 31, 2019, the weighted average remaining life of the intangible assets not included in Dada’s consolidated financial statements was 6 |
Tuniu Group | |
Schedule of investment accounted for using equity method | As of December 31, 2017 As of As of RMB RMB RMB Carrying value of investment in Tuniu (*) 947,500 858,566 457,443 Proportionate share of Tuniu’s net tangible and intangible assets 779,525 714,009 633,295 Positive/(negative) basis difference 167,975 144,557 (175,852 ) Positive/(negative) basis difference has been assigned to: Goodwill (*) 23,899 23,899 — Amortizable intangible assets (**) 192,101 160,877 (175,852 ) Deferred tax liabilities (48,025 ) (40,219 ) — 167,975 144,557 (175,852 ) Cumulative losses in equity interest in Tuniu (1,546,645 ) (1,635,579 ) (2,036,702 ) (*) In the second and fourth s s and R MB 86,072 in the second and fourth quarter s s (**) As of December 31, 2019, the negative basis difference between carrying value of investment in Tuniu and proportionate share of Tuniu’s net tangible and intangible assets was RMB175,852. This difference would not be amortized. |
Jiangsu Five Star | |
Schedule of investment accounted for using equity method | As of April 29, 2019 As of RMB RMB Carrying value of investment in Jiangsu Five Star 1,274,257 1,317,045 Proportionate share of Jiangsu Five Star’s net tangible and intangible assets 432,310 480,438 Positive basis difference 841,947 836,607 Positive basis difference has been assigned to: Goodwill 586,325 586,325 Amortizable intangible assets (*) 208,840 206,069 Property (*) 131,990 127,641 Deferred tax liabilities (85,208 ) (83,428 ) 841,947 836,607 Cumulative gains in equity interest in Jiangsu Five Star — 42,788 (*) As of December 31, 2019, the weighted average remaining lives of the intangible assets and property were 19 24 |
Yixin | |
Schedule of investment accounted for using equity method | Investment in Yixin is accounted for using the equity method with the investment cost allocated as follows: As of December 31, 2017 As of December 31, 2018 As of December 31, 2019 RMB RMB RMB Carrying value of investment in Yixin 860,992 1,044,537 1,206,741 Proportionate share of Yixin’s net tangible and intangible assets 1,703,448 1,641,276 1,663,071 Negative basis difference (842,456 ) (596,739 ) (456,330 ) Cumulative gains in equity interest in Yixin — 183,545 345,749 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts receivable, net | |
Schedule of accounts receivable, net | As of December 31, 2017 2018 2019 RMB RMB RMB Online retail and online marketplace receivables (*) 14,819,862 7,756,808 2,392,737 Logistics receivables 1,020,771 2,997,163 3,073,641 Advertising receivables and others 572,495 534,410 1,042,211 Accounts receivable 16,413,128 11,288,381 6,508,589 Allowance for doubtful accounts (53,981 ) (178,393 ) (318,001 ) Accounts receivable, net 16,359,147 11,109,988 6,190,588 |
Schedule of movements in the allowances for doubtful accounts | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the year (36,993 ) (53,981 ) (178,393 ) Additions (16,988 ) (124,412 ) (213,395 ) Write-off — — 73,787 Balance at end of the year (53,981 ) (178,393 ) (318,001 ) |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories, net | |
Schedule of Inventories, net | As of December 31, 2017 2018 2019 RMB RMB RMB Products 41,840,945 44,678,983 58,795,341 Packing materials and others 358,207 219,961 223,234 Inventories 42,199,152 44,898,944 59,018,575 Inventory valuation allowance (498,773 ) (868,860 ) (1,086,419 ) Inventories, net 41,700,379 44,030,084 57,932,156 |
Property, equipment and softw_2
Property, equipment and software, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, equipment and software, net | |
Schedule of property, equipment and software, net | As of December 31, 2017 2018 2019 RMB RMB RMB Electronic equipment 7,172,694 13,780,685 14,397,628 Building and building improvement 5,855,920 9,118,708 9,084,029 Logistics, warehouse and other heavy equipment 2,693,969 3,912,356 6,104,497 Vehicles 1,164,376 1,240,001 1,249,667 Leasehold improvement 827,408 1,318,735 2,100,120 Office equipment 287,282 406,534 388,841 Software 203,848 250,920 301,919 Total 18,205,497 30,027,939 33,626,701 Less: accumulated depreciation (5,631,319 ) (8,945,101 ) (12,911,659 ) Less: impairment — — (60,971 ) Net book value 12,574,178 21,082,838 20,654,071 |
Land use rights, net (Tables)
Land use rights, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Land use rights, net | |
Schedule of land use rights, net | As of December 31, 2017 2018 2019 RMB RMB RMB Land use rights 7,254,974 10,860,924 11,380,221 Less: accumulated amortization (204,165 ) (385,266 ) (488,479 ) Net book value 7,050,809 10,475,658 10,891,742 |
Schedule of amortization expenses related to the land use rights for future periods | For the year ending December 31, 2020 2021 2022 2023 2024 2025 and RMB RMB RMB RMB RMB RMB Amortization expenses 228,572 228,572 228,572 228,572 228,572 9,748,882 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets, net | |
Schedule of intangible assets, net | Intangible assets, net consist of the following As of December 31, 2017 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB RMB RMB RMB Strategic Cooperation 5.0 6,075,289 (4,563,957 ) — 1,511,332 Non-compete 8.0 2,467,005 (885,390 ) — 1,581,615 Domain names and trademark 19.5 3,250,789 (278,372 ) (27,124 ) 2,945,293 Technology and others 6.2 1,040,668 (256,606 ) (129,585 ) 654,477 Total 9.3 12,833,751 (5,984,325 ) (156,709 ) 6,692,717 As of December 31, 2018 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB RMB RMB RMB Strategic c 5.0 6,075,289 (5,779,015 ) — 296,274 Non-compete 8.0 2,467,005 (1,194,067 ) — 1,272,938 Domain names and trademark 19.3 3,305,413 (453,423 ) (27,124 ) 2,824,866 Tech nology and o 6.2 1,165,899 (403,270 ) (145,001 ) 617,628 Total 9.3 13,013,606 (7,829,775 ) (172,125 ) 5,011,706 As of December 31, 2019 Weighted- Average Amortization Period Gross Accumulated Impairment Net Year RMB RMB RMB RMB Strategic c 5.0 6,075,289 (6,075,289 ) — — Non-compete 8.0 2,467,005 (1,502,141 ) — 964,864 Domain names and trademark 19.3 3,311,250 (633,360 ) (27,124 ) 2,650,766 Technology and o thers 6.2 1,181,076 (541,671 ) (145,001 ) 494,404 Total 9.3 13,034,620 (8,752,461 ) (172,125 ) 4,110,034 |
Schedule of amortization expenses related to the intangible assets for future periods | For the year ending December 31, 2020 2021 2022 2023 2024 2025 and RMB RMB RMB RMB RMB RMB Amortization expenses 633,717 625,153 460,885 339,733 229,864 1,820,682 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill | |
Schedule of changes in the carrying amount of goodwill | JD Retail N Total RMB RMB RMB Balance as of December 31, 2016 Goodwill 6,527,019 2,593,420 9,120,439 Accumulated impairment loss — (2,593,420 ) (2,593,420 ) 6,527,019 — 6,527,019 Transaction in 2017 Additions 123,551 — 123,551 Balance as of December 31, 2017 Goodwill 6,650,570 2,593,420 9,243,990 Accumulated impairment loss — (2,593,420 ) (2,593,420 ) 6,650,570 — 6,650,570 Transaction in 2018 Impairment (6,901 ) — (6,901 ) Balance as of December 31, 2018 Goodwill 6,650,570 2,593,420 9,243,990 Accumulated impairment loss (6,901 ) (2,593,420 ) (2,600,321 ) 6,643,669 — 6,643,669 Balance as of December 31, 2019 Goodwill 6,650,570 2,593,420 9,243,990 Accumulated impairment loss (6,901 ) (2,593,420 ) (2,600,321 ) 6,643,669 — 6,643,669 |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts payable | |
Schedule of accounts payable | As of December 31, 2017 2018 2019 RMB RMB RMB Vendor payable 62,548,717 66,701,380 74,639,015 Shipping charges payable and others 11,788,991 13,283,638 15,789,367 Total 74,337,708 79,985,018 90,428,382 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | As of December 31, 2017 2018 2019 RMB RMB RMB Deposits 9,787,387 12,870,155 14,619,420 Salary and welfare 3,131,752 3,952,163 5,037,530 Rental fee payables 400,632 653,105 332,893 Internet data center fee 212,143 387,478 614,712 Liabilities for return allowances (*) — 363,191 425,135 Accrued administrative expenses 185,876 318,012 368,821 Professional fee 59,802 122,930 268,054 Vehicle fee 69,042 114,576 190,289 Interest payable 84,807 44,449 43,598 Payable related to employees’ exercise of share-based awards 152,177 42,979 403,398 Others 1,034,222 1,423,642 2,352,330 Total 15,117,840 20,292,680 24,656,180 (*) Liabilities for return allowances were included in “Accounts receivable, net” as of December 31, 2017. |
Unsecured senior notes (Tables)
Unsecured senior notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unsecured senior notes | |
Schedule of unsecured senior notes | As of December 31, Effective 2017 2018 2019 RMB RMB RMB US$500,000 3.125% notes due 2021 3,242,565 3,413,264 3,477,276 3.37 % US$500,000 3.875% notes due 2026 3,204,792 3,372,879 3,435,216 4.15 % Carrying value 6,447,357 6,786,143 6,912,492 Unamortized discount and debt issuance costs 86,843 77,057 63,708 Total principal amounts of unsecured senior notes 6,534,200 6,863,200 6,976,200 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Summary of supplemental information related to operating leases | As of December 31, 2019 RMB Operating lease ROU assets 8,643,597 Operating lease liabilities-current 3,193,480 Operating lease liabilities-non-current 5,523,164 Total operating lease liabilities 8,716,644 Weighted average remaining lease term 4.4 years Weighted average discount rate 4.7 % |
Summary of lease cost recognized and supplemental cash flow information related to operating leases | For the year ended RMB Operating lease cost 3,377,389 Short-term lease cost 1,212,899 Total 4,590,288 Cash paid for operating leases 3,460,898 (*) The lease expenses based on ASC 840 were RMB 3,086,709 4,571,036 |
Summary of maturity of lease liabilities | As of December 31, 2019 RMB 2020 3,267,527 2021 2,187,920 2022 1,549,062 2023 1,085,230 2024 664,785 2025 and thereafter 926,265 Total lease payments 9,680,789 Less: interest (964,145 ) Present value of operating lease liabilities 8,716,644 |
Schedule of future minimum lease payments under non-cancelable operating lease agreements | As of December 31, 2018, the future minimum lease payments under the Group’s non-cancelable operating lease agreements based on ASC 840 are as follows: As of December 31, 2018 RMB 2019 3,596,926 2020 2,553,344 2021 1,452,812 2022 907,116 2023 459,342 2024 and Thereafter 1,044,818 10,014,358 |
Interest income and interest _2
Interest income and interest expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest income and interest expense | |
Schedule of interest income and interest expense | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Interest income: Interest income in relation to nonrecourse securitization debt charged to JD Digits 702,147 527,025 37,646 Interest income in relation to loans provided to JD Digits 569,395 119,047 40,628 Interest income in relation to bank deposits, wealth management products and others 1,258,948 1,471,849 1,707,298 Total 2,530,490 2,117,921 1,785,572 Interest expense: Interest expense in relation to nonrecourse securitization debt (702,147 ) (527,025 ) (37,646 ) Interest expense in relation to unsecured senior notes, bank borrowings and others (261,595 ) (327,513 ) (687,364 ) Total (963,742 ) (854,538 ) (725,010 ) |
Others, net (Tables)
Others, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Others, net | |
Schedule of others non-operating income (expense), net | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Gain from business and investment disposals 74,965 1,320,266 1,199,407 Government financial incentives 843,447 614,658 2,222,223 Impairment of investments (139,823 ) (593,138 ) (1,954,031 ) Foreign exchange gains/(losses), net 213,482 (192,491 ) 124,070 Gains/(losses) from fair value change of long-term investments — (1,512,979 ) 3,495,709 Others 324,337 458,859 287,931 Total 1,316,408 95,175 5,375,309 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxation | |
Schedule of components of income/(loss) before tax | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Income/(loss) before tax Income/(loss) from China operations 3,681,735 (578,300 ) 14,177,105 Loss non-China (3,560,775 ) (1,795,378 ) (484,573 ) Total income/(loss) before tax 120,960 (2,373,678 ) 13,692,532 Income tax benefits/(expenses) applicable to China operations Current income tax expenses (360,603 ) (437,326 ) (1,269,323 ) Deferred tax benefits /(expen ses) 221,010 10,454 (533,117 ) Subtotal income tax expenses applicable to China operations (139,593 ) (426,872 ) (1,802,440 ) Total income tax expenses (139,593 ) (426,872 ) (1,802,440 ) |
Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate | For the year ended December 31, 2017 2018 2019 Statutory income tax rate 25.0 % 25.0 % 25.0 % Tax effect of preferential tax rates and tax holiday (942.7 )% 8.3 % (8.1 )% Tax effect of tax-exempt 588.6 % (1.9 )% 3.7 % Effect on tax rates in different tax jurisdiction 30.5 % 2.2 % (3.9 )% Tax effect of non-deductible 536.0 % (42.4 )% 5.7 % Tax effect of non-taxable (14.0 )% 3.8 % (1.0 )% Tax effect of Super Deduction and others — 53.9 % (13.2 )% Changes in valuation allowance (120.8 )% (66.7 )% 5.0 % Expiration of loss carry forwards 12.8 % (0.2 )% — Effective tax rates 115.4 % (18.0 )% 13.2 % |
Summary of income tax holiday | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Tax holiday effect 1,140,251 198,118 1,115,598 Effect of tax holiday on basic net income/( ) 0.40 0.07 0.38 Effect of tax holiday on diluted net income/( ) 0.39 0.07 0.38 |
Schedule of deferred tax assets and deferred tax liabilities | As of December 31, 2017 2018 2019 RMB RMB RMB Deferred tax assets - Net operating loss carry forwards 1,162,287 2,028,350 2,775,074 - Deferred revenues 299,723 283,824 137,128 - Inventory valuation allowance 124,693 217,215 271,605 - Allowance for doubtful accounts 52,117 88,036 214,932 - Unrealized fair value losses for certain investments — 482,027 356,259 Less: valuation allowance (1,480,570 ) (2,996,294 ) (3,674,442 ) Net deferred tax assets 158,250 103,158 80,556 Deferred tax liabilities - Intangible assets arisen from business combination 882,248 819,032 748,691 - Accelerated tax depreciation and others — 9,441 590,297 Total deferred tax liabilities 882,248 828,473 1,338,988 |
Schedule of movement of valuation allowance | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the year 1,626,680 1,480,570 2,996,294 Additions 807,558 2,755,222 7,635,196 Reversals (953,668 ) (1,239,498 ) (6,957,048 ) Balance at end of the year 1,480,570 2,996,294 3,674,442 |
Convertible redeemable non-co_2
Convertible redeemable non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Convertible redeemable non-controlling interests | |
Schedule of convertible redeemable non-controlling interests activities | The convertible redeemable non-controlling Number of shares Amount RMB Balance as of December 31, 2017 — — Issuance 1,004,000,000 15,973,564 Less: preferred shares issuance costs (14,772 ) Net income from continuing operations attributable to mezzanine equity classified as non-controlling 2,492 Balance as of December 31, 2018 1,004,000,000 15,961,284 Net income from continuing operations attributable to mezzanine equity classified as non-controlling 3,100 Balance as of December 31, 2019 1,004,000,000 15,964,384 |
Other comprehensive income (Tab
Other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other comprehensive income/(loss) | |
Schedule of changes in the composition of accumulated other comprehensive income/(loss) attributable to ordinary shareholders | Foreign currency Net unrealized available-for-sale Total RMB RMB RMB Balances as of December 31, 2016 1,483,737 59,656 1,543,393 Other comprehensive income/(loss) (822,052 ) 1,120,740 298,688 Balances as of December 31, 2017 661,685 1,180,396 1,842,081 Cumulative effect of changes in accounting principles related to financial instruments — (1,156,642 ) (1,156,642 ) Other comprehensive income/(loss) 2,696,784 (23,127 ) 2,673,657 Balances as of December 31, 2018 3,358,469 627 3,359,096 Other comprehensive income 749,865 54,186 804,051 Balances as of December 31, 2019 4,108,334 54,813 4,163,147 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based compensation | |
Schedule of share-based compensation expenses | For the year ended December 31, 2017 2018 2019 RMB RMB RMB Cost of revenues 27,513 71,983 82,243 Fulfillment 425,706 418,895 440,167 Marketing 135,749 190,499 258,860 Research and development 670,612 1,162,579 1,340,317 General and administrative 1,520,482 1,816,033 1,573,368 Total 2,780,062 3,659,989 3,694,955 |
Service-based | Employee and non-employee | |
Share-based compensation | |
Schedule of RSUs activity | Number of RSUs Weighted-Average Grant-Date US$ Unvested as of January 1, 2017 82,847,816 11.97 Granted 41,450,212 16.27 Vested (12,005,700 ) 10.14 Forfeited or cancelled (6,246,436 ) 13.42 Unvested as of December 31, 2017 106,045,892 13.77 Granted 40,383,436 18.95 Vested (16,137,554 ) 12.47 Forfeited or cancelled (11,795,682 ) 15.16 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 |
Schedule of service-based share options activity | Number of S O Weighted Weighted Aggregate US$ Year US$ Outstanding as of January 1, 2017 21,659,016 6.23 7.3 142,433 Exercised (4,116,816 ) 5.20 Forfeited or cancelled (432,092 ) 5.92 Expired — Outstanding as of December 31, 2017 17,110,108 6.49 6.2 243,327 Exercised (1,077,036 ) 5.23 Forfeited or cancelled (285,336 ) 7.68 Expired — Outstanding as of December 31, 2018 15,747,736 6.55 5.3 72,658 Exercised (3,299,962 ) 5.72 Forfeited or cancelled (2,223,650 ) 8.52 Expired — Outstanding as of December 31, 2019 10,224,124 6.39 4.3 114,720 Vested and expected to vest as of December 31, 2019 10,038,113 6.29 4.2 113,679 Exercisable as of December 31, 2019 9,129,940 5.72 4.1 108,594 |
Performance-based | Employee and non-employee | |
Share-based compensation | |
Schedule of RSUs activity | Number of RSUs Weighted-Average Grant-Date US$ Unvested as of January 1, 2017 310,002 6.33 Granted — — Vested (96,516 ) 6.33 Forfeited or cancelled — — Unvested as of December 31, 2017 213,486 6.33 Granted — — Vested (103,788 ) 6.33 Forfeited or cancelled (30,152 ) 6.33 Unvested as of December 31, 2018 79,546 6.33 Granted — — Vested (39,772 ) 6.33 Forfeited or cancelled (19,888 ) 6.33 Unvested as of December 31, 2019 19,886 6.33 |
Net income_(loss) per share (Ta
Net income/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 periods presented are calculated as follows: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Numerator: Net income/(loss) from continuing operations attributable to ordinary shareholders 116,819 (2,491,633 ) 12,184,155 Net loss from discontinued operations attributable to ordinary shareholders (269,076 ) — — Net income/(loss) attributable to ordinary shareholders (152,257 ) (2,491,633 ) 12,184,155 Denominator: Weighted average number of shares – basic 2,844,826,014 2,877,902,678 2,912,637,241 Adjustments for dilutive options and RSUs 66,635,803 — 54,684,562 Weighted average number of shares – diluted 2,911,461,817 2,877,902,678 2,967,321,803 Basic net income/(loss) per share from continuing operations attributable to ordinary shareholders 0.04 (0.87 ) 4.18 Basic net loss per share from discontinued operations attributable to ordinary shareholders (0.09 ) — — Basic net income/(loss) per share attributable to ordinary shareholders (0.05 ) (0.87 ) 4.18 Diluted net income/(loss) per share from continuing operations attributable to ordinary shareholders 0.04 (0.87 ) 4.11 Diluted net loss per share from discontinued operations attributable to ordinary shareholders (0.09 ) — — Diluted net income/(loss) per share attributable to ordinary shareholders (0.05 ) (0.87 ) 4.11 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019: Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”) A shareholder of the Group Lexin and its subsidiaries (“Lexin Group”) (*) An investee of the Group Bitauto and its subsidiaries (“Bitauto Group”) An investee of the Group Tuniu and its subsidiaries (“Tuniu Group”) An investee of the Group Dada and its subsidiaries (“Dada Group”) An investee of the Group JD Digits An entity and its subsidiaries controlled by the Founder Yixin and its subsidiaries (“Yixin Group”) An investee of the Group Core Fund An investee of the Group AiHuiShou and its subsidiaries (“AiHuiShou Group”) An investee of the Group (*) As the Group was no longer the major vendor of Lexin Group and the Group had no significant influence on it, Lexin Group was not recognized as the Group’s related party in the years of 2018 and 2019. |
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, 2017 2018 2019 RMB RMB RMB Revenues: Services provided and products sold to Lexin Group 543,304 — — Commission from cooperation on advertising business with Tencent Group 260,572 345,186 287,926 Services provided and products sold to Tencent Group(**) 31,505 276,728 398,700 Services provided and products sold to Dada Group 100,360 122,326 132,585 Services provided and products sold to AiHuiShou Group — 8,781 349,257 Traffic support, marketing and promotion services provided to Bitauto 609,055 608,844 606,593 Traffic support, marketing and promotion services provided to Tuniu Group 132,042 132,008 131,621 Services provided and products sold to JD Digits 271,813 449,093 342,270 Operating expenses: Services received and purchases from Tencent Group(**) 674,727 1,175,849 2,222,196 Services received from Dada Group 694,207 938,627 1,565,470 Payment processing and other services received from JD Digits 2,936,416 3,930,847 4,980,748 Lease and property management services received from Core Fund — — 476,001 Services received from AiHuiShou Group — — 10,467 Other income: Income from non-compete 80,447 78,771 82,123 Interest income from loans provided to JD Digits 871,014 179,556 40,632 Interest income from loans provided to Core Fund — — 75,496 (**) 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, 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, 2017 2018 2019 RMB RMB RMB Due from Tencent Group 595,105 862,781 1,128,102 Due from JD Digits Loans provided to JD Digits (***) 11,747,066 4,427,907 365,089 Other receivables from/(payables to) JD Digits 328,969 (525,669 ) 1,363,479 Due from Core Fund Loans provided to Core Fund (***) — — 579,118 Other receivables from Core Fund — — 569,832 Due from AiHuiShou Group — 2,025 — Total 12,671,140 4,767,044 4,005,620 Due to Lexin Group (1,367 ) — — Due to Tuniu Group (5,451 ) (585 ) (2,133 ) Due to Dada Group (7,378 ) (118,135 ) (208,123 ) Due to AiHuiShou Group — — (17,504 ) Total (14,196 ) (118,720 ) (227,760 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Bitauto Group (1,379,965 ) (771,121 ) (164,528 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Tuniu Group (346,568 ) (214,560 ) (82,939 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to Dada Group (331,354 ) (269,225 ) (207,096 ) Deferred revenues in relation to traffic support, marketing and promotion services to be provided to AiHuiShou Group — — (1,899,099 ) Total (2,057,887 ) (1,254,906 ) (2,353,662 ) Other liabilities in relation to non-compete (415,082 ) (354,236 ) (276,976 ) Total (415,082 ) (354,236 ) (276,976 ) (***) In relation to the loans provided to JD Digits and Core Fund, the Group charged JD Digits and Core Fund 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, 2019 | |
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, 2017, 2018 and 2019. For the year ended December 31, 2017 2018 2019 RMB RMB RMB Net revenues: JD Retail 356,020,374 447,502,173 552,245,141 New B 6,021,508 14,665,281 23,932,278 Inter-segment(*) (546,667 ) (1,103,943 ) (435,364 ) Total segment net revenues 361,495,215 461,063,511 575,742,055 Unallocated items 836,539 956,248 1,146,429 Total consolidated net revenues 362,331,754 462,019,759 576,888,484 Operating income/(loss): JD Retail 4,956,264 7,049,222 13,775,339 New B (2,070,668 ) (5,136,657 ) (1,022,281 ) Including: gain on sale of development properties (note 19) — — 3,884,709 Total segment operating income 2,885,596 1,912,565 12,753,058 Unallocated items(**) (3,721,072 ) (4,531,696 ) (3,758,178 ) Total consolidated operating income/( ) (835,476 ) (2,619,131 ) 8,994,880 Total other income 956,436 245,453 4,697,652 Income/(loss) before tax 120,960 (2,373,678 ) 13,692,532 (*) The inter-segment eliminations mainly consist of services provided by JD Retail to overseas business, and certain services provided by JD Logistics to the vendors of JD Retail, which the Group records as a deduction of cost of revenues at the consolidated level. (**) A summary of unallocated items for the years presented is as follows: For the year ended December 31, 2017 2018 2019 RMB RMB RMB Share-based compensation (2,780,062 ) (3,659,989 ) (3,694,955 ) Amortization of intangible assets resulting from assets and business acquisitions (1,777,549 ) (1,805,638 ) (885,385 ) Effects of business cooperation arrangements 836,539 956,248 822,162 Impairment of goodwill and intangible assets — (22,317 ) — Total (3,721,072 ) (4,531,696 ) (3,758,178 ) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 RMB 2020 1,495,899 2021 1,248,228 2022 1,137,632 2023 753,652 2024 637,341 2025 and t 749,163 6,021,915 |
Parent company only condensed_2
Parent company only condensed financial information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Parent company only condensed financial information | |
Condensed Balance Sheets | Condensed Balance Sheets As of December 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(g) ASSETS Current assets: Cash and cash equivalents 8,964,809 2,196,796 6,575,639 944,531 Short term investments — 755 767 110 Prepayments and other current assets 63,853 121,822 2,408 346 Amount due from related parties 715,671 1,555,288 3,186,818 457,758 Total current assets 9,744,333 3,874,661 9,765,632 1,402,745 Non-current Investment in equity investees 7,514 — — — Investments in subsidiaries and consolidated VIEs 45,675,625 64,127,171 81,301,020 11,678,161 Investment securities 35,893 12,978 13,192 1,895 Intangible assets, net 3,092,549 1,569,483 965,165 138,637 Other non-current — 121,453 106,030 15,230 Total non-current 48,811,581 65,831,085 82,385,407 11,833,923 Total assets 58,555,914 69,705,746 92,151,039 13,236,668 LIABILITIES Current liabilities: Accounts payable — — 140 20 Taxes payable — — 4,497 646 Accrued expenses and other liabilities 67,743 60,190 238,650 34,279 Total current liabilities 67,743 60,190 243,287 34,945 Non-current Long-term borrowings — 3,088,440 3,139,290 450,931 Unsecured senior notes 6,447,357 6,786,143 6,912,492 992,917 Total non-current 6,447,357 9,874,583 10,051,782 1,443,848 Total liabilities 6,515,100 9,934,773 10,295,069 1,478,793 SHAREHOLDERS’ EQUITY: Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,477,346,590 Class A ordinary shares issued and 2,406,652,132 outstanding, 461,362,309 Class B ordinary shares issued and 446,011,297 outstanding as of December 31, 2017; 2,507,473,330 Class A ordinary shares issued and 2,447,926,638 outstanding, 458,342,517 Class B ordinary shares issued and 446,369,717 outstanding as of December 31, 2018; 2,520,271,138 Class A ordinary shares issued and 2,480,575,334 outstanding, 453,672,011 Class B ordinary shares issued and 443,739,929 outstanding as of December 31, 2019) 377 380 381 55 Additional paid-in 76,254,607 82,832,895 90,676,122 13,024,810 Statutory reserves 635,966 1,400,412 1,459,165 209,596 Treasury stock (4,457,608 ) (3,783,729 ) (2,530,166 ) (363,436 ) Accumulated deficit (22,234,609 ) (24,038,081 ) (11,912,679 ) (1,711,149 ) Accumulated other comprehensive income 1,842,081 3,359,096 4,163,147 597,999 Total shareholders’ equity 52,040,814 59,770,973 81,855,970 11,757,875 Total liabilities and shareholders’ equity 58,555,914 69,705,746 92,151,039 13,236,668 |
Condensed Statements of Operations and Comprehensive Income/(Loss) | For the year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(g) Operating expenses Marketing (1,215,222 ) (1,218,920 ) (301,495 ) (43,307 ) General and administrative (556,534 ) (495,835 ) (469,688 ) (67,466 ) Loss from operations (1,771,756 ) (1,714,755 ) (771,183 ) (110,773 ) Share of income/(loss) of subsidiaries and consolidated VIEs 1,717,151 (653,408 ) 12,575,644 1,806,378 Interest income 66,848 220,186 163,974 23,553 Interest expense (260,756 ) (315,683 ) (376,152 ) (54,031 ) Others, net 96,256 (27,973 ) 591,872 85,017 Net income/(loss) (152,257 ) (2,491,633 ) 12,184,155 1,750,144 Net income/(loss) attributable to ordinary shareholders (152,257 ) (2,491,633 ) 12,184,155 1,750,144 Net income/(loss) (152,257 ) (2,491,633 ) 12,184,155 1,750,144 Other comprehensive income: Foreign currency translation adjustments (822,052 ) 2,696,784 749,865 107,711 Net change in unrealized gains/(losses) on available-for-sale Unrealized gains, net of tax 1,473,014 237,585 312,723 44,920 Reclassification adjustment for gains recorded in net income, net of tax (352,274 ) (260,712 ) (258,537 ) (37,137 ) Net unrealized gains/(losses) on available-for-sale 1,120,740 (23,127 ) 54,186 7,783 Total other comprehensive income 298,688 2,673,657 804,051 115,494 Total comprehensive income 146,431 182,024 12,988,206 1,865,638 |
Condensed Statements of Cash Flows | For the year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(g) Net cash provided by/(used in) operating activities (105,219 ) (233,195 ) 697,927 100,251 Cash flows from investing activities: Purchases of investment securities — (755 ) — — Cash received from disposal of investment securities — 7,893 — — Cash received from/(prepayments and investments in) subsidiaries and consolidated VIEs 2,359,092 (12,425,233 ) 5,202,711 747,323 Prepayments and investments in equity investees (7,646 ) — — — Loans provided to JD Digits (31,161 ) (839,617 ) (1,631,530 ) (234,355 ) Net cash provided by/(used in) investing activities 2,320,285 (13,257,712 ) 3,571,181 512,968 Cash flows from financing activities: Proceeds from issuance of ordinary shares — 3,531,870 — — Repurchase of ordinary shares — (205,886 ) (131,010 ) (18,818 ) Proceeds from long-term borrowings — 2,890,575 — — Proceeds from settlement of capped call options 737,501 — — — Proceeds from issuance of ordinary shares pursuant to share-based awards 135,745 48,555 112,153 16,110 Upfront fee payment for long-term borrowings — (81,581 ) — — Net cash provided by/(used in) financing activities 873,246 6,183,533 (18,857 ) (2,708 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (240,077 ) 539,361 128,592 18,470 Net increase/(decrease) in cash, cash equivalents, and restricted cash 2,848,235 (6,768,013 ) 4,378,843 628,981 Cash, cash equivalents, and restricted cash at beginning of the year 6,116,574 8,964,809 2,196,796 315,550 Cash, cash equivalents, and restricted cash at end of the year 8,964,809 2,196,796 6,575,639 944,531 |
Principal activities and orga_3
Principal activities and organization (Details) | Dec. 31, 2019 |
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% |
Jingdong E-Commerce (Express) Hong Kong Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 80.00% |
Jingdong Technology Group Corporation | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Jingdong Logistics Group Corporation | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Jingdong Express Group Corporation | |
Organization | |
Equity interest held (as a percent) | 80.00% |
JD.com E-Commerce (Technology) Hong Kong Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Jingdong E-Commerce (Logistics) 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% |
JD.com American Technologies Corporation | |
Organization | |
Equity interest held (as a percent) | 100.00% |
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 International (Singapore) Pte. Ltd. | |
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) | 100.00% |
JD.com Asia Investment Corporation | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Suqian Hanbang Investment Management Co., Ltd. | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Xi'an Jingxundi | |
Organization | |
Equity interest held (as a percent) | 80.00% |
Xi'an Jingdong Xuncheng Logistics Co., Ltd | |
Organization | |
Equity interest held (as a percent) | 80.00% |
Jingdong Express International Limited | |
Organization | |
Equity interest held (as a percent) | 80.00% |
Beijing Jinghong Logistics Co., Ltd | |
Organization | |
Equity interest held (as a percent) | 80.00% |
JD Assets Holding Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Logistics Holding Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
JD Health International Inc. | |
Organization | |
Equity interest held (as a percent) | 86.00% |
JD Jiankang Limited | |
Organization | |
Equity interest held (as a percent) | 100.00% |
Principal activities and orga_4
Principal activities and organization (Details 2) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2016CNY (¥) | |
VIEs and VIEs' subsidiaries | ||||||
Total assets | $ 37,306,977 | ¥ 209,164,857,000 | ¥ 184,054,966,000 | ¥ 259,723,704,000 | ||
Total liabilities | 22,853,210 | 132,336,713,000 | 131,666,263,000 | 159,099,473,000 | ||
Total net revenues | 82,864,846 | ¥ 576,888,484,000 | 462,019,759,000 | 362,331,754,000 | ||
Net income/(loss) | 1,707,904 | 11,890,092,000 | (2,800,550,000) | (11,718,000) | ||
Net cash provided by/(used in) operating activities | 3,559,600 | 24,781,220,000 | 20,881,422,000 | 26,856,727,000 | ||
Net cash used in investing activities | (3,641,208) | (25,349,357,000) | (26,078,992,000) | (39,815,291,000) | ||
Net cash provided by financing activities | 369,512 | 2,572,467,000 | 11,219,928,000 | 19,234,985,000 | ||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 346,206 | 2,410,221,000 | 7,703,521,000 | 5,634,887,000 | ||
Total shareholders' deficit of the Group's VIEs and VIEs' subsidiaries | $ 12,160,627 | 60,866,860,000 | 52,388,703,000 | 84,659,847,000 | ¥ 34,162,862,000 | |
VIEs and their subsidiaries | ||||||
VIEs and VIEs' subsidiaries | ||||||
Total assets | 23,878,253,000 | 19,281,227,000 | 38,749,631,000 | |||
Total liabilities | 26,717,946,000 | 19,547,831,000 | 43,734,593,000 | |||
Total net revenues | 59,306,001,000 | 37,561,128,000 | 15,926,297,000 | |||
Net income/(loss) | (2,268,090,000) | (2,646,122,000) | (115,318,000) | |||
Net cash provided by/(used in) operating activities | 953,673,000 | (1,144,849,000) | 1,188,220,000 | |||
Net cash used in investing activities | (6,450,150,000) | (7,596,181,000) | (10,117,516,000) | |||
Net cash provided by financing activities | 5,542,926,000 | 8,902,074,000 | 9,626,497,000 | |||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 46,449,000 | 161,044,000 | 697,201,000 | |||
Cash, cash equivalents, and restricted cash at beginning of the year | 880,204,000 | 719,160,000 | 21,959,000 | |||
Cash, cash equivalents, and restricted cash at end of the year | ¥ 926,653,000 | 880,204,000 | 719,160,000 | |||
Asset in the Group's VIEs and VIEs' subsidiaries that can be used only to settle their obligations except for registered capitals | 0 | |||||
Registered capitals and PRC statutory reserves of the Group's consolidated VIEs | 1,090,876,000 | |||||
Total shareholders' deficit of the Group's VIEs and VIEs' subsidiaries | ¥ 2,839,693,000 | ¥ 266,604,000 | ¥ 4,984,962,000 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Foreign currency translation | ||||
Total exchange gains/(losses) | $ 17,822 | ¥ 124,070,000 | ¥ (192,491,000) | ¥ 213,482,000 |
Total foreign currency translation adjustments gains/(losses) | $ 114,004 | ¥ 793,671,000 | 2,696,784,000 | (822,052,000) |
Convenience translation | ||||
Convenience translation rate (RMB to USD) | 6.9618 | |||
Loan receivables, net | ||||
Provision for the doubtful loan receivables | ¥ 0 | 0 | ||
Construction in progress | ||||
Amount of construction in progress | 5,806,308,000 | 6,553,712,000 | 3,196,516,000 | |
Others, net | ||||
Foreign currency translation | ||||
Total exchange gains/(losses) | ¥ 124,070,000 | (192,491,000) | 213,482,000 | |
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 | ||||
Loan receivables | ¥ 179,886,000 | ¥ 105,455,000 | ¥ 243,624,000 |
Summary of significant accoun_5
Summary of significant accounting policies (Details 2) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Nonrecourse securitization debt | |||
Consumer credit receivables financial assets derecognized | ¥ 21,500,000 | ¥ 17,500,000 | ¥ 8,000,000 |
Proceeds from derecognition | 21,500,000 | 17,500,000 | 8,000,000 |
Accounts receivables | |||
Nonrecourse securitization debt | |||
Collateralized amount | 0 | 3,116,309 | 11,701,973 |
Consumer credit receivables financial assets derecognized | 15,302,084 | 12,632,342 | 5,693,223 |
Loan receivables | |||
Nonrecourse securitization debt | |||
Collateralized amount | 0 | 1,281,361 | 4,512,764 |
Consumer credit receivables financial assets derecognized | ¥ 6,197,916 | ¥ 4,867,658 | ¥ 2,306,777 |
Nonrecourse securitization debt | |||
Nonrecourse securitization debt | |||
Weighted average interest rate | 5.33% | ||
Minimum | |||
Land use rights, net | |||
Estimated useful lives (in years) | 34 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 | ||
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 Thousands | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)leasesegmentitem | Dec. 31, 2019CNY (¥)leasesegmentitem | Dec. 31, 2018CNY (¥)lease | Dec. 31, 2017CNY (¥)lease | Dec. 31, 2019CNY (¥) | Jan. 01, 2019CNY (¥) | Jan. 01, 2018CNY (¥) | |
Revenue | |||||||
Liabilities for return allowances | ¥ 363,191,000 | ¥ 425,135,000 | |||||
Net revenues | $ 82,864,846 | ¥ 576,888,484,000 | 462,019,759,000 | ¥ 362,331,754,000 | |||
Accounts receivable, net of allowance for doubtful accounts | $ 889,222 | 11,109,988,000 | 16,359,147,000 | 6,190,588,000 | |||
Unearned revenue | 15,461,245,000 | 21,347,848,000 | |||||
Unearned revenue recognized | ¥ 12,997,919,000 | ||||||
Revenue, Practical Expedient | true | true | |||||
Customer incentives and loyalty programs | |||||||
Types of discounted coupons | item | 2 | 2 | |||||
Fulfillment | |||||||
Fulfillment | $ 5,310,127 | ¥ 36,968,041,000 | 32,009,658,000 | 25,865,128,000 | |||
Marketing | |||||||
Advertising costs | ¥ 19,285,939,000 | ¥ 15,970,433,000 | ¥ 12,375,922,000 | ||||
Leases | |||||||
Number of capital leases | lease | 0 | 0 | 0 | 0 | |||
Segment reporting | |||||||
Number of major business segments | segment | 2 | 2 | |||||
Statutory reserves | |||||||
Appropriations of statutory reserves | ¥ 58,753,000 | ¥ 764,446,000 | ¥ 503,028,000 | ||||
Appropriations to other reserve funds | ¥ 0 | 0 | 0 | ||||
Recent accounting pronouncements | |||||||
Accumulated deficit | $ (1,711,149) | (24,038,081,000) | (22,234,609,000) | (11,912,679,000) | |||
ROU assets | $ 1,241,575 | 8,643,597,000 | |||||
Lease liabilities | 8,716,644,000 | ¥ 7,000,000,000 | |||||
ASU 2014-09 | Adjustment | |||||||
Recent accounting pronouncements | |||||||
Accumulated deficit | ¥ 256,994,000 | ||||||
ASU 2016-18 | Adjustments | |||||||
Recent accounting pronouncements | |||||||
ROU assets | ¥ 7,000,000,000 | ||||||
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 | ¥ 328,703,453,000 | 280,059,089,000 | 236,268,621,000 | ||||
General merchandise products | |||||||
Revenue | |||||||
Net revenues | 182,030,514,000 | 136,049,657,000 | 95,555,789,000 | ||||
Shipping | |||||||
Fulfillment | |||||||
Fulfillment | 17,858,972,000 | 15,216,351,000 | 12,691,013,000 | ||||
Online marketplace and marketing services | |||||||
Revenue | |||||||
Net revenues | 42,680,212,000 | 33,531,862,000 | 25,390,981,000 | ||||
Logistics and other services | |||||||
Revenue | |||||||
Net revenues | ¥ 23,474,305,000 | 12,379,151,000 | ¥ 5,116,363,000 | ||||
Accrued expenses and other current liabilities | |||||||
Revenue | |||||||
Liabilities for return allowances | 363,191,000 | 425,135,000 | |||||
Prepayments and other current assets | |||||||
Revenue | |||||||
Rights to recover products from customers | ¥ 381,165,000 | ¥ 454,298,000 |
Concentration and risks (Detail
Concentration and risks (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration and risks | |||
Foreign currency exchange appreciation (depreciation) rate | (1.00%) | (5.00%) | 7.00% |
Currency convertibility risk | |||
Concentration and risks | |||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 33,601,008 | ¥ 15,443,123 | ¥ 27,566,040 |
Restricted cash (Details)
Restricted cash (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Restricted cash | ||||
Restricted cash | $ 422,428 | ¥ 2,940,859 | ¥ 3,239,613 | ¥ 4,110,210 |
Fair value measurement (Details
Fair value measurement (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Assets | ||||
Investment securities | $ 3,076,375 | ¥ 21,417,104 | ¥ 15,901,573 | ¥ 10,027,813 |
Recurring basis | ||||
Assets | ||||
Restricted cash | 2,940,859 | 3,239,613 | 4,110,210 | |
Total assets | 51,155,353 | 21,077,379 | 24,092,959 | |
Recurring basis | Wealth management products | ||||
Assets | ||||
Short-term investments | 23,206,770 | 1,934,820 | 8,582,754 | |
Recurring basis | Listed equity securities | ||||
Assets | ||||
Investment securities | 21,417,104 | 15,901,573 | 10,027,813 | |
Recurring basis | Money market funds | ||||
Assets | ||||
Cash equivalents | 3,590,620 | 1,373 | 1,372,182 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Assets | ||||
Total assets | 25,007,724 | 15,902,946 | 11,399,995 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Listed equity securities | ||||
Assets | ||||
Investment securities | 21,417,104 | 15,901,573 | 10,027,813 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||||
Assets | ||||
Cash equivalents | 3,590,620 | 1,373 | 1,372,182 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||||
Assets | ||||
Restricted cash | 2,940,859 | 3,239,613 | 4,110,210 | |
Total assets | 26,147,629 | 5,174,433 | 12,692,964 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | Wealth management products | ||||
Assets | ||||
Short-term investments | ¥ 23,206,770 | ¥ 1,934,820 | ¥ 8,582,754 |
Fair value measurement (Detai_2
Fair value measurement (Details 2) - Wealth management products - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term investments | |||
Gross unrealized gains | ¥ 54,813 | ¥ 627 | ¥ 23,755 |
Impairment charges | ¥ 0 | ¥ 0 | ¥ 0 |
Fair value measurement (Detai_3
Fair value measurement (Details 3) ¥ in Thousands, $ in Thousands | Nov. 01, 2019 | Sep. 21, 2018CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) |
Investment securities | ||||||||
Cumulative effect of changes in accounting principles related to financial instruments | ¥ 295,965 | |||||||
Cost Basis | 16,071,098 | ¥ 9,087,935 | ¥ 18,329,057 | |||||
Gross Unrealized Gains | 3,952,704 | 1,476,834 | 5,008,610 | |||||
Gross Unrealized Losses | (4,122,229) | (513,047) | (1,920,563) | |||||
Provision for Decline in Value | (23,909) | |||||||
Fair Value | 15,901,573 | 10,027,813 | $ 3,076,375 | 21,417,104 | ||||
Others, net | ||||||||
Investment securities | ||||||||
Impairment of investments | ¥ 1,612,139 | 593,138 | 59,987 | |||||
China Unicom | ||||||||
Investment securities | ||||||||
Gross Unrealized Losses | (1,215,227) | ¥ (366,032) | (688,141) | |||||
Percentage of outstanding ordinary shares subscribed or held | 2.40% | |||||||
Total consideration for the investment | ¥ 5,000,000 | |||||||
Vipshop | ||||||||
Investment securities | ||||||||
Gross Unrealized Gains | 1,077,422 | |||||||
Gross Unrealized Losses | (2,004,447) | ¥ (37,064) | ||||||
Percentage of outstanding ordinary shares subscribed or held | 5.50% | |||||||
Total consideration for the investment | ¥ 2,794,547 | ¥ 1,121,792 | ||||||
Farfetch | ||||||||
Investment securities | ||||||||
Gross Unrealized Gains | 2,250,113 | 159,589 | ||||||
Total consideration for the investment | ¥ 186,155 | 2,713,285 | ||||||
ESR cayman limited | ||||||||
Investment securities | ||||||||
Gross Unrealized Gains | 1,777,252 | |||||||
Total consideration for the investment | 1,952,325 | |||||||
Percentage of disposal | 3.40% | |||||||
Significant Other Observable Inputs (Level 2) | ||||||||
Investment securities | ||||||||
Unsecured senior notes | 6,382,604 | 6,527,960 | 7,195,427 | |||||
Significant Unobservable Inputs (Level 3) | Nonrecurring basis | Others, net | ||||||||
Investment securities | ||||||||
Impairment of investments | ¥ 1,612,139 | 593,138 | 59,987 | |||||
Time deposits | Significant Other Observable Inputs (Level 2) | ||||||||
Investment securities | ||||||||
Time deposits | 12,050,507 | ¥ 5,081,748 | ¥ 11,189,560 | |||||
Accumulated other comprehensive income/(loss) | ||||||||
Investment securities | ||||||||
Cumulative effect of changes in accounting principles related to financial instruments | (1,156,642) | |||||||
Accumulated deficit | ||||||||
Investment securities | ||||||||
Cumulative effect of changes in accounting principles related to financial instruments | 1,452,607 | |||||||
ASU 2016-01 | Adjustments | Accumulated other comprehensive income/(loss) | ||||||||
Investment securities | ||||||||
Cumulative effect of changes in accounting principles related to financial instruments | (1,156,642) | |||||||
ASU 2016-01 | Adjustments | Accumulated deficit | ||||||||
Investment securities | ||||||||
Cumulative effect of changes in accounting principles related to financial instruments | ¥ 1,156,642 |
JD Digits reorganization (Detai
JD Digits reorganization (Details) - Held-for-sale - JD Digits - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2018 | |
JD Digits reorganization | ||
Percentage of equity stake disposed | 68.60% | |
Amount raised | ¥ 14,300,000 | |
Percentage of profit sharing right | 40.00% | 36.00% |
Percentage of equity interest can be converted from profit sharing right | 40.00% | 36.00% |
Gain from the disposal of discontinued operations | ¥ 14,193,481 |
JD Digits reorganization (Det_2
JD Digits reorganization (Details 2) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2017CNY (¥) | |
JD Digits reorganization | |
Net income from discontinued operations, net of tax | ¥ 6,915 |
Net loss from discontinued operations attributable to non-controlling interests shareholders | (5,030) |
Net income from discontinued operations attributable to mezzanine equity classified as non-controlling interests shareholders | 281,021 |
Net loss from discontinued operations attributable to ordinary shareholders | (269,076) |
JD Digits | Held-for-sale | |
JD Digits reorganization | |
Net revenues | 2,392,903 |
Operating expenses | (2,067,622) |
Income from operations of discontinued operations | 325,281 |
Other expenses | (316,245) |
Income from discontinued operations before tax | 9,036 |
Income tax expenses | (2,121) |
Net income from discontinued operations, net of tax | 6,915 |
Net loss from discontinued operations attributable to non-controlling interests shareholders | (5,030) |
Net income from discontinued operations attributable to mezzanine equity classified as non-controlling interests shareholders | 281,021 |
Net loss from discontinued operations attributable to ordinary shareholders | ¥ (269,076) |
JD Digits reorganization (Det_3
JD Digits reorganization (Details 3) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2017CNY (¥) | |
JD Digits reorganization | |
Net cash used in discontinued operating activities | ¥ (2,485,741) |
Net cash used in discontinued investing activities | (17,871,171) |
Net cash provided by discontinued financing activities | 14,054,620 |
JD Digits | Held-for-sale | |
JD Digits reorganization | |
Net cash used in discontinued operating activities | (2,485,741) |
Net cash used in discontinued investing activities | (17,871,171) |
Net cash provided by discontinued financing activities | ¥ 14,054,620 |
JD Digits reorganization (Det_4
JD Digits reorganization (Details 4) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
JD Digits | |||
JD Digits reorganization | |||
Maximum exposure to loss | ¥ 1,728,568,000 | ¥ 3,902,238,000 | ¥ 12,076,035,000 |
Held-for-sale | JD Digits | |||
JD Digits reorganization | |||
Profit sharing payments recognized | ¥ 0 |
Investment in equity investee_2
Investment in equity investees (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Measurement Alternative and NAV practical expedient investments | ||||
Carrying amount of cost method investments | ¥ 9,750,726 | |||
Carrying amount of investment under NAV practical expedient | ¥ 2,515,919 | ¥ 944,378 | ||
Carrying values of equity investments measured at fair value using the Measurement Alternative | 17,580,557 | 17,104,784 | ||
Measurement alternative and NAV practical expedient investments | 6,198,126 | ¥ 12,108,139 | ¥ 6,217,682 | |
AiHuiShou International Co Ltd | ||||
Measurement Alternative and NAV practical expedient investments | ||||
Cost of investment | ¥ 3,380,825 | |||
Cash consideration paid | ¥ 138,582 | |||
Exclusive traffic resources | 5 years | |||
Top investee one | ||||
Measurement Alternative and NAV practical expedient investments | ||||
Measurement alternative and NAV practical expedient investments | 3,380,825 | |||
Top investee two | ||||
Measurement Alternative and NAV practical expedient investments | ||||
Measurement alternative and NAV practical expedient investments | ¥ 1,296,245 |
Investment in equity investee_3
Investment in equity investees (Details 2) ¥ in Thousands, $ in Thousands | Aug. 09, 2018CNY (¥) | May 23, 2018CNY (¥)item | Jun. 17, 2016CNY (¥) | May 22, 2015CNY (¥)item | Feb. 16, 2015CNY (¥) | Apr. 30, 2019CNY (¥) | Apr. 30, 2016CNY (¥)item | Dec. 31, 2014CNY (¥) | Dec. 31, 2019CNY (¥) | Jun. 30, 2019CNY (¥) | Mar. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Apr. 29, 2019CNY (¥) | May 22, 2018 | Dec. 28, 2017CNY (¥) | Nov. 16, 2017individual | Aug. 31, 2016USD ($) | Aug. 11, 2016 | Apr. 26, 2016CNY (¥) | Feb. 28, 2015USD ($) |
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | ¥ 15,479,331 | ¥ 15,479,331 | ¥ 13,307,454 | ¥ 8,800,593 | |||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | 15,479,331 | 15,479,331 | 13,307,454 | 8,800,593 | |||||||||||||||||||
Operating data: | |||||||||||||||||||||||
Revenues | 128,942,238 | 94,099,295 | 72,206,753 | ||||||||||||||||||||
Gross profit | 34,540,510 | 26,893,544 | 19,162,739 | ||||||||||||||||||||
Income/(Loss) from operations | (534,006) | (1,471,960) | (2,200,140) | ||||||||||||||||||||
Net income/(loss) | (564,940) | (1,722,715) | (2,549,137) | ||||||||||||||||||||
Net income/(loss) attributable to shareholders | (1,235,224) | (1,748,305) | (2,977,210) | ||||||||||||||||||||
Proportionate share of equity method investees' net income | $ (249,680) | (1,738,219) | (1,113,105) | (1,926,720) | |||||||||||||||||||
Balance sheet data: | |||||||||||||||||||||||
Current assets | 117,073,881 | 117,073,881 | 110,276,278 | 78,125,211 | |||||||||||||||||||
Non-current assets | 97,456,584 | 97,456,584 | 78,546,934 | 62,806,104 | |||||||||||||||||||
Current liabilities | 94,482,219 | 94,482,219 | 80,643,552 | 58,734,790 | |||||||||||||||||||
Non-current liabilities | 18,910,340 | 18,910,340 | 22,755,496 | 16,703,429 | |||||||||||||||||||
Redeemable stock | 10,593,025 | 10,593,025 | 9,897,962 | 5,877,854 | |||||||||||||||||||
Non-controlling interests | 380,510 | 380,510 | 431,498 | 717,106 | |||||||||||||||||||
Accumulated impairment of Measurement Alternative investments | 2,458,382 | 2,458,382 | |||||||||||||||||||||
Others, net | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Impairment charges in connection with the Measurement Alternative investments | 1,612,139 | 593,138 | 59,987 | ||||||||||||||||||||
Share of results of equity investees | |||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Impairment charges in connection with the equity method | 796,737 | 0 | 0 | ||||||||||||||||||||
Yonghui Group | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | ¥ 5,508,062 | ¥ 5,508,062 | ¥ 5,450,209 | ¥ 4,245,001 | |||||||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 12.00% | 12.00% | 12.00% | 12.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||||
Total consideration in cash | ¥ 5,458,074 | ||||||||||||||||||||||
Number of board seat held | item | 2 | ||||||||||||||||||||||
Number of board seats | item | 11 | ||||||||||||||||||||||
Dividend received | ¥ 120,338 | ¥ 143,557 | ¥ 114,845 | ||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | ¥ 5,508,062 | 5,508,062 | 5,450,209 | 4,245,001 | |||||||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,249,239 | 2,249,239 | 2,122,874 | 1,946,349 | |||||||||||||||||||
Positive(negative) basis difference | 3,258,823 | 3,258,823 | 3,327,335 | 2,298,652 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 1,989,726 | 1,989,726 | 1,989,726 | 1,270,190 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 1,692,129 | 1,692,129 | 1,783,478 | 1,371,283 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (423,032) | (423,032) | (445,869) | (342,821) | |||||||||||||||||||
Cumulative gains/(losses) in equity interest | 428,729 | ¥ 428,729 | 250,538 | 124,917 | |||||||||||||||||||
Weighted average remaining life of the intangible assets | 15 years | 15 years | |||||||||||||||||||||
Aggregate market values | 8,248,601 | ¥ 8,248,601 | 8,609,614 | 9,666,167 | |||||||||||||||||||
Operating data: | |||||||||||||||||||||||
Revenues | 81,367,849 | 67,975,691 | 55,524,229 | ||||||||||||||||||||
Gross profit | 18,019,934 | 14,912,887 | 11,319,620 | ||||||||||||||||||||
Income/(Loss) from operations | 2,024,586 | 1,296,271 | 2,065,795 | ||||||||||||||||||||
Net income/(loss) | 1,774,888 | 1,189,513 | 1,721,628 | ||||||||||||||||||||
Net income/(loss) attributable to shareholders | 2,000,842 | 1,548,833 | 1,818,910 | ||||||||||||||||||||
Proportionate share of net income, before basis adjustments | 232,580 | 160,630 | 181,891 | ||||||||||||||||||||
Basis adjustments | (68,512) | (64,072) | (58,998) | ||||||||||||||||||||
Proportionate share of equity method investees' net income | 164,068 | 96,558 | 122,893 | ||||||||||||||||||||
Bitauto Group | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | ¥ 1,817,781 | ¥ 1,817,781 | 2,544,367 | 2,128,409 | |||||||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 25.00% | 24.00% | 24.00% | ||||||||||||||||||||
Total consideration in resources-Future services | ¥ 3,045,268 | ||||||||||||||||||||||
Total consideration in cash | ¥ 328,975 | 2,450,920 | |||||||||||||||||||||
Total consideration for equity investment | ¥ 5,496,188 | ||||||||||||||||||||||
Total consideration in resources, additional support period from key platform | 5 years | ||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | ¥ 1,817,781 | ¥ 1,817,781 | 2,544,367 | 2,128,409 | |||||||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 2,347,924 | 2,347,924 | 2,619,609 | 2,228,925 | |||||||||||||||||||
Positive(negative) basis difference | (530,143) | (530,143) | (75,242) | (100,516) | |||||||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | (530,143) | (530,143) | (75,242) | (100,516) | |||||||||||||||||||
Cumulative gains/(losses) in equity interest | (3,910,223) | (3,910,223) | (3,280,796) | (3,696,754) | |||||||||||||||||||
Aggregate market values | 1,793,871 | 1,793,871 | 3,087,400 | 3,773,634 | |||||||||||||||||||
Impairment charges in connection with the equity method | ¥ 488,453 | ||||||||||||||||||||||
Dada Group | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | 139,147 | ||||||||||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 81.00% | ||||||||||||||||||||||
Term of warrant (in years) | 2 years | ||||||||||||||||||||||
Total consideration in cash | ¥ 1,298,700 | ||||||||||||||||||||||
Number of board seat held | item | 2 | ||||||||||||||||||||||
Number of board seats | item | 6 | ||||||||||||||||||||||
Total consideration for equity investment | ¥ 3,508,200 | ||||||||||||||||||||||
Assets/investments received by the Company | ¥ 3,508,200 | ||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | 139,147 | ||||||||||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | (1,701,718) | (1,701,718) | (1,709,458) | (1,579,323) | |||||||||||||||||||
Positive(negative) basis difference | 1,701,718 | 1,701,718 | 1,709,458 | 1,718,470 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 1,605,891 | 1,605,891 | 1,605,891 | 1,605,891 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 127,770 | 127,770 | 138,089 | 150,105 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (31,943) | (31,943) | (34,522) | (37,526) | |||||||||||||||||||
Cumulative gains/(losses) in equity interest | (2,164,050) | ¥ (2,164,050) | (2,164,050) | (2,024,903) | |||||||||||||||||||
Weighted average remaining life of the intangible assets | 6 years | 6 years | |||||||||||||||||||||
Dada Group | Ordinary shares | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Percentage of the equity interests on a fully diluted basis (in percentage) | 41.00% | ||||||||||||||||||||||
Assets/investments received by the Company | 2,164,050 | ||||||||||||||||||||||
Dada Group | Preferred Shares | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | 2,376,775 | ¥ 2,376,775 | |||||||||||||||||||||
Percentage of the equity interests on a fully diluted basis (in percentage) | 7.00% | ||||||||||||||||||||||
Total consideration in cash | ¥ 1,230,808 | 0 | |||||||||||||||||||||
Total consideration for equity investment | ¥ 983,820 | ||||||||||||||||||||||
Assets/investments received by the Company | 1,298,700 | ||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | 2,376,775 | 2,376,775 | |||||||||||||||||||||
Cumulative gains/(losses) in equity interest | 1,373,385 | 1,373,385 | |||||||||||||||||||||
Dada Group | Warrants-C | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Assets/investments received by the Company | ¥ 45,450 | ||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Warrant recorded at fair value | 45,450 | 45,450 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Tuniu Group | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | 457,443 | 457,443 | 858,566 | 947,500 | |||||||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 28.00% | 7.00% | |||||||||||||||||||||
Total consideration in resources-Future services | ¥ 660,215 | ||||||||||||||||||||||
Total consideration in cash | ¥ 1,528,275 | ¥ 305,930 | |||||||||||||||||||||
Number of board seat held | item | 1 | ||||||||||||||||||||||
Total consideration for equity investment | ¥ 2,188,490 | ||||||||||||||||||||||
Total consideration in resources, with exclusive right | 5 years | ||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | 457,443 | 457,443 | 858,566 | 947,500 | |||||||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 633,295 | 633,295 | 714,009 | 779,525 | |||||||||||||||||||
Positive(negative) basis difference | (175,852) | (175,852) | 144,557 | 167,975 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 23,899 | 23,899 | |||||||||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | (175,852) | (175,852) | 160,877 | 192,101 | |||||||||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (40,219) | (48,025) | |||||||||||||||||||||
Cumulative gains/(losses) in equity interest | (2,036,702) | (2,036,702) | (1,635,579) | (1,546,645) | |||||||||||||||||||
Aggregate market values | 457,443 | 457,443 | 867,921 | 1,304,082 | |||||||||||||||||||
Impairment charges in connection with the equity method | 86,072 | ¥ 222,212 | |||||||||||||||||||||
Yixin | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | 1,206,741 | 1,206,741 | 1,044,537 | 860,992 | |||||||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 11.00% | ||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | 1,206,741 | 1,206,741 | 1,044,537 | 860,992 | |||||||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 1,663,071 | 1,663,071 | 1,641,276 | 1,703,448 | |||||||||||||||||||
Positive(negative) basis difference | (456,330) | (456,330) | (596,739) | (842,456) | |||||||||||||||||||
Cumulative gains/(losses) in equity interest | 345,749 | 345,749 | 183,545 | ||||||||||||||||||||
Aggregate market values | 1,060,433 | 1,060,433 | ¥ 1,049,246 | ¥ 3,586,393 | |||||||||||||||||||
Number of non-executive board members the Group has right to nominate | individual | 1 | ||||||||||||||||||||||
Number of non-executive board members | individual | 9 | ||||||||||||||||||||||
Yixin | Preferred Shares | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Cost method investments | $ | $ 30,000 | $ 100,000 | |||||||||||||||||||||
Jiangsu Five Star | |||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||
Investments accounted for under the equity method | 1,317,045 | 1,317,045 | ¥ 1,274,257 | ||||||||||||||||||||
Percentage of the issued and outstanding ordinary shares (in percentage) | 46.00% | ||||||||||||||||||||||
A combination of cash and assumption of the seller's debt | ¥ 1,274,257 | ||||||||||||||||||||||
Loans granted | ¥ 1,024,946 | ||||||||||||||||||||||
Equity method investment with the investment cost allocation | |||||||||||||||||||||||
Carrying value of equity investment | 1,317,045 | 1,317,045 | 1,274,257 | ||||||||||||||||||||
Proportionate share of investee's net tangible assets and intangible assets | 480,438 | 480,438 | 432,310 | ||||||||||||||||||||
Positive(negative) basis difference | 836,607 | 836,607 | 841,947 | ||||||||||||||||||||
Positive (negative) basis difference has been assigned to goodwill | 586,325 | 586,325 | 586,325 | ||||||||||||||||||||
Positive (negative) basis difference has been assigned to amortizable intangible assets | 206,069 | 206,069 | 208,840 | ||||||||||||||||||||
Positive (negative) basis difference has been assigned to deferred tax liabilities | (83,428) | (83,428) | (85,208) | ||||||||||||||||||||
Cumulative gains/(losses) in equity interest | 42,788 | ¥ 42,788 | |||||||||||||||||||||
Weighted average remaining life of the intangible assets | 19 years | 19 years | |||||||||||||||||||||
Weighted average remaining life of the property, plant and equipment | 24 years | 24 years | |||||||||||||||||||||
Property | ¥ 127,641 | ¥ 127,641 | ¥ 131,990 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Accounts receivable | |||||||
Accounts receivable | ¥ 6,508,589,000 | ¥ 11,288,381,000 | ¥ 16,413,128,000 | ||||
Allowance for doubtful accounts | ¥ (318,001,000) | ¥ (178,393,000) | ¥ (36,993,000) | (318,001,000) | (178,393,000) | (53,981,000) | |
Accounts receivable, net | $ 889,222 | 6,190,588,000 | 11,109,988,000 | 16,359,147,000 | |||
Movements in the allowance for doubtful accounts | |||||||
Balance at beginning of the year | (178,393,000) | (53,981,000) | (36,993,000) | ||||
Additions | (213,395,000) | (124,412,000) | (16,988,000) | ||||
Write-off | 73,787,000 | ||||||
Balance at end of the year | (318,001,000) | (178,393,000) | ¥ (53,981,000) | ||||
Online retail and online marketplace receivables | |||||||
Accounts receivable | |||||||
Accounts receivable | 2,392,737,000 | 7,756,808,000 | 14,819,862,000 | ||||
Advertising receivables | |||||||
Accounts receivable | |||||||
Accounts receivable | 1,042,211,000 | 534,410,000 | 572,495,000 | ||||
Logistics services | |||||||
Accounts receivable | |||||||
Accounts receivable | ¥ 3,073,641,000 | ¥ 2,997,163,000 | ¥ 1,020,771,000 | ||||
Consumer financing receivables | |||||||
Movements in the allowance for doubtful accounts | |||||||
Additions | ¥ 0 | ¥ 0 |
Inventories, net (Details)
Inventories, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Inventories | ||||
Inventory, Gross | ¥ 59,018,575 | ¥ 44,898,944 | ¥ 42,199,152 | |
Inventory valuation allowance | (1,086,419) | (868,860) | (498,773) | |
Inventories, net | $ 8,321,434 | 57,932,156 | 44,030,084 | 41,700,379 |
Products | ||||
Inventories | ||||
Inventory, Gross | 58,795,341 | 44,678,983 | 41,840,945 | |
Packing materials and others | ||||
Inventories | ||||
Inventory, Gross | ¥ 223,234 | ¥ 219,961 | ¥ 358,207 |
Property, equipment and softw_3
Property, equipment and software, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Property, equipment and software, net | |||||
Total | ¥ 30,027,939 | ¥ 18,205,497 | ¥ 33,626,701 | ||
Less: accumulated depreciation | (8,945,101) | (5,631,319) | (12,911,659) | ||
Less: impairment | (60,971) | ||||
Net book value | 21,082,838 | 12,574,178 | $ 2,966,772 | 20,654,071 | |
Depreciation expenses | ¥ 4,673,362 | 3,533,483 | 2,310,065 | ||
Electronic equipment | |||||
Property, equipment and software, net | |||||
Total | 13,780,685 | 7,172,694 | 14,397,628 | ||
Building and building improvement | |||||
Property, equipment and software, net | |||||
Total | 9,118,708 | 5,855,920 | 9,084,029 | ||
Logistics,warehouse and other heavy equipment | |||||
Property, equipment and software, net | |||||
Total | 3,912,356 | 2,693,969 | 6,104,497 | ||
Vehicles | |||||
Property, equipment and software, net | |||||
Total | 1,240,001 | 1,164,376 | 1,249,667 | ||
Leasehold improvement | |||||
Property, equipment and software, net | |||||
Total | 1,318,735 | 827,408 | 2,100,120 | ||
Office equipment | |||||
Property, equipment and software, net | |||||
Total | 406,534 | 287,282 | 388,841 | ||
Software | |||||
Property, equipment and software, net | |||||
Total | ¥ 250,920 | ¥ 203,848 | ¥ 301,919 |
Land use rights, net (Details)
Land use rights, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Land use rights, net | |||||
Land use rights | ¥ 10,860,924 | ¥ 7,254,974 | ¥ 11,380,221 | ||
Less: accumulated amortization | (385,266) | (204,165) | (488,479) | ||
Net book value | 10,475,658 | 7,050,809 | $ 1,564,501 | 10,891,742 | |
Amortization expenses | ¥ 222,143 | ¥ 181,101 | ¥ 84,405 | ||
Amortization expenses related to the land use rights for future periods | |||||
2020 | 228,572 | ||||
2021 | 228,572 | ||||
2022 | 228,572 | ||||
2023 | 228,572 | ||||
2024 | 228,572 | ||||
2025 and thereafter | ¥ 9,748,882 |
Intangible assets, net (Details
Intangible assets, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Intangible assets, net | |||||
Weighted-Average Amortization Period (in years) | 9 years 3 months 18 days | 9 years 3 months 18 days | 9 years 3 months 18 days | ||
Gross Carrying Amount | ¥ 13,013,606 | ¥ 12,833,751 | ¥ 13,034,620 | ||
Accumulated Amortization | (7,829,775) | (5,984,325) | (8,752,461) | ||
Impairment Amount | (172,125) | (156,709) | (172,125) | ||
Net Carrying Amount | 5,011,706 | 6,692,717 | $ 590,369 | 4,110,034 | |
Amortization expenses | ¥ 932,550 | 1,845,450 | 1,798,246 | ||
Intangible assets impairment charge recorded | ¥ 0 | ¥ 15,416 | ¥ 0 | ||
Amortization expenses related to the intangible assets for future periods | |||||
2020 | 633,717 | ||||
2021 | 625,153 | ||||
2022 | 460,885 | ||||
2023 | 339,733 | ||||
2024 | 229,864 | ||||
2025 and thereafter | 1,820,682 | ||||
Strategic Cooperation Agreement | |||||
Intangible assets, net | |||||
Weighted-Average Amortization Period (in years) | 5 years | 5 years | 5 years | ||
Gross Carrying Amount | ¥ 6,075,289 | ¥ 6,075,289 | 6,075,289 | ||
Accumulated Amortization | (5,779,015) | (4,563,957) | (6,075,289) | ||
Net Carrying Amount | ¥ 296,274 | ¥ 1,511,332 | |||
Non-compete Agreement | |||||
Intangible assets, net | |||||
Weighted-Average Amortization Period (in years) | 8 years | 8 years | 8 years | ||
Gross Carrying Amount | ¥ 2,467,005 | ¥ 2,467,005 | 2,467,005 | ||
Accumulated Amortization | (1,194,067) | (885,390) | (1,502,141) | ||
Net Carrying Amount | ¥ 1,272,938 | ¥ 1,581,615 | 964,864 | ||
Domain names and trademarks | |||||
Intangible assets, net | |||||
Weighted-Average Amortization Period (in years) | 19 years 3 months 18 days | 19 years 3 months 18 days | 19 years 6 months | ||
Gross Carrying Amount | ¥ 3,305,413 | ¥ 3,250,789 | 3,311,250 | ||
Accumulated Amortization | (453,423) | (278,372) | (633,360) | ||
Impairment Amount | (27,124) | (27,124) | (27,124) | ||
Net Carrying Amount | ¥ 2,824,866 | ¥ 2,945,293 | 2,650,766 | ||
Technology and Others | |||||
Intangible assets, net | |||||
Weighted-Average Amortization Period (in years) | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 2 months 12 days | ||
Gross Carrying Amount | ¥ 1,165,899 | ¥ 1,040,668 | 1,181,076 | ||
Accumulated Amortization | (403,270) | (256,606) | (541,671) | ||
Impairment Amount | (145,001) | (129,585) | (145,001) | ||
Net Carrying Amount | ¥ 617,628 | ¥ 654,477 | ¥ 494,404 |
Goodwill (Details)
Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Goodwill | ||||
Goodwill | ¥ 9,243,990 | ¥ 9,243,990 | ¥ 9,120,439 | |
Accumulated impairment loss | (2,600,321) | (2,593,420) | (2,593,420) | |
Goodwill, beginning balance | 6,643,669 | 6,650,570 | 6,527,019 | |
Additions | 123,551 | |||
Impairment | 0 | (6,901) | 0 | |
Goodwill | 9,243,990 | 9,243,990 | 9,243,990 | |
Accumulated impairment loss | (2,600,321) | (2,600,321) | (2,593,420) | |
Goodwill, ending balance | $ 954,303 | 6,643,669 | 6,643,669 | 6,650,570 |
JD Retail | ||||
Goodwill | ||||
Goodwill | 6,650,570 | 6,650,570 | 6,527,019 | |
Accumulated impairment loss | (6,901) | |||
Goodwill, beginning balance | 6,643,669 | 6,650,570 | 6,527,019 | |
Additions | 123,551 | |||
Impairment | (6,901) | |||
Goodwill | 6,650,570 | 6,650,570 | 6,650,570 | |
Accumulated impairment loss | (6,901) | (6,901) | ||
Goodwill, ending balance | 6,643,669 | 6,643,669 | 6,650,570 | |
New Businesses | ||||
Goodwill | ||||
Goodwill | 2,593,420 | 2,593,420 | 2,593,420 | |
Accumulated impairment loss | (2,593,420) | (2,593,420) | (2,593,420) | |
Goodwill | 2,593,420 | 2,593,420 | 2,593,420 | |
Accumulated impairment loss | ¥ (2,593,420) | ¥ (2,593,420) | ¥ (2,593,420) |
Short-term borrowings (Details)
Short-term borrowings (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term borrowings | |||
Short-term borrowings | ¥ 0 | ¥ 147,264 | ¥ 200,000 |
Short-term borrowings | |||
Short-term borrowings | |||
Weighted average interest rate | 4.15% | 7.00% |
Accounts payable (Details)
Accounts payable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Accounts payable | ||||
Vendor payable | ¥ 74,639,015 | ¥ 66,701,380 | ¥ 62,548,717 | |
Shipping charges payable and others | 15,789,367 | 13,283,638 | 11,788,991 | |
Total | $ 12,989,224 | ¥ 90,428,382 | ¥ 79,985,018 | ¥ 74,337,708 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Accrued expenses and other current liabilities | ||||
Deposits | ¥ 14,619,420 | ¥ 12,870,155 | ¥ 9,787,387 | |
Salary and welfare | 5,037,530 | 3,952,163 | 3,131,752 | |
Rental fee payables | 332,893 | 653,105 | 400,632 | |
Internet data center fee | 614,712 | 387,478 | 212,143 | |
Liabilities for return allowances | 425,135 | 363,191 | ||
Accrued administrative expenses | 368,821 | 318,012 | 185,876 | |
Professional fee | 268,054 | 122,930 | 59,802 | |
Vehicle fee | 190,289 | 114,576 | 69,042 | |
Interest payable | 43,598 | 44,449 | 84,807 | |
Payable related to employees' exercise of share-based awards | 403,398 | 42,979 | 152,177 | |
Others | 2,352,330 | 1,423,642 | 1,034,222 | |
Total | $ 3,541,639 | ¥ 24,656,180 | ¥ 20,292,680 | ¥ 15,117,840 |
Unsecured senior notes (Details
Unsecured senior notes (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | |||||
Apr. 30, 2016USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Apr. 30, 2016CNY (¥) | |
Unsecured senior notes | ||||||
Carrying value | $ 992,917 | ¥ 6,912,492 | ¥ 6,786,143 | ¥ 6,447,357 | ||
Unsecured senior notes | ||||||
Unsecured senior notes | ||||||
Number of maturities for debt issued | item | 2 | |||||
Aggregate principal amount | $ | $ 1,000,000 | |||||
Carrying value | 6,912,492 | 6,786,143 | 6,447,357 | |||
Unamortized discount and debt issuance costs | 63,708 | 77,057 | 86,843 | |||
Total principal amounts of unsecured senior notes | 6,976,200 | 6,863,200 | 6,534,200 | |||
Debt discount | ¥ 79,289 | |||||
Debt issuance costs | ¥ 35,727 | |||||
Future principal payments for unsecured senior notes due | ||||||
Due in 2021 | 3,488,100 | |||||
Due in 2026 | 3,488,100 | |||||
Debt repayable more than one year | 3,488,100 | |||||
Debt repayable more than five years | 3,488,100 | |||||
Unsecured senior notes | 3.125% notes due 2021 | ||||||
Unsecured senior notes | ||||||
Aggregate principal amount | $ | $ 500,000 | |||||
Interest rate (as a percent) | 3.125% | 3.125% | ||||
Carrying value | ¥ 3,477,276 | 3,413,264 | 3,242,565 | |||
Effective interest rate (as a percent) | 3.37% | 3.37% | ||||
Unsecured senior notes | 3.875% notes due 2026 | ||||||
Unsecured senior notes | ||||||
Aggregate principal amount | $ | $ 500,000 | |||||
Interest rate (as a percent) | 3.875% | 3.875% | ||||
Carrying value | ¥ 3,435,216 | ¥ 3,372,879 | ¥ 3,204,792 | |||
Effective interest rate (as a percent) | 4.15% | 4.15% |
Leases (Details)
Leases (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Jan. 01, 2019CNY (¥) |
Leases | |||
Operating lease ROU assets | $ 1,241,575 | ¥ 8,643,597 | |
Operating lease liabilities-current | 458,715 | 3,193,480 | |
Operating lease liabilities-non-current | $ 793,353 | 5,523,164 | |
Total operating lease liabilities | ¥ 8,716,644 | ¥ 7,000,000 | |
Weighted average remaining lease term | 4 years 4 months 24 days | 4 years 4 months 24 days | |
Weighted average discount rate | 4.70% | 4.70% |
Leases (Details 2)
Leases (Details 2) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases | |||
Operating lease cost | ¥ 3,377,389 | ||
Short-term lease cost | 1,212,899 | ||
Total | 4,590,288 | ||
Cash paid for operating leases | ¥ 3,460,898 | ||
Lease expense | ¥ 4,571,036 | ¥ 3,086,709 |
Leases (Details 3)
Leases (Details 3) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases | ||
2020 | ¥ 3,267,527 | |
2021 | 2,187,920 | |
2022 | 1,549,062 | |
2023 | 1,085,230 | |
2024 | 664,785 | |
2025 and thereafter | 926,265 | |
Total lease payments | 9,680,789 | |
Less: interest | (964,145) | |
Present value of operating lease liabilities | ¥ 8,716,644 | ¥ 7,000,000 |
Leases (Details 4)
Leases (Details 4) ¥ in Thousands | Dec. 31, 2018CNY (¥) |
Operating Leases, Future Minimum Payments | |
2019 | ¥ 3,596,926 |
2020 | 2,553,344 |
2021 | 1,452,812 |
2022 | 907,116 |
2023 | 459,342 |
2024 and Thereafter | 1,044,818 |
Total | ¥ 10,014,358 |
Gain on sale of development p_2
Gain on sale of development properties (Details) ¥ in Thousands, $ in Thousands | Feb. 27, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Feb. 28, 2019CNY (¥) |
Gain on sale of development properties [Line Items] | ||||||
Total gross asset value to be disposed to Core Fund | ¥ 10,900,000 | |||||
Gain on sale of development properties | $ 558,004 | ¥ 3,884,709 | ||||
The initial annual rent under the lease agreements | ¥ 700,000 | |||||
Percentage of lease and rent expense increase annually | 3.00% | |||||
Rental rate adjusted with growth rate of fair market rent | 5 years | |||||
Minimum | ||||||
Gain on sale of development properties [Line Items] | ||||||
Lease term | 5 years | |||||
Maximum | ||||||
Gain on sale of development properties [Line Items] | ||||||
Lease term | 6 years | |||||
Core Fund | ||||||
Gain on sale of development properties [Line Items] | ||||||
Gain on sale of development properties | ¥ 3,801,492 | |||||
Total committed capital | ¥ 4,800,000 | |||||
Core Fund | General partner | ||||||
Gain on sale of development properties [Line Items] | ||||||
Committed percentage of the total capital (as a percent) | 20.00% | |||||
Core Fund | GIC | ||||||
Gain on sale of development properties [Line Items] | ||||||
Committed percentage of the total capital (as a percent) | 80.00% |
Interest income and interest _3
Interest income and interest expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Interest income | $ 256,481 | ¥ 1,785,572 | ¥ 2,117,921 | ¥ 2,530,490 |
Interest expense | $ (104,141) | (725,010) | (854,538) | (963,742) |
Bank deposits, wealth management products and others | ||||
Interest income | 1,707,298 | 1,471,849 | 1,258,948 | |
Loan receivables | JD Digits | ||||
Interest income | 40,628 | 119,047 | 569,395 | |
Nonrecourse securitization debt | ||||
Interest expense | (37,646) | (527,025) | (702,147) | |
Nonrecourse securitization debt | JD Digits | ||||
Interest income | 37,646 | 527,025 | 702,147 | |
Unsecured Senior Notes Bank Borrowings and Others | ||||
Interest expense | ¥ (687,364) | ¥ (327,513) | ¥ (261,595) |
Others, net (Details)
Others, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Others, net | ||||
Gain from business and investment disposals | $ 172,284 | ¥ 1,199,407 | ¥ 1,320,266 | ¥ 74,965 |
Government financial incentives | 2,222,223 | 614,658 | 843,447 | |
Impairment of investments | (280,679) | (1,954,031) | (593,138) | (139,823) |
Foreign exchange gains/(losses), net | 17,822 | 124,070 | (192,491) | 213,482 |
Gains/(losses) from fair value change of long-term investments | 502,127 | 3,495,709 | (1,512,979) | |
Others | 287,931 | 458,859 | 324,337 | |
Total | $ 772,115 | ¥ 5,375,309 | ¥ 95,175 | ¥ 1,316,408 |
Taxation (Details)
Taxation (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 24 Months Ended | 36 Months Ended | 66 Months Ended | |||
May 31, 2018 | Jul. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2019 | Apr. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2024 | |
Taxation | ||||||||||||
Applicable tax rate approved (as a percent) | 25.00% | 25.00% | 25.00% | |||||||||
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 | ||||||||||||
Number of years exempted from income tax | 2 years | |||||||||||
Reduction percentage of preferential corporate income tax rate | 50.00% | |||||||||||
Number of years half exempted income tax | 3 years | |||||||||||
Preferential income tax rate (as a percent) | 12.50% | 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 | Sales of audio, video products and books | ||||||||||||
Taxation | ||||||||||||
Statutory VAT rate (as a percent) | 13.00% | 10.00% | 9.00% | 11.00% | ||||||||
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) | 11.00% | 10.00% | 9.00% | 10.00% | 6.00% | |||||||
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) | 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% |
Taxation (Details 2)
Taxation (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Income/(loss) before tax | ||||
Income/(loss) from China operations | ¥ 14,177,105 | ¥ (578,300) | ¥ 3,681,735 | |
Loss from non-China operations | (484,573) | (1,795,378) | (3,560,775) | |
Income/(loss) before tax | $ 1,966,808 | 13,692,532 | (2,373,678) | 120,960 |
Income tax benefits/(expenses) applicable to China operations | ||||
Current income tax expenses | (1,269,323) | (437,326) | (360,603) | |
Deferred tax benefits/(expenses) | (533,117) | 10,454 | 221,010 | |
Subtotal income tax expenses applicable to China operations | (1,802,440) | (426,872) | (139,593) | |
Total income tax expenses | $ (258,904) | ¥ (1,802,440) | ¥ (426,872) | ¥ (139,593) |
Taxation (Details 3)
Taxation (Details 3) ¥ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)¥ / shares | Dec. 31, 2017CNY (¥)¥ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
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 | (8.10%) | 8.30% | (942.70%) | ||||
Tax effect of tax-exempt entities (as a percent) | 3.70% | (1.90%) | 588.60% | ||||
Effect on tax rates in different tax jurisdiction (as a percent) | (3.90%) | 2.20% | 30.50% | ||||
Tax effect of non-deductible expenses (as a percent) | 5.70% | (42.40%) | 536.00% | ||||
Tax effect of non-taxable income (as a percent) | (1.00%) | 3.80% | (14.00%) | ||||
Tax effect of Super Deduction and others (as a percent) | (13.20%) | 53.90% | |||||
Changes in valuation allowance (as a percent) | 5.00% | (66.70%) | (120.80%) | ||||
Expiration of loss carry forwards (as a percent) | (0.20%) | 12.80% | |||||
Effective tax rates (as a percent) | 13.20% | (18.00%) | 115.40% | ||||
Effect of tax holiday | |||||||
Tax holiday effect | ¥ 1,115,598 | ¥ 198,118 | ¥ 1,140,251 | ||||
Effect of tax holiday on basic net income/(loss) per share | ¥ / shares | ¥ 0.38 | ¥ 0.07 | ¥ 0.40 | ||||
Effect of tax holiday on diluted net income/(loss) per share | ¥ / shares | ¥ 0.38 | ¥ 0.07 | ¥ 0.39 | ||||
Deferred tax assets | |||||||
Net operating loss carry forwards | ¥ 2,775,074 | ¥ 2,028,350 | ¥ 1,162,287 | ||||
Deferred revenues | 137,128 | 283,824 | 299,723 | ||||
Inventory valuation allowance | 271,605 | 217,215 | 124,693 | ||||
Allowance for doubtful accounts | 214,932 | 88,036 | 52,117 | ||||
Unrealized fair value losses for certain investments | 356,259 | 482,027 | |||||
Less: valuation allowance | ¥ (3,674,442) | ¥ (2,996,294) | ¥ (1,626,680) | (3,674,442) | (2,996,294) | (1,480,570) | |
Net deferred tax assets | $ 11,571 | 80,556 | 103,158 | 158,250 | |||
Deferred tax liabilities | |||||||
Intangible assets arisen from business combination | 748,691 | 819,032 | 882,248 | ||||
Accelerated tax depreciation and others | 590,297 | 9,441 | |||||
Total deferred tax liabilities | $ 192,334 | 1,338,988 | ¥ 828,473 | ¥ 882,248 | |||
Movement of valuation allowance | |||||||
Balance at beginning of the Year | 2,996,294 | 1,480,570 | 1,626,680 | ||||
Additions | 7,635,196 | 2,755,222 | 807,558 | ||||
Reversals | (6,957,048) | (1,239,498) | (953,668) | ||||
Balance at end of the Year | ¥ 3,674,442 | ¥ 2,996,294 | ¥ 1,480,570 | ||||
Company's subsidiaries incorporated in Singapore and Hong Kong | |||||||
Net operating loss carry forwards | |||||||
Net operating loss carry forwards | 5,413,758 | ||||||
Company's subsidiaries, consolidated VIEs and VIEs' subsidiaries established in PRC and Indonesia | |||||||
Net operating loss carry forwards | |||||||
Net operating loss carry forwards | ¥ 8,863,674 |
Convertible redeemable non-co_3
Convertible redeemable non-controlling interests (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Vote$ / sharesshares | Dec. 31, 2019CNY (¥)Vote | Dec. 31, 2018CNY (¥) | |
Temporary Equity | |||
Number of vote per share | Vote | 1 | 1 | |
Number of ordinary shares issued on conversion of each preferred shares | shares | 1 | ||
Series A Preferred Shares | |||
Temporary Equity | |||
Issuance of preferred shares | ¥ | ¥ 15,973,564 | ||
Term of preferred shares redeemable by holders | 5 years | 5 years | |
Minimum offering value on fully diluted basis | $ | $ 20,000,000 | ||
Shares purchase price | $ / shares | $ 2.50 | ||
Jingdong Express | |||
Temporary Equity | |||
Ownership percentage, on a fully-diluted (as a percentage) | 19.00% | ||
Jingdong Express | Series A Preferred Shares | |||
Temporary Equity | |||
Issuance of preferred shares | $ 2,510,000 | ¥ 15,973,564 |
Convertible redeemable non-co_4
Convertible redeemable non-controlling interests (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | |
Amount | |||
Balance at the end of the year | $ 2,293,140 | ¥ 15,964,384 | ¥ 15,961,284 |
Series A Preferred Shares | |||
Number of shares | |||
Shares Issued | shares | 1,004,000,000 | ||
Balance at the end of the year | shares | 1,004,000,000 | 1,004,000,000 | 1,004,000,000 |
Amount | |||
Issuance | ¥ 15,973,564 | ||
Less: preferred shares issuance costs | (14,772) | ||
Net income from continuing operations attributable to mezzanine equity classified as non-controlling interests shareholders | ¥ 3,100 | 2,492 | |
Balance at the end of the year | ¥ 15,964,384 | ¥ 15,961,284 | |
Jingdong Express | Series A Preferred Shares | |||
Preferred shares | |||
Percentage of Preference Shareholders holding | 50.00% | 50.00% |
Financing for JD Health (Detail
Financing for JD Health (Details) ¥ in Thousands, $ in Millions | Dec. 31, 2019CNY (¥) | May 31, 2019USD ($) |
Total amount received by issuance of the non-redeemable series A preferred preference shares | $ | $ 931 | |
Series A Preferred Shares | JD Health | ||
Ownership percentage, on a fully-diluted (as a percentage) | 13.50% | |
Issuance non controlling interest | ¥ 1,045,400 | |
Additional Paid in Capital, Preferred Stock | ¥ 5,232,343 |
Ordinary shares (Details)
Ordinary shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||||||
May 31, 2019shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2018CNY (¥)shares | Jun. 30, 2016shares | May 31, 2014shares | Mar. 31, 2014shares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Ordinary shares | |||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | $ 0.00002 | $ 0.00002 | ||||||
RSUs and share options | |||||||||
Ordinary shares | |||||||||
Ordinary shares reserved for issuance | 137,075,214 | 160,323,374 | 149,369,486 | ||||||
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 | 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 | 27,106,948 | |||||||
Consideration received after deducting financing charges | $ 549,836 | ¥ 3,531,870 |
Share repurchase program (Detai
Share repurchase program (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)shares | |
Repurchase of shares cost | ¥ | ¥ 737,501 | |||||||||
Proceeds from settlement of capped call options | ¥ | 737,501 | |||||||||
ADS | ||||||||||
Authorized amount | $ | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||
Shares repurchased total (in ADS shares) | shares | 2,332,048 | 2,332,048 | ||||||||
Repurchase period (in months) | 12 months | 24 months | ||||||||
Shares repurchased during the year (in ADS shares) | shares | 935,848 | 935,848 | 1,396,200 | 1,396,200 | 31,065,784 | 31,065,784 | ||||
Repurchase of shares cost | $ 19,101 | ¥ 131,010 | $ 29,999 | ¥ 205,886 | $ 800,000 | ¥ 5,338,276 | ||||
Weighted average repurchase price (in dollars per ADS) | $ / shares | $ 20.41 | $ 21.48 | $ 25.75 | |||||||
Payments under share repurchase program involving capped call options | $ 300,000 | 2,007,100 | ||||||||
Proceeds from settlement of capped call options | $ 107,239 | ¥ 737,501 | $ 216,220 | ¥ 1,463,218 |
Other comprehensive income (Det
Other comprehensive income (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Composition of accumulated other comprehensive income/(loss) | ||||
Balance, beginning of the year | ¥ 59,770,973 | ¥ 52,040,814 | ||
Cumulative effect of changes in accounting principles related to financial instruments | 295,965 | |||
Balance, end of the year | $ 11,757,875 | 81,855,970 | 59,770,973 | ¥ 52,040,814 |
Foreign currency translation adjustments | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance, beginning of the year | 3,358,469 | 661,685 | 1,483,737 | |
Other comprehensive income/(loss) | 749,865 | 2,696,784 | (822,052) | |
Balance, end of the year | 4,108,334 | 3,358,469 | 661,685 | |
Net unrealized gains/(losses) on available-for-sale securities | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance, beginning of the year | 627 | 1,180,396 | 59,656 | |
Cumulative effect of changes in accounting principles related to financial instruments | (1,156,642) | |||
Other comprehensive income/(loss) | 54,186 | (23,127) | 1,120,740 | |
Balance, end of the year | 54,813 | 627 | 1,180,396 | |
Accumulated other comprehensive income/(loss) | ||||
Composition of accumulated other comprehensive income/(loss) | ||||
Balance, beginning of the year | 3,359,096 | 1,842,081 | 1,543,393 | |
Cumulative effect of changes in accounting principles related to financial instruments | (1,156,642) | |||
Other comprehensive income/(loss) | 804,051 | 2,673,657 | 298,688 | |
Balance, end of the year | ¥ 4,163,147 | ¥ 3,359,096 | ¥ 1,842,081 |
Share-based compensation (Detai
Share-based compensation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation | |||
Share-based compensation expenses | ¥ 3,694,955 | ¥ 3,659,989 | ¥ 2,780,062 |
Cost of revenues | |||
Share-based compensation | |||
Share-based compensation expenses | 82,243 | 71,983 | 27,513 |
Fulfillment | |||
Share-based compensation | |||
Share-based compensation expenses | 440,167 | 418,895 | 425,706 |
Marketing | |||
Share-based compensation | |||
Share-based compensation expenses | 258,860 | 190,499 | 135,749 |
Research and development | |||
Share-based compensation | |||
Share-based compensation expenses | 1,340,317 | 1,162,579 | 670,612 |
General and administrative | |||
Share-based compensation | |||
Share-based compensation expenses | ¥ 1,573,368 | ¥ 1,816,033 | ¥ 1,520,482 |
Share-based compensation (Det_2
Share-based compensation (Details 2) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 3,694,955 | ¥ 3,659,989 | ¥ 2,780,062 | |||||||
Share Incentive Plan | Employee and non-employee | ||||||||||
Share-based compensation | ||||||||||
Number of ordinary shares available for future grants | 141,383,893 | 141,383,893 | ||||||||
Share Incentive Plan | Employee and non-employee | Unvested RSUs | Service-based | ||||||||||
Number of Shares | ||||||||||
Unvested at the beginning of the year (in shares) | 118,496,092 | 118,496,092 | 106,045,892 | 106,045,892 | 82,847,816 | 82,847,816 | ||||
Granted (in shares) | 33,202,744 | 33,202,744 | 40,383,436 | 40,383,436 | 41,450,212 | 41,450,212 | ||||
Vested (in shares) | (20,423,568) | (20,423,568) | (16,137,554) | (16,137,554) | (12,005,700) | (12,005,700) | ||||
Forfeited or cancelled | (30,444,064) | (30,444,064) | (11,795,682) | (11,795,682) | (6,246,436) | (6,246,436) | ||||
Unvested at the end of the year (in shares) | 100,831,204 | 100,831,204 | 118,496,092 | 118,496,092 | 106,045,892 | 106,045,892 | 82,847,816 | |||
Weighted-Average Grant-Date Fair Value | ||||||||||
Unvested at the beginning of the year (in dollars per share) | $ / shares | $ 15.58 | $ 13.77 | $ 11.97 | |||||||
Granted (in dollars per share) | $ / shares | 14.29 | 18.95 | 16.27 | |||||||
Vested (in dollars per share) | $ / shares | 14.96 | 12.47 | 10.14 | |||||||
Forfeited or cancelled | $ / shares | 15.36 | 15.16 | 13.42 | |||||||
Unvested at the end of the year (in dollars per share) | $ / shares | $ 15.35 | $ 15.58 | $ 13.77 | $ 11.97 | ||||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 2,958,847 | ¥ 2,968,468 | ¥ 2,462,881 | |||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 6,000,108 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 4 years 8 months 12 days | 4 years 8 months 12 days | ||||||||
Total fair value of RSUs vested | $ 312,962 | ¥ 2,125,609 | $ 295,632 | 1,892,221 | $ 213,155 | 1,438,012 | ||||
Total intrinsic value of RSUs vested | $ 312,962 | ¥ 2,125,609 | $ 295,632 | ¥ 1,892,221 | $ 213,155 | ¥ 1,438,012 | ||||
Share Incentive Plan | Employee and non-employee | Unvested RSUs | Performance-based | ||||||||||
Number of Shares | ||||||||||
Unvested at the beginning of the year (in shares) | 79,546 | 79,546 | 213,486 | 213,486 | 310,002 | 310,002 | ||||
Granted (in shares) | 0 | 0 | ||||||||
Vested (in shares) | (39,772) | (39,772) | (103,788) | (103,788) | (96,516) | (96,516) | ||||
Forfeited or cancelled | (19,888) | (19,888) | (30,152) | (30,152) | ||||||
Unvested at the end of the year (in shares) | 19,886 | 19,886 | 79,546 | 79,546 | 213,486 | 213,486 | 310,002 | |||
Weighted-Average Grant-Date Fair Value | ||||||||||
Unvested at the beginning of the year (in dollars per share) | $ / shares | $ 6.33 | $ 6.33 | $ 6.33 | |||||||
Granted (in dollars per share) | $ / shares | 0 | |||||||||
Vested (in dollars per share) | $ / shares | 6.33 | 6.33 | 6.33 | |||||||
Forfeited or cancelled | $ / shares | 6.33 | 6.33 | ||||||||
Unvested at the end of the year (in dollars per share) | $ / shares | $ 6.33 | $ 6.33 | $ 6.33 | $ 6.33 | ||||||
Additional disclosures | ||||||||||
Unrecognized share-based compensation expense related to awards other than options | ¥ | ¥ 76 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 1 year 1 month 6 days | 1 year 1 month 6 days | ||||||||
Total fair value of RSUs vested | $ 494 | ¥ 3,312 | $ 2,555 | ¥ 16,181 | $ 1,371 | ¥ 9,400 | ||||
Total intrinsic value of RSUs vested | $ 494 | ¥ 3,312 | $ 2,555 | ¥ 16,181 | $ 1,371 | ¥ 9,400 | ||||
Share Incentive Plan | Employee and non-employee | Options | Service-based | ||||||||||
Number of share options | ||||||||||
Outstanding at the beginning of the year (in shares) | 15,747,736 | 15,747,736 | 17,110,108 | 17,110,108 | 21,659,016 | 21,659,016 | ||||
Granted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Exercised (in shares) | (3,299,962) | (3,299,962) | (1,077,036) | (1,077,036) | (4,116,816) | (4,116,816) | ||||
Forfeited or cancelled | (2,223,650) | (2,223,650) | (285,336) | (285,336) | (432,092) | (432,092) | ||||
Outstanding at the end of the year (in shares) | 10,224,124 | 10,224,124 | 15,747,736 | 15,747,736 | 17,110,108 | 17,110,108 | 21,659,016 | |||
Vested and expected to vest at the end of the year (in shares) | 10,038,113 | 10,038,113 | ||||||||
Exercisable at the end of the year (in shares) | 9,129,940 | 9,129,940 | ||||||||
Weighted Average Exercise Price | ||||||||||
Outstanding at the beginning of the year (in dollars per share) | $ / shares | $ 6.55 | $ 6.49 | $ 6.23 | |||||||
Exercised (in dollars per share) | $ / shares | 5.72 | 5.23 | 5.20 | |||||||
Forfeited or cancelled (in dollars per share) | $ / shares | 8.52 | 7.68 | 5.92 | |||||||
Outstanding at the end of the year (in dollars per share) | $ / shares | 6.39 | $ 6.55 | $ 6.49 | $ 6.23 | ||||||
Vested and expected to vest at the end of the year (in dollars per share) | $ / shares | 6.29 | |||||||||
Exercisable at the end of the year (in dollars per share) | $ / shares | $ 5.72 | |||||||||
Weighted Average Remaining Contractual Term (years) | ||||||||||
Outstanding at the end of the year | 4 years 3 months 18 days | 4 years 3 months 18 days | 5 years 3 months 18 days | 5 years 3 months 18 days | 6 years 2 months 12 days | 6 years 2 months 12 days | 7 years 3 months 18 days | |||
Vested and expected to vest at the end of the year | 4 years 2 months 12 days | 4 years 2 months 12 days | ||||||||
Exercisable at the end of the year | 4 years 1 month 6 days | 4 years 1 month 6 days | ||||||||
Aggregate Intrinsic Value | ||||||||||
Outstanding at the end of the year (in dollars) | $ | $ 114,720 | $ 72,658 | $ 243,327 | $ 142,433 | ||||||
Vested and expected to vest at the end of the year (in dollars) | $ | 113,679 | |||||||||
Exercisable at the end of the year (in dollars) | $ | $ 108,594 | |||||||||
Additional disclosures | ||||||||||
Share-based compensation expenses | ¥ | ¥ 3,837 | ¥ 32,558 | ¥ 60,739 | |||||||
Unrecognized share-based compensation expense related to options | ¥ | ¥ 15,777 | |||||||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 2 years 4 months 24 days | 2 years 4 months 24 days | ||||||||
Total intrinsic value of options exercised | $ 31,762 | ¥ 219,918 | 15,326 | 99,267 | 55,278 | 377,062 | ||||
Cash received from the exercises of share options | 16,201 | ¥ 112,153 | 7,382 | ¥ 48,555 | 19,942 | ¥ 135,745 | ||||
Cash Receivable From Stock Option Exercises | $ 3,127 | $ 449 | $ 2,201 | ¥ 21,813 | ¥ 3,084 | ¥ 14,380 | ||||
Share Incentive Plan | Non-employees | Unvested RSUs | Service-based | ||||||||||
Number of Shares | ||||||||||
Unvested at the beginning of the year (in shares) | 5,798,970 | 5,798,970 | 5,719,884 | 5,719,884 | ||||||
Unvested at the end of the year (in shares) | 4,478,140 | 4,478,140 | 5,798,970 | 5,798,970 | 5,719,884 | 5,719,884 | ||||
Share Incentive Plan | Non-employees | Options | Service-based | ||||||||||
Number of share options | ||||||||||
Outstanding at the beginning of the year (in shares) | 1,211,214 | 1,211,214 | 1,379,780 | 1,379,780 | ||||||
Outstanding at the end of the year (in shares) | 1,072,212 | 1,072,212 | 1,211,214 | 1,211,214 | 1,379,780 | 1,379,780 | ||||
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 schedule | 3 years | 3 years | ||||||||
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 schedule | 4 years | 4 years | ||||||||
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 schedule | 5 years | 5 years | ||||||||
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% | ||||||||
Share Incentive Plan | Multiple tranches with tiered vesting commencement dates from 2016 to 2025 | Employee and non-employee | ||||||||||
Share-based compensation | ||||||||||
Vesting schedule | 6 years | 6 years |
Share-based compensation (Det_3
Share-based compensation (Details 3) | 1 Months Ended | 12 Months Ended | |||||
May 31, 2015$ / shares | May 31, 2015CNY (¥)shares | Dec. 31, 2019CNY (¥)$ / shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018$ / shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017CNY (¥) | |
Share-based compensation | |||||||
Share-based compensation expenses | ¥ 3,694,955,000 | ¥ 3,659,989,000 | ¥ 2,780,062,000 | ||||
Share Incentive Plan | Options | Founder | |||||||
Share-based compensation | |||||||
Cash salary to be received per year | ¥ 1 | ||||||
Cash bonus to be received | ¥ 0 | ||||||
Vesting schedule | 10 years | ||||||
Term of compensation plan | 10 years | ||||||
Share-based compensation expenses | 134,367,000 | ¥ 167,184,000 | ¥ 227,326,000 | ||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 302,380,000 | ¥ 302,380,000 | |||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 5 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 | 83,476,500 | 187,844,000 | |||||
Share-based compensation expenses | ¥ 572,109,000 | ¥ 400,968,000 | |||||
Weighted average grant date fair value of options granted | $ / shares | ¥ 1.67 | $ 1.39 | |||||
Unrecognized share-based compensation expense related to the share options granted | ¥ 1,228,262,000 | ¥ 1,228,262,000 | |||||
Weighted-average period over which share-based compensation expense is expected to be recognized | 5 years 7 months 6 days |
Net income_(loss) per share (De
Net income/(loss) per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net income/(loss) from continuing operations attributable to ordinary shareholders | $ 1,750,144 | ¥ 12,184,155 | ¥ (2,491,633) | ¥ 116,819 |
Net loss from discontinued operations attributable to ordinary shareholders | ¥ | (269,076) | |||
Net income/(loss) attributable to ordinary shareholders | $ 1,750,144 | ¥ 12,184,155 | ¥ (2,491,633) | ¥ (152,257) |
Denominator: | ||||
Weighted average number of shares - basic | 2,912,637,241 | 2,912,637,241 | 2,877,902,678 | 2,844,826,014 |
Adjustments for dilutive options and RSUs | 54,684,562 | 54,684,562 | 66,635,803 | |
Weighted average number of shares - diluted | 2,967,321,803 | 2,967,321,803 | 2,877,902,678 | 2,911,461,817 |
Basic net income/(loss) per share from continuing operations attributable to ordinary shareholders | (per share) | $ 0.60 | ¥ 4.18 | ¥ (0.87) | ¥ 0.04 |
Basic net loss per share from discontinued operations attributable to ordinary shareholders | ¥ / shares | (0.09) | |||
Basic net income/(loss) per share attributable to ordinary shareholders | (per share) | 0.60 | 4.18 | (0.87) | (0.05) |
Diluted net income/(loss) per share from continuing operations attributable to ordinary shareholders | (per share) | 0.59 | 4.11 | (0.87) | 0.04 |
Diluted net loss per share from discontinued operations attributable to ordinary shareholders | ¥ / shares | (0.09) | |||
Diluted net income/(loss) per share attributable to ordinary shareholders | (per share) | $ 0.59 | ¥ 4.11 | ¥ (0.87) | ¥ (0.05) |
Net income_(loss) per share (_2
Net income/(loss) per share (Details 2) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-vested ordinary shares, RSUs and options | |||
Anti-dilutive securities | |||
Anti-dilutive securities | 149,343,638 | 160,431,097 | 146,268,314 |
Related party transactions (Det
Related party transactions (Details) ¥ in Thousands, $ in Thousands | May 10, 2019USD ($)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Oct. 27, 2017CNY (¥) |
Related party transactions | |||||||
Amount due to related parties | ¥ (215,614) | ¥ (54,342) | $ (45,675) | ¥ (317,978) | |||
Amount due from related parties | 4,767,044 | 12,671,140 | 4,005,620 | ||||
Amount due from related parties | 3,136,265 | 10,796,561 | $ 608,186 | 4,234,067 | |||
Transaction With Tencent Holdings Limited [Member] | Common Class A [Member] | |||||||
Related party transactions | |||||||
Business Combination, Consideration Transferred | $ | $ 250,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 8,127,302 | ||||||
Lexin Group | |||||||
Related party transactions | |||||||
Amount due to related parties | (1,367) | ||||||
Lexin Group | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | 543,304 | ||||||
Tencent Group | |||||||
Related party transactions | |||||||
Amount due from related parties | 862,781 | 595,105 | 1,128,102 | ||||
Tencent Group | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | ¥ 398,700 | 276,728 | 31,505 | ||||
Tencent Group | Commission service revenue from cooperation on advertising business | |||||||
Related party transactions | |||||||
Revenues | 287,926 | 345,186 | 260,572 | ||||
Tencent Group | Services received and purchases | |||||||
Related party transactions | |||||||
Operating expenses | 2,222,196 | 1,175,849 | 674,727 | ||||
Dada Group | |||||||
Related party transactions | |||||||
Amount due to related parties | (118,135) | (7,378) | (208,123) | ||||
Dada Group | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | 132,585 | 122,326 | 100,360 | ||||
Dada Group | Services received | |||||||
Related party transactions | |||||||
Operating expenses | 1,565,470 | 938,627 | 694,207 | ||||
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 | (269,225) | (331,354) | (207,096) | ||||
Dada Group | Non-compete agreement | |||||||
Related party transactions | |||||||
Other income | 82,123 | 78,771 | 80,447 | ||||
Other liabilities | (354,236) | (415,082) | (276,976) | ||||
Bitauto Group | Traffic support, marketing and promotion services | |||||||
Related party transactions | |||||||
Revenues | 606,593 | 608,844 | 609,055 | ||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (771,121) | (1,379,965) | (164,528) | ||||
Tuniu Group | |||||||
Related party transactions | |||||||
Amount due to related parties | (585) | (5,451) | (2,133) | ||||
Tuniu Group | Traffic support, marketing and promotion services | |||||||
Related party transactions | |||||||
Revenues | 131,621 | 132,008 | 132,042 | ||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (214,560) | (346,568) | (82,939) | ||||
JD Digits | |||||||
Related party transactions | |||||||
Amount of over-due receivable transferred | 242,473 | 497,239 | 189,007 | ||||
JD Digits | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | 342,270 | 449,093 | 271,813 | ||||
JD Digits | Payment processing and other services received | |||||||
Related party transactions | |||||||
Operating expenses | 4,980,748 | 3,930,847 | 2,936,416 | ||||
Amount due to related party for payment processing services | 1,284,955 | 1,055,239 | 793,218 | ||||
JD Digits | Loan | |||||||
Related party transactions | |||||||
Other income | ¥ 40,632 | 179,556 | 871,014 | ||||
Amount due from related parties | 4,427,907 | 11,747,066 | 365,089 | ||||
JD Digits | Other receivables from/(payables to) | |||||||
Related party transactions | |||||||
Amount due from related parties | (525,669) | 328,969 | 1,363,479 | ||||
JD Digits | Finance receivables past due over certain agreed period of time | |||||||
Related party transactions | |||||||
Accounts receivable transferred with recourse and not derecognized | 1,387,774 | 167,897 | 0 | ||||
Accounts receivables transferred without recourse and derecognized | 9,854,493 | 1,583,968 | 24,585,577 | ||||
Major related parties | |||||||
Related party transactions | |||||||
Amount due to related parties | (118,720) | (14,196) | (227,760) | ||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | (1,254,906) | (2,057,887) | (2,353,662) | ||||
Other liabilities | (354,236) | (415,082) | (276,976) | ||||
Related parties, other than the major related parties | |||||||
Related party transactions | |||||||
Amount due from related parties | ¥ 265,421 | ¥ 21,621 | ¥ 228,447 | ||||
Amount due from related parties as a percentage of total accounts receivable, net and prepayments and other current assets | 1.77% | 0.12% | 2.22% | 2.22% | |||
Amount due to and deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | ¥ 168,621 | ¥ 69,329 | ¥ 279,769 | ||||
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 | 0.15% | 0.07% | 0.20% | 0.20% | |||
Related parties, other than the major related parties | Total net revenues | Related parties concentration risk | |||||||
Related party transactions | |||||||
Concentration risk (as a percentage) | 0.13% | 0.06% | 0.01% | ||||
Related parties, other than the major related parties | Total operating expenses | Related parties concentration risk | |||||||
Related party transactions | |||||||
Concentration risk (as a percentage) | 0.20% | 0.14% | 0.07% | ||||
Yixin Group | |||||||
Related party transactions | |||||||
Bridge loan to related party | ¥ 1,000,000 | ||||||
Core Fund | Loan | |||||||
Related party transactions | |||||||
Other income | ¥ 75,496 | ||||||
Amount due from related parties | ¥ 579,118 | ||||||
Core Fund | Other receivables from | |||||||
Related party transactions | |||||||
Amount due from related parties | 569,832 | ||||||
Core Fund | Lease and property management services received | |||||||
Related party transactions | |||||||
Operating expenses | 476,001 | ||||||
Aihuishou Group | Services provided and products sold | |||||||
Related party transactions | |||||||
Revenues | 349,257 | ¥ 8,781 | |||||
Aihuishou Group | |||||||
Related party transactions | |||||||
Amount due to related parties | (17,504) | ||||||
Amount due from related parties | ¥ 2,025 | ||||||
Deferred revenues in relation to traffic support, marketing and promotion services to be provided to related parties | ¥ (1,899,099) | ||||||
Aihuishou Group | Services received | |||||||
Related party transactions | |||||||
Operating expenses | ¥ 10,467 |
Segment reporting (Details)
Segment reporting (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Net revenues | $ 82,864,846 | ¥ 576,888,484 | ¥ 462,019,759 | ¥ 362,331,754 |
Operating income/(loss) | 1,292,033 | 8,994,880 | (2,619,131) | (835,476) |
Including: gain on sale of development properties | 558,004 | 3,884,709 | ||
Total other income | 4,697,652 | 245,453 | 956,436 | |
Income/(loss) before tax | $ 1,966,808 | 13,692,532 | (2,373,678) | 120,960 |
Operating segments | ||||
Net revenues | 575,742,055 | 461,063,511 | 361,495,215 | |
Operating income/(loss) | 12,753,058 | 1,912,565 | 2,885,596 | |
Inter-segment | ||||
Net revenues | (435,364) | (1,103,943) | (546,667) | |
Unallocated items | ||||
Net revenues | 1,146,429 | 956,248 | 836,539 | |
Operating income/(loss) | (3,758,178) | (4,531,696) | (3,721,072) | |
JD Retail | Operating segments | ||||
Net revenues | 552,245,141 | 447,502,173 | 356,020,374 | |
Operating income/(loss) | 13,775,339 | 7,049,222 | 4,956,264 | |
New Businesses | Operating segments | ||||
Net revenues | 23,932,278 | 14,665,281 | 6,021,508 | |
Operating income/(loss) | (1,022,281) | ¥ (5,136,657) | ¥ (2,070,668) | |
Including: gain on sale of development properties | ¥ 3,884,709 |
Segment reporting (Details 2)
Segment reporting (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Share-based compensation expenses | ¥ (3,694,955) | ¥ (3,659,989) | ¥ (2,780,062) | |
Impairment of goodwill and intangible assets | (22,317) | |||
Total | $ 1,292,033 | 8,994,880 | (2,619,131) | (835,476) |
Unallocated items | ||||
Share-based compensation expenses | (3,694,955) | (3,659,989) | (2,780,062) | |
Amortization of intangible assets resulting from assets and business acquisitions | (885,385) | (1,805,638) | (1,777,549) | |
Effects of business cooperation arrangements | 822,162 | 956,248 | 836,539 | |
Impairment of goodwill and intangible assets | (22,317) | |||
Total | ¥ (3,758,178) | ¥ (4,531,696) | ¥ (3,721,072) |
Employee benefit (Details)
Employee benefit (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee benefit | |||
Employee benefit expenses | ¥ 5,694,240 | ¥ 5,290,925 | ¥ 3,546,241 |
Lines of credit and loan faci_2
Lines of credit and loan facilities (Details) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Lines of credit and loan facilities | |
Amount reserved for the issuance of bank acceptance | ¥ 23,297,902 |
Amount reserved for bank guarantee | 995,014 |
Unsecured revolving lines of credit | |
Lines of credit and loan facilities | |
Revolving lines of credit | ¥ 75,337,037 |
Lines of credit and loan faci_3
Lines of credit and loan facilities (Details 2) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019CNY (¥) | |
Lines of credit and loan facilities | |||||
Proceeds from long-term borrowings | ¥ | ¥ 2,890,575 | ||||
LIBOR | |||||
Lines of credit and loan facilities | |||||
Percentage over variable rate basis | 1.15% | ||||
Term and Revolving Credit Facilities | |||||
Lines of credit and loan facilities | |||||
Term (in years) | 5 years | ||||
Maximum borrowing capacity under facilities | $ 1,000,000 | ||||
Number of arrangers | item | 24 | ||||
Undrawn balance which will be expired one month prior to the final maturity date | $ 550,000 | ||||
Commitment fee (as a percentage) | 0.20% | ||||
Proceeds from long-term borrowings | $ 450,000 | ||||
Unsecured revolving lines of credit | |||||
Lines of credit and loan facilities | |||||
Maximum borrowing capacity under facilities | ¥ | ¥ 75,337,037 | ||||
Debt payable more than two years but not exceeding five years | $ 450,000 |
Commitments and contingencies_2
Commitments and contingencies (Details) - Internet data center (IDC) service - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Commitments [Line Items] | |||
Internet data center (IDC) service related expenses | ¥ 2,493,830 | ¥ 1,498,935 | ¥ 805,656 |
Future minimum payments under these non-cancelable agreements with initial terms of one year or more | |||
2020 | 1,495,899 | ||
2021 | 1,248,228 | ||
2022 | 1,137,632 | ||
2023 | 753,652 | ||
2024 | 637,341 | ||
2025 and thereafter | 749,163 | ||
Total | ¥ 6,021,915 |
Commitments and contingencies_3
Commitments and contingencies (Details 1) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Capital commitments | |
Capital commitments and Long-Term Debt Obligations | |
Total capital commitments contracted but not yet reflected | ¥ 7,093,075 |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Restricted net assets | |
Restricted net assets | ¥ 24,189,454 |
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 Thousands, $ in Thousands | Mar. 31, 2020USD ($)shares | Jan. 01, 2020USD ($) | Mar. 31, 2020USD ($)shares | Feb. 29, 2020CNY (¥) | Apr. 30, 2020USD ($) | Mar. 31, 2020CNY (¥)shares | Dec. 31, 2017USD ($) | Apr. 30, 2016USD ($) |
Term and Revolving Credit Facilities | ||||||||
Subsequent events | ||||||||
Maximum borrowing capacity under facilities | $ 1,000,000 | |||||||
Senior Notes [Member] | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | $ 1,000,000 | |||||||
Subsequent event | Term and Revolving Credit Facilities | ||||||||
Subsequent events | ||||||||
Amount of group drew down under facility commitment. | $ 550,000 | |||||||
Subsequent event | ADS | 2020 Share repurchase program | ||||||||
Subsequent events | ||||||||
Stock repurchase program authorized amount | $ 2,000,000 | $ 2,000,000 | ||||||
Stock repurchase program period | 24 months | |||||||
Shares repurchased, shares | shares | 1,191,370 | 1,191,370 | 1,191,370 | |||||
Shares repurchased, value | $ 44,132 | |||||||
Subsequent event | 3.375% notes due 2030 | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | $ 700,000 | |||||||
Interest rate (as a percent) | 3.375% | |||||||
Subsequent event | 4.125% notes due 2050 | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | $ 300,000 | |||||||
Interest rate (as a percent) | 4.125% | |||||||
Subsequent event | Private placement notes | Jingdong Century | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | ¥ | ¥ 5,000,000 | |||||||
Subsequent event | 2.65% notes due 2020 | Jingdong Century | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | ¥ | ¥ 3,000,000 | |||||||
Interest rate (as a percent) | 2.65% | |||||||
Maturity date | Apr. 27, 2020 | |||||||
Subsequent event | 2.75% notes due 2020 | Jingdong Century | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | ¥ | ¥ 2,000,000 | |||||||
Interest rate (as a percent) | 2.75% | 2.75% | 2.75% | |||||
Maturity date | Oct. 30, 2020 | |||||||
Subsequent event | Senior Notes [Member] | ||||||||
Subsequent events | ||||||||
Net proceeds from offering | $ 988,266 | |||||||
Subsequent event | Unsecured Senior Notes | ||||||||
Subsequent events | ||||||||
Aggregate principal amount | $ 1,000,000 |
Parent company only condensed_3
Parent company only condensed financial information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018$ / shares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2017$ / shares |
Current assets: | ||||||
Cash and cash equivalents | $ 5,310,612 | ¥ 36,971,420 | ¥ 34,262,445 | ¥ 25,688,327 | ||
Short term investments | 3,533,968 | 24,602,777 | 2,035,575 | 8,587,852 | ||
Prepayments and other current assets | 585,783 | 4,078,102 | 3,848,225 | 2,258,904 | ||
Amount due from related parties | 608,186 | 4,234,067 | 3,136,265 | 10,796,561 | ||
Total current assets | 19,979,684 | 139,094,558 | 104,855,779 | 115,028,652 | ||
Non-current assets: | ||||||
Investment in equity investees | 5,110,145 | 35,575,807 | 31,356,616 | 18,551,319 | ||
Investments in subsidiaries and consolidated VIEs | ¥ | 15,479,331 | 13,307,454 | 8,800,593 | |||
Intangible assets, net | 590,369 | 4,110,034 | 5,011,706 | 6,692,717 | ||
Other non-current assets | 977,658 | 6,806,258 | 5,283,948 | 2,227,942 | ||
Total non-current assets | 17,327,293 | 120,629,146 | 104,309,078 | 69,026,314 | ||
Total assets | 37,306,977 | 259,723,704 | 209,164,857 | 184,054,966 | ||
Current liabilities: | ||||||
Accounts payable | 12,989,224 | 90,428,382 | 79,985,018 | 74,337,708 | ||
Taxes payable | 289,550 | 2,015,788 | 825,677 | 658,220 | ||
Accrued expenses and other liabilities | 3,541,639 | 24,656,180 | 20,292,680 | 15,117,840 | ||
Total current liabilities | 20,112,187 | 140,017,021 | 120,862,015 | 118,250,621 | ||
Non-current liabilities: | ||||||
Unsecured senior notes | 992,917 | 6,912,492 | 6,786,143 | 6,447,357 | ||
Total non-current liabilities | 2,741,023 | 19,082,452 | 11,474,698 | 13,415,642 | ||
Total liabilities | 22,853,210 | 159,099,473 | 132,336,713 | 131,666,263 | ||
SHAREHOLDERS' EQUITY: | ||||||
Ordinary shares value | 55 | 381 | 380 | 377 | ||
Additional paid-in capital | 13,024,810 | 90,676,122 | 82,832,895 | 76,254,607 | ||
Statutory reserves | 209,596 | 1,459,165 | 1,400,412 | 635,966 | ||
Treasury stock | (363,436) | (2,530,166) | (3,783,729) | (4,457,608) | ||
Accumulated deficit | (1,711,149) | (11,912,679) | (24,038,081) | (22,234,609) | ||
Accumulated other comprehensive income | 597,999 | 4,163,147 | 3,359,096 | 1,842,081 | ||
Total JD.com, Inc. shareholders' equity | 11,757,875 | 81,855,970 | 59,770,973 | 52,040,814 | ||
Total liabilities, mezzanine equity and shareholders' equity | $ 37,306,977 | ¥ 259,723,704 | ¥ 209,164,857 | ¥ 184,054,966 | ||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | $ 0.00002 | $ 0.00002 | |||
Ordinary shares, shares authorized (in shares) | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 | ||
Class A ordinary shares | ||||||
SHAREHOLDERS' EQUITY: | ||||||
Ordinary shares, shares issued (in shares) | 2,520,271,138 | 2,520,271,138 | 2,507,473,330 | 2,477,346,590 | ||
Ordinary shares, shares outstanding (in shares) | 2,480,575,334 | 2,480,575,334 | 2,447,926,638 | 2,406,652,132 | ||
Class B ordinary shares | ||||||
SHAREHOLDERS' EQUITY: | ||||||
Ordinary shares, shares issued (in shares) | 453,672,011 | 453,672,011 | 458,342,517 | 461,362,309 | ||
Ordinary shares, shares outstanding (in shares) | 443,739,929 | 443,739,929 | 446,369,717 | 446,011,297 | ||
Parent company | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 944,531 | ¥ 6,575,639 | ¥ 2,196,796 | ¥ 8,964,809 | ||
Short term investments | 110 | 767 | 755 | |||
Prepayments and other current assets | 346 | 2,408 | 121,822 | 63,853 | ||
Amount due from related parties | 457,758 | 3,186,818 | 1,555,288 | 715,671 | ||
Total current assets | 1,402,745 | 9,765,632 | 3,874,661 | 9,744,333 | ||
Non-current assets: | ||||||
Investment in equity investees | ¥ | 7,514 | |||||
Investments in subsidiaries and consolidated VIEs | 11,678,161 | 81,301,020 | 64,127,171 | 45,675,625 | ||
Investment securities | 1,895 | 13,192 | 12,978 | 35,893 | ||
Intangible assets, net | 138,637 | 965,165 | 1,569,483 | 3,092,549 | ||
Other non-current assets | 15,230 | 106,030 | 121,453 | |||
Total non-current assets | 11,833,923 | 82,385,407 | 65,831,085 | 48,811,581 | ||
Total assets | 13,236,668 | 92,151,039 | 69,705,746 | 58,555,914 | ||
Current liabilities: | ||||||
Accounts payable | 20 | 140 | ||||
Taxes payable | 646 | 4,497 | ||||
Accrued expenses and other liabilities | 34,279 | 238,650 | 60,190 | 67,743 | ||
Total current liabilities | 34,945 | 243,287 | 60,190 | 67,743 | ||
Non-current liabilities: | ||||||
Long-term borrowings | 450,931 | 3,139,290 | 3,088,440 | |||
Unsecured senior notes | 992,917 | 6,912,492 | 6,786,143 | 6,447,357 | ||
Total non-current liabilities | 1,443,848 | 10,051,782 | 9,874,583 | 6,447,357 | ||
Total liabilities | 1,478,793 | 10,295,069 | 9,934,773 | 6,515,100 | ||
SHAREHOLDERS' EQUITY: | ||||||
Ordinary shares value | 55 | 381 | 380 | 377 | ||
Additional paid-in capital | 13,024,810 | 90,676,122 | 82,832,895 | 76,254,607 | ||
Statutory reserves | 209,596 | 1,459,165 | 1,400,412 | 635,966 | ||
Treasury stock | (363,436) | (2,530,166) | (3,783,729) | (4,457,608) | ||
Accumulated deficit | (1,711,149) | (11,912,679) | (24,038,081) | (22,234,609) | ||
Accumulated other comprehensive income | 597,999 | 4,163,147 | 3,359,096 | 1,842,081 | ||
Total JD.com, Inc. shareholders' equity | 11,757,875 | 81,855,970 | 59,770,973 | 52,040,814 | ||
Total liabilities, mezzanine equity and shareholders' equity | $ 13,236,668 | ¥ 92,151,039 | ¥ 69,705,746 | ¥ 58,555,914 | ||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.00002 | $ 0.00002 | $ 0.00002 | |||
Ordinary shares, shares authorized (in shares) | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 | 100,000,000,000 | ||
Parent company | Class A ordinary shares | ||||||
SHAREHOLDERS' EQUITY: | ||||||
Ordinary shares, shares issued (in shares) | 2,520,271,138 | 2,520,271,138 | 2,507,473,330 | 2,477,346,590 | ||
Ordinary shares, shares outstanding (in shares) | 2,480,575,334 | 2,480,575,334 | 2,447,926,638 | 2,406,652,132 | ||
Parent company | Class B ordinary shares | ||||||
SHAREHOLDERS' EQUITY: | ||||||
Ordinary shares, shares issued (in shares) | 453,672,011 | 453,672,011 | 458,342,517 | 461,362,309 | ||
Ordinary shares, shares outstanding (in shares) | 443,739,929 | 443,739,929 | 446,369,717 | 446,011,297 |
Parent company only condensed_4
Parent company only condensed financial information (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Operating expenses | ||||
Marketing | $ (3,193,721) | ¥ (22,234,045) | ¥ (19,236,740) | ¥ (14,918,107) |
General and administrative | (788,612) | (5,490,159) | (5,159,666) | (4,214,790) |
Income/(loss) from operations | 1,292,033 | 8,994,880 | (2,619,131) | (835,476) |
Interest income | 256,481 | 1,785,572 | 2,117,921 | 2,530,490 |
Interest expense | (104,141) | (725,010) | (854,538) | (963,742) |
Others, net | 772,115 | 5,375,309 | 95,175 | 1,316,408 |
Net income/(loss) attributable to ordinary shareholders | 1,750,144 | 12,184,155 | (2,491,633) | (152,257) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 114,004 | 793,671 | 2,696,784 | (822,052) |
Net change in unrealized gains/(losses) on available-for-sale securities: | ||||
Unrealized gains, net of tax | 44,920 | 312,723 | 237,585 | 1,473,014 |
Reclassification adjustment for gains recorded in net income, net of tax | (37,137) | (258,537) | (260,712) | (352,274) |
Net unrealized gains/(losses) on available-for-sale securities | 7,783 | 54,186 | (23,127) | 1,120,740 |
Total comprehensive income attributable to ordinary shareholders | 1,865,638 | 12,988,206 | 182,024 | 146,431 |
Parent company | ||||
Operating expenses | ||||
Marketing | (43,307) | (301,495) | (1,218,920) | (1,215,222) |
General and administrative | (67,466) | (469,688) | (495,835) | (556,534) |
Income/(loss) from operations | (110,773) | (771,183) | (1,714,755) | (1,771,756) |
Share of income/(loss) of subsidiaries and consolidated VIEs | 1,806,378 | 12,575,644 | (653,408) | 1,717,151 |
Interest income | 23,553 | 163,974 | 220,186 | 66,848 |
Interest expense | (54,031) | (376,152) | (315,683) | (260,756) |
Others, net | 85,017 | 591,872 | (27,973) | 96,256 |
Net income/(loss) | 1,750,144 | 12,184,155 | (2,491,633) | (152,257) |
Net income/(loss) attributable to ordinary shareholders | 1,750,144 | 12,184,155 | (2,491,633) | (152,257) |
Net income/(loss) | 1,750,144 | 12,184,155 | (2,491,633) | (152,257) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 107,711 | 749,865 | 2,696,784 | (822,052) |
Net change in unrealized gains/(losses) on available-for-sale securities: | ||||
Unrealized gains, net of tax | 44,920 | 312,723 | 237,585 | 1,473,014 |
Reclassification adjustment for gains recorded in net income, net of tax | (37,137) | (258,537) | (260,712) | (352,274) |
Net unrealized gains/(losses) on available-for-sale securities | 7,783 | 54,186 | (23,127) | 1,120,740 |
Total other comprehensive income | 115,494 | 804,051 | 2,673,657 | 298,688 |
Total comprehensive income attributable to ordinary shareholders | $ 1,865,638 | ¥ 12,988,206 | ¥ 182,024 | ¥ 146,431 |
Parent company only condensed_5
Parent company only condensed financial information (Details 3) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Condensed Statements of Cash Flows | ||||
Net cash provided by/(used in) operating activities | $ 3,559,600 | ¥ 24,781,220 | ¥ 20,881,422 | ¥ 26,856,727 |
Cash flows from investing activities: | ||||
Purchases of investment securities | (110,721) | (770,818) | (4,562,283) | (7,824,277) |
Cash received from disposal of investment securities | 144,946 | 1,009,088 | 317,975 | |
Loans provided to JD Digits | 595,937 | 4,148,796 | 6,259,241 | (6,187,891) |
Net cash used in investing activities | (3,641,208) | (25,349,357) | (26,078,992) | (39,815,291) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 3,531,870 | |||
Repurchase of ordinary shares | (18,818) | (131,010) | (205,886) | |
Proceeds from long-term borrowings | 2,890,575 | |||
Proceeds from settlement of capped call options | 737,501 | |||
Proceeds from issuance of ordinary shares pursuant to share-based awards | 16,110 | 112,153 | 48,555 | 135,745 |
Net cash provided by financing activities | 369,512 | 2,572,467 | 11,219,928 | 19,234,985 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 58,302 | 405,891 | 1,681,163 | (641,534) |
Net increase in cash, cash equivalents, and restricted cash | 346,206 | 2,410,221 | 7,703,521 | 5,634,887 |
Parent company | ||||
Condensed Statements of Cash Flows | ||||
Net cash provided by/(used in) operating activities | 100,251 | 697,927 | (233,195) | (105,219) |
Cash flows from investing activities: | ||||
Purchases of investment securities | 0 | 0 | (755) | |
Cash received from disposal of investment securities | 7,893 | |||
Cash received from/(prepayments and investments in) subsidiaries and consolidated VIEs | 747,323 | 5,202,711 | (12,425,233) | 2,359,092 |
Prepayments and investments in equity investees | (7,646) | |||
Loans provided to JD Digits | (234,355) | (1,631,530) | (839,617) | (31,161) |
Net cash used in investing activities | 512,968 | 3,571,181 | (13,257,712) | 2,320,285 |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 3,531,870 | |||
Repurchase of ordinary shares | (18,818) | (131,010) | (205,886) | |
Proceeds from long-term borrowings | 2,890,575 | |||
Proceeds from settlement of capped call options | 737,501 | |||
Proceeds from issuance of ordinary shares pursuant to share-based awards | 16,110 | 112,153 | 48,555 | 135,745 |
Upfront fee payment for long-term borrowings | (81,581) | |||
Net cash provided by financing activities | (2,708) | (18,857) | 6,183,533 | 873,246 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 18,470 | 128,592 | 539,361 | (240,077) |
Net increase in cash, cash equivalents, and restricted cash | 628,981 | 4,378,843 | (6,768,013) | 2,848,235 |
Cash, cash equivalents, and restricted cash at beginning of the year | 315,550 | 2,196,796 | 8,964,809 | 6,116,574 |
Cash, cash equivalents, and restricted cash at end of the year | $ 944,531 | ¥ 6,575,639 | ¥ 2,196,796 | ¥ 8,964,809 |