Driving growth in a more ambitious way

JD.com (JD US) Target Price US$52.00 (Previous TP US$52.00) Up/Downside 142.5% Current Price US$21.44 China Internet Saiyi HE, CFA (852) 3916 1739 hesaiyi@cmbi.com.hk Ye TAO franktao@cmbi.com.hk Wentao LU, CFA luwentao@cmbi.com.hk Stock Data Mkt Cap (US$ mn) 33,993.1 Avg 3 mths t/o (US$ mn) 354.7 52w High/Low (US$) 46.98/21.44 Total Issued Shares (mn) 1585.5 Source: FactSet Shareholding Structure Richard Qiangdong Liu 13.8% Max Smart Limitied 13.3% Source: HKEx Share Performance Absolute Relative 1-mth -11. ...