JD.com Inc ADR

JD: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$J?	LOCK\|?#dw%	LOCK\|>&h@zFQ

JD.com: Despite Our Moat Downgrade to Narrow, We Think Concerns Over JD's Proposition Are Overblown

Chelsey Tam

Jun 29, 2026

Competition has intensified for JD.com. Douyin and Pinduoduo lifted their gross merchandise volume share by 1,100 basis points collectively during 2022-25, while JD's slipped 400. Meituan and Alibaba's Taobao Flash deliver in an average of 38 minutes, faster than JD Retail's same/next-day delivery.

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JD.com Inc ADR

JD.com: Despite Our Moat Downgrade to Narrow, We Think Concerns Over JD's Proposition Are Overblown

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