Good beat; optimistic outlook • Solid 2Q21 results with strong AAC growth• Well-positioned in the uncertain regulatory environment• 2H21 optimism; FV of USD90 Investment thesis JD.com's 2Q21 results came in above expectations. Net revenue grew 26% YoY to RMB253.8b, which was 2% above consensus. Non-GAAP PATMI came in at RMB 4.6b (-22% YoY), or ~31% […]

Read more of this post