Transforming Into A Supply Chain-based Technology Platform; Solid Growth Ahead JD hosted its virtual Investor Day and provided an update for its business. JD is transforming from an e-commerce company into a supply chain-based technology and service platform, as it believes services will drive long-term sustainable growth of the group into the next decade. Our positive view on JD is reinforced due to its solid user growth and margin outlook and investments in new business segments. Maintain BUY with an unchanged target price of US$100.00 (HK$388.00).