6. JD.com, Inc. (NASDAQ:JD)
Number of Hedge Fund Holders as of Q4: 78
Appaloosa Management’s Equity Stake: $362.85 Million
JD.com, Inc. (NASDAQ:JD) is a Beijing-based Chinese e-commerce giant and the country’s largest retailer by revenue. Renowned for its technology-driven business model, JD.com has built a diverse portfolio extending beyond traditional e-commerce into sectors such as logistics, healthcare, and property development. The company has consistently reinforced its market position through innovation and expansion into high-growth areas that complement its core retail operations.
On March 6, 2025, JD.com, Inc. (NASDAQ:JD) announced its financial results for the fourth quarter and the full year ended December 31, 2024, showcasing notable year-over-year growth. Net revenues for the fourth quarter of 2024 reached RMB347.0 billion (US$147.5 billion), marking a 13.4% increase from the same period in 2023. For the full year, net revenues totaled RMB1,158.8 billion (US$158.8 billion), reflecting a 6.8% rise compared to the prior year. The company’s profitability also saw significant improvements. Income from operations surged to RMB8.5 billion (US$1.2 billion) in the fourth quarter, a substantial increase from RMB2.0 billion in Q4 2023, with the operating margin improving from 0.7% to 2.4% over the same period. On a non-GAAP basis, income from operations rose to RMB10.5 billion (US$1.4 billion), with a corresponding non-GAAP operating margin of 3.0%, up from 2.5% in the previous year.
For the entire year of 2024, JD.com, Inc. (NASDAQ:JD) reported income from operations of RMB38.7 billion (US$5.3 billion), a marked improvement from RMB26.0 billion in 2023, with its operating margin climbing to 3.3% from 2.4%. Additionally, the company’s net income attributable to ordinary shareholders was RMB9.9 billion (US$1.4 billion) for the fourth quarter, almost tripling from RMB3.4 billion in the same period of the prior year.
As a further demonstration of its strong financial performance and commitment to returning value to shareholders JD.com, Inc. (NASDAQ:JD)’s board of directors approved an annual cash dividend of US$0.5 per ordinary share, or US$1.0 per American Depositary Share (ADS), for the fiscal year ended December 31, 2024, which is scheduled to be paid on or around April 23, 2025, for ordinary shares and April 29, 2025, for ADS holders, with all payments made in U.S. dollars.
Ariel Global Fund stated the following regarding JD.com, Inc. (NASDAQ:JD) in its Q4 2024 investor letter:
“China-based E-commerce company, JD.com, Inc. (NASDAQ:JD) also detracted from performance over the quarter. The stock came under pressure as some investors took profits on solid earnings performance, while others became concerned with the implications tariffs could have on the Chinese economy. In our view, this share price action runs counter to the company’s solid business fundamentals. The home appliance trade-in program and popular shopping event, Singles’ Day, generated significant consumer spending across various product categories. Additionally, the company’s strategic decision to diversify general merchandise product offerings, expand its third-party marketplace business and monetize advertising streams continues to aid the top- and bottom-lines. Despite the near-term noise, we continue to view the company’s strategic positioning favorably and like JD.com’s long-term growth prospects.”
