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Hi everyone!

I am a fool from Germany, trying to learn fundamental analysis.
Right now I am practicing with JD's financial reports (which are really hard to read).

One thing that confuses me is the number of outstanding shares:

Most online resources publish numbers around 1.5b shares, but in the 2017 annual report it's close to 3b share ...

Can anyone explain this difference? Does it mean market capitalization is ~100b in reality?

" As of February 28, 2018, we had 2,868,606,683 ordinary shares outstanding, comprising of (i) 2,407,975,132
Class A ordinary shares (excluding the 70,102,216 Class A ordinary shares issued to our depositary bank for bulk issuance of ADSs
reserved for future issuances upon the exercise or vesting of awards granted under our Share Incentive Plan), and (ii) 460,631,551
Class B ordinary shares. Among these shares, 1,775,177,470 Class A ordinary shares are in the form of ADSs, which are freely
transferable without restriction or additional registration under the Securities Act. The remaining Class A ordinary shares outstanding
and the Class B ordinary shares will be available for sale, subject to volume and other restrictions as applicable under Rules 144 and
701 under the Securities Act"

Thank you!
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