JD- Orders fulfilled unlikely to haveupbeat surprise in 3Q14 – Historically, there has been a closecorrelation between the number of gross orders and the number of fulfilledorders. According to our proprietary data, the Y/Y growth for the number of gross orders in 3Q14 declined to 118% from 205% in 2Q14 (Figure 1). Assuch, we believe the number of orders fulfilled in 3Q14 is unlikely to have upbeat surprise.

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