Document:

EX-4.25

 Exhibit 4.25 

Equity Pledge Agreement 

This EQUITY PLEDGE AGREEMENT, (this “Agreement”), dated August 25, 2016, is made in Beijing, the People’s Republic
of China (“PRC”) by and among: 
 Party A: Beijing Jingdong Century Trade Co., Ltd. 

Registered address: Room B168, Building 2, No. 99, Kechuang 14 Street, Beijing 

Economic and Technological Development Zone, Beijing 

Party B: Richard Qiangdong Liu; 
 Pang
Zhang; 
 Yayun Li 
 Party C:
Beijing Jiasheng Investment Management Co., Ltd. 
 Registered address: Floor 20, Block A, Building 1, 19 Ronghua Middle Street,
Beijing 
 Economic and Technological Development Zone, Beijing 

(Party B is referred to as “Pledgors” collectively or “Pledgor” separately hereinafter; Party A is referred to as “Pledgee”
hereinafter; and either the Pledgors or the Pledgee is individually referred to as a “Party” and collectively referred to as the “Parties”.) 

Whereas, 
  

	(1)	 Beijing Jiasheng Investment Management Co., Ltd. (“Beijing Company”) is a limited liability
company duly incorporated and validly existing under the PRC laws. 

  

	(2)	 The Pledgors hold 100% equity interests of Beijing Company in total, of which 45%, 30% and 25% equity interests
are owned by Richard Qiangdong Liu, Yayun Li and Pang Zhang, respectively. 

  

	(3)	 The Pledgee is a wholly foreign owned company duly incorporated and existing under the laws of the PRC.

  

	(4)	 The Pledgee and Beijing Company entered into an Exclusive Technology Consulting and Service Agreement on
August 25, 2016 (“Services Agreement”). 

  

	(5)	 The Pledgors and the Pledgee entered into a Loan Agreement on August 25, 2016 (“Loan
Agreement”), and entered into an Exclusive Purchase Option Agreement on August 25, 2016 (“Exclusive Purchase Option Agreement”). In addition, the Pledgors delivered the Power of Attorney to the Pledgee on August 25,
2016 (“Power of Attorney”, together with the Services Agreement, Loan Agreement and Exclusive Purchase Option Agreement, collectively referred as “Master Agreement”). 

	(6)	 In order to secure the Pledgors’ performance of their obligations under this Agreement, the Loan
Agreement, the Exclusive Purchase Option Agreement and the Power of Attorney, and in order to ensure Beijing Company to be able to perform its obligations under the Services Agreement, the Pledgors hereby pledge all the equity interests held by them
in Beijing Company as the guaranty for their and/or Beijing Company’s performance of obligations under the Master Agreement. 

 NOW,
THEREFORE, the Parties hereby agree as follows through friendly negotiations: 
  

	1.	 Definition 

Unless otherwise specified herein, the following words shall have the meanings as follows: 

 

	 	1.1	 Pledge Right: means the priority right the Pledgee owns, with respect to the proceedings arising from selling
at a discount, auction of, or selling off the equity interests pledged by the Pledgors to the Pledgee. 

  

	 	1.2	 Pledged Equity Interests: means all the equity interests duly held by the Pledgors in Beijing Company, i.e.
100% equity interests of Beijing Company, as well as all the other rights created over it. 

  

	 	1.3	 Term of Pledge: means the period of term specified in Article 3 hereof. 

 

	 	1.4	 Event of Default: means any of the circumstances listed in Article 7 hereof. 

 

	 	1.5	 Notice of Default: means any notice issued by the Pledgee to the Pledgors in accordance with this Agreement
specifying an Event of Default. 

  

	2.	 Pledge Right and Scope of Guaranty 

 

	 	2.1	 The Pledgors agree to pledge all the Pledged Equity Interests to the Pledgee as the guaranty for their and/or
Beijing Company’s performance of all the obligations under the Master Agreement and all the liabilities of indemnification to the Pledgee which may arise due to the invalidity or cancellation of the Master Agreement. Beijing Company agrees with
such equity pledge arrangement. 

  

	 	2.2	 The effect of guaranty under the Master Agreement will not be prejudiced by any amendment or change of the
Master Agreement. The invalidity or cancellation of the Master Agreement does not impair the validity of this Agreement. In the event that the Master Agreement is deemed as invalid, or cancelled or revoked for any reason, the Pledgee is entitled to
realized its pledge right in accordance with Article 8 hereof. 

  
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	3.	 Creation and Term of Pledge 

 

	 	3.1	 The Pledge Right hereunder shall be reflected on the register of shareholders and the capital contribution
certificate of Beijing Company in accordance with the form as attached to this Agreement. 

  

	 	3.2	 The term of the Pledge Right is two (2) years effective from the registration of pledge of equity
interests with the Administration for Industry and Commerce of the place where Beijing Company is registered, till the day on which all the obligations under the Master Agreement are fully performed (“Term of Pledge”).

  

	 	3.3	 During the Term of Pledge, if the Pledgors and/or Beijing Company fails to perform any obligation under or
arising from the Master Agreement, the Pledgee has the right to dispose of the Pledge Right in accordance with Article 8 hereof. 

  

	4.	 Possession of Pledge Certificates 

 

	 	4.1	 The Pledgors shall deliver the register of shareholders and capital contribution certificate of Beijing Company
which reflects the pledge of equity interests as mentioned in above Article 3 within three (3) business days upon the pledge is recorded on such documents, to the Pledgee for its possession , and the Pledgee is obligated to keep the
received pledge documents. 

  

	 	4.2	 The Pledgee is entitled to all the proceeds in cash including the dividends and all the other non-cash proceeds arising from the Pledge Equity Interests since August 25, 2016. 

  

	5.	 Representations and Warranties of the Pledgors 

 

	 	5.1	 The Pledgors are the legal owners of Pledged Equity Interests. 

 

	 	5.2	 Once the Pledgee intends to exercise the rights of the Pledgee under this Agreement anytime, it shall be
protected from any interference from any other party. 

  

	 	5.3	 The Pledgee has the right to dispose of or transfer the Pledge Right in the way as described hereunder.

  

	 	5.4	 Neither of the Pledgors has ever created any other pledge right or any other third party right over the equity
interests except towards the Pledgee. 

  

	6.	 Covenants from the Pledgor 

 

	 	6.1	 During the term of this Agreement, the Pledgors covenant to the Pledgee as follows: 

 

	 	6.1.1	 Without prior written consent of the Pledgee, the Pledgors should not transfer the Pledged Equity Interests, or
create or allow creation of any new pledge or any other security upon the Pledged Equity Interests which may impair the rights and/or interest of the Pledgee, except for the transfer of equity interests to the Pledgee or the person designated by the
Pledgee in accordance with the Exclusive Purchase Option Agreement. 

  
 3 

	 	6.1.2	 The Pledgors shall abide by and exercise all the provisions of laws and regulations in relation to the pledge
of rights, and shall present the Pledgee any and all notices, directions or suggestions issued by related competent authorities within two (2) days upon the receipt of such notices, directions or suggestions, and shall comply with such notices,
directions or suggestions, or present its opposite opinions and representations regarding the above mentioned issues according to the reasonable request of the Pledgee or with the consent from the Pledgee; 

 

	 	6.1.3	 The Pledgors shall give prompt notice to the Pledgee regarding any occurrence or received notice which may
influence the equity interests or any part of the equity interests held by the Pledgee, or may change any warranties or obligations of the Pledgors under this Agreement or may influence the performance of obligations by the Pledgors hereunder.

  

	 	6.2	 The Pledgors agree that, the right of the Pledgee to exercise of Pledge Right hereunder in accordance with this
Agreement, shall not be interfered or impaired by any legal proceedings taken by the Pledgors, or the successor or designated person of the Pledgors or any other person. 

 

	 	6.3	 The Pledgors warrant to the Pledgee that, in order to protect or consummate the guaranty provided by this
Agreement regarding the performance of the Master Agreement, the Pledgors will faithfully sign, or cause any other party which is materially related to the Pledge Right to sign, any and all right certificates and deeds, and/or take, or cause any
other party which is materially related to the Pledge Right to take, any and all actions, reasonably required by the Pledgee, and will facilitate the exercise of the rights and authorizations granted to the Pledgee under this Agreement, enter into
any change to related equity certificate with the Pledgee or the Pledgee’s designated person (individual/legal person), and provide to the Pledgee any and all notices, orders and decisions as deemed necessary by the Pledgee.

  

	 	6.4	 The Pledgors undertake to the Pledgee they will abide by and perform all representations, warranties and
undertakings to protect the interests of the Pledgee. The Pledgors shall indemnify the Pledgee any and all losses suffered by the Pledgee due to the Pledgors’ failure or partial failure in performance of their representations, warranties or
undertakings. 

  

	 	6.5	 The Pledgors covenant to the Pledgee they assume several and joint liabilities with respect to the obligations
hereunder. 

  
 4 

	 	6.6	 The Pledgors irrevocably agree to waive the preemptive right with respect to the Pledged Equity Interests
pledged by other shareholders of Beijing Company to the Pledgee, as well as the transfer of equity interests due to the exercise of Pledge Right by the Pledgee. 

 

	7.	 Event of Default 

 

	 	7.1	 Any of the following is deemed as an Event of Default: 

 

	 	7.1.1	 Beijing Company fails to perform its obligations under the Master Agreement; 

 

	 	7.1.2	 Any representation or warranty of the Pledgors under this Agreement is substantially misleading or untrue,
and/or any of the Pledgors breaches any of his representations and warranties under this Agreement; 

  

	 	7.1.3	 Any of the Pledgors breaches its covenants hereunder; 

 

	 	7.1.4	 Any of the Pledgors breaches any provision hereof; 

 

	 	7.1.5	 Except that any of the Pledgors transfers the equity interests to the Pledgee or the Pledgee’s designated
person in accordance with the Exclusive Purchase Option Agreement, any of the Pledgors waives the Pledged Equity Interests or transfers the Pledged Equity Interests without the written consent from the Pledgee; 

 

	 	7.1.6	 Any external borrowings, guaranty, indemnification, undertakings or any other liabilities of the Pledgors
(1) is required to be repaid or exercised early due to its default; or (2) is not repaid or exercised when due, which makes the Pledgee reasonably believes that the ability of the Pledgors to perform their obligations under this Agreement
has been impaired. 

  

	 	7.1.7	 Any of the Pledgors fails to repay general debts or other liabilities; 

 

	 	7.1.8	 This Agreement is deemed to be illegal with promulgation of related laws, or any of the Pledgors is unable to
continue to perform his obligations hereunder; 

  

	 	7.1.9	 The consent, permit, approval or authorization from the competent authorities for making this Agreement
enforceable, legal or valid is revoked, suspended, invalidated or materially amended; 

  

	 	7.1.10	 Adverse change occur with respect to the assets of the Pledgors, which makes the Pledgee reasonably believes
that the ability of the Pledgors to perform their obligations under this Agreement has been impaired. 

  

	 	7.1.11	 Successor of the Pledgors or Beijing Company can only perform part of, or refuses to perform, its obligations
under this Agreement. 

  
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	 	7.1.12	 Other circumstances occur which make the Pledgee unable to exercise or dispose of the Pledge Right in
accordance with related laws. 

  

	 	7.2	 In the event that is aware of or discover that any issue described in the above Article 7.1 or any other
issue which may cause the occurrence of such mentioned issues has occurred, the Pledgors shall give a prompt written notice to the Pledgee. 

  

	 	7.3	 Unless that the Event of Default specified in above Article 7.1 has been resolved to the satisfaction of
the Pledgee, otherwise the Pledgee is entitled to (not obligated to) serve a Notice of Default to the Pledgors immediately following or any time after the occurrence of the Event of Default, to require the Pledgors and Beijing Company to immediately
perform its obligations under the Master Agreement (including without limitation to payment of the due and unpaid debts and other amounts payable under the Services Agreements) or dispose of the Pledge Right in accordance with Article 8 hereof.

  

	8.	 Exercise of Pledge Right 

 

	 	8.1	 Prior to the fulfillment of performance of the obligations under the Master Agreement, neither of the Pledgors
may transfer the Pledged Equity Interests without the written consent of the Pledgee. 

  

	 	8.2	 In the event of occurrence of the Event of Default described in above Article 7, the Pledgee shall give a
Notice of Default to the Pledgors when exercising the Pledge Right. The Pledgee may exercise the right to dispose of the Pledge Right at the same time of or any time after the service of the Notice of Default. 

 

	 	8.3	 The Pledgee has the right to sell in accordance with legal procedure or dispose of in the other way allowed by
law the Pledged Equity Interests hereunder. If the Pledgee decides to exercise the Pledge Right, the Pledgors both undertake to transfer all of their shareholder rights to the Pledgee for exercise. In addition, the Pledgee has the priority to
receive the proceedings arising from selling at a discount, auction of, or selling off the equity interests pledged by the Pledgors to the Pledgee according to the legal proceedings. 

 

	 	8.4	 When the Pledgee is disposing of the Pledge Right in accordance with this Agreement, neither of the Pledgors
may create any obstacle, and shall provide any necessary assistance to help the Pledgee to realize the Pledge Right. 

  

	9.	 Transfer of Agreement 

 

	 	9.1	 Unless with the prior consent from the Pledgee, the Pledgors have no right to grant or transfer any of their
rights and obligations hereunder. 

  

	 	9.2	 This Agreement is binding upon the Pledgors and their successor, as well as the Pledgee, and its successors and
assignees permitted by the Pledgee. 

  
 6 

	 	9.3	 The Pledgee is entitled to transfer any or all rights and obligations under the Master Agreement to any person
(individual/legal person) designated by it at anytime. Under this circumstance, the assignee have the same rights and obligations as the Pledgee under this Agreement, as if such rights and obligations are granted to it as a party to this Agreement.
When transferring the rights and obligations under the Services Agreements, this Agreement, the Loan Agreement, the Exclusive Purchase Option Agreement and/or Power of Attorney, the Pledgors shall sign any and all related agreement and/or documents
as required by the Pledgee. 

  

	 	9.4	 With the change of pledgee due to the transfer, all the parties to the new pledge shall enter into a new pledge
contract, which shall be substantially same to this Agreement in the content and to the satisfaction of the Pledgee. 

  

	10.	 Effectiveness and Termination 

 

	 	10.1	 This Agreement becomes effective on the date hereof. All Parties agree and confirm that the terms and
conditions hereof become effective since August 25, 2016. 

  

	 	10.2	 The Parties confirm that whether the pledge hereunder has been registered and recorded or not will not impair
the effectiveness and validity of this Agreement. 

  

	 	10.3	 This Agreement will terminate two (2) years after the Pledgors and /or Beijing Company no longer assume
any liability under or arising from the Master Agreement. 

  

	 	10.4	 Release of pledge shall be recorded accordingly on the register of shareholders of Beijing Company and related
deregistration formalities shall be proceeded with at the Administration for Industry and Commerce of the place where Beijing Company is registered. 

  

	11.	 Processing Fee and Other Costs 

All fees and actual costs related to this Agreement, including not limited to legal fees, processing fee, duty stamp and all the other related taxes and
expenses shall be borne by the Pledgors. If related taxes is borne by the Pledgee in accordance with laws, then the Pledgor shall fully indemnify the Pledgee all the taxes withheld by the Pledgee. 

 

	12.	 Force Majeure 

 

	 	12.1	 “Force Majeure Event” shall mean any event beyond the reasonable controls of the Party so affected,
which are unpredictable, unavoidable, irresistible even if the affected Party takes a reasonable care, including but not limited to governmental acts, Act of God, fires, explosion, geographical variations, storms, floods, earthquakes, morning and
evening tides, lightning or wars, riot, strike, and any other such events that all Parties have reached a consensus upon. However, any shortage of credits, funding or financing shall not be deemed as the events beyond reasonable controls of the
affected Party. 

  
 7 

	 	12.2	 In the event that the performance of this Agreement is delayed or interrupted due to the said Force Majeure
Event, the affected Party shall be excused from any liability to the extent of the delayed or interrupted performance. The affected Party which intends to seek exemption from its obligations of performance under this Agreement or any provision of
this Agreement shall immediately inform the other Party of such a Force Majeure Event and the measures it needs to take in order to complete its performance. 

 

	13.	 Dispute Resolution 

 

	 	13.1	 The formation, validity, performance and interpretation of this Agreement and the disputes resolution under
this Agreement shall be governed by the PRC laws. 

  

	 	13.2	 The Parties shall strive to settle any dispute arising from or in connection with this Agreement through
friendly consultation. In case no settlement can be reached through consultation within thirty (30) days after the request for consultation is made by any Party, any Party can submit such matter to Beijing Arbitration Commission for
arbitration in accordance with its then effective rules. The arbitration shall take place in Beijing. The arbitration award shall be final and binding upon all the Parties. 

 

	14.	 Notices 

Notices or other communications required to be given by any Party pursuant to this Agreement shall be made in writing and delivered personally or sent by mail
or facsimile transmission to the addresses of the other Parties set forth below or other designated addresses notified by such other Parties to such Party from time to time. The date when the notice is deemed to be duly served shall be determined as
the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served on the seventh (7th) day after the date when the air registered mail with postage prepaid has been sent
out (as is shown on the postmark), or the fourth (4th) day after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by facsimile transmission is deemed duly served upon the receipt time as is shown
on the transmission confirmation of relevant documents. 
 If to the Pledgee: Beijing Jingdong Century Trade Co., Ltd. 

 

			
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

	 Attention:
	  	 ***

  
 8 

 If to the Pledgors: Richard Qiangdong Liu 

 

			
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

		
	 Pang Zhang
	  	
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

		
	 Yayun Li
	  	
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

  

	15.	 Miscellaneous 

 

	 	15.1	 The headings contained in this Agreement are for the convenience of reference only and shall not be used to
interpret, explain or otherwise affect the meaning of the provisions of this Agreement. 

  

	 	15.2	 The Parties agree to promptly execute any document and take any other action reasonably necessary or advisable
to perform provisions and purpose of this Agreement. 

  

	 	15.3	 The Parties confirm that this Agreement shall, upon its effectiveness, constitute the entire agreement and
common understanding of the Parties with respect to the subject matters herein and fully supersede all prior verbal and/or written agreements and understandings with respect to the subject matters herein. 

 

	 	15.4	 The Parties may amend and supplement this Agreement in writing. Any amendment and/or supplement to this
Agreement duly signed by the Parties is an integral part of and has the same effect with this Agreement. 

  

	 	15.5	 Any Party’s failure to exercise the rights under this Agreement in time shall not be deemed as its waiver
of such rights and would not affect its future exercise of such rights. 

  
 9 

	 	15.6	 If any provision of this Agreement is held void, invalid or unenforceable by a court of competent jurisdiction,
governmental agency or arbitration authority, the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall cease performing such void, invalid or unenforceable provisions
and revise such void, invalid or unenforceable provisions only to the extent closest to the original intention thereof to recover its validity or enforceability for such specific facts and circumstances. 

 

	 	15.7	 Any schedule hereto is an integral part of and has the same effect with this Agreement. 

 

	 	15.8	 This Agreement is made in five (5) originals with each Party holding one (1) original. And other
originals are submitted to the AIC for proceeding with the formalities of registration of pledge of equity interests. 

[No text below] 

  
 10 

 (Signature Page) 

IN WITNESS THEREOF, each Party has signed or caused its legal representative to sign this Agreement as of the date first written above. 

 

			
	Party A: Beijing Jingdong Century Trade Co., Ltd.
		
	Signature of authorized representative:	 	 /s/ Richard Qiangdong Liu

  

			
	Party B: Richard Qiangdong Liu
		
	By:	 	 /s/ Richard Qiangdong Liu

	
	Yayun Li
		
	By:	 	 /s/ Yayun Li

	
	Pang Zhang
		
	By:	 	 /s/ Pang Zhang

	
	Party C: Beijing Jiasheng Investment Management Co., Ltd.

  

			
	Signature of authorized representative:	 	 /s/ Pang Zhang

 Signature page for the Amended and Restated Equity Pledge Agreement 

  
 11 

 Schedule 1: 

Register of Shareholders of Beijing Jiasheng Investment Management Co., Ltd. 

 

					
	 Name of

Shareholder
	  	 Capital Contribution

Amount/Shareholding

Percentage
	  	 Registration of Pledge

	Richard Qiangdong Liu	  	 RMB 450,000
  

45%
	  	In accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated
August 25, 2016, Richard Qiangdong Liu has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd.
			
	Yayun Li	  	 RMB 300,000
  

30%
	  	In accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated
August 25, 2016, Yayun Li has pledged all the equity interests held by her to Beijing Jingdong Century Trade Co., Ltd.
			
	Pang Zhang	  	 RMB 250,000
  

25%
	  	In accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated
August 25, 2016, Pang Zhang has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd.

  

			
	Beijing Jiasheng Investment
	Management Co., Ltd.
		
	 Signature of authorized

representative:
	 	
/s/ Pang Zhang                

  
 12 

 Schedule 2: 

Beijing Jiasheng Investment Management Co., Ltd. 

Capital Contribution Certificate 

(No.: 001) 
 Company: Beijing Jiasheng
Investment Management Co., Ltd. 
 Date of Incorporation: November 18, 2014 

Registered Capital: RMB 1,000,000 
 Shareholder: Richard Qiangdong
Liu 
 Capital Contributed by Shareholder: RMB 450,000 
 In
accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated August 25, 2016, Richard
Qiangdong Liu has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	Beijing Jiasheng Investment Management Co., Ltd. (seal)
		
	Signature:	 	 /s/ Pang
Zhang                                        
    

	Name: 	 	Pang Zhang
	Title: 	 	Legal representative
	Date: 	 	August 25, 2016

  
 13 

 Beijing Jiasheng Investment Management Co., Ltd. 

Capital Contribution Certificate 

(No.: 002) 
 Company: Beijing Jiasheng
Investment Management Co., Ltd. 
 Date of Incorporation: November 18, 2014 

Registered Capital: RMB 1,000,000 
 Shareholder: Yayun Li 

Capital Contributed by Shareholder: RMB 300,000 
 In accordance
with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated August 25, 2016, Yayun Li has pledged all
the equity interests held by her to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	Beijing Jiasheng Investment Management Co., Ltd. (seal)
		
	Signature:	 	
/s/ Pang Zhang                 
                               

	Name: 	 	Pang Zhang
	Title: 	 	Legal representative
	Date: 	 	August 25, 2016

  
 14 

 Beijing Jiasheng Investment Management Co., Ltd. 

Capital Contribution Certificate 

(No.: 003) 
 Company: Beijing Jiasheng
Investment Management Co., Ltd. 
 Date of Incorporation: November 18, 2014 

Registered Capital: RMB 1,000,000 
 Shareholder: Pang Zhang 

Capital Contributed by Shareholder: RMB 250,000 
 In accordance
with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated August 25, 2016, Pang Zhang has pledged all
the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	Beijing Jiasheng Investment Management Co., Ltd. (seal)
		
	Signature:	 	 /s/ Pang
Zhang                                        
    

	Name: 	 	Pang Zhang
	Title: 	 	 Legal representative 

	Date: 	 	August 25, 2016

  
 15 

 Schedule A 

The following schedule sets forth information about the equity pledge agreements substantially in form as this exhibit that the Registrant entered into with
certain other Chinese variable interest entities of the Registrant. Other than the information set forth below, there is no material difference between such other agreements and this exhibit. 

 

											
	 VIE
	 	 Executing Parties
	 	 Capital Contribution
	 	 Date of

Entitlement to all

Proceeds for

Pledgee
	 	 Effective Date
	 	 Execution

Date

	Jiangsu Jingdong Bangneng Investment Management Co., Ltd.	 	Party A: Beijing Jingdong Century Trade Co., Ltd.	 	The registered capital of Jiangsu Jingdong Bangneng Investment Management Co., Ltd. is RMB 80,000,000.00.	 	June 15, 2016	 	September 8, 2016	 	September 8, 2016
						
		 	Party B: Richard Qiangdong Liu, Pang Zhang and Yayun Li	 	The capital contribution amount and shareholding percentage of the shareholders are as follows:	 		 		 	
						
		 	Party C: Jiangsu Jingdong Bangneng Investment Management Co., Ltd.	 	Richard Qiangdong Liu: RMB 36,000,000.00 (45%) Yayun Li: RMB 24,000,000.00 (30%) Pang Zhang: RMB 20,000,000.00 (25%)	 		 		 	
						
	Shanghai Jingdong Cai’ao E-commercial Co., Ltd.	 	Party A: Beijing Jingdong Century Trade Co., Ltd.	 	The registered capital of Shanghai Jingdong Cai’ao E-commercial Co., Ltd. is RMB 10,000,000.00.	 	December 20, 2016	 	December 20, 2016	 	December 20, 2016
						
		 	Party B: Richard Qiangdong Liu, Pang Zhang and Yayun Li	 	The capital contribution amount and shareholding percentage of the shareholders are as follows:	 		 		 	
						
		 	Party C: Shanghai Jingdong Cai’ao E-commercial Co., Ltd.,	 	Richard Qiangdong Liu: RMB 4,500,000.00 (45%) Yayun Li: RMB 3,000,000.00 (30%) Pang Zhang: RMB 2,500,000.00 (25%)	 		 		 	
						
	Suzhou Guanyinghou Media Technology Co., Ltd.	 	 Party A: Suqian Daxi Information Technology Co., Ltd.
  

Party B: Qian Yang
  

Party C: Suzhou Guanyinghou Media Technology Co., Ltd.
	 	 The registered capital of Suzhou Guanyinghou Media Technology Co., Ltd. is RMB 10,000,000.00.

 
 The capital contribution amount and shareholding percentage of the shareholders are as
follows: Qian Yang: RMB 10,000,000.00 (100%)
	 	December 11, 2017	 	December 11, 2017	 	December 11, 2017

  
 16 

											
	Beijing JPT E-Commerce Co., Ltd.	 	 Party A: Beijing QGX Information Technology Co., Ltd.
  

Party B: Richard Qiangdong Liu, Yayun Li and Pang Zhang
  

Party C: Beijing JPT E-Commerce Co., Ltd.
	 	 The registered capital of Beijing JPT E-Commerce Co., Ltd is RMB10,000,000

 
 The capital contribution amount and shareholding percentage are as follows: Richard
Qiangdong Liu: RMB4,500,000 (45%) Yayun Li: RMB3,000,000 (30%) Pang Zhang: RMB2,500,000 (25%)
	 	March 28, 2018	 	March 28, 2018	 	March 28, 2018
						
	Suqian Jiantong Enterprise Management Co., Ltd.	 	 Party A: Suqian Daxi Information Technology Co., Ltd.
  

Party B: Suzhou Guanyinghou Media Technology Co., Ltd.
  

Party C: Suqian Jiantong Enterprise Management Co., Ltd.
	 	 The registered capital of Suqian Jiantong Enterprise Management Co., Ltd. is RMB10,010,000.

 
 The capital contribution amount and shareholding percentage are as follows: Suzhou
Guanyinghou Media Technology Co., Ltd.: RMB10,000,000 (99.99%), Xinshi Wang: RMB10,000 (0.1%)
	 	April 18, 2019	 	April 18, 2019	 	April 18, 2019
						
	Suqian Juhe Digital Enterprise Management Co., Ltd.	 	 Party A: Jiangsu Huiji Space Technology Co., Ltd.
  

Party B: Richard Qiangdong Liu, Yayun Li and Pang Zhang
  

Party C: Suqian Juhe Digital Enterprise Management Co., Ltd.
	 	 The registered capital of Suqian Juhe Digital Enterprise Management CO., Ltd. is RMB10,000,000

 
 The capital contribution amount and shareholding percentage are as follows: Richard
Qiangdong Liu: RMB4,500,000 (45%) Yayun Li: RMB3,000,000 (30%) Pang Zhang: RMB2,500,000 (25%)
	 	June 22, 2020	 	June 22, 2020	 	June 22, 2020
						
	Suqian Yueyang Information Technology Co., Ltd.	 	 Party A: Beijing Jingdong Donghong Management Consulting Co., Ltd.
  

Party B: Tingting Sui, Bo Xin and Pang Zhang
  

Party C: Suqian Yueyang Information Technology Co., Ltd.
	 	 The registered capital of Suqian Yueyang Information Technology Co., Ltd. is RMB1,000,000

 
 The capital contribution amount and shareholding percentage are as follows: Tingting Sui:
RMB450,000 (45%) Bo Xin: RMB300,000 (30%) Pang Zhang: RMB250,000 (25%)
	 	November 2, 2021	 	November 2, 2021	 	November 2, 2021

  
 17EX-4.26

 Exhibit 4.26 

Power of Attorney 
 The undersigned,
Richard Qiangdong Liu, a citizen of the People’s Republic of China (the “PRC”) and a holder of 45% of the equity interests of Beijing Jiasheng Investment Management Co., Ltd. (the “Beijing Company”) (the
“Shareholding”), hereby irrevocably authorizes any natural person appointed by Beijing Jingdong Century Trading Co., Ltd. (the “WFOE”) to exercise the following rights during the term of this Power of Attorney: 

Any natural person appointed by the WFOE is hereby authorized to exercise on behalf of the undersigned as his sole and exclusive agent the rights in respect
of the Shareholding including without limitation: (1) attend shareholders’ meeting of the Beijing Company and sign resolutions thereof on behalf of the undersigned; (2) exercise all rights of the undersigned as a shareholder of the
Beijing Company according to laws and the articles of association of the Beijing Company, including without limitation the rights to vote and to sell, transfer, pledge or dispose all or any part of the Shareholding; and (3) designate and
appoint on behalf of the undersigned the legal representative, chairperson, director, supervisor, chief executive officer and any other senior management of the Beijing Company. 

Subject to the powers and authorities provided under this Power of Attorney, any natural person appointed by the WFOE will have the right to sign on behalf of
the undersigned any transfer agreement contemplated under the Exclusive Purchase Option Agreement to which the undersigned will be a party, and to perform the Equity Pledge Agreement and the Exclusive Purchase Option Agreement, each of which is
dated the date hereof and to which the undersigned is a party. Exercise of such right will not have any restriction upon this Power of Attorney. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to transfer, apply or otherwise dispose any
cash dividend, bonus and any other non-cash gain arising from the Shareholding on reliance of any oral or written instruction from the undersigned. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to take any action regarding the Shareholding
according to his/her own judgment without any oral or written instruction from the undersigned. 
 Any and all the actions associated with the Shareholding
made by any natural person appointed by the WFOE will be deemed as the action of the undersigned, and any and all documents relating to the Shareholding executed by any natural person appointed by the WFOE shall be deemed to be executed and
acknowledged by the undersigned. 
 Any natural person appointed by the WFOE may delegate this power of attorney by assigning his/her rights relating to the
conduct of the aforesaid matter and exercise of the Shareholding to any other person or entity at his/her own discretion without prior notice to or consent from the undersigned. 

  
 1 

 This Power of Attorney is irrevocable and effective as of the date hereof as long as the undersigned is a
shareholder of the Beijing Company. This Power of Attorney supersedes any other power of attorney previously signed by the undersigned. 
 During the
term of this Power of Attorney, the undersigned hereby waives all of the rights associated with the Shareholding which have been authorized to any natural person appointed by the WFOE and will not exercise any such right by himself. 

 

			
	By:	 	 /s/ Richard Qiangdong Liu

	
	Dated: August 25, 2016

  
 2 

 Power of Attorney 

The undersigned, Yayun Li, a citizen of the People’s Republic of China (the “PRC”) and a holder of 30% of the equity interests of Beijing
Jiasheng Investment Management Co., Ltd. (the “Beijing Company”) (the “Shareholding”), hereby irrevocably authorizes any natural person appointed by Beijing Jingdong Century Trading Co., Ltd. (the “WFOE”) to
exercise the following rights during the term of this Power of Attorney: 
 Any natural person appointed by the WFOE is hereby authorized to exercise on
behalf of the undersigned as his sole and exclusive agent the rights in respect of the Shareholding including without limitation: (1) attend shareholders’ meeting of the Beijing Company and sign resolutions thereof on behalf of the
undersigned; (2) exercise all rights of the undersigned as a shareholder of the Beijing Company according to laws and the articles of association of the Beijing Company, including without limitation the rights to vote and to sell, transfer,
pledge or dispose all or any part of the Shareholding; and (3) designate and appoint on behalf of the undersigned the legal representative, chairperson, director, supervisor, chief executive officer and any other senior management of the
Beijing Company. 
 Subject to the powers and authorities provided under this Power of Attorney, any natural person appointed by the WFOE will have the
right to sign on behalf of the undersigned any transfer agreement contemplated under the Exclusive Purchase Option Agreement to which the undersigned will be a party, and to perform the Equity Pledge Agreement and the Exclusive Purchase Option
Agreement, each of which is dated the date hereof and to which the undersigned is a party. Exercise of such right will not have any restriction upon this Power of Attorney. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to transfer, apply or otherwise dispose any
cash dividend, bonus and any other non-cash gain arising from the Shareholding on reliance of any oral or written instruction from the undersigned. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to take any action regarding the Shareholding
according to his/her own judgment without any oral or written instruction from the undersigned. 
 Any and all the actions associated with the Shareholding
made by any natural person appointed by the WFOE will be deemed as the action of the undersigned, and any and all documents relating to the Shareholding executed by any natural person appointed by the WFOE shall be deemed to be executed and
acknowledged by the undersigned. 
 Any natural person appointed by the WFOE may delegate this power of attorney by assigning his/her rights relating to the
conduct of the aforesaid matter and exercise of the Shareholding to any other person or entity at his/her own discretion without prior notice to or consent from the undersigned. 

This Power of Attorney is irrevocable and effective as of the date hereof as long as the undersigned is a shareholder of the Beijing Company. This Power
of Attorney supersedes any other power of attorney previously signed by the undersigned. 

  
 1 

 During the term of this Power of Attorney, the undersigned hereby waives all of the rights associated with
the Shareholding which have been authorized to any natural person appointed by the WFOE and will not exercise any such right by himself. 
  

			
	By:	 	 /s/ Yayun Li

	
	Dated: August 25, 2016

  
 2 

 Power of Attorney 

The undersigned, Pang Zhang, a citizen of the People’s Republic of China (the “PRC”) and a holder of 25% of the equity interests of Beijing
Jiasheng Investment Management Co., Ltd. (the “Beijing Company”) (the “Shareholding”), hereby irrevocably authorizes any natural person appointed by Beijing Jingdong Century Trading Co., Ltd. (the “WFOE”) to
exercise the following rights during the term of this Power of Attorney: 
 Any natural person appointed by the WFOE is hereby authorized to exercise on
behalf of the undersigned as his sole and exclusive agent the rights in respect of the Shareholding including without limitation: (1) attend shareholders’ meeting of the Beijing Company and sign resolutions thereof on behalf of the
undersigned; (2) exercise all rights of the undersigned as a shareholder of the Beijing Company according to laws and the articles of association of the Beijing Company, including without limitation the rights to vote and to sell, transfer,
pledge or dispose all or any part of the Shareholding; and (3) designate and appoint on behalf of the undersigned the legal representative, chairperson, director, supervisor, chief executive officer and any other senior management of the
Beijing Company. 
 Subject to the powers and authorities provided under this Power of Attorney, any natural person appointed by the WFOE will have the
right to sign on behalf of the undersigned any transfer agreement contemplated under the Exclusive Purchase Option Agreement to which the undersigned will be a party, and to perform the Equity Pledge Agreement and the Exclusive Purchase Option
Agreement, each of which is dated the date hereof and to which the undersigned is a party. Exercise of such right will not have any restriction upon this Power of Attorney. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to transfer, apply or otherwise dispose any
cash dividend, bonus and any other non-cash gain arising from the Shareholding on reliance of any oral or written instruction from the undersigned. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to take any action regarding the Shareholding
according to his/her own judgment without any oral or written instruction from the undersigned. 
 Any and all the actions associated with the Shareholding
made by any natural person appointed by the WFOE will be deemed as the action of the undersigned, and any and all documents relating to the Shareholding executed by any natural person appointed by the WFOE shall be deemed to be executed and
acknowledged by the undersigned. 
 Any natural person appointed by the WFOE may delegate this power of attorney by assigning his/her rights relating to the
conduct of the aforesaid matter and exercise of the Shareholding to any other person or entity at his/her own discretion without prior notice to or consent from the undersigned. 

This Power of Attorney is irrevocable and effective as of the date hereof as long as the undersigned is a shareholder of the Beijing Company. This Power
of Attorney supersedes any other power of attorney previously signed by the undersigned. 

  
 1 

 During the term of this Power of Attorney, the undersigned hereby waives all of the rights associated with
the Shareholding which have been authorized to any natural person appointed by the WFOE and will not exercise any such right by himself. 
  

			
	By:	 	 /s/ Pang Zhang

	
	Dated: August 25, 2016

  
 2 

 Schedule A 

The following schedule sets forth information about the power of attorney substantially in form as this exhibit that the Registrant entered into with certain
other Chinese variable interest entities. Other than the information set forth below, there is no material difference between such other agreements and this exhibit. 
  

					
	 VIE
	  	 Executing Parties
	  	 Execution Date

	Jiangsu Jingdong Bangneng Investment Management Co., Ltd.	  	 Richard Qiangdong Liu
  

Yayun Li
  

Pang Zhang
	  	 September 8, 2016
  

September 8, 2016
  

September 8, 2016

			
	Shanghai Jingdong Cai’ao E-commercial Co., Ltd.	  	 Richard Qiangdong Liu
  

Yayun Li
  

Pang Zhang
	  	 December 20, 2016
  

December 20, 2016
  

December 20, 2016

			
	Suzhou Guanyinghou Media Technology Co., Ltd.	  	Qian Yang	  	December 11, 2017
			
	Beijing JPT E-Commerce Co., Ltd.	  	 Richard Qiangdong Liu
  

Yayun Li
  

Pang Zhang
	  	 March 28, 2018
  

March 28, 2018
  

March 28, 2018

			
	Suqian Jiantong Enterprise Management Co., Ltd.	  	 Xinshi Wang
  

Suzhou Guanyinghou Media Technology Co., Ltd.
	  	 April 18, 2019
  

April 18, 2019

			
	Suqian Juhe Digital Enterprise Management Co., Ltd.	  	 Richard Qiangdong Liu
  

Yayun Li
  

Pang Zhang
	  	 June 22, 2020
  

June 22, 2020
  

June 22, 2020

			
	Suqian Yueyang Information Technology Co., Ltd.	  	 Tingting Sui
  

Bo Xin
  

Pang Zhang
	  	 November 2, 2021
  

November 2, 2021
  

November 2, 2021

  

  
 3

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