Document:

EX-4.20

 Exhibit 4.20 

Exclusive Option Agreement 
 This Exclusive
Option Agreement (this “Agreement”) is executed by and among the following Parties on January 25, 2021 in Beijing, the People’s Republic of China (the “PRC”): 

 

			
	Party A:	  	Xi’an Jingxundi Supply Chain Technology Co., Ltd., a limited liability company, organized and existing under the laws of the PRC, with its address at Building 5, SkyCity Central Square, East Chang’An
Street No.666, National Civil Space Industrial Base, Xi’an, Shaanxi, China.
		
	Party B:	  	Richard Qiangdong Liu, Chinese Identification No. ***;
		  	Yayun Li, Chinese Identification No. ***;
		  	Pang Zhang, Chinese Identification No. ***.
		
	Party C:	  	Xi’an Jingdong Xincheng Information Technology Co., Ltd., a limited liability company organized and existing under the laws of PRC, with its address at Building 5, SkyCity Central Square, East Chang’An Street
No.666, Aerospace Base, Xi’an, Shaanxi, China

 In this Agreement, each of Party A, Party B and Party C shall be hereinafter referred to as a “Party”
respectively, and as the “Parties” collectively. 
 Whereas: 

 

	1	 Party B holds 100% of the equity interests of Party C collectively; 

 

	2	 Party A is a company wholly and directly held by JD Logistics Holding Limited (a company registered under the
laws of Hong Kong) (the “Hong Kong Company”), and the Hong Kong Company is wholly and directly held by JD Logistics, Inc. (a company registered under the laws of the Cayman Islands) (the “Cayman Company”);

  

	3	 Party B and Party C are respectively inclined to grant Party A (or the designated party by Party A) an
irrevocable and exclusive option to purchase all or part of the equity interests and assets of Party C held by Party B; 

  

	4	 Party A, Party B and Party C intend to execute this Agreement for the purpose that Party B and Party C grants
Party A an exclusive option right. 

 Now therefore, through mutual discussion and negotiation, the Parties have reached the following
agreements: 
  

	1.	 Sale and Purchase of Equity Interest and Assets 

 

	1.1	 Option Granted 

  
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 Party B hereby severally, but not jointly agrees to grant Party A an irrevocable and
exclusive right to purchase, or designate one or more persons (the “Designee”, shall be the Cayman Company or any subsidiaries directly or indirectly controlled by it) to purchase the equity interests in Party C that held by Party
B, once or at multiple times at any time in part or in whole and at the price set forth in Article 1.3 hereof in accordance with the procedure promulgated by Party A in Party A’s sole and absolute discretion to the extent permitted by the PRC
laws (including any laws, administrative regulations, rules, notifications, interpretations or other binding documents issued by any central or local legislative, executive or judicial authority before or after the signing of this Agreement, the
“PRC laws”) within the term of this agreement (the “Equity Interest Purchase Right”). Party C hereby agrees the grant by Party B of the Equity Interest Purchase Right to Party A. Party C hereby agrees to grant Party
A an irrevocable and exclusive right to purchase, or designate the Designee to purchase a portion or whole of the asset of Party C from Party C, once or at multiple times at any time, and at the price set forth in Article 1.3 hereof in accordance
with the procedure promulgated by Party A in Party A’s sole and absolute discretion to the extent permitted by the PRC laws within the term of this agreement (the “Asset Purchase Right”, and together with the Equity Interest
Purchase Right referred to as the “Purchase Right”). Party B hereby agrees the grant by Party C of the Asset Purchase Right to Party A. Except for Party A and the Designee, no other third party shall be entitled to the Purchase
Right or other rights with respect to the equity interests held by Party B and assets of Party C. The term “person” as used herein shall refer to individuals, corporations, joint ventures, partnerships, enterprises, trusts or non-corporate organizations. 
  

	1.2	 Steps for Exercise of the Purchase Right 

The exercise of the Purchase Right by Party A shall subject to the provisions of the PRC laws. Party A may exercise the Purchase Right
according to Article 1.1 by issuing a written notice to Party B and\or Party C (the “Equity Interest Purchase Notice” or the “Asset Purchase Notice”), specifying: (a) Party A’s decision to exercise the
Purchase Right; (b) the equity interests to be purchased by Party A and\or the Designee from Party B (the “Purchased Interests”) and/or the asset to be purchased by Party A and\or the Designee from Party C (the
“Purchased Asset”) ; and (c) the purchase date or transfer date of the Purchased Interests and/or the Purchased Asset. After receiving the Equity Interest Purchase Notice and/or the Asset Purchase Notice, Party B and/or Party C
shall transfer the Purchased Interests and/or the Purchased Asset to Party A and/or the Designee according to the notice through the way specified in article 1.4 herein. 

  
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	1.3	 Purchase Price and Payment 

The total purchase price (the “Purchase Price”) for the purchased interest and/or asset shall be the nominal price when Party
A exercises the Purchase Right, however, if the relevant governmental department or the PRC laws require that the Purchase Price be different from the nominal price, then the Purchase Price shall be the lowest price meeting such requirements.
Notwithstanding, to the extent permitted by the PRC laws, the Purchase Price Party A and/or the Designee paid to Party B and/or Party C shall be returned by Party B and/or Party C to Party A and/or the Designee (but the tax (if applicable) is
withheld and deducted from the Purchase Price). After necessary tax is withheld and deducted for the Purchase Price in accordance with the PRC laws, the Purchase Price shall be paid to the designated account of Party B and/or Party C within 7(seven)
days from the date when the Purchased Shares and/or the Purchased Asset is officially transferred to Party A and/or the Designee. 
  

	1.4	 Transfer of the Purchased Interests and/or the Purchased Asset 

For each exercise of the Purchase Right: 
  

	 	1.4.1	 Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution shall be
adopted approving Party B and/or Party C’s transfer of the Purchased Interests and/or the Purchased Asset; 

  

	 	1.4.2	 Party B and/or Party C shall execute an equity interest transfer contract and/or an asset transfer contract,
and any other documents with respect to each transfer with Party A and/or the Designee (if applicable) , in accordance with the provisions of this Agreement and the Equity Interest Purchase Notice and/or the Asset Purchase Notice;

  

	 	1.4.3	 The relevant Parties shall execute all other necessary contracts, agreements or documents (including but not
limited to the Articles of Association, the joint venture Contract and its amendment of Party C), obtain all necessary internal approval and authorization, government approvals, licenses and permits (including but not limited to Party C’s
business license) and take all necessary measures to transfer the valid ownership of the Purchased Interests and/or the Purchased Asset to Party A and/or the Designee, unencumbered by any security interests, and cause Party A and/or the Designee to
become the registered owner(s) of the Purchased Interests (subject to the completion of corresponding industrial and commercial registration and the filing of the commercial department (if applicable))and/or the owner of the Purchased Asset. For the
purpose of this Section and this Agreement, “security interests” shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition rights, rights of first refusal, rights to offset,
ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by this Agreement, the Equity Interest Pledge Agreement or any other transaction documents (as defined in the Equity Interest Pledge
Agreement). The “Equity Interest Pledge Agreement” as used in this Section and this Agreement shall refer to the Equity Interest Pledge Agreement (as amended from time to time) executed by and among Party A, Party B and Party C on
the date hereof. Under the Equity Interest Pledge Agreement, Party B may, in order to guarantee party C to fulfill its obligations under the Exclusive Business Cooperation Agreement executed between party C and party A on the date hereof (as amended
from time to time, the “Business Cooperation Agreement”), the Loan Agreement executed between Party A and Party B on the date hereof (as amended from time to time, the “Loan Agreement”), the Shareholder Voting
Rights Entrustment Agreement executed among the Parties on the date hereof (as amended from time to time, the “Shareholder Voting Rights Entrustment Agreement”), the Power of Attorney(if any)(as amended from time to time, the
“Power of Attorney”) issued by Party B according to the Shareholder Voting Rights Entrustment Agreement and this Agreement, respectively pledge to Party A the full equity interests of Party C it holds. 

  
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	2.	 Covenants 

  

	2.1	 Covenants of Party C 

Party C hereby covenants as follows: 
  

	 	2.1.1	 Without the prior written consent of Party A, Party C shall not in any manner supplement, change or amend the
articles of association and bylaws of Party C, increase or decrease its registered capital, change its structure of registered capital in other manners or take any other measures to separate, dissolve or change the forms of Party C;

  

	 	2.1.2	 Party C shall maintain its corporate existence in accordance with good financial and business standards and
practices, operate its business and handle its affairs prudently and effectively, and shall fulfill the obligations stipulated under the Business Cooperation Agreement; 

 

	 	2.1.3	 Without the prior written consent of Party A, Party C shall not change its main business, or conduct any
business operation which may cause a substantial effect on its properties, assets, business, rights and operation; 

  

	 	2.1.4	 Without the prior written consent of Party A, Party C shall not at any time from the date hereof, sell,
transfer, mortgage or dispose of in any manner any material assets (tangible or intangible assets) of Party C or legal or beneficial interest in the material business or revenues of Party C of more than RMB1,000,000 (or any other amount separately
agreed by the Parties), or allow the encumbrance thereon of any security interest; 

  
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	 	2.1.5	 Unless otherwise required by the PRC laws, Party C shall not be dissolved or liquated without prior written
consent by Party A; After the liquidation described in Article 3.6, Party B shall pay any residual value to Party A in full or shall cause such payment to take place. Provided that such payment is forbidden according to the PRC laws, Party B will
pay the income to Party A or the Designee of Party A to the extent permitted by the PRC laws. 

  

	 	2.1.6	 Without the prior written consent of Party A, Party C shall not incur, inherit, guarantee or suffer the
existence of any debt, except for (i) debt incurred in the ordinary course of business other than through loans; and (ii) debts have been disclosed to Party A for which Party A’s written consent has been obtained.

  

	 	2.1.7	 Party C shall always operate all of Party C’s businesses within the normal business scope to maintain the
asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and asset value; and the board of directors of Party A is entitled to supervise the asset of Party C and assess whether it has control over
the above asset. If the board of directors of Party A believes that the business operation of Party C will affect the value of its asset or affect the board’s control over the asset of Party C, Party A will engage legal counsels or other
professionals to deal with issues hereof; 

  

	 	2.1.8	 Without the prior written consent of Party A, Party C shall not execute any major contract, except for the
contracts in the ordinary course of business and the contracts signed between Party C and Party A’s foreign parent company or its subsidiaries directly or indirectly held by Party A’s foreign parent company (for the purpose of this
subsection, a contract with a price exceeding RMB 1,000,000 (or any other amount separately agreed by the Parties) shall be deemed as a major contract); 

  

	 	2.1.9	 Without the prior written consent of Party A, Party C shall not provide any person with any loan, financial
support, or mortgage, pledge and any other form of security, or shall not allow any other third party to place any mortgage or pledge on Party C’s asset or equity interests; 

 

	 	2.1.10	 Party C shall provide true and accurate materials and documents to Party A upon Party A’s request;

  

	 	2.1.11	 Party C shall provide all materials relating to its operation and financial status to Party A upon Party
A’s request; 

  

	 	2.1.12	 Without the prior written consent of Party A, Party C shall not amend or change any accounting policies adopted
previously, or appoint or change its auditors; 

  
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	 	2.1.13	 Without the prior written consent of Party A, Party C shall not engage in any merge, partnership, joint venture
or union with any party, or to acquire or invest in any party; 

  

	 	2.1.14	 Without the prior written consent of Party A, Party C shall not conduct any reorgnization;

  

	 	2.1.15	 Party C shall promptly notify Party A of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to Party C’s assets, business or revenue, and take all necessary measures as Party A may reasonably request; 

  

	 	2.1.16	 To maintain the ownership by Party C of all of its assets, Party C shall execute all necessary or appropriate
documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise necessary and appropriate defenses against all claims; 

 

	 	2.1.17	 Without the prior written consent of Party A, Party C shall ensure that it shall not in any manner distribute
dividends to its shareholders. Provided that upon Party A’s written request, Party C shall immediately distribute all distributable profits to its shareholders; 

 

	 	2.1.18	 Without the prior written consent of Party A, Party C shall not directly or indirectly dispose or dilute its
interests of its subsidiaries and branches. 

  

	 	2.1.19	 At the request of Party A, Party C shall appoint any person designated by Party A as the director, supervisor
and/or senior management of Party C, and/or remove the incumbent director, supervisor and/or senior management and perform all relevant resolutions and filing procedures; Party A shall be entitled to require Party B and Party C to replace the
foregoing personnel; 

  

	 	2.1.20	 Subject to other provisions of this Agreement (including but not limited to Articles 5.2 and Articles 12.1), if
Party A fails to exercise the Purchase Right due to the Party C’s shareholders or Party C fails to fulfill the tax obligation under the applicable laws, Party A shall be entitled to request Party C or its shareholders to fulfill the tax
obligation, or request Party C or its shareholders to pay the tax to Party A so that Party A can pay it on behalf of Part C or its shareholders; 

  

	 	2.1.21	 As for the covenants applicable to Party C under Article 2.1 hereof, Party C shall cause its subsidiary
companies to similarly obey the covenants under applicable situations as if the subsidiary companies are acting as Party C and bound by the corresponding articles herein. 

  
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	2.2	 Covenants of Party B 

Party B hereby severally, not jointly and irrevocably covenants as follows: 

 

	 	2.2.1	 Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of in any
other manner any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon, except for the pledge placed thereon in accordance with the Equity Interest Pledge Agreement or any other transaction
documents (as defined in the Equity Interest Pledge Agreement); and Without the prior written consent of Party A, Party B shall cause the shareholders’ meeting and/or the directors (or the executive director) of Party C not to approve any sale,
transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed thereon in
accordance with the Equity Interest Pledge Agreement or any other transaction documents(as defined in the Equity Interest Pledge Agreement); 

  

	 	2.2.2	 Party B shall not engage in any business operations or take any other actions that may adversely affect Party
C’s reputation; 

  

	 	2.2.3	 Party B shall take reasonable measures to ensure Party C’s business licenses are legitimate, effective and
renewed in according with the law; 

  

	 	2.2.4	 The prior written consent of Party A is necessary with respect to any appointment of any Director, Supervisor,
Legal Representative, and senior management personnel of Party C, and Party B shall execute all necessary or appropriate documents and take all reasonable measures to appoint any aforementioned persons designated by Party A; 

 

	 	2.2.5	 As shareholders of Party C, Party B shall not injure any of the interests of Party C by abusing the
shareholder’s rights; Party A shall be entitled to exercise the Purchase Right under the Exclusive Option Agreement in the case of Party B’s abusing; 

 

	 	2.2.6	 Party B shall not request Party C to distribute dividends or profits in other forms with respect to the Party
C’s equity held by Party B, or shall not submit relevant resolution matters to the Board of Directors. In any event that Party B receives any revenue, profit distribution or dividend of Party C, Party B shall forfeit such revenues, profits
distribution and dividends, and promptly transfer or pay the foregoing revenues, profit distribution, dividend to Party A or the Designee to the extent permitted by the PRC laws; 

  
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	 	2.2.7	 Party B shall cause the shareholders’ meeting and/or the directors (or the executive director) of Party C
not to approve any sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B without the prior written consent of Party A, or set the encumbrance thereon of any
security interests, except for the pledge placed hereon according to the Equity Interest Pledge Agreement; 

  

	 	2.2.8	 Party B shall cause the shareholders’ meeting and/or the board of directors (or the executive director) of
Party C not to approve the merge, partnership, joint venture or union with any person, or the acquisition of or investment in any person, or Party C’s splitting, modification of the Article of Association of Party C or its joint venture
contract, or the change of registered capital or the form of Party C without the prior written consent of Party A; 

  

	 	2.2.9	 Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party C held by Party B, and take any and all necessary measure as Party A may reasonably request; 

 

	 	2.2.10	 Party B shall execute all necessary or appropriate documents, take all necessary or appropriate actions, make
all necessary or appropriate claims and make necessary and appropriate defenses against all claims, to ensure Party B’s equity interests in Party C; 

  

	 	2.2.11	 Party B shall not, and shall procure its successors not, initiate any lawsuits, arbitrations, or other legal
proceedings with respect to the contractual arrangement or terminate the contractual arrangement; 

  

	 	2.2.12	 Party B shall cause the shareholders’ meeting or the board of directors (or the executive director) of
Party C to vote their approval of the transfer of the Purchased Interests and/or the Purchased Asset as set forth in this Agreement and to take any and all other actions that may be requested by Party A; 

 

	 	2.2.13	 At the request of Party A at any time, Party B and/or Party C shall immediately and unconditionally transfer
its equity interests and/or assets of Party C to Party A and/or the Designee in accordance with the Purchase Right under this Agreement, and Party B shall hereby waive its right of first refusal to the transfer of equity interests by any other
shareholder of Party C to Party A (if any); 

  
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	 	2.2.14	 Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately
executed by and among Party B, Party C and Party A (including but not limited to the Equity Interest Pledge Agreement and the Business Cooperation Agreement), perform obligations hereunder, and refrain from any action/omission that may affect the
effectiveness and enforceability thereof. To the extent that Party B has any remaining rights with respect to the equity interests subject to this Agreement or the Equity Interest Pledge Agreement or the Power of Attorney in which Party A as a
beneficiary, Party B shall not exercise such rights except in accordance with the written instructions of Party A. 

  

	 	2.2.15	 Prior to Party C’s liquidation, if Party A (or the Designee) has paid the Purchase Price of equity
interest to Party B, but related changes in the registration in authority has not completed, Party B shall pay the income from distribution of residual property of Party C’s equity held by Party B to Party A or its Designee freely at the time
of or after dissolution of Party C. Under such circumstance, Party B should not claim any rights for related income of residual property distribution (unless under Party A’s instruction); 

 

	 	2.2.16	 Party B agrees to unconditionally return the Purchase Price received from Party A for the transfer of the
Purchased Interests and/or the Purchased Asset transferred by Party B to the extent permitted by the PRC Laws at that time (but the tax (if applicable) shall be withheld and deducted for the Purchase Price); and 

 

	 	2.2.17	 Party B agrees to execute an irrevocable Power of Attorney in the form and substance satisfactory to Party A,
and entrust Party A or the Designee to exercise all the shareholders’ rights of Party B; and 

  

	 	2.2.18	 Party B shall ensure that Party C will be validly existing and in good standing, and shall not take any actions
that may result in termination, liquidation or dissolution of Party C. 

  

	3.	 Representations and Warranties 

Party B and Party C hereby represent and warrant to Party A as stated in the following articles from Article 3.1 to Article 3.2, severally and
not jointly, as of the date of this Agreement and each date of the transfer of the Purchased Interests and the Purchased Asset, and Party C hereby represents and warrants to Party A as stated in the following articles from Article 3.4 to Article
3.9, as of the date of this Agreement and each date of the transfer of the Purchased Interests and the Purchased Asset: 
  

	3.1	 They have the power and capacity to execute and deliver this Agreement and any transfer contracts to which they
are parties concerning the Purchased Interests and/or the Purchased Asset to be transferred thereunder (each, a “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and
Party C agree to enter into Transfer Contracts consistent with the terms of this Agreement upon Party A’s exercise of the Purchase Right. This Agreement and the Transfer Contracts to which they are parties constitute or will constitute their
legal, valid and binding obligations and shall be enforceable against them in accordance with the provisions thereof; 

  
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	3.2	 The execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement
or any Transfer Contracts shall or will not: (i) cause any violation of any applicable laws of China; (ii) be inconsistent with the articles of association, joint venture contracts, bylaws or other organizational documents;
(iii) cause the violation of any contracts or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them;
(iv) cause any violation of any condition for the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of additional conditions to any licenses
or permits issued to them; 

  

	3.3	 Party B has a good and merchantable title to the equity interests of Party C held by Party B. Except for the
Equity Interest Pledge Agreement or any other transaction documents (as defined in the Equity Interest Pledge Agreement), Party B has not placed any security interest on such equity interests; 

 

	3.4	 Party C has a good and merchantable title to all of its assets, and has not placed any security interest on the
aforementioned assets; 

  

	3.5	 Party C does not have any outstanding debts, except for (i) debt incurred within the normal business
scope; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained. 

  

	3.6	 If Party C dissolves or liquidates required by the PRC laws, Party C shall sell all the assets to Party A or
the Designee at the lowest price permitted under the PRC laws to the extent permitted by the PRC laws. Party C shall exempt any payment obligation of Party A or the Designee arising from the sale of assets; and subject to the applicable PRC laws at
the time, any revenue arising from the sale of assets shall be paid to Party A or the Designee as part of service fees under the Business Cooperation Agreement; 

 

	3.7	 Party C has complied with all laws and regulations of China applicable to asset acquisitions; and

  
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	3.8	 There are no existing or pending litigation, arbitration or administrative proceedings relating to the equity
interests of Party C, assets of Party C or Party C. 

  

	3.9	 Under the circumstance of death, incapacity, marriage, divorce, bankruptcy, dissolution, liquidation or other
circumstances that may influence Party B’s equity interest of Party C, Party B’s successors (including spouse, children, parents, siblings and grandparents) or the shareholder or transferee of the equity of Party C at that time will be
deemed to be the signatory of this Agreement, and be entitled to inherit, enjoy and undertake all rights and obligations of Party B herein, and transfer the relevant equity interests of Party C to Party A or the Designee according to the applicable
law at that time and this Agreement. 

  

	4.	 Effective Date and Term 

This Agreement shall become effective upon execution by the Parties, and remaining effective subject to the extended term as stipulated by the
PRC laws, until the date of the full transfer of the Purchased Interests and/or Purchased Assets held by Party B or Party C to Party A and/or the Designee (subject to the completion of the change of the industrial and commercial registration and the
filing to the Commercial Department(if applicable)) and Party A, its subsidiary company and branches are legally engaged in Party C’s business. Notwithstanding the foregoing, Party A is entitled to terminate this Agreement at any time by
sending written notice to Party B and Party C, and be exempted from any liability for breach of contract relating to its unilateral termination of this Agreement. Unless otherwise provided by the PRC laws, Party B and Party C shall not be entitled
to terminate this Agreement unilaterally. 
  

	5.	 Liability for Breach of Contract 

 

	5.1	 Unless otherwise specified in other articles herein, if a Party(the “Defaulting Party”) fails
to fulfill certain obligations herein or violates this agreement in other ways, the other Parties (the “Damaged Party”) may: (a) notify the Defaulting Party of the nature and scope of the violation in writing and ask the
Defaulting Party to remediate at its own expense within a reasonable period of time (hereinafter referred to as “Remediation Period”); and if the Defaulting Party fails to take remedial measures during the Remediation Period, the
Damaged Party are entitled to ask the Defaulting Party to undertake all responsibilities for its violation and also compensate all actual economic losses due to the Damaged Party, including without limitation, the legal fees incurred in litigation
and arbitration proceedings relating to the violation. The Damaged Party are also entitled to require the Defaulting Party to perform its contractual obligations and request the court or the relevant arbitration institution to issue an order of
specific performance or compulsory performance by the Defaulting Party; (b) terminate this agreement and ask the Defaulting Party to undertake all responsibilities for its violation and also compensate all damages; or (c) place the pledged
equity on discount, auction or selling according to the Equity Interest Pledge Agreement, be entitled to compensation priority in the amount of discount, auction and selling, and ask the Defaulting Party to undertake all losses hereof. While
exercising the foregoing remedial right, the Damaged Party are entitled to other remedial rights regulated herein and under the relevant laws and regulations. 

  
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	5.2	 The Parties hereby agree and confirm that, subject to the compulsory requirements of PRC laws, if Party B or
Party C is the Defaulting Party, the Damaged Party is entitled to terminate this agreement unilaterally and require the Defaulting Party to compensate the losses. However, if Party A is the Defaulting Party, the Party B and Party C shall exempt
Party A’s obligation of compensating the losses, and unless the law states otherwise, the Party B and Party C is not entitled to terminate this agreement under any circumstance. 

 

	6.	 Governing Law and Dispute Resolution 

 

	6.1	 Governing Law 

The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder
shall be governed by Chinese law. 
  

	6.2	 Dispute Resolution 

Any disputes arising from the interpretation and implementation of this agreement shall be firstly solved through the Parties’ friendly
negotiations. In case that the consensus on settlement of such disputes is not reached within 30 days after any party asks the other party to reach solution through friendly negotiations, any party can submit the disputes to Beijing Arbitration
Commission, which gives verdict according to the prevailing arbitration rule at that time. The arbitration shall take place in Beijing and language for arbitration shall be Chinese. The arbitration award is final and binding on each party. The
arbitral tribunal can order Party C to compensate the losses of Party A with Party C’s equity interests, assets or property rights and interests, reach judgment of mandatory relief through mandatory transfer of related business or assets or
order Party B to declare bankruptcy. After the arbitration award becomes effective, any party is entitled to petition the relevant court to execute the arbitration award. If necessary, the arbitral institution is entitled to order the Defaulting
Party to cease the breach of this agreement or refrain from actions that would increase the losses to Party A before making final verdict for the disputes of all parties. The courts in Hong Kong, Cayman Islands, China or other places with right of
jurisdiction (including the court in the place of Party C, or the court in the place of main asset of Party A or Party C shall be deemed as the court with right of jurisdiction) similarly are entitled to confer or execute the verdict of the arbitral
tribunal and is also entitled to make judgment or execute temporary relief for Party C’s equity or property interests, and give verdict or judgment of providing certain temporary relief for the party instigating the arbitration before the
establishment of arbitral tribunal or in other appropriate circumstances, such as reaching verdict or judgment of ordering the Defaulting Party to cease the breaching of this Agreement or not to cause additional losses to Party A. 

  
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	6.3	 In the arbitration for any disputes arising from the interpretation and implementation of this agreement, the
Parties herein shall continue executing other rights and obligations herein respectively except the matters herein in dispute. 

  

	6.4	 Due to the issuing or alteration of any PRC Laws, rules or regulations or due to the change in interpretation
or application of such laws, rules or regulations any time after the signing date, the following agreement shall be applicable: to the extent permitted by PRC Laws, (a) if the alteration of laws or newly issued regulations are more preferential
for a Party compared to the relevant laws, decrees, orders or regulations that were in effect on the signing date hereof, each Party shall actively and immediately apply for obtaining the benefits brought by the modification or new regulations and
put forth their best effort to obtain the approval for the application; or (b) in case that any party’s economic benefit is directly or indirectly adversely influenced due to the alteration of foregoing laws or newly issued regulations,
this agreement shall be continuously executed as scheduled. All parties shall obtain the exemption from the altered or new regulations through legal means. If the negative effect on the economic benefit of any Party cannot be resolved under this
agreement, all Parties shall immediately negotiate and make all necessary alterations to this agreement after receiving the notification of the affected Party to safeguard the economic benefit of the affected Party. 

 

	7.	 Taxes and Fees 

Party C shall pay any and all transfer and registration taxes, expenses and fees incurred thereby or levied thereon in connection with the
preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts. 

  
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	8.	 Notices 

  

	8.1	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, prepaid postage, a commercial courier service or facsimile transmission to the address or fax number of such Party as listed in Exhibit I. The dates on which notices shall be deemed to have been
effectively given shall be determined as follows: 

  

	 	8.1.1	 Notices given by personal delivery, courier service, registered mail or prepaid postage shall be deemed
effectively given on the date of receipt or refusal at the address specified for notices; 

  

	 	8.1.2	 Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 

  

	8.2	 Any Party may at any time change its address or fax number for notices by a notice delivered to the other
Parties in accordance with the terms hereof. 

  

	9.	 Confidentiality 

The Parties acknowledge that any oral or written information exchanged between the Parties in connection with this Agreement is regarded as
confidential information. Each Party shall maintain confidentiality of all such confidential information, and without the written consent of other Parties, it shall not disclose any relevant confidential information to any third parties, except for
the following circumstances: (a)the information is in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) the information is under the obligation to be disclosed pursuant to the applicable laws or rules of
any stock exchange; (c) the information is required to be disclosed by any Party to its legal counsel or financial advisors regarding the transaction contemplated hereunder, provided that such legal counsels, or financial advisors shall be
bound by the confidentiality obligations similar to those set forth in this Section; or(d) the information is disclosed by any party as a limited partnership(or a direct or indirect affiliate or subsidiary of a limited partnership) to the general
partners, managers and existing and potential limited partners of such limited partnership. Disclosure of any confidential information by the employees or agencies engaged by any Party shall be deemed disclosure of such confidential information by
such Party and such Party shall be held liable for breach of this Agreement. The Parties agree that the provisions of this Article shall survive the termination of this Agreement regardless of the reason why this Agreement is terminated. 

  
 14 

	10.	 Further Warranties 

The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 
  

	11.	 Force Majeure 

 

	11.1	 “Force majeure” refers to events that cannot be foreseen, avoided and overcome so that the
this Agreement cannot be executed in part or full. Such events include but are limited to earthquake, typhoon, flood, water disaster, war, strike, turmoil, governmental behavior, changes to legal regulations or their application.

  

	11.2	 In case of the occurrence of a force majeure event, a Party’s obligation that is being affected by force
majeure shall be automatically suspended during the delay caused by force majeure, and the party’s period of implementation of this agreement shall be automatically prolonged. The prolonged period is the period of the suspension, and the party
shall not undertake responsibility and suffer from punishment for it. In case of force majeure, all parties shall instantly negotiate with each other to seek a fair solution and try to minimize effect of force majeure by exerting all reasonable
efforts. 

  

	12.	 Miscellaneous 

 

	12.1	 Non-Joint Liabilities and Liability Limitations 

Despite any adverse provisions in this Agreement or other transaction documents (as defined in the Equity Interest Pledge Agreement) or any
other document or law, Party B’s obligations and liabilities under this Agreement are on a several and not joint basis. 
  

	12.2	 Amendments, changes and supplement 

For matters not included herein, the Parties may otherwise enter into supplement agreement upon negotiations. Any revision and supplementation
of this agreement shall be made in writing. Any revision and supplementary agreement signed by the Parties relating to this agreement shall be the inalienable part of this agreement, having the same legal effect. 

If any revisions to this Agreement is proposed by the Stock Exchange of Hong Kong Limited or other regulatory authorities, or any change in the
listing rules or related requirements hereof relating to this agreement, the parties shall revise this agreement reasonably and accordingly. 

  
 15 

	12.3	 Entire agreement 

Except for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this
Agreement. 
  

	12.4	 Headings 

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

	12.5	 Text 

This agreement has five copies with one held by each Party, having the same legal effect. 

 

	12.6	 Severability 

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid,
illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the
economic effect of those invalid, illegal or unenforceable provisions. 
  

	12.7	 Successors 

This Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of
such Parties. 
  

	12.8	 Survival 

  

	 	12.8.1	 Any obligations that occur or that are due as a result of this Agreement upon the expiration or early
termination of this Agreement shall survive the expiration or early termination thereof. 

  
 16 

	 	12.8.2	 The provisions of Article 6,7,8,9,12.1 and this Article 12.8 shall survive the termination of this Agreement.

  

	12.9	 Waivers 

Any Party may waive the rights hereof, provided that such a waiver must be provided in writing and shall require the signatures of the Parties.
No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances. 

 

	12.10	 Compliance with laws and regulations 

The Parties shall comply with and make sure its business operation comply with all Chinese laws and regulations which are binding on them and
have been formally issued and may be publicly acquired. 
  

	12.11	 Transfer 

Without prior written consent of Party A, Party C and/or Party B should not transfer any rights/and or obligations herein to any third party.
Party B and Party C hereby agree that Party A is entitled to transfer any of Party A’s rights and/or obligations herein to any third party after notifying Party B and Party C in writing. Party B and Party C shall sign a supplementary agreement
with the transferee or a new agreement containing substantially the same content herein with the transferee. 
 [THE REMAINDER OF THIS PAGE
IS INTENTIONALLY LEFT BLANK] 

  
 17 

 (This page is intentionally left blank and is the signing page of this Exclusive Option Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Exclusive Option Agreement as of the date and at the address first above written. 

Xi’an Jingxundi Supply Chain Technology Co., Ltd. (seal) 

/s/ Xi’an Jingxundi Supply Chain Technology Co., Ltd. 

(Seal of Xi’an Jingxundi Supply Chain Technology Co., Ltd.) 

 (This page is intentionally left blank and is the signing page of this Exclusive Option Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Exclusive Option Agreement as of the date and at the address first above written. 

Xi’an Jingdong Xincheng Information Technology Co., Ltd. (seal) 

/s/ Xi’an Jingdong Xincheng Information Technology Co., Ltd. 

(Seal of Xi’an Jingdong Xincheng Information Technology Co., Ltd.) 

 (This page is intentionally left blank and is the signing page of this Exclusive Option Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Exclusive Option Agreement as of the date and at the address first above written. 

Richard Qiangdong Liu 
 By: /s/ Richard Qiangdong
Liu                 

 (This page is intentionally left blank and is the signing page of this Exclusive Option Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Exclusive Option Agreement as of the date and at the address first above written. 

Yayun Li 
 By: /s/ Yayun
Li                 

 (This page is intentionally left blank and is the signing page of this Exclusive Option Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Exclusive Option Agreement as of the date and at the address first above written. 

Pang Zhang 
 By: /s/ Pang
Zhang                 

 Exhibit I 

For the purpose of notices, the contacts information of the Parties are as follows: 

Party A: 
 Xi’an Jingxundi Supply Chain Technology
Co., Ltd. 
 Address: *** 
 Receipt: *** 

Party B: 
 Richard Qiangdong Liu 

Address: *** 
 Yayun Li 

Address: *** 
 Pang Zhang 

Address: *** 
 Party C: 

Xi’an Jingdong Xincheng Information Technology Co., Ltd. 

Address: *** 
 Receipt: *** 

 Schedule A 

The following schedule sets forth information about the exclusive option agreements 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
	  	 Effective Date
	  	 Execution Date

	Suqian Jingdong Tianning Jiankang
Technology Co., Ltd.	  	 Party A: Beijing Jingdong Jiankang Co., Ltd.
  

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

Party C: Suqian Jingdong Tianning Jiankang
Technology Co., Ltd.
	  	September 17, 2020	  	September 17, 2020
				
	Guangdong Jingxi Logistics
Technology Co., Ltd.	  	 Party A: Jingdong Logistics Supply
Chain Co., Ltd.
  

Party B: Jian Cui and Dingkai Yu
  

Party C: Guangdong Jingxi Logistics
Technology Co., Ltd.
	  	January 25, 2021	  	January 25, 2021EX-4.21

 Exhibit 4.21 

LOAN AGREEMENT 
 This LOAN AGREEMENT (this
“Agreement”), is executed by ad among the following Parties on January 25, 2021 in Beijing, the People’s Republic of China (“PRC”): 

Lender: Xi’an Jingxundi Supply Chain Technology Co., Ltd., a limited liability company, organized and existing under the laws of the PRC,
with it address at Building 5, SkyCity Central Square, East Chang’An Street No.666, National Civil Space Industrial Base, Xi’an, Shaanxi, China; 

And 
  

			
	Borrowers:	 	Richard Qiangdong Liu, Chinese Identification No. ***;
		 	Yayun Li, Chinese Identification No. ***;
		 	Pang Zhang, Chinese Identification No. ***.

 (In this Agreement, the Lender and the Borrowers are individually referred to as a “Party”, collectively the
“Parties”) 
 NOW, THEREFORE, the Parties hereby agree as follows through friendly negotiations: 

 

	1.	 Loan 

  

	 	1.1	 Subject to the terms and conditions of this Agreement, the Lender agrees to provide a loan at an aggregate
amount of RMB one million (¥1,000,000.00) (the “Loan”) to the Borrowers, which the Loan will be provided to Richard Qiangdong Liu at the amount of RMB four hundred and fifty thousand (¥450,000.00), the Loan will be provided
to Yayun Li at the amount of RMB three hundred thousand (¥300,000.00), and the Loan will be provided by Pang Zhang at the amount of RMB two hundred and fifty thousand (¥250,000.00). 

 

	 	1.2	 It is confirmed that the Lender will provide, and the Borrowers will receive the full amount of the Loan when
the Borrowers make actual capital contribution to Xi’an Jingdong Xincheng Information Technology Co., Ltd. 

  

	 	1.3	 The Borrowers agree to use the Loan to pay for their investment in the registered capital of Xi’an
Jingdong Xincheng Information Technology Co., Ltd. (the “Borrower Company”) and, unless with prior written consent of the Lender, will not use the Loan for any other purpose, or transfer or pledge its shares or other interests in
the Borrower Company to any third party. 

  

	 	1.4	 It is confirmed that the Lender will not charge any interest upon the Loan, unless otherwise provided herein.

  
 1 

	2.	 Term of Loan 

  

	 	2.1	 The term of the Loan hereunder shall be ten (10) years from the date when the Borrowers actually receive
all or any part of the Loan. Unless otherwise indicated by the Lender prior to its expiration, the term of the Loan will be automatically extended for another ten (10) years, and so forth thereafter. 

 

	 	2.2	 During the term or any extended term of the Loan, the Loan will become immediately due and payable by the
Borrowers, and the Borrowers shall immediately make the repayment of the Loan pursuant to the terms of this Agreement if: 

  

	 	(1)	 The Borrowers die or become a person incapacitated or with limited capacity for civil acts;

  

	 	(2)	 The Borrowers resign or are dismissed by the Lender, the Borrower Company or any affiliate of the Lender;

  

	 	(3)	 The Borrowers commit a crime or are involved in a crime; 

 

	 	(4)	 Any third party pursue any claim of more than RMB100,000 against any of the Borrowers and the Lender has
reasonable ground to believe that the Borrowers will not be capable to pay for such claim; 

  

	 	(5)	 The Lender decides to perform the Exclusive Option Agreement (as defined below) when foreign enterprises are
allowed to control or wholly own the Borrower Company under applicable PRC laws; 

  

	 	(6)	 The Borrowers fail to comply with or perform any of their commitments or obligations under this Agreement (or
any other agreement between them and the Lender), and further fails to remedy such breach within 30 business days upon its occurrence; and 

  

	 	(7)	 This Agreement, the Equity Interest Pledge Agreement (as defined below), or the Exclusive Option Agreement is
terminated or held invalid by any court for any reason other than the Lender’s. 

  

	3.	 Repayment of Loan 

 

	 	3.1	 The Lender and the Borrowers agree and confirm that the Loan will be repaid in the following manner only: the
Borrowers will transfer all of their equity interests in the Borrower Company to the Lender or any legal or natural person designated by the Lender pursuant to requirements from the Lender. 

  
 2 

	 	3.2	 The Lender and the Borrowers agree and confirm that to the extent permitted by the laws, the Lender has the
right but no obligation to purchase or designate any legal or natural person to purchase all or any part of the equity interests in the Borrower Company from the Borrowers at the price set forth under the Exclusive Option Agreement.

  

	 	3.3	 It is agreed and confirmed by the Parties that the Borrowers shall be deemed to have fulfilled their repayment
obligations hereunder only after both of the following conditions have been satisfied. 

  

	 	(1)	 The Borrowers have transferred all of their equity interests in the Borrower Company to the Lender and/or their
designated person; and 

  

	 	(2)	 The Borrowers have repaid to the Lender all of the transfer proceeds or an amount equivalent to the maximum
amount permitted by the laws. 

  

	 	3.4	 The Loan will be deemed as a zero interest loan if the price to transfer the equity interests in the Borrower
Company to the Lender from the Borrowers concluded by the Parties under this Agreement and any other related agreements is equal or less than the amount of the Loan. Under such circumstance, the Borrowers are not required to repay any remaining
amount of and/or any interest upon the Loan; provided, however, that if the equity interest transfer price exceeds the amount of the Loan, the exceeding amount will be deemed as the interest upon the Loan (calculated by the highest interest
permitted by the PRC laws) and financing cost thereof. 

  

	 	3.5	 Notwithstanding anything to the contrary in this Agreement, if the Borrower Company goes bankruptcy,
dissolution or is ordered for closure during the term or extended term of this Agreement, and Borrowers will liquidate the Borrower Company according to laws and all of the proceeds from such liquidation will be used to repay the principal, interest
(calculated by the highest interest permitted by the PRC laws) and financing cost of the Loan. 

  

	4.	 Obligations of the Borrowers 

 

	 	4.1	 The Borrowers shall repay the Loan according to the provisions of this Agreement and requirements from the
Lender. 

  
 3 

	 	4.2	 The Borrowers shall enter into an Equity Interest Pledge Agreement (the “Equity Interest Pledge
Agreement”) with the Lender and the Borrower Company, whereby the Borrowers agree to pledge all of their equity interests in the Borrower Company to the Lender. 

 

	 	4.3	 The Borrowers shall enter into an Exclusive Option Agreement (the “Exclusive Option
Agreement”) with the Lender and the Borrower Company, whereby the Borrowers shall, to the extent permitted by the PRC laws, grant an irrevocable and exclusive option for the Lender to purchase all or any part of the equity interest in the
Borrower Company from the Borrowers. 

  

	 	4.4	 The Borrowers shall perform their obligations under this Agreement, the Equity Interest Pledge Agreement and
the Exclusive Option Agreement, and provide support for the Lender to complete all filings, approvals, authorizations, registration and other government procedures necessary to perform such agreements. 

 

	 	4.5	 The Borrowers shall sign an Shareholder Voting Rights Entrustment Agreement (the “Shareholder Voting
Rights Entrustment Agreement”) and an irrevocable power of attorney authorizing a person designated by the Lender to exercise on its behalf all of his or her rights as the shareholder of the Borrower Company. 

 

	5.	 Representations and Warranties 

 

	 	5.1	 The Lender represents and warrants to the Borrowers that from the date of this Agreement until termination
hereof: 

  

	 	(1)	 It is a limited liability company duly incorporated and validly existing under the laws of the PRC;

  

	 	(2)	 It has the power and receives all approvals and authorities necessary and appropriate to execute and perform
this Agreement. Its execution and performance of this Agreement are in compliance with its articles of association or other organizational documents, and it has obtained all necessary and appropriate approval and authorization with respect to
its execution and performance; 

  

	 	(3)	 Neither its execution nor its performance of this Agreement is in breach of any law, regulation, government
approval, authorization, notice or any other government document, or any agreement between it and any third party or any covenant issued to any third party; and 

  
 4 

	 	(4)	 This Agreement, once executed, constitutes a legal, valid and binding obligation of the Lender.

  

	 	5.2	 The Borrowers represent and warrant that from the date of this Agreement until termination hereof:

  

	 	(1)	 They are fully capable to conduct civil acts; 

 

	 	(2)	 The Borrower Company is a limited liability company incorporated and validly existing under the PRC laws, and
the Borrowers are the lawful owners of the Borrower Equity; 

  

	 	(3)	 Neither their execution nor their performance of this Agreement is in breach of any law, regulation, government
approval, authorization, notice or any other government document, or any agreement between them and any third party or any covenant issued to any third party; 

 

	 	(4)	 This Agreement, once executed, constitutes a legal, valid and binding obligation of any Borrower;

  

	 	(5)	 They will pay the full investment relating to the Borrower Equity according to law; 

 

	 	(6)	 Except for those provided under the Equity Interest Pledge Agreement, they create no mortgage, pledge or any
other security upon the Borrower Equity, provides no offer to any third party to transfer the Borrower Equity, make no covenant regarding any offer to purchase the Borrower Equity from any third party, and enter into no agreement with any third
party to transfer the Borrower Equity; 

  

	 	(7)	 There is no existing or potential dispute, lawsuit, arbitration, administrative proceeding or any other legal
proceeding in which the Borrowers and/or the Borrower Equity is involved; and 

  

	 	(8)	 The Borrower Company has completed all government approvals, authorizations, licenses, registrations and
filings necessary to conduct its businesses and own its assets. 

  
 5 

	6.	 Covenants from the Borrowers 

 

	 	6.1	 The Borrowers covenant in their capacity of the shareholders of the Borrower Company that during the term of
this Agreement they shall procure the Borrower Company: 

  

	 	(1)	 without prior written consent from the Lender, not to supplement, amend or modify its articles of association,
or increase or decrease its registered capital, or change its capital structures of the Company in any form; 

  

	 	(2)	 to maintain its existence, prudently and effectively operate its businesses and deal with its affairs in line
with fair financial and business standards and customs; 

  

	 	(3)	 without prior written consent from the Lender, not to sell, transfer, pledge or otherwise dispose any legal or
beneficial interest of any of its assets, businesses or income, or allow creation of any other security interests thereupon; 

  

	 	(4)	 without prior written consent from the Lender, not to incur, inherit, guarantee or allow the existence of any
debt, except for (i) any debt incurred during its ordinary course of business rather than from borrowing; and (ii) any debt which has been disclosed to and obtained the written consent from the Lender; 

 

	 	(5)	 to always conduct its business operations in ordinary course to maintain the value of its assets;

  

	 	(6)	 without prior written consent from the Lender, not to enter into any material agreement other than those
executed in its ordinary course of business; 

  

	 	(7)	 without prior written consent from the Lender, not to provide any loan or credit to any party;

  

	 	(8)	 to provide any and all information regarding its operations and financial conditions to the Lender upon the
request from the Lender; 

  

	 	(9)	 to buy and maintain requisite insurance policies from an insurer acceptable to the Lender, the amount and type
of which will be the same with those maintained by the companies having similar operations, properties or assets in the same region; 

  

	 	(10)	 without prior written consent from the Lender, not to combine, merge with, acquire or make investment to any
person; 

  
 6 

	 	(11)	 to immediately notify the Lender of any actual or potential litigation, arbitration or administrative
proceeding regarding its assets, business and income; 

  

	 	(12)	 to execute any document, conduct any action, and make any claim or defense necessary or appropriate to maintain
its ownership of all of its assets; 

  

	 	(13)	 without prior written consent from the Lender, not to distribute any dividend or bonus to any of its
shareholders; 

  

	 	(14)	 to appoint any person designated by the Lender or the parent of the Lender to its board upon the request of the
Lender; and 

  

	 	(15)	 to strictly comply with the provisions of the Exclusive Option Agreement, and not to make any act or omission
which may affect its validity and enforceability. 

  

	6.2	 The Borrowers covenant during the term of this Agreement: 

 

	 	(1)	 except those provided under the Equity Interest Pledge Agreement and without prior written consent from the
Lender, not to sell, transfer, pledge or otherwise dispose any legal or beneficial interest of the Borrower Equity, or allow creation of any other security interests thereupon; 

 

	 	(2)	 without prior written consent from the Lender, to procure the shareholders of the Borrower Company not to
approve any sale, transfer, pledge or otherwise disposal of any legal or beneficial interest of the Borrower Equity, or creation of any other security interests thereupon, except to the Lender or its designated person; 

 

	 	(3)	 without prior written consent from the Lender, to procure the shareholders of the Borrower Company not to
approve its merger or association with, or acquisition of or investment in any person; 

  

	 	(4)	 to immediately notify the Lender of any actual or potential litigation, arbitration or administrative
proceeding regarding the Borrower Equity; 

  

	 	(5)	 to execute any document, conduct any action, and make any claim or defense necessary or appropriate to maintain
its ownership of the Borrower Equity; 

  
 7 

	 	(6)	 without prior written consent from the Lender, not to make any act and/or omission which may affect any asset,
business or liability of the Borrower Company; 

  

	 	(7)	 to appoint any person designated by the Lender or the parent of the Lender to the board of the Borrower Company
upon the request of the Lender; 

  

	 	(8)	 to the extent permitted under the PRC laws and upon the request of the Lender at any time, to transfer
unconditionally and immediately all of the equity interests owned by the Borrowers to the Lender or any person designated by it, and procure any other shareholder of the Borrower Company to waive the right of first refusal regarding such equity
interests; 

  

	 	(9)	 to the extent permitted under the PRC laws and upon the request of the Lender at any time, to procure any other
shareholder of the Borrower Company to transfer unconditionally and immediately all of the equity interests owned by such shareholder to the Lender or any person designated by it, and the Borrowers hereby waive their rights of first refusal
regarding such equity interests; 

  

	 	(10)	 if the Lender purchases the Borrower Equity from the Borrowers pursuant to the Exclusive Option Agreement, to
use the price of such purchase to repay the Loan to the Lender on priority; and 

  

	 	(11)	 to strictly comply with the provisions of this Agreement, the Equity Interest Pledge Agreement and the
Exclusive Option Agreement, to perform its obligations under each of such agreements, and not to make any act or omission which may affect the validity and enforceability of each of such agreements. 

 

	7.	 Liabilities for Breach of Contract 

 

	 	7.1	 If any party (“Defaulting Party”) breaches any provision of this Agreement, which causes
damage to the other party (“Non-defaulting Party”), the Non-defaulting Party could notify the Defaulting Party in writing
and request it to rectify and correct such breach of contract; if the Defaulting Party fails to take any action satisfactory to the Non-defaulting Party to rectify and correct such breach within
fifteen (15) business days upon the issuance of the written notice by the Non-defaulting Party, the Non-defaulting Party may immediately take
the actions pursuant to this Agreement or take other remedies in accordance with laws. 

  
 8 

	 	7.2	 If the Borrowers fail to repay the Loan pursuant to the terms under this Agreement, they will be liable for a
penalty interest accrued upon the amount due and payable at a daily interest rate of 0.02% until the Loan as well as any penalty interest and any other amount accrued thereupon are fully repaid by the Borrowers. 

 

	8.	 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 an 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 Lender: Xi’an Jingxundi Supply Chain Technology Co., Ltd.

Address: *** 
 Attention: *** 

If to the Borrowers: 
 Richard
Qiangdong Liu 
 Address: *** 

Yayun Li 
 Address: ***

 Pang Zhang 
 Address:
*** 
  

	9.	 Confidentiality 

All Parties acknowledge and confirm that any oral or written materials exchanged by and between the Parties in connection with this Agreement are confidential.
All Parties shall keep in confidence all such information and not disclose it to any third party without prior written consent from other Parties unless: (a) such information is known or will be known by the public (except by disclosure of the
receiving party without authorization); (b) such information is required to be disclosed in accordance with applicable laws or rules or regulations; or (c) if any information is required to be disclosed by any party to its legal or
financial advisor for the purpose of the transaction of this Agreement, such legal or financial advisor shall also comply with the confidentiality obligation similar to that stated hereof. Any disclosure by any employee or agency engaged by any
Party shall be deemed the disclosure of such Party and such Party shall assume the liabilities for its breach of contract pursuant to this Agreement. This Article shall survive expiration or termination of this Agreement. 

  
 9 

	10.	 Applicable Law and Dispute Resolution 

 

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

  

	 	10.2	 Any disputes arising from the interpretation and implementation of this Agreement shall be firstly solved
through the Parties’ friendly negotiations. In case that the consensus on settlement of such disputes is not reached within 30 days after any Party asks the other party to reach solution through friendly negotiations, any Party can submit the
disputes to Beijing Arbitration Commission, which gives verdict according to the prevailing arbitration rule at that time. The arbitration shall take place in Beijing and language for arbitration shall be Chinese. The arbitration award is final and
binding on each party. The arbitral tribunal can order the Borrowers to compensate the losses of the Lender with the Borrower Company’s equity interests, assets or property rights and interests, reach judgment of mandatory relief through
mandatory transfer of related business or assets or order the Borrowers to declare bankruptcy. After the arbitration award becomes effective, any Party is entitled to petition the relevant court to execute the arbitration award. If necessary, the
arbitral institution is entitled to order the Defaulting Party to cease the breach of this Agreement or refrain from actions that would increase the losses to the Lender before making final verdict for the disputes of all parties. The courts in Hong
Kong, Cayman Islands, China or other places with right of jurisdiction (including the court in the place of the Borrower Company, or the court in the place of main asset of the Lender or the Borrower Company shall be deemed as the court with right
of jurisdiction) similarly are entitled to confer or execute the verdict of the arbitral tribunal and is also entitled to make judgment or execute temporary relief for the equity or property interests in the Borrower Company, and give verdict or
judgment of providing certain temporary relief for the party instigating the arbitration before the establishment of arbitral tribunal or in other appropriate circumstances, such as reaching verdict or judgment of ordering the Defaulting Party to
cease the breaching of this Agreement or not to cause additional losses to the Lender. 

 8.3 In the arbitration for any
disputes arising from the interpretation and implementation of this Agreement, the Parties herein shall continue executing other rights and obligations herein respectively except the matters herein in dispute. 

  
 10 

 8.4 Due to the issuing or alteration of any the PRC laws, rules or regulations or due to
the change in interpretation or application of such laws, rules or regulations any time after the signing date, the following agreement shall be applicable: to the extent permitted by the PRC laws, (a) if the alteration of laws or newly issued
regulations are more preferential for a Party compared to the relevant laws, decrees, orders or regulations that were in effect on the signing date hereof, each Party shall actively and immediately apply for obtaining the benefits brought by the
modification or new regulations and put forth their best effort to obtain the approval for the application; or (b) in case that any Party’s economic benefit is directly or indirectly adversely influenced due to the alteration of foregoing
laws or newly issued regulations, this Agreement shall be continuously executed as scheduled. All parties shall obtain the exemption from the altered or new regulations through legal means. If the negative effect on the economic benefit of any Party
cannot be resolved under this Agreement, all Parties shall immediately negotiate and make all necessary alterations to this Agreement after receiving the notification of the affected Party to safeguard the economic benefit of the affected Party.

  

	11.	 Miscellaneous 

 

	 	11.1	 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. 

  

	 	11.2	 This Agreement shall be effective as of the date of its execution, and expire until the Parties have performed
their respective obligations under this Agreement. 

  

	 	11.3	 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. 

  

	 	11.4	 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. 

 

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

  

	 	11.6	 This Agreement shall be binding upon and for the benefit of all the Parties hereto and their respective
inheritors, successors and the permitted assigns. 

  
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	 	11.7	 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. 

  

	 	11.8	 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. 

 

	 	11.9	 Unless with prior written consent from the Lender, the Borrowers may not assign any of their rights and
obligations under this Agreement to any third party. 

  

	 	11.10	 This Agreement is made in four (4) originals with each Party holding one (1) original. Each
original has the same effect. 

 (No text below) 

  
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 (This page is intentionally left blank and is the signing page of this Loan Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Loan Agreement as of the date and at the address first above written. 

 

			
	Xi’an Jingxundi Supply Chain Technology Co., Ltd. (seal)
	
	 /s/ Xi’an Jingxundi Supply Chain Technology Co., Ltd.

	(Seal of Xi’an Jingxundi Supply Chain Technology Co., Ltd.)

  
 13 

 (This page is intentionally left blank and is the signing page of this Loan Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Loan Agreement as of the date and at the address first above written. 

Richard Qiangdong Liu 
  

			
	By:	 	 /s/ Richard Qiangdong Liu

  
 14 

 (This page is intentionally left blank and is the signing page of this Loan Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Loan Agreement as of the date and at the address first above written. 

Yayun Li 
  

			
	By:	 	 /s/ Yayun Li

  
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 (This page is intentionally left blank and is the signing page of this Loan Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Loan Agreement as of the date and at the address first above written. 

Pang Zhang 
  

			
	By:	 	 /s/ Pang Zhang

  
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 Schedule A 

The following schedule sets forth information about the loan agreements 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
	  	 Loan Amount
	  	 Effective Date
	  	 Execution Date

	Suqian Jingdong Tianning Jiankang Technology Co., Ltd.	  	 Lender: Beijing Jingdong Jiankang Co., Ltd.
  

Borrowers: Richard Qiangdong Liu, Yayun Li and Pang Zhang
	  	Amount: an aggregate of RMB1,000,000, of which RMB450,000 will be provided to Richard Qiangdong Liu, RMB300,000 will be provided to Yayun Li and RMB250,000 will be provided to Pang Zhang	  	September 17, 2020	  	September 17, 2020
					
	Guangdong Jingxi Logistics Technology Co., Ltd.	  	 Lender: Jingdong Logistics Supply Chain Co., Ltd.
  

Borrowers: Jian Cui and Dingkai Yu
	  	Amount: an aggregate of RMB5,000,000, of which RMB2,500,000 will be provided to Jian Cui and RMB2,500,000 will be provided to Dingkai Yu	  	January 25, 2021	  	January 25, 2021

  
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