According to a report published by Morgan Stanley, JD plans to issue 1.75 billion US dollars of convertible senior notes for repurchases and overseas expansion. Since the beginning of the year, JD has implemented a total of 1.3 billion US dollars in share repurchases, which has strengthened investors' confidence in greatly improving shareholders' ability to return through repurchases. Although JD says it will use the funds raised this time to speed up share repurchases, the bank expects that the potential dilution that may be caused by issuing convertible senior notes will offset some of the repurchase effects. Additionally, Morgan Stanley notes that the market may continue to question the mismatch between JD's large cash balance and cash available for buyback, as well as potential additional financing activities that could drag down returns to its shareholders.