Do you think investor concerns about JD.com’s weaker than expected fourth-quarter results were overplayed? We do need to be cognisant of the fact that JD.com’s platform, scale and network is one that should not be underestimated over the longer term, particularly in their core bigger ticket or branded categories where they are stronger in. The shorter-term developments might appear concerning, and rightly so for now, but there is also a certain element of distortion here when you think about how the Chinese consumer is coming out of a prolonged period of pressure over the lockdowns, so not everything should be…