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Taxation (Tables)

12 Months Ended

Dec. 31, 2018

Taxation

Schedule of components of income/(loss) before tax

		For the year ended December 31,
		2016		2017		2018
		RMB		RMB		RMB
Income/(loss) before tax
Income/(loss) from China operations		1,730,549		3,681,735		(578,300)
Loss from non-China operations		(3,612,450)		(3,560,775)		(1,795,378)
Total income/(loss) before tax		(1,881,901)		120,960		(2,373,678)
Income tax benefits/(expenses) applicable to China operations
Current income tax expenses		(201,173)		(360,603)		(437,326)
Deferred tax benefits		34,782		221,010		10,454
Subtotal income tax expenses applicable to China operations		(166,391)		(139,593)		(426,872)
Total income tax expenses		(166,391)		(139,593)		(426,872)

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate

:  

		For the year ended December 31,
		2016		2017		2018
Statutory income tax rate		25.0	%	25.0	%	25.0	%
Tax effect of preferential tax treatments		45.3	%	(942.7)	%	8.3	%
Tax effect of tax-exempt entities		(36.1)	%	588.6	%	(1.9)	%
Effect on tax rates in different tax jurisdiction		(3.6)	%	30.5	%	2.2	%
Tax effect of non-deductible expenses		(28.1)	%	536.0	%	(42.4)	%
Tax effect of non-taxable income		0.1	%	(14.0)	%	3.8	%
Tax effect of Super Deduction and others		—		—		53.9	%
Changes in valuation allowance		(11.4)	%	(120.8)	%	(66.7)	%
Expiration of loss carry forwards		0.0	%	12.8	%	(0.2)	%
Effective tax rates		(8.8)	%	115.4	%	(18.0)	%

Summary of income tax holiday

		For the year ended December 31,
		2016		2017		2018
		RMB		RMB		RMB
Tax holiday effect		852,776		1,140,251		198,118
Effect of tax holiday on basic net loss per share		0.30		0.40		0.07
Effect of tax holiday on diluted net loss per share		0.30		0.39		0.07

Schedule of deferred tax assets and deferred tax liabilities

		As of December 31,
		2017		2018
		RMB		RMB
Deferred tax assets
- Net operating loss carry forwards		1,162,287		2,028,350
- Deferred revenues		299,723		283,824
- Inventory valuation allowance		124,693		217,215
- Allowance for doubtful accounts		52,117		88,036
- Unrealized fair value loss for certain investments		—		482,027
Less: valuation allowance		(1,480,570)		(2,996,294)
Net deferred tax assets		158,250		103,158
Deferred tax liabilities
- Intangible assets arisen from business combination		882,248		819,032
- Others		—		9,441
Total deferred tax liabilities		882,248		828,473

Schedule of movement of valuation allowance

		As of December 31,
		2016		2017		2018
		RMB		RMB		RMB
Balance at beginning of the period		1,299,200		1,626,680		1,480,570
Additions		1,324,793		807,558		2,755,222
Reversals		(997,313)		(953,668)		(1,239,498)
Balance at end of the period		1,626,680		1,480,570		2,996,294

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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