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Taxation (Tables)

12 Months Ended

Dec. 31, 2020

Taxation

Schedule of components of income/(loss) before tax

		For the year ended December 31,
		2018				2019				2020
		RMB’000				RMB’000				RMB’000
Income/(loss) before tax
Income/(loss) from China operations			(578,300)				14,177,105				15,803,496
Income/(loss) from non-China operations			(1,795,378)				(484,573)				35,015,395
Total income/(loss) before tax			(2,373,678)				13,692,532				50,818,891
Income tax benefits/(expenses) applicable to China operations
Current income tax expenses			(437,326)				(1,269,323)				(2,200,572)
Deferred tax benefits/(expenses)			10,454				(533,117)				718,927
Subtotal income tax expenses applicable to China operations			(426,872)				(1,802,440)				(1,481,645)
Total income tax expenses			(426,872)				(1,802,440)				(1,481,645)

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

		For the year ended December 31,
		2018				2019				2020
Statutory income tax rate			25.0%				25.0%				25.0%
Tax effect of preferential tax rates and tax holiday			8.3%				(8.1)%				(2.3)%
Tax effect of tax-exempt entities			(1.9)%				3.7%				(16.8)%
Effect on tax rates in different tax jurisdiction			2.2%				(3.9)%				(0.5)%
Tax effect of non-deductible expenses			(42.4)%				5.7%				0.5%
Tax effect of non-taxable income			3.8%				(1.0)%				0.0%
Tax effect of Super Deduction and others			53.9%				(13.2)%				(4.2)%
Changes in valuation allowance			(66.9)%				5.0%				1.2%
Effective tax rates			(18.0)%				13.2%				2.9%

Summary of income tax holiday

		For the year ended December 31,
		2018				2019				2020
Tax holiday effect (RMB’000)			198,118				1,115,598				1,153,349
Effect of tax holiday on basic net income per share (RMB)			0.07				0.38				0.38
Effect of tax holiday on diluted net income per share (RMB)			0.07				0.38				0.37

Schedule of deferred tax assets and deferred tax liabilities

		As of December 31,
		2019				2020
		RMB’000				RMB’000
Deferred tax assets
- Net operating loss carry forwards and others			2,775,074				3,144,116
- Deferred revenues			137,128				208,335
- Inventory valuation allowance			271,605				498,010
- Allowance for doubtful accounts			214,932				382,459
- Unrealized fair value losses for certain investments			356,259				588,690
Less: valuation allowance			(3,674,442	)			(4,288,864	)
Net deferred tax assets			80,556				532,746
Deferred tax liabilities
- Intangible assets arisen from business combination			748,691				1,560,099
- Accelerated tax depreciation and others			590,297				361,732
Total deferred tax liabilities			1,338,988				1,921,831

Schedule of movement of valuation allowance

		For the year ended December 31,
		2018				2019				2020
		RMB’000				RMB’000				RMB’000
Balance at beginning of the year			1,480,570				2,996,294				3,674,442
Additions			2,755,222				7,635,196				4,393,499
Reversals			(1,239,498	)			(6,957,048	)			(3,779,077	)
Balance at end of the year			2,996,294				3,674,442				4,288,864

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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