If you have been wondering whether JD.com at around $29.70 is a bargain or a value trap, you are not alone. This stock has been quietly rebuilding its story while much of the market looks elsewhere.

Despite a rough longer term ride, with shares down 22.8% over the last year and 58.9% over five years, the recent moves have been relatively muted, slipping 1.2% over the last week and 6.6% in the past month as investors reassess both growth potential and risk.

Sentiment around JD.com has been shaped by ongoing headlines about competition in Chinese e commerce, evolving regulations in the tech and retail space, and strategic shifts as the company leans further into logistics and services. At the same time, broader concerns about China…