Investors are more bearish than ever on JD.com Inc., even after the Chinese online retailer tumbled 37 percent this year amid flagging sales growth. Shares borrowed for short selling touched a record 46 million this week, data compiled by Bloomberg and Markit Ltd. show. The selloff, which accelerated after the company cited weaker consumer spending for a drop in first-quarter gross merchandise volume, pushed shares to $19.91 in intraday trading Wednesday, the lowest since JD.com’s 2014 U.S. debut.

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