Actually, after the return of Alibaba to the Hong Kong stock market, coupled with the US sanctions on the domestic technology sector, domestic Internet technology companies Also began to favor listing on Hong Kong stocks. Take Ant Finance as an example. Ant Finance will submit a listing review in September 2020 and is expected to complete the listing before the end of the year. The valuation is about 230 billion U.S. dollars, and Ma Yun uses Junjie and Yunbo to indirectly control Ant Financial. No wonder there are reports that, With the listing of Ant Financial, Jack Ma is expected to hit the world’s richest man in recent years. And the structure similar to Alibaba JD , when Ant Financial goes public, JD’s Jingdong Mathematics is not to be outdone.
Jingdong The ins and outs of mathematics
Jingdong The predecessor of Mathematics is the Jingdong Finance, established in October 2013. After the establishment of JD Finance, the company will use JDWhite strips, Jingdong Xiaojinku, Jingdong crowdfunding and other series of products completed research and development and started operation in 2014. Then in 2015, JD finance began to develop, banking and financial services, and using the rural economy as a breakthrough, Internet financial consumption was introduced ABS concept.
Jingdong Mathematics Insurance and UnionPay background
Between 2016 and 2017, JD finance, completed The main actions are external markets such as joint capital, finance, and insurance. Liu Qiangdong successively followed up with China Taiping, Industrial and Commercial Bank of China, and Sequoia Capital and other cooperation, make Jingdong financial , Starting from a pure Internet payment platform to an Internet financial platform that combines online and offline.
Jingdong Digital Science is more than just finance
As of 2018, the independently operated JD Finance has changed to Jingdong Mathematics. It is not difficult to see from the name change that Liu Qiangdong’s knowledge of the Jingdong financial system has begun to increase. According to Jingdong public financial report data, Jingdong Digital Science achieved its first year of profitability in 2018, and began research and development in 2019, the drone of JD , Jingdong smart center, driverless, VR applications and partial 5G applications Jingdong Smart City.
From a perspective, Liu Qiangdong wants to put Jingdong Finance has become a combination of Ant Financial and Alibaba Cloud. By 2020, looking at the development of JD, there is still no plan to separate finance and technology, so JD Digital Science predicts that there will be no greater business divergence in 3-5 years after listing.
Jingdong Digital Science submits IPO
In fact, as early as the beginning of 2019, JD Digital Science planned to submit an IPO, but because For Jingdong, the valuation of Digital Science is about 120 billion, which did not reach Liu Qiangdong’s target, so this time was postponed to 2020. year. At present, according to the materials submitted by JD Mathematics, JD.com Digital Technology raises about 20 billion external funds, and the issuance ratio is less than 10%, of which about 15 billion is used as supportJD The development of science and technology, another 5 billion or so, is used to support the development of the financial system.
It can be seen from this that the development direction of JD digital technology is still biased Yu Technology, according to this disclosure, the profit (gross) of JD in the past three years is about 55%- Between 67%, the cumulative increase year by year. Among them, public data in 2019 showed that the net profit was 790 million, and the total deposit of JD was more than 700 billion. The company’s research and development expenses over the years have been 10%-15%. If calculated according to the data submitted by the IPO, the estimate of JD The value should also be around 230 billion.
Liu Qiangdong’s direct shareholding is 50.35, of which the JD group is also rightJD Digital Science has cross-shares. Taken together, Liu Qiangdong’s holdings can add more than 160 billion to Liu Qiangdong’s worth. However, JD Digital Science’s equity is still divided into A and B categories. That is, the same shares have different rights, with a 1:10 voting right for class A and 1:1 voting right for class B. Based on the addition of Liu Qiangdong’s A and B equity, Liu Qiangdong’s voting rights are 74.8%. Of course, Liu Qiangdong also promised that in the JD Mathematics, he will gradually dilute and reduce his equity. It is used to motivate employees and further finance financing for JD.