Following Ant, the listing of JD Digital Science and Technology Innovation Board has entered the final sprint stage.
On the evening of September 11, JD Mathematics at the Shanghai Stock Exchange Disclosure of the prospectus. The prospectus shows that this time JD Digital Science will issue no more than 538 million shares, accounting for no less than the total share capital after the issuance. 10%, the financing amount is 20 billion yuan. At the same time, it also disclosed details of the actual controller of JD Data Science, credit overdue, and the impact of new regulations on private lending interest rates.
JD In the prospectus, the company stated that The shareholder and actual controller is Liu Qiangdong. As of the end of June 2020, the number of active users of Jingdong is 55,446,100; Jingdong has 14,241,700 active users of gold bullion, and the size of loans facilitated is 261.217 billion yuan; the overdue rate of consumer credit assets over 90 days is 1.65%. The new regulations on private lending interest rates may have an impact on some of the company’s businesses.
Gross profit margin reached 67%
Loss in the first half of the year 680 million
Jingdong Data Science in 2013 Independently operated in 2009, it has experienced three development stages of digital finance, financial technology and digital technology. Currently, it is positioned as a digital technology company, dedicated to providing a full range of digital solutions for financial institutions, merchants and enterprises, governments and other customers.
Prospectus disclosure, 2017, 2018, 2019, and January-June 2020, JD Data Science’s operating income was 9.070 billion yuan, 13.616 billion yuan, 18.203 billion yuan and 10.327 billion yuan, maintaining rapid growth; net profit attributable to shareholders of the parent company was -3.820 billion yuan. , 130 million yuan, 790 million yuan and 670 million yuan, there are large fluctuations; the company’s gross profit margin is 54.69%, 64.38%, 65.77%and 67.08%, showing an upward trend year by year.
From the specific camp In terms of revenue composition, the main business of JD Digital Technology is divided into digital solutions for financial institutions, digital solutions for merchants and enterprises, and government And other three parts of customer digital solutions.
In the first half of 2020, JD said three major The revenue of the business accounted for 41.48%, 52.37%and 5.57%respectively. Among them, the annual compound growth rate of the annual operating income of digital solutions for financial institutions reached 100.51%, and the JD The compound annual growth rate of digital solutions for digital government and other customers reached 239.05%.
Jingdong Digital Science said in the prospectus that this time The net amount of the raised funds after deducting the issuance costs is planned to be invested in the upgrading and construction of digital solutions for financial institutions, the upgrading and construction of digital solutions for merchants and enterprises, the upgrading and construction of digital solutions for emerging industries, the upgrading and construction of open platforms, and the expansion of digital technology centers Projects and supplementary capital funds raised a total of 20.367 billion yuan.
Some industry analysts pointed out that the prospectus disclosed by JD According to the book, it did not choose the path represented by Ant Group and Tencent-using payment as the entrance to surround the layered services of financial technology. Instead, a B2B2C, cross-industry, horizontally expanding development model has been formed, which also determines the short-term gap between the two in terms of revenue and short-term valuation.
Liu Qiangdong is the actual controller
14 Holding subsidiaries
The prospectus shows that Liu Qiangdong directly holds Jingdong 429 million shares of Digital Science, accounting for 8.86%of the total share capital before the issuance. At the same time, Liu Qiangdong indirectly controlled 41.49%of the total share capital through Navigator Fangyuan, Suqian Aggregation, and Boda Heneng, accounting for 50.35%in total, and controlled 74.77%of the issuer’s total voting rights through special voting rights arrangements, which was Jingdong The controlling shareholder and actual controller of Digital Science.
According to the prospectus, JD has 14 major A holding subsidiary, a joint venture company with main equity participation, and no branch.
Among them, Online Banking (Beijing) Business Service Co., Ltd. The business is management services, with a net profit of 350 million yuan in the first half of 2020; the main business of Online Banking (Beijing) Technology Co., Ltd. is third-party payment, with a net profit of 316 million yuan in the first half of the year; Shanghai Banghui Commercial Factoring Co., Ltd. is mainly engaged in business Factoring services, with a half-year net profit of 89 million yuan; Beijing Beijing Olympics Asset Management Co., Ltd. is mainly engaged in asset investment business and suffered a loss of 36,800 yuan in the first half of the year.
Shanghai Hefeng Yongxun Financial Information Service Co., Ltd., Beijing Haiyitongzhan Information Technology Co., Ltd., Suqian Junteng Information Technology Co., Ltd., Jingzhengdong Financial Holdings The six main businesses of Information Service Co., Ltd., Beijing Tongbang Zhuoyi Technology Co., Ltd., and Beijing Haiyi Tongzhan Information Technology Co., Ltd. are information technology services. The net profits in the first half of the year were 33 million yuan, 186 million yuan, 97 million yuan, 80 million yuan, 269 million yuan, 440 million yuan.
In addition, Jingdong also includes 4 small Loan company-Chongqing Liangjiang New District Shengji Microfinance Co., Ltd., Chongqing Jingdong Tongying Microfinance Co., Ltd., Beijing Jing The net profit of Hui Micro-credit Co., Ltd. and Shanghai Jinghui Micro-credit Co., Ltd. in the first half of the year were -52 million yuan, -11 million yuan, 12 million yuan, and -33 million yuan.
Jingdong gold bullion promotes a loan scale of 100 billion
According to the prospectus, Jingdong Branch’s main products include innovative factoring products”Jingbaobei” for small, medium and micro businesses, credit consumer products”Jingdong Baitiao”, Credit technology products”Jingdong gold bars” etc.
In February 2014, JD Digital Technology launched the industry’s first A credit consumer product”Jingdong white bar”, and Jingdong mall cooperates to provide high-quality individual users with unsecured revolving credit sales lines. As a service provider that evaluates and recommends user risks, JD Digital Science conducts risk management and credit review on Baitiao’s business, and Bear the risk of bad debts arising from the business.
As of the end of 2017, the end of 2018, the end of 2019, the end of June 2020, The annual active users of JD Baitiao were 24,927,300, 35,843,600, 57,806,100 and 55,446,100, respectively, with a compound annual growth rate of 52.28%. In each period of the reporting period, the income of Baitiao products’ technology services was 1.473 billion yuan, 2.734 billion yuan, 3.210 billion yuan and 1.794 billion yuan.
The prospectus discloses that JD gold bullion positioning is digital and unsecured Of short-term consumer credit products. As of the end of 2017, the end of 2018, the end of 2019, and the end of June 2020, the number of annual active users of JD gold bars was 3.0208 million. , 6,773,100 households, 15,205,700 and 14,241,700 households, with a compound growth rate of 124.36%in the past three years; the size of loans facilitated was 103.685 billion yuan, 255.492 billion yuan, 458.915 billion yuan and 261.217 billion yuan, representing a compound growth rate in the past three years The rate is 110.38%.
As of the end of June 2020, among the balance of gold bullion products, the proportion of direct lending by financial institutions or asset securitization totaled approximately 96%.
In addition, financial institutions based on the loan business income promoted by the credit technology platform, according to a certain proportion of the JD Digital Technology pays the technical service fee. In each period of the reporting period, the scientific and technological service income of JD gold bullion was 920 million yuan, 2.088 billion yuan, 3.66 billion yuan and 26.36 respectively. 100 million yuan, with a compound growth rate of 99.41%in the past three years.
In terms of overdue, JD said that as of 2017 On December 31, 2018, and December 31, 2019, the overdue rates of consumer credit assets over 90 days facilitated by the company were 0.88%, 0.82%and 0.82%, respectively. In the first half of 2020, under the influence of the new crown epidemic, the overdue rate of consumer credit assets over 90 days facilitated by the company fluctuated.
” but passed Dynamic adjustments and real-time risk linkages with partner institutions. The 30-day and 90-day overdue rates began to decline rapidly after April and June 2020, respectively. The risk of new consumer credit assets began to continue to decline in February 2020. It returned to its pre-epidemic level in September.”
In terms of small, medium and micro credit assets, as of December 31, 2017, December 31, 2018, and December 31, 2019 In Japan, the overdue rates for more than 90 days were 0.83%, 2.10%, and 1.33%. As of the end of June 2020, due to the impact of the new crown epidemic, the overdue rates of JD Digital Micro and Micro Credit Assets are 30 days and 90 days or more respectively It is 1.11%and 0.38%.
It is worth paying attention to the recent adjustment of the upper limit of judicial protection for private lending interest rates, JD Digital Science stated in the prospectus that although the”Private Lending Regulations” clearly set up financial institutions and their branches that are approved by the financial regulatory authorities to engage in loan business, disputes arising from the issuance of loans and other related financial businesses , This provision does not apply, but the Supreme People’s Court’s change in the upper limit policy of the judicial protection of private lending interest rates may also affect the customer groups of financial institutions, the interest rate range, and the scale of financial institutions’ credit business, which in turn may affect the company and its development. Related business cooperation has a negative impact. In addition, some of the company’s subsidiaries are engaged in self-operated financial business, which may also be affected in terms of business pricing and business model.
Written by Beiqing-Beijing Headline Reporter Fan Hui and Fan Mengdi