On the evening of September 1 1, science and technology innovation board disclosed the prospectus of JD.com Digital Technology, and planned to issue no more than 538 million shares, with a total planned fundraising of 20.367 billion yuan.
Financial technology companies, such as JD.com Digital Branch and Ant Group, which are also "long" from e-commerce platforms, are bound to be compared. But judging from the prospectus, these two businesses are not the same: JD.COM Digital Branch's strong "To B" flavor makes it look more like Alibaba Cloud.
When you open the prospectus of Ant, you can see familiar product names such as "Yu 'ebao", "Flower Bai" and "Borrowing Bai". Except "JD. Other products and services of JD.COM Digital Branch are far away from ordinary people.
Zuowei Liu's own son currently holds 36.8% of the shares in Digital Branch, while Liu directly holds 8.86% of the shares and enjoys 74.77% of the voting rights.
At present, about 30% of JD.com Digital Branch's revenue comes from JD.COM Group, but JD.com Digital Branch is at a loss.
Nevertheless, the industry's valuation of the listing of JD.com Digital Branch is about 200 billion yuan. How does this company, which is firmly controlled by Liu, make money and what kind of imagination is there?
In the prospectus, JD.COM Digital Branch positioned itself as the first "digital technology company" in A shares. From its income composition, we may be able to understand the meaning of "digital technology" more clearly.
JD。 COM's revenue comes from providing digital solutions to the outside world. Like ants, it also earns service fees. But the customer base is different. JD.COM Digital Branch has three types of customers: financial institutions, merchants and enterprises, government and other customers.
One of the most typical products is JD.COM. COM white stripes ",which is probably the most easily perceived product. Like credit cards, IOUs allow users to choose deferred payment or installment payment when shopping.
When users use JD.COM white bars, merchants need to pay technical service fees according to a certain proportion of the transaction scale. When the user chooses to repay by installment, the installment interest and service fee paid by the merchant and JD.COM Digital Branch are divided according to the contract.
The logic behind JD. The IOU of COM is that JD.COM advances funds to users to form creditor's rights, and then packages and transfers the creditor's rights to financial institutions to obtain liquidity. Over and over again, and JD. COM's income mainly comes from interest margin. Flower buds and flower buds are provided by ants as platforms, and the funds come from banks, so the product logic of white stripes and flower buds is not the same.
By the end of June, 2020, the number of active users of JD.COM Baitiao was 55.4438+00,000. In the past three years, the income of IOUs in JD.COM was 654.38+47.3 million yuan, 2.734 billion yuan and 3.2654.38+0 billion yuan respectively. In the first half of 2020, this figure was 654.38+79.4 million yuan. It can be seen that the proportion of white bars in total revenue shows a downward trend.
In JD.COM, the fastest growing part of digital business is the digital solutions of financial institutions. Its products include: credit technology, credit card technology, insurance technology and asset management technology. To put it simply, JD.COM guides the flow of the platform to financial institutions, and realizes realization through various financial products. According to the prospectus, there are currently more than 600 cooperative financial institutions.
Its proportion rose from 17.05% in 20 17 years to 4 1.48% in the first half of 2020.
JD .COM technology gold bars are another gold-absorbing product besides white bars. The logic is that JD.com Digital Branch cooperates with financial institutions to promote loan business, and then the institutions pay a certain percentage of technical service fees to JD.com Digital Branch.
According to the prospectus, the loan scale contributed by JD.COM Gold Bar is 65.438+003.685 billion yuan, 255.492 billion yuan, 4589./kloc-0.5 billion yuan and 266.5438+026.5438+07 billion yuan respectively. By the end of June 2020, the number of users of gold bars was 1, 424438+0,700. In the balance of gold bar products, the total proportion of direct lending or asset securitization by financial institutions is about 96%.
In the field of government and other customer services, it has served more than 40 urban public service organizations, and has more than/kloc-0.50 million self-operated and affiliated media, covering more than 600 million times in more than 300 cities across the country.
Although the proportion of government service income is still small, it is growing very fast, with a compound annual growth rate of 239.05%.
Actually, it's disgusting.
But the ability to make money is not excellent. 20 17, 20 18, 20 19, and the net profit attributable to shareholders of the parent company in June and June of 2020 were-3.82 billion yuan,/kloc-0.30 billion yuan, 790 million yuan and-670 million yuan respectively.
According to the prospectus, temporary losses occurred in June 20 17 and 1-2020 due to share payment fees. However, it is worth noting that high operating expenses are also an important reason why it is difficult for the platform to make substantial profits.
In recent years, the operating expenses of JD.COM Digital Branch were 86,543.8+0.1billion yuan, 5,345 million yuan, 8,973 million yuan and 66,543.8+0.67 billion yuan respectively. They account for 89.4 1%, 39.24%, 49.29% and 59.75438+0% of the operating income respectively.
In research and development. Like ants, JD.COM has also verified his "technology" attribute. According to the prospectus of both parties, in 20 19 years, R&; D the expenses of Anpu Ant Group account for 8.8% of the operating income; JD.COM Digital Branch R&D; In the same period, D expenses accounted for 14. 1%.
However, JD.COM Digital Branch did not fully realize "weaning".
There are many related businesses between the two companies. Among them, providing marketing services to each other is a very important part: from 20 17 to 20 19, JD.com Digital Branch provided marketing services to JD.COM, and the fees charged were 50 10/00000 yuan, 966 million yuan and147100000 yuan respectively.
According to the data in the prospectus, 30% of JD.COM. COM's revenue comes from JD.com.
Comparing the relationship between Ant Technology and Ali, Ali's business only accounts for 6% of the revenue of Ant Technology. The independently operated Alipay platform has been able to jump out of Ali's retail scene, build its own platform system, take the payment platform as the entrance, and form activity and stickiness with life services, thus deriving financial services.
But at present, apart from the retail scene of JD.COM Mall, JD.com Digital Branch has not established an independent traffic portal. One of the most intuitive examples is that we disappeared in JD.COM.
Fees will still be paid by WeChat, and JD.COM Mathematics has not established a payment portal. According to JD.COM's data. Com's financial report for the first half COM 2020, its annual active users are 400 million. How to break the bottleneck of mathematics in JD.COM is an important issue when the flow of e-commerce touches the ceiling.
In the three months of this year, Liu dismissed the legal representatives of 29 companies including JD.COM Mathematics Department, and "going to Liu" was in full swing within the group.
However, according to the prospectus, before the listing and issuance, Liu directly held 8.86% of the shares, plus the shares indirectly held by the other three companies, holding a total of 50.35% of the shares and enjoying 74.77% of the voting rights. JD.COM's math is still surnamed Liu.
According to the current valuation of JD.COM Mall of 200 billion yuan, after the company goes public, Liu will increase his wealth by about 65.438+0007 billion yuan, and the CEO of JD.COM Mall will hold 4.23% of the shares, which will also bring in 8.46 billion yuan of income.
According to Forbes' list of China's richest people, at present, Liu ranks 20th with assets of 16 1 billion dollars, second only to. After listing, Liu's wealth may reach $30.8 billion, or exceed the current fifth.
Like ants, JD.COM Mathematics has changed its name from "Jin" to "Ke".
The Department of Mathematics in JD.COM, formerly known as Jingdong Finance, belongs to the financial business of JD.COM Mall. In 20 13, jingdong finance began to operate independently, which was also the first year that the platform entered the financial field. Prior to this, Alipay launched the Yu 'ebao service, Baidu launched the wealth management platform, and Jingdong Finance also launched the first supply chain financial product "Jingbaobei" and credit payment product "Baitiao".
With the reorganization of the internet finance industry, enterprises have turned to emphasize their own "technology" attributes and changed their names: in 20 17, Ant Financial proposed to focus on "technology", and this year it was officially renamed as "Ant Technology Group"; Jingdong Finance was renamed as JD.COM Mathematics Department on 20 18.
Whether it can support this 200 billion depends on the future development space.
In the Hurun Global Unicorn List released in August this year, the top five financial technology unicorn enterprises in China are Ant Group, lufax, JD.com, Weizhong Bank and Suning Jinfu. The first giant in the field of financial technology is Ant Group.
According to the prospectus, in 2065, 438+07, 2065, 438+08, 2065, 438+09 and June-June 2020, the operating income of Ant Group was 65.4 billion yuan, 85.7 billion yuan, 65.438+02.06 billion yuan and 72.5 billion yuan respectively, and its net profit was 6.9 billion yuan. There are 729 million users who have used one or more digital financial services on the Ant Platform.
Alipay WeChat payment has occupied 93% of the market share, so it is not easy for JD.COM Mathematics Department to expand new traffic.
Turn the strategic development to the track of "digital technology", that is to say, the financial future is only a part of the Department of Mathematics in JD.COM, and it should turn to B business more and become a pure enterprise service provider.
However, corporate service is a big business, full of many subdivided vertical tracks. JD.COM Mathematics Department may be able to find a more suitable market segment, but it is basically impossible to recreate a JD.COM.
Related questions and answers: