Shulou(Shulou.com)11/24 Report--

March 31 news, In the recent Ali organizational structure adjustment to "1+6+N," 6 subsidiaries in the future to independent listing news, Jingdong 2 enterprises have taken the lead in starting IPO queue.

According to the information disclosed by the Hong Kong Stock Exchange, Jingdong Group issued an announcement saying that it proposed to spin off Jingdong Industry, which was independently listed on the main board of the Hong Kong Stock Exchange.

Jingdong Industry formally submitted an application for offering shares to the Hong Kong Stock Exchange, and the core information such as business composition, revenue profile and fund-raising purpose of Jingdong Industry was fully disclosed for the first time.

JINGDONG Property, Inc. It also formally submitted an A1 Application Proof to the Hong Kong Stock Exchange, disclosing its business composition, revenue profile and future plans for the first time.

According to the prospectus disclosure, Jingdong Group holds about 77.95% of the total issued share capital of Jingdong Industry through its wholly-owned subsidiary JD Industrial Technology Limited, and Jingdong Group holds about 74.96% of the total issued share capital of Jingdong Development through its wholly-owned subsidiaries; after the proposed spin-off, Jingdong Group will continue to indirectly hold more than 50% equity of Jingdong Industry and Jingdong Development respectively.

Up to now, in addition to the main body of Jingdong Group,"Jingdong Series" enterprises have been successfully listed on Jingdong Logistics, Jingdong Health and Dada Group; meanwhile, Jingdong Technology (formerly known as Jingdong Finance and Jingdong Digital Science) has previously reported news that it plans to IPO on six Hong Kong shares.

If Jingdong Group's spin-off of Jingdong Development and Jingdong Industry is successful, Liu Qiangdong will undoubtedly become the biggest winner, and his "Jingdong Series" listed companies will reach 7.

Jingdong Industry focuses on the digital transformation of the whole link of the supply chain in 2022, with a turnover of 22.3 billion yuan. According to the prospectus, Jingdong Industry is China's leading industrial supply chain technology and service provider, with a turnover of 22.3 billion yuan in 2022 and a compound annual growth rate of 38.4% from 2020 to 2022.

According to the consulting report, Jingdong Industry ranks first in China's MRO procurement service market according to the transaction volume in 2022, and is the largest service provider in China's industrial supply chain technology and service market.

According to the prospectus, Jingdong Industry has become an independent business unit of Jingdong Group since July 2017, positioning itself as an industrial supply chain technology and service provider, focusing on building digital infrastructure, realizing supply guarantee, cost reduction and efficiency increase for customers through full-link industrial supply chain digitalization, and creating value for the whole industry.

Jingdong Industry is committed to promoting the digital transformation of the whole link of the industrial supply chain, rather than focusing only on a single point link. At present, a series of layouts have been launched around the four links of commodities, procurement, contract performance and operation:

At the commodity end, Jingdong Industry standardized and unified a large number of parameters through Mercator Standard Commodity Library, solved the problems of inconsistent commodity parameters and incomplete commodity categories in the past industrial products industry, unified the "language system" in the industrial supply chain, and was widely adopted by enterprise customers and suppliers;

At the procurement end, Jingdong Industry has launched a differentiated digital procurement platform according to the characteristics of the industry and customers, bringing transparent, efficient and low-cost procurement experience to enterprises;

At the performance end, Jingdong Industry uses data analysis and intelligent decision-making system to formulate the optimal performance plan according to the main variables such as cost, inventory location and supply quantity, delivery time, service quality of logistics service provider and settlement period;

On the operational side, it can provide a full range of closed-loop digital services covering the full cycle of budgeting, procurement planning, transaction management and after-sales service.

In terms of finance, the total revenue of Jingdong Industry in 2020,2021 and 2022 is 6.8 billion yuan, 10.3 billion yuan and 14.1 billion yuan respectively, with a compound annual growth rate of 44.2%; the net profits recorded are 341 million yuan,-1.26 billion yuan and-1.27 billion yuan respectively; Excluding the effects of discontinued operations, changes in fair value of convertible preference shares and share-based payment expenses, non-IFRS adjusted net earnings were $436.5 million,$501.4 million and $714.7 million, respectively.

According to the prospectus, Jingdong Industry has served 6900 key enterprise customers and more than 2.6 million small and medium-sized enterprises in 2022, among which key enterprise customers include about 50% of China's Fortune 500 enterprises and more than 40% of the global Fortune 500 enterprises in China; At the same time, it has established cooperation with about 30,000 manufacturers, distributors and agents, and the platform has provided products in 48 product categories and about 42.5 million SKUs.

According to the prospectus, Jingdong Industry plans to focus on strengthening industrial supply chain capabilities, further expanding customer base and continuing to explore new market opportunities.

Jingdong Industrial Development Co., Ltd. also formally submitted A1 Application Proof to the Hong Kong Stock Exchange in 2022 with adjusted net profit of 3.11 billion yuan.

According to the prospectus, Jingdong is an important part of Jingdong Group's supply chain ecosystem. With the mission of "intelligent industry enabling city development," Jingdong provides comprehensive solutions for infrastructure construction and operation of modern standard warehouse, integrated intelligent industrial park, data center, photovoltaic new energy, etc. for the whole industry through investment development, asset management and diversified value-added services.

According to the data, since its independent operation in 2018, Jingdong has grown together with Jingdong's self-built logistics system strategy and supply chain ecosystem, realizing the coverage of national modern infrastructure asset network.

As of December 31, 2022, Jingdong's modern infrastructure has covered 29 provincial administrative regions in China and 4 overseas countries, with a total asset management scale of RMB93.7 billion and a total GFA of approximately 23.3 million square meters, ranking third and second among modern infrastructure suppliers in Asia and China respectively in terms of GFA.

Nearly 90% of Jingdong's modern infrastructure parks are located in first-tier cities, satellite cities and second-tier cities in China, and have covered all core circulation nodes in China. Meanwhile, Jingdong has obtained the approved land for logistics parks with the largest total land area nationwide during the performance period.

According to the prospectus, Jingdong's revenue in 2020 was 582 million yuan, with a growth rate of 37.2% reaching 798.7 million yuan in 2021, and further growing to 2.32 billion yuan at a growth rate of 190.3% in 2022. Affected by the fair value change income of completed and under-construction investment real estate recorded every year during the performance period, Jingdong's net profit is higher than its income, and the adjusted net profit during the performance period is 2.88 billion yuan, 2.24 billion yuan and 3.11 billion yuan.

It should be noted that the customers of Jingdong's production and development services gradually extend from logistics service providers to BMW and other manufacturers, e-commerce companies such as Ben Life, retailers such as good goods shops and Yonghui Supermarket, and the service industry is more diversified.

According to the prospectus, the funds raised by Jingdong in the future will be used to further expand the domestic infrastructure asset network, focusing on the core geographical location and strategic logistics nodes; at the same time, further expand its influence in overseas markets; in addition, it will be used for customer solutions and service capabilities, and continue to build renewable energy management such as rooftop photovoltaic power generation systems.

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