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The Valuation Of Jingdong Listing Varies Widely. The 7 Billion 500 Million US Dollar Valuation Is Only Vip.Com.

2014/2/17 20:11:00 40

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December 2013, Liu Qiangdong still told the media that it would not be listed in 2014, and had reached a consensus with investors: 2015 listing.

In December 30, 2013, Jingdong filed a listing application with the US SEC.

Such an anxious action is interpreted by the market as the first time to seize the time window, to preside over the listing of Alibaba, to make valuations; the two is to expand the financial pressure under the line, but the PE financing mode is hard to be realized again, and is under the pressure of the existing investors to become the only way out.

And the valuation of listed companies has become the focus of speculation.

2004, the Jingdong was formally established and developed steadily in the following three years. Until 2007, it was the first time that the capital express was set up.

But after nearly 7 years of burning money, it is still hard to make money, and the tortured PE can hardly ride a tiger.

The outside world used "kidnapping" to describe the relationship between Liu Qiangdong and PE, and the subtle relationship seemed to be only accessible to the parties.

7 billion 500 million is only equivalent to vip.com .

the opinions on the valuation of Jingdong are different. The difference also makes the valuation of Jingdong appear to be ups and downs.

recently, the independent analysis agency ABR Investment Strategy (hereinafter referred to as "ABR") released a report that the valuation of Jingdong mall is between 31 billion US dollars and 44 billion dollars.

This valuation method is based on Amazon's valuation model, while the founder of hedge fund Ironfire Capital LLC (Eric Jackson) believes that Jingdong will not be the next Amazon, just the next Dangdang, and specifically in the "Forbes" to write a clear point of view. Eric Jackson.

Mo Daiqing, an analyst at the P 100EC.CN, believes that according to the valuation model of listed companies of the electricity supplier, and referring to Jingdong's financing / valuation, earnings data, development status, market potential and competition among other industries, it is estimated that the listing value of Jingdong will be between 80 and 10 billion dollars.

but the most popular version is: the valuation of Jingdong is about 7 billion 500 million dollars.

The calculation is as follows: Jingdong intends to raise the maximum amount of $1 billion 500 million, and if the proportion of shares issued by listed companies is usually 20%-30%, the market value of Jingdong IPO will reach about US $7 billion 500 million.

from the prospectus, Jingdong's previous round of financing amounted to 303 million US dollars, and investor Saudi investment company held 5% of Kingdom Holding Co shares, which concluded that Jingdong's valuation before IPO was $6 billion 60 million, and there was no "bloodshed".

according to the Jingdong prospectus, the prospectus shows that Jingdong's net revenues in 2011 and 2012 were 21 billion 130 million yuan and 41 billion 380 million yuan respectively, with a net loss of 1 billion 284 million yuan and 1 billion 729 million yuan respectively.

The net revenue of Jingdong in the first three quarters of 2013 was 49 billion 216 million yuan, up 70% from 28 billion 807 million yuan in the same period last year.

In the first three quarters, < a href= "http://www.91se91.com/news/index_c.asp" > Jingdong < /a > achieved a profit of 60 million yuan and a net interest rate of 0.1%.

and the financial situation of vip.com when it was listed in 2012 is as follows: from 2009 to 2011, vip.com's net revenues were 2 million 800 thousand US dollars, 32 million 580 thousand US dollars and 227 million US dollars respectively, with a net loss of US $1 million 380 thousand and 700, US $8 million 365 thousand and 800 and US $156 million respectively.

The valuation of vip.com a href= "http://www.91se91.com/news/index_c.asp" > Listing < /a > is about 360 million yuan, but the net revenue of Jingdong before the listing is 217 times that of vip.com, and the net loss is only 2.3 times that of vip.com.

As the market share is second only to Tmall's e-commerce platform, according to the data of AI, the market share of Jingdong in the first quarter of 2013 is the sum of Tencent (6.8%), Suning (4.5%) and Dangdang (2.6%) three electricity suppliers.

Mao Shengbo, the investment manager of P, told the financial weekly (WeChat public number money-week) that Jingdong's valuation should be $20 billion and may be higher after the listing.

but from the fundamentals of Jingdong operation, the prospectus claims that Jingdong has made a profit of 60 million in the third quarter of 2013. The 60 million yuan was offset by a loss of 316 million yuan in operating profit due to interest income of 222 million yuan and 164 million yuan of other government subsidies.

Interest income is thanks to the mercy of dealers. In the past two years, the payment time of Jingdong has been extended from 30 days to 40 days now.

in addition, the risk note of prospectus shows that as of September 30, 2013, Jingdong's "salary and benefits" amounted to about 963 million yuan.

If we figure out nearly one billion of the salaries and arrears in arrears, Jingdong's profits on the books, which depend on interest income and government subsidies, are a drop in the bucket.

so it seems that the high valuation of Jingdong is worrying.

Liu Qiangdong and PE7 entanglement /p >

Jingdong's prospectus shows that the company has conducted 9 private equity financing since March 2007, and has introduced PE investment institutions such as today's capital, the US Tiger Fund, DST Global Fund, Sequoia Capital, Saudi Arabia investment company and so on. The total amount of fund-raising amounted to US $1 billion 877 million.

The amount of fundraising before this IPO is second only to Ali group in domestic Internet Co.

March 2007, Jingdong, which has only developed three years in Beijing, is favored by today's capital Xu Xin. It first invested $5 million in Jingdong, and the price at that time was $0.032 per share.

At that time, Jingdong only set up branches in Shanghai, and the involvement of venture capital accelerated the pace of Liu Qiangdong's expansion.

May 2007, Jingdong Guangzhou wholly owned subsidiary was set up to expand the Southern China market.

In June, Jingdong mall handled more than 3000 orders per day.

In July, Jingdong established three logistics systems, namely, Beijing, Shanghai and Guangzhou, with a total logistics area of more than 50 thousand square meters.

In August, Jingdong once again received an investment of US $5 million today, with a price of US $0.038 per share.

Jingdong began to expand the category, completed the 3C product's entire line construction, became the veritable 3C online shopping platform.

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In January 2009, Jingdong, which had begun to take shape, won PE concern again. It received a total injection of $21 million from the capital, male capital and Liang Botao, a well-known investment banker in Asia, at a price of 0.089 US dollars per share in January 2009.

In February, Jingdong began to explore the field of B2C value-added services and diversify its commodities.

With the help of capital, the Jingdong orders processing capacity exceeded 20000 orders. In the first half of 2009, the sales volume of single month exceeded 300 million yuan, which was the same as that of 2007.

In September 2010, Jingdong received the injection of $138 million from high allocations capital (the price of US $0.774 per share). Jingdong began to extend its tentacles to book products, pforming from 3C network retailers to comprehensive online retailers, and then launched the mobile Internet strategy. P

DST of the Russian investor DST, with a huge injection of 746 million yuan, a total of about 960 million dollars from several funds and some celebrities from Tiger Fund, Sequoia Capital and some other celebrities.

The average price per share was 3.4 dollars, and the share price increased by 106 times. At that time, Jingdong's valuation was as high as 6 billion 600 million US dollars.

Jingdong with sufficient capital has begun to enter medicine, luxury goods, hotels and other businesses through acquisitions, and more importantly, it has prepared sufficient supplies for future price wars.

Before P, Liu Qiangdong has been very strong, and PE is coming in all directions, hoping to invest in this kind of meat and cake.

The business community even compared the two relations to "grandchildren".

But 2012 is the watershed between Liu Qiangdong and PE, and is in a delicate situation.

the electricity supplier war in 2012 has made endless efforts to burn money and let PE start to retreat. Especially as today's capital as angel investment, Jingdong, who has invested nearly 6 years, still has no hope of listing.

Financial weekly (WeChat public number money-week), based on publicly available data, calculated that today's capital accounts for 285 million shares in the initial investment of 10 million US dollars. At present, Jingdong has issued 2 billion 12 million 700 thousand shares, and today's prospectus is 9.5% of the capital stock today, accounting for 191 million shares of the stock.

According to previous media reports, today's capital took 30% stake in Jingdong. In 2009, Xu Xinceng announced to the outside world that Jingdong has achieved breakeven and may continue to invest.

But in fact, in the following rounds of financing, there is no figure of today's capital, but sold more than half of the shares.

today, 9.5% of the shares held by the capital may be net income, so Xu Xin announced that he was not worried about Jingdong listing.

Financial weekly newspaper reporter called today's Capital Partners Wen Baoma, the answer was that the company had already held a meeting and decided not to accept any media interviews about Jingdong at this time.

Similarly, reporters from the Sequoia Capital Partners Zhou Kui's response is also inconvenient to answer.

while another tiger fund is not so lucky as today's capital, the two high price is in line with Jingdong's investment. When the listing is out of hopelessness, the chief investor Tiger Fund China District President Chen Xiaohong was forced to resign in July 2012.

The reason is that the Jingdong mall, which invested $150 million by Tiger Fund, failed to achieve IPO exit within the agreed period. It was "accountability" by the tiger global management team.

with the August 2012 electricity supplier war, Liu Qiangdong's high profile claims that PE strongly supports the price war. The investors behind it choose to be silent, and the media use "kidnapping" to describe the relationship between Liu Qiangdong and PE.

It is the burning of money by Jingdong that makes the relationship between Jingdong and PE change from "Grandpa sun" into "lovers" with entanglements.

Even the outside world has been circulating Liu Qiangdong and PE gambling: if the Jingdong is not listed before 2013, Liu Qiangdong will lose most of the voting rights.

, so in the first half of 2012, Jingdong launched the first IPO communication conference.

But investment banks only gave Jingdong a valuation of 6 billion dollars, while Liu Qiangdong's ideal value was 10 billion -120 billion, which means that Jingdong must be "bloodshed" if listed.

the result of the final game is that Liu Qiangdong persuaded the investors to agree on suspending IPO. However, Liu Qiangdong must complete the target set by the investor for Jingdong, which is 45 billion yuan. Meanwhile, Jingdong began to search for a new round of financing.

At the time of P, Liu Qiangdong and PE's role conversion seemed to become grandchildren, looking for investors everywhere.

PE, which has already invested, can't ride a tiger.

In the last two financing of 2012 and 2013, Jingdong's share price remained unchanged at $3.961. P

At this price, Jingdong's total share capital of 2 billion 12 million 700 thousand shares is calculated, and its total valuation is only $7 billion 972 million.

Less than P, after several rounds of financing and the completion of the $1 billion 877 million private placement financing, Liu Qiangdong ownership has always been diluted with "supremacy of control".

As of IPO, Liu Qiangdong held 23.67% stake through two holding companies. Although it is still the largest shareholder, its position as the largest shareholder is already in jeopardy. The second largest shareholder of the global Tiger Fund has a shareholding ratio of 22.1%, and the total shareholding ratio of the five major PE is as high as 65.6%.

Liu Qiangdong, the smart P, designed the voting rights to 1:20 and implemented the A/B class stock mechanism, which led Liu Qiangdong to have completely uncontrollable control over Jingdong.

Liu Qiangdong's smoke bomb /p >

Electric merchants seem to be famous in the industry. Liu Qiangdong is perhaps the best person to smoke bombs. He is not only confused by many consumers.

Liu Qiangdong's lies are not only "a href=" http://www.91se91.com/news/index_c.asp "," prospectus "/a", but also their own micro-blog.

Jingdong's prospectus issued three big lies.

lie 1: exaggerate the amount of fund-raising.

According to the prospectus, the company has conducted 9 private equity financing since March 2007. It has introduced PE investment institutions such as today's capital, the US Tiger Fund, DST Global Fund, Sequoia Capital, Saudi Arabia investment company and so on. The total amount of fund-raising amounted to 1 billion 877 million yuan.

But in 2011, Liu Qiangdong repeatedly announced that Jingdong won $1 billion 500 million in equity financing, but in fact, its total fund-raising in 2011 was only $961 million.

lie two: exaggerated valuation.

Liu Qiangdong has once more than once declared that Jingdong's private equity valuation has exceeded 10 billion dollars, and throughout the 9 Jingdong financing situation, although the price per share has climbed steadily, but in fact, the latest private equity financing price is $3.961 / share, Jingdong's total issued shares of 2 billion 12 million 700 thousand shares, based on which the total valuation is only 7 billion 972 million dollars.

But Liu Qiangdong lost more than 2 billion dollars in value.

lie three: whitewash achievements.

< a href= "http://www.91se91.com/news/index_c.asp > > Liu Qiangdong < /a > on micro-blog, it disclosed that in 2011 and 2010, the revenue figures were 30 billion and 10 billion 200 million yuan respectively, but the actual data disclosed in the earnings report were 21 billion 129 million yuan and 8 billion 583 million yuan.

In addition, in 2011, Jingdong announced that its distribution team had reached 20 thousand, and planned to reach 40 thousand in 2012.

According to the prospectus, as of September 31, 2013, the number of Jingdong couriers was 18 thousand.

besides, because of the two micro-blog bet, Liu Qiangdong also owed a foreign debt.

causing widespread netizens' tucking is Liu Qiangdong and Zhang Jindong on the growth of the bet, in the first half of 2012, the growth rate of easy to buy 120%, and said if do not Jingdong, put Suning to Liu Qiangdong, Liu Qiangdong is a high-profile battle, and said it will take out of the Suning Appliance shares in the one hundred million shares are evenly distributed to the forwarding of this micro-blog netizen, at that time micro-blog forwarding volume of nearly million.

and the Jingdong prospectus shows that the growth rate of Jingdong in 2012 was 96%. Obviously, Liu Qiangdong lost money, and netizens began to chase debts.

And financial weekly contacted Su Ning, responded that Zhang Near East was on a business trip, did not respond to this matter.