Jingdong Refers To Amazon'S Market Value Or $40 Billion.

< p > 2014 is the year of China's electricity supplier listing.

According to the SEC and accounting standards, Jingdong listing must disclose the audited financial report for 2013, and the roadshow may be opened in April.

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< p > prospectuses show that Jingdong has made 9 private equity financing since March 2007. It has introduced PE such as today's capital, the US Tiger Fund, DST Global Fund, Sequoia Capital, Saudi Arabia investment company and so on, raising a total amount of US $1 billion 877 million.

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< p > with the rapid listing of Jingdong, the discussion on the valuation of Jingdong has become a hot topic.

ABR Investment Strategy, a US independent analyst, has released a report that Jingdong valuation is between 31 billion and 44 billion dollars.

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< p > reporter interviewed US stock analyst T. H. Capital (Tian Hao capital) CEO and chief analyst Hou Xiaotian.

Hou Xiaotian believes that Jingdong valuation may be between 300 and 40 billion dollars.

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< p > prospectus shows that Jingdong's net revenue in 2010 was 8 billion 583 million yuan, an increase of 194% over 2009, and a 21 billion 129 million yuan gain in 2011, an increase of 146% over 2010, and a 41 billion 300 million increase in 2012, an annual growth rate of 96%.

The net revenue of Jingdong in the first nine months of 2013 was 49 billion 216 million yuan. It was speculated that Jingdong's revenue in 2013 could be around 68 billion 302 million yuan, or about 11 billion 384 million dollars.

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< p > Hou Xiaotian pointed out that in view of the fact that Jingdong's sales scale has already been enlarged, it can not continue to maintain its high speed growth in the past, and with the rapid development of mobile Internet, without considering investment and merger and acquisition, the growth rate of revenue of < a href= "http://www.91se91.com/news/index_c.asp" > Jingdong < /a > in the next 3 years may slow down, which is 51.6%, 39.2% and 29.8% respectively, and the sales scale is 17 billion 258 million US dollars, 24 billion 21 million US dollars and 31 billion 175 million US dollars respectively.

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< p > Jingdong is not listed at present. There is no concept of selling rate, sales rate (Price-to-sales, PS), PS= total market value, main business income, or PS= share price / per share sales.

The lower the selling rate, the greater the investment value of the company's stock.

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< p > Jingdong has 3 most obvious reference systems in the capital market, namely Dangdang, vip.com and Amazon. Amazon's sales rate in 2014, 2015 and 2016 may be 1.5, 1.3 and 1.3 respectively, and vip.com in turn is 2.4, 1.7 and 1.2.

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< p > Hou Xiaotian believes that < a href= "http://www.91se91.com/news/index_c.asp" > Amazon < /a > is the best reference frame for Jingdong. The market value of Jingdong should be the sales scale of Jingdong multiplied by the selling rate of Amazon (c2=a*b3). If Jingdong is listed in the first half of the year, its market value should be 30 billion 800 million dollars, and the second half of this year will be 39 billion 900 million dollars, that is, the market value of this year's market should be between 300 and 40 billion dollars.

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< p > related links: Jingdong over the past 3 years < a href= "http://www.91se91.com/news/index_c.asp" > financing process < /a > /p >

< p > up to now, the number of shares issued by Jingdong is about 2 billion 12 million 700 thousand shares.

Liu Qiangdong controlled Max Smart Limited and Fortune Rising Holdings Limited hold 18.4% and 5.3% respectively.

Tiger Global Fund holds 22.1%, 15.8% of high leverage capital, 11.2% of DST, 9.5% of today's capital, 5% of Saudi Arabia's Kingdom Holding Co, and 2% of Sequoia Capital.

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< p > among them, Jingdong from April 2011 to June, Jingdong completed the fourth round of financing, DST led investment, divided into three pens into a total of more than 746 million dollars, Sequoia Capital also invested about 215 million dollars by the end of June 2011.

Taking DST in April 2011 as an example, it invested $314474963 to acquire 94295585 shares of common stock, and the value of Jingdong has reached US $3.3.

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In June 2013, Jingdong gained a lot of investment. Among them, Saudi Arabia invested $400000000 in P and gained 100988642 shares of common stock, and the value of Jingdong reached $3.96.

On this basis, the overall valuation of Jingdong in 2013 was $7 billion 970 million, or less than US $8 billion, which did not reach the $10 billion claimed by Liu Qiang Dong.

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