Jingdong Updated IPO Documents For The First Time, Liu Qiangdong Increased Holdings And Strengthened Control.

The news that Alibaba is about to go to the US market has just fallen, and Jingdong first updated its own business recently. IPO Papers. The updated Prospectus has added Jingdong's financial report last year. Data show that the net revenue of Jingdong has reached 69 billion 340 million yuan in the year of 2013, a significant increase of 67.6% over the same period last year, and a net loss of 50 million yuan, a sharp decrease compared to the same period last year.

At the same time, Jingdong disclosed the latest share distribution. The largest shareholder, Jingdong founder Liu Qiangdong, widened the equity gap with institutional investors by adding shares, and just dumped the burden of electronic business on Jingdong. tencent The proportion of 14.3% stake has become the third largest shareholder of Jingdong.

Although Jingdong's profit margin of 60 million yuan in the first three quarters of last year did not last until the end of the year, its growth rate remained rapid. The updated annual report shows that Jingdong's net revenue last year was 69 billion 340 million yuan, an increase of 67.6% over the same period last year, with an operating loss of 579 million yuan and a net loss of 50 million yuan for the whole year.

Although it is still in a state of deficit, compared with the 1 billion 284 million yuan in 2011 and 1 billion 729 million yuan in 2012, the loss of Jingdong has sharply narrowed. This also shows that Jingdong, on the occasion of IPO, conveys its benign signal to the market and increases its interest in Jingdong.

It is worth noting that JD.COM It announced that Jingdong's 2013 annual turnover exceeded 100 billion yuan, which covers the total transaction volume of Jingdong self operated and POP platform, and the net revenue in the earnings report does not include transaction income in the platform, including platform service fees and advertising costs.

In addition to the financial situation, the disclosure of Jingdong shareholding structure changes also attracted attention. The updated prospectus document shows that Liu Qiangdong has increased 93780970 shares of ordinary restricted stock through Max Smart Limited, which is located in the British Virgin Islands, accounting for an increase from 18.4% to 18.8%, surpassing tiger Global Fund and becoming the largest shareholder.

Tiger Fund's shareholding ratio has been diluted from 22.1% to 18.1%, while Tencent has become the third largest shareholder of Jingdong by injections of 14.3% stake. However, despite the cooperation agreement between the two parties, Tencent has the right to continue to subscribe 5% stake after the successful listing of Jingdong IPO, but Liu Qiangdong retained the absolute control of Jingdong through the voting rights of the "1:20" vote.

A senior investment bank member told an interview with Beijing daily news that Jingdong was in the listing period, and the original Prospectus has been disclosed. It is not easy to modify the sensitive information of personal shareholding. Liu Qiangdong's holdings may be motivated by equity incentives or a repurchase agreement with shareholders. Liu Qiangdong realized indirect enrichment through Max Smart Limited, which actually strengthened Liu Qiangdong's control over Jingdong.

The source pointed out that, based on the strategic partnership between Tencent and Jingdong, Tencent will continue to increase its stake in Jingdong, but because it gave up the right to vote, it was equivalent to spending money to buy control for Liu Qiangdong. After listing, Jingdong is still firmly under Liu Qiangdong's control.

Statistics show that Jingdong submitted the IPO document to the securities and Exchange Commission on the 30 th of January, with a maximum financing of US $1 billion 500 million. The listing place will be selected between NASDAQ and NYSE, and Merrill Lynch and UBS are their underwriters.