Jingdong Yesterday Updated SEC Document: Holding 18.8%, 15 Billion 700 Million U.S. Dollars Valuation

< p > < strong > first, determine the number: < /strong > < /p >.
< p > 1, Liu Qiangdong became the first big a href= "http://www.91se91.com/news/index_c.asp" > shareholder < /a >, Tencent became the third largest shareholder, Saudi prince reduced the shareholding ratio. < /p >
< < p > in the SEC document submitted in January 30th, Tiger Fund is the largest shareholder in 22.1%. Liu Qiangdong is the second largest shareholder, holding 18.4% through Max Smart Limited, and third of the third shareholders as high leverage capital. < /p >
< p > it is worth noticing that among the shareholding companies, a company called Fortunes Rising Holedings Limited owns 5.3% shares. Liu Qiangdong is the sole shareholder of the company, and in the introduction, the company mainly rewards employees, not Liu Qiangdong's personal shareholding ratio. < /p >
< p > in the update document of March 20th, Liu Qiangdong's shareholding ratio increased to 18.8% (Fortunes shareholding ratio was reduced to 4.3%), and the shareholding ratio of Tiger Fund was reduced to 18.1%. Liu Qiangdong surpassed Tiger Fund to become the largest shareholder, while the third largest shareholder was Tencent, holding 14.3% shares. < /p >
< p > the document does not disclose how Liu Qiangdong has increased its holdings, but there are reports that the board has given Liu Qiangdong a reward for his work in the past 10 years. < /p >
< p > in addition, in the January 30th SEC document, the Saudi prince holding company investment company holding 5% Jingdong shares did not appear in the updated SEC document, which means that the stake in Saudi Arabia has been reduced by less than 1%. < /p >
< p > 2, 2013 annual revenue of 69 billion 340 million yuan, an increase of 67.6% over the same period, a net loss of 49 million 900 thousand yuan, not far from profit. < /p >
< p > in the January 30th SEC file, Jingdong said that in the first 9 months of 2013, it realized a profit of 60 million yuan, but it was obvious that the fourth quarter Jingdong increased its investment and pulled it back to the loss line in 2013. Although it lost 49 million 900 thousand yuan, it narrowed 97.1% compared with the 1 billion 729 million yuan loss in 2012. < /p >
< p > < strong > the good news for Jingdong is: < /strong > /p >
< p > (1) in the case of a href= "http://www.91se91.com/news/index_c.asp" > electricity supplier < /a > competition is so fierce, Jingdong can still maintain the growth rate above the industry. The 2010-2013 year revenue is 8 billion 583 million yuan, 21 billion 129 million yuan, 41 billion 381 million yuan and 69 billion 340 million yuan respectively, the growth rates are 194%, 146%, 96%, 68% respectively. < /p >
< p > (two) the gross profit margin of Jingdong has been greatly improved, and the gross profit margin of 2010-2013 years is 4.8%, 5.5%, 8.4% and 9.9% respectively. This is undoubtedly a great benefit to Jingdong, whose 3C margin has been hovering around 5% for a long time. < /p >
< p > (three) the growth of logistics cost of Jingdong is slowing down. For a long time, Jingdong has invested huge amounts of money to build logistics itself. Its scale effect has already begun: in 2013, Jingdong logistics cost was 4 billion 100 million yuan, up 33% yuan from 3 billion 61 million yuan in 2012 compared with 1 billion 515 million yuan in 2011 compared to 102% in 2012. < /p >
< p > < strong > what is worth worrying about Jingdong is: < /strong > /p >
< p > (1) although Jingdong can maintain 68% of its revenue growth, it is good, but the annual revenue is slowing down. Especially in the aspect of ring to scale growth, it can maintain about 20% per quarter in 2012. The growth rate in 2013 is 9%, 27%, 3% and 9% respectively, with an average growth rate of about 12%. < /p >
< p > (two) Jingdong's main business, including B2C and open platform, is still losing money. Income from interest is one of the reasons why Jingdong's losses narrowed sharply. In 2011, this income was only 56 million yuan, which increased to 176 million yuan in 2012 and 344 million yuan in 2013. < /p >
Other figures in < p > < strong > 2013: < /strong > /p >
< p > annual turnover was 125 billion 500 million yuan, an increase of 71.2% over last year's 73 billion 300 million yuan, of which 93 billion 700 million yuan was self operated, 31 billion 800 million yuan was open platform, and household appliances accounted for 63.6% of the total turnover. The annual number of orders was 323 million, active accounts were 47 million 400 thousand, and 38325 employees were close to 50%, 18005. Cash and equivalents are 10 billion 812 million yuan. < /p >
< p > < strong > two uncertain numbers: < /strong > < /p >.
< p > 1, < a href= "http://www.91se91.com/news/index_c.asp" > Jingdong < /a > need to pay 631 million yuan to Tencent in 2014. < /p >
< p > the main reason for the renewal of the SEC document is the transaction with Tencent. The Tencent paid 214 million US dollars in cash and merged QQ online shopping, patting, logistics department and 9.9% of the XXX equity into Jingdong. Jingdong issued 351678637 ordinary shares to Tencent, accounting for 15% of the common shares listed before Jingdong. Tencent, in the initial public offering of Jingdong, subscribed for an additional 5% of Jingdong's share price. The Jingdong has the right to acquire the remaining equity of XXX at 800 million yuan or fair value. < /p >
< p > the above information was previously disclosed by Tencent. However, in yesterday's updated document, it was mentioned that "according to the actual implementation of the terms of the Tencent and its Affiliated Companies acquisition, Jingdong will pay 631 million yuan to the user", but it did not write down why it would pay 631 million yuan ($104 million) to the company. < /p >
< p > there is an analysis saying that this is equivalent to part of the purchase of the "quick deposit". If the Jingdong decides to continue to purchase the remaining equity, it will need to pay 631 million yuan in 2014. However, the transaction is likely to take place after the listing of Jingdong, because Jingdong's loss is serious. Jingdong should not want to merge into the earnings before listing. < /p >
The fair value of < p > 2 and US $15 billion 700 million is less than /p.
< p > earnings report also disclosed that Tencent's valuation of QQ online shopping, patting, logistics department, and XXXX 9.9% stake was $1 billion 923 million, plus Tencent's $214 million cash, and the value of WeChat and mobile QQ client's first level entry, location and other major platforms. The total value of Jingdong's 15% shares is that the value of Tencent's shares is worth more than 14 billion dollars. < /p >
< p > in terms of equity value, there are documents in the earnings report. As at December 20, 2013, Jingdong had a fair value of $3.96 per common share and a fair value of $8 billion 30 million. In March 11, 2014 (after Tencent investment in Jingdong), Jingdong had a fair value of $6.3 per common share and a fair value of $15 billion 721 million. < /p >
< p > however, there are investment bankers who say that the fair valuation is only one of the accounting algorithms. It is the estimation of the third party's valuation, and the reference cost of the internal calculation is basically. The market reference is relatively weak. When the investment comes in, it will not look at the valuation price. < /p >