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According to the news, Jingdong Logistics has been approved for IPO in Hong Kong, with a valuation of US $40 billion

via:博客园     time:2021/5/1 1:29:24     readed:287

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Source: Unicorn knows (ID: iponows)

On February 16, 2021, Jingdong Logistics formally submitted an application for offering to the stock exchange of Hong Kong.

According to the prospectus, in the first three quarters of 2020, the revenue of Jingdong Logistics reached 49.5 billion yuan, a year-on-year increase of 43.2%, which was 37.9 billion yuan in 2018 and 49.8 billion yuan in 2019, a year-on-year increase of 31.6% compared with 2019. Far more than the revenue of Yuantong express, Zhongtong express and Shentong express last year, equivalent to the sum of the revenue of Zhongtong express and Shentong express last year.

In the past two years, Dada and Jingdong health, which are controlled by Jingdong, have successively completed their IPO, with an average of one IPO a year. Jingdong Logistics plans to raise as much as $4 billion, with a valuation of $40 billion. If it successfully passes the hearing, Jingdong Logistics may be formally offered and listed in May, and become the third listed subsidiary of Jingdong group.

According to the prospectus, in the first three quarters of 2020, the revenue of Jingdong Logistics reached 49.5 billion yuan, an increase of 43.2% over the same period of last year. This figure was 37.9 billion yuan in 2018 and 49.8 billion yuan in 2019.

In 2017, Jingdong Logistics was fully open to the outside world, and the proportion of external customers' income increased from 29.9% in 2018 and 38.4% in 2019 to 43.4% in the first nine months of 2020. In addition to Jingdong group, Jingdong Logistics has more than 190000 enterprise customers, covering FMCG, clothing, home appliances, furniture, 3C, automobile, fresh food and other industries.

According to the prospectus, JD logistics is positioned as a leading technology driven supply chain solution and logistics service provider in China. The funds raised from the global sale of JD logistics will be mainly used to upgrade and expand the logistics network, develop advanced technologies related to supply chain solutions and logistics services, expand the breadth and depth of solutions, cultivate existing customers and attract potential customers.

In terms of logistics network expansion, it will increase the number of intelligent warehouses, expand to the sinking market, and invest in and expand air cargo network, cold chain network, cross-border network, etc; In terms of technology investment, it will continue to strengthen its long-term competitiveness in technology, including hardware, software and algorithms, as well as the application of 5g, cloud computing, Internet of things and other basic technologies; In terms of industry solutions, we will further strengthen and customize industry solutions to solve more specific industry pain points and apply them to more vertical industries.

According to the prospectus, in the past three years, Jingdong Logistics has continuously increased its investment in technology research and development. In the 11 quarters from 2018 to the third quarter of 2020, the accumulated technology investment of Jingdong Logistics has reached 4.6 billion, showing a growing trend. In the 11 quarters, Jingdong Logistics Technology investment accounted for an average of 3.4% of the revenue in the same period, leading the industry.

Jingdong Logistics has not only built the first whole process unmanned warehouse and the first 5g logistics park to realize the large-scale landing of express robots, but also reduced the inventory turnover days of millions of self operated SKUs to 34 days through 800 warehouses, and the performance fee rate will reach 6.5%. By the end of 2020, Jingdong Logistics has owned and is applying for more than 4400 technical patents and computer software copyrights, of which more than 2500 are related to automation and unmanned technology.

By the end of 2020, Jingdong Logistics has more than 250000 employees, including more than 240000 front-line employees in warehousing, express delivery, customer service, etc. Details of the spin off plan, including the size and structure of the global offering, have yet to be finalized, Jingdong said; After the completion of the proposed spin off, the company will continue to indirectly hold more than 50% of the shares of Jingdong Logistics.

At present, the documents of Jingdong Logistics after the hearing have not been published in the Hong Kong stock exchange. We have extracted 10 key figures from the more than 500 pages of offering materials to have a brief understanding of Jingdong Logistics.

1. Revenue in the first three quarters of 2020: 49.5 billion yuan

The revenue of Jingdong Logistics in the first three quarters of 2020 was 49.5 billion yuan, a year-on-year increase of 43.2%, while the revenue of the company in the whole year of 2019 was 49.9 billion yuan, a year-on-year increase of 31.6%, maintaining a high growth.

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2. The proportion of customers' income outside Jingdong group: 43.4%

Since the full opening to the outside world in 2017, the proportion of income from external customers of JD logistics has been increasing, from 29.9% in 2018 and 38.4% in 2019 to 43.4% in the first nine months of 2020.

3. The number of warehouse operations in China: more than 800

As of September 30, 2020, Jingdong Logistics has operated more than 800 warehouses, including cloud warehouse, with a total construction area of about 20 million square meters.

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4. Number of frontline employees: 240000

By the end of 2020, Jingdong Logistics has more than 250000 employees, including more than 240000 front-line employees in warehousing, express delivery, customer service, etc.

5. Number of customers: 190000

In 2020, the number of customers of Jingdong Logistics enterprises will exceed 190000, and its integrated supply chain solutions cover FMCG, clothing, household appliances, furniture, 3C, automobile, fresh and other industries.

6. R & D investment since 2018: 4.6 billion yuan

In the 11 quarters from 2018 to the third quarter of 2020, the accumulated technology investment of JD logistics has reached 4.6 billion, showing a growing trend; Technology investment accounted for 3.4% of the company's total revenue in the same period.

orgsrc=//img2020.cnblogs.com/news/66372/202104/66372-20210430153911927-1755902846.jpg

7. Technical patents and software copyrights: 4400

By the end of 2020, JD logistics has owned and is applying for 4400 technology patents and software copyrights, of which about 2500 are related to automation and unmanned technology.

The average daily order processing capacity of Shanghai Asia No.1 exceeds 1.3 million orders during the annual 618, 11.11 and new year's festival.

9. Help Jingdong group achieve inventory turnover days: less than 40 days

It has helped Jingdong group serve more than 400 million consumers and continuously reduced the inventory turnover days of millions of self operated SKUs, which has been stable below 40 days since 2012. According to the previous financial data released by Jingdong group, as of the third quarter of 2020, its inventory turnover days had dropped to 34 days, lower than the data of the world's retail giants Wal Mart and Amazon in the same period, and the performance fee rate had dropped to 6.5%.

10. Future growth space of China's logistics market: 19.1 trillion yuan

According to the insight consulting report, China's total logistics expenditure is expected to reach 19.1 trillion yuan by 2025. Despite the large scale of the market, the efficiency of China's logistics market is still relatively low compared with other developed countries. In 2019, the percentage of China's logistics expenditure in GDP is 14.7%, which is still relatively high compared with 7.6% in the United States and 8.5% in Japan. The market demand for integrated supply chain solutions and logistics services is huge, and the future growth space of JD logistics is huge.

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