More than a year ago, JD started a brand-new transformation from top to bottom, and Liu qiangdong, the founder, gradually retired from the “background” and handed over several major business lines to the younger generation of management. And the original decision, also let Liu qiangdong become “IPO harvester” this year. As one of the biggest winners in this year’s IPO market, Jingdong Group officially announced yesterday that it plans to split JD health by listing its shares on the main board of the Hong Kong stock exchange. At the same time, Jingdong health also submitted a prospectus for listing in Hong Kong. If all goes well, Jingdong will ring the bell of listing again this year. In fact, Jingdong has been listed for a long time. At the beginning, in the hearing documents of listing in Hong Kong, JD said that it had applied to the Hong Kong stock exchange for exemption and might consider splitting one or more related businesses from the Hong Kong Stock Exchange within three years. < / P > < p > as we all know, in addition to the main business of the group’s e-commerce, Jingdong has also incubated four “unicorns”, namely logistics, mathematics, health and industry. Among them, although Jingdong health was relatively late in independence, it also had a low sense of existence relative to logistics and mathematics. However, in just over a year, the value of Jingdong health has increased several times, especially with the emergence of the epidemic, which further highlights the value of Jingdong health. < / P > < p > as the “rich second generation”, JD health is still very young. It started operation independently in May last year, and announced that it had obtained a round of financing of US $1 billion in the same period. In just over a year, JD health’s valuation rose from US $7 billion to US $30 billion. Not only was the valuation growth rate much higher than that of other brother business lines, but also it became the youngest Unicorn enterprise in China. According to the semi annual report released by Jingdong in August, Jingdong health has obtained a b-round financing of US $830 million from Hillhouse, with a post investment valuation of US $30 billion. However, in addition to good luck, Jingdong health, born with a golden spoon, is also the key to listing in Hong Kong. It is understood that since 2014, the medical and health business of Jingdong health began to operate as an independent business category of Jingdong group. Three years later, Jingdong Health launched online consultation service again. In the later period, Yinchuan Jingdong Internet hospital also obtained the license of medical institutions, which further expanded its business line, making it possible to prescribe prescriptions online. In terms of business, < / P > < p > in the medical and health e-commerce section, Jingdong health now has the business of drug retail, drug wholesale, and non drug pan health commodity retail; the internet medical section mainly focuses on the needs of patients, and carries out medical services such as online registration and online consultation; the health service section provides users with physical examination, medical aesthetics, dentistry, gene testing and vaccine The consumer intelligence service, such as appointments, is mainly used for offline pharmacists, hospitals and government departments to provide information and intelligence solutions based on Internet plus technology. < / P > < p > according to frost Sullivan’s report, Jingdong health is China’s largest online health care platform and the largest online retail pharmacy in terms of revenue in 2019. As of June 30, 2020, more than 150 million users have used JD health’s platform to purchase medicine and health products or medical and health services. Although Jingdong health is very young, it has also caught up with the trend of rapid development of big health industry. At the same time, relying on logistics and e-commerce business, the development of Jingdong health business has been accelerating in recent years. As can be seen from the data in the prospectus, JD health has become the leader. < / P > < p > data shows that the total income of Jingdong health from 2017 to 2019 is 5.6 billion yuan, 8.2 billion yuan and 10.8 billion yuan respectively. In the first half of 2020, the total income of Jingdong health will reach 8.8 billion yuan. Excluding the changes in fair value and non recurring profit and loss, the net profit of the company from 2017 to the first half of 2020 is 208 million yuan, 248 million yuan, 340 million yuan and 344 million yuan respectively. < / P > < p > compared with ALI health, we can see that Jingdong health took the lead in achieving revenue exceeding 10 billion. Moreover, compared with the continuous profit of JD health, Ali health is still in the loss. According to the annual report previously released by alihealth, the revenue of Alibaba health in the fiscal year 2020 (as of March 31, 2020) was RMB 9.6 billion, with a loss of RMB 15.7 million. At the same time, from the perspective of income sources, the main source of income is commodity income from self-employed sales of pharmaceutical and health products. Data show that from 2017 to the first half of this year, commodity income accounted for 88.4%, 88.8%, 87.0% and 87.6% respectively. Jingdong Health pointed out that with the increasing number of users, commodity income will still be an important growth point of income. As for the types of goods, as of June 30, 2020, Jingdong health’s online retail platform has more than 10 million kinds of goods, more than 9000 third-party businesses have settled in, and there are 11 special drug warehouses and more than 230 non drug warehouses nationwide. In addition, unlike the retail e-commerce platform, the number of users of Jingdong health platform is far lower than that of the group, but it is also a leader in the same industry. According to the prospectus, Jingdong health has more than 150 million users, including more than 72.5 million annual active users of pharmaceutical retail. By comparison, as of March 31, 2020, the annual total merchandise trade volume (Gmv) generated by tmall medical e-commerce platform operated by Alibaba health exceeded 83.5 billion yuan, and the annual active consumers had exceeded 190 million yuan. < / P > < p > as mentioned above, the main income source of Jingdong health is self-service sales of medicine and health products. Although the drug retail market is important, it seems a little “small” compared with the large and healthy volume of more than 1 billion yuan. Of course, Jingdong health also realizes this, otherwise it will not vigorously promote online medical and health services such as online consultation after independence. < / P > < p > according to the information disclosed in the prospectus, JD health can provide online consultation, prescription renewal, chronic disease management, family doctor and consumer medical health services. At the same time, Jingdong health has also established its own doctors and external doctors team. According to the data, as of September 20, 2020, the platform has more than 65000 doctors. The epidemic also proved the correctness of Jingdong’s health decision. The frost Sullivan report points out that in the first quarter of this year, the number of online consultations in online hospitals managed by the National Health Council increased 17 times compared with the same period in 2019. For Jingdong health, in the first half of this year, the average daily number of online consultations reached about 90000 times, nearly six times that of the same period in 2019. Of course, there are epidemic reasons, but on the other hand, it also cultivates the user’s habit of consultation. Some minor diseases can be diagnosed and prescribed online. < / P > < p > in addition, from the perspective of making money, the gross profit rate of online consultation will be higher. However, judging from the current revenue ratio, Jingdong health needs to continue to optimize its income structure. < / P > < p > as the two big internet giants founded by e-commerce, Ali and Jingdong have always been in love and killing each other. Ali has ants, and Jingdong has several branches; Jingdong has logistics, Ali has rookies; Ali has health, and Jingdong has independent health business. However, different from the past by “suppressed”, Jingdong may rely on the health business to pull back a bureau. < p > < p > for the healthy listing of Jingdong, Cao Lei, director of the e-commerce research center of e-commerce, believes that Jingdong has been independent for more than a year and has achieved “overtaking on the curve”. < p > < p > according to the data, the market value of Jingdong is only one sixth of that of Alibaba, and the valuation of several branches to be listed is nearly seven times lower than that of ant group. However, according to the valuation of Jingdong health, this listing is likely to bring back face to Jingdong, which can be said to be the “Hope” of Jingdong. Before that, Liu qiangdong once said, “if this field is done well, we can create a new Jingdong.”. And the area he talked about was health. Although it is not realistic to build another Jingdong, it should not be a big problem to let Dongge “win” once. < / P > < p > for JD health, the reason why it chose to list on the Hong Kong stock exchange is that Internet medicine has a higher recognition in the Hong Kong market, including Ali health and Ping An Hao doctor, which are all listed in Hong Kong. In the future, it will obtain more funds to expand its business and improve its competitiveness. However, there is still a problem in front of Jingdong health. The rapid development of users under the epidemic situation has made it get an overestimated value. 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