After months of preparatory work, JD digital first disclosed the prospectus later than the Shanghai Stock Exchange on September 11. The company, which started the capital process with ant’s front and back feet, carries the financial technology vision of its parent company Jingdong group. It has been seven years since its establishment, and its latest valuation is close to 200 billion yuan. As one of the giants who carried out the strategic adjustment of the concept of “science and technology” in the industry, the development mode of Jingdong Digital Technology Co., Ltd. has experienced three changes from digital financial mode to financial technology mode, and then to digital technology mode. In November 2018, it announced the transformation and upgrading of Jingdong digital technology from Jingdong finance. < / P > < p > with the disclosure of the prospectus, the business situation of Jingdong Digital Technology Co., Ltd. from 2017 to the first half of 2020 can be seen at a glance, and the quality of its transformation digital technology business will also be torn apart from the public. < / P > < p > previously, interface news briefly summarized the basic performance, equity structure and fund-raising investment direction of Jingdong Digital Technology Co., Ltd. in the key points of Jingdong digital technology’s prospectus: planned to raise 20 billion yuan, Liu qiangdong has 75% voting rights, which is not directly comparable with ant group. This article will sort out the relationship between JD digital and JD, business structure, employee motivation and portraits. < / P > < p > as the first subsidiary of Jingdong group incubated and spun off, Jingdong digital technology has always been closely related to Jingdong group. Now listed separately, its relationship with Jingdong group will undoubtedly become the focus of supervision. < / P > < p > from the perspective of equity structure, Jingdong group has always been the largest shareholder of JD digital. Through Jiangsu Huiji agreement, a wholly foreign-owned enterprise established in China, it controls Suqian polymerization of domestic enterprises and indirectly holds 36.80% of the company’s shares. < p > < p > Liu qiangdong, founder and chairman of Jingdong group, is also the actual controller of Jingdong group. According to the prospectus, Liu qiangdong is the actual controller of Suqian polymerization, Boda Hecheng and pilot Fangyuan, the three major shareholders of Jingdong digital technology. Due to the existence of AB share structure, as of the date of the signing of the prospectus, Liu qiangdong controlled 50.35% of the shares in total, and the corresponding proportion of voting rights was 74.77%. < p > < p > among them, Liu qiangdong holds 8.86% of class A shares, and the corresponding proportion of voting rights is 45.01%; the issuers directly hold 36.80%, 2.79% and 1.90% of class A and B mixed shares of the company through Suqian polymerization, Boda Heneng and pilot Fangyuan, respectively, with corresponding voting rights of 29.76%. < / P > < p > and from the perspective of business intersection, related party transactions between JD digital and the group have also become the focus of attention, especially for JD digital, which has not made profits before 2018, “group blood transfusion theory” has become an inevitable topic around it. Now that it has been profitable for two years, does Jingdong branch still need group blood transfusion? < / P > < p > in the prospectus, JD digital stressed that the company has asset integrity, personnel independence, financial independence, institutional independence and business independence. At the same time, JD digital also disclosed the existence of a certain scale of related party transactions with Jingdong group. < p > < p > among them, the amount of goods sold and services provided by Jingdong Digital Technology Co., Ltd. to Jingdong group were 2.675 billion yuan, 3.960 billion yuan, 5.312 billion yuan and 3.086 billion yuan respectively, accounting for 29.50%, 29.08%, 29.18% of the operating revenue of the same period 29.89%; compared with the income collected by ant group from Alibaba group accounting for less than 10% of the total income of the current period, the contribution of Jingdong group to Jingdong digital science is still high. However, Jingdong Digital Technology Co., Ltd. also said that it would regulate and reduce related party transactions, and disclosed the letter of commitment on standardizing and reducing related party transactions with Jingdong Digital Technology Holding Co., Ltd. issued by Liu qiangdong in the prospectus. < / P > < p > in the prospectus, JD digital disclosed for the first time its three major business sectors, namely digital solutions for financial institutions (to f), digital solutions for merchants and enterprises (to b), and digital solutions for government and other customers (to g). In the first half of 2020, the operating income of these three parts accounted for 41.48%, 52.37% and 5.57% respectively. < / P > < p > among them, the digital solutions for merchants and enterprises with the highest proportion of revenue, and the representative products and services mainly include Jingdong Baitiao, acquiring and member management, and bill platform. < / P > < p > from 2017 to the first half of 2020, the revenue of this business segment in the reporting period was 7.303 billion yuan, 10.19 billion yuan, 10.918 billion yuan and 5.409 billion yuan respectively. Due to the increasing sense of existence of digital solutions for financial institutions in another sector, the revenue pressure of this business sector is decreasing. < / P > < p > the representative products and services of digital solutions for financial institutions include Jingdong gold bar, “small white card” series of credit card joint products, insurance technology products, asset management technology platform “JT? Intelligent management”. From 2017 to the first half of 2020, the revenue of this business segment was 1.546 billion yuan, 3.298 billion yuan, 6.217 billion yuan and 4.284 billion yuan respectively, and its proportion in the operating income increased year by year, from 17.05% to 41.48%. In the same period, the proportion of smart solutions increased from RMB 0.75 billion to RMB 0.75 billion, including RMB 0.75 billion of revenue from smart solutions and other major solutions, respectively. < / P > < p > in addition to the three major businesses, the prospectus also disclosed the financial licenses currently held by JD digital through its holding company, including third-party payment, commercial factoring, small loan, insurance brokerage, fund sales, etc. < / P > < p > as the representative user credit products of Jingdong Digital Technology Co., Ltd., Jingdong gold bar and Jingdong white bar have become two products that can not be ignored by Jingdong data branch, and the prospectus also made the first disclosure of this. < / P > < p > the “Jingdong Baitiao” launched in February 2014 is the first credit consumer product in the industry, and the scene effect of linkage with Jingdong Mall is obvious. According to the data of the prospectus, Jingdong Baitiao has increased the user retention rate of Jingdong Mall by nearly 100%, the per capita order volume has increased by about 50%, and the transaction volume has increased by about 80%. The users of Jingdong Baitiao have been evaluated as “a group of high-quality consumers with strong purchasing power, high loyalty and good credit.” In the first half of 2020, the number of active users of Jingdong Baitiao has reached 55.4461 million and the income has reached 1.794 billion yuan. < p > < p > Jingdong gold bar is a short-term consumer credit product without collateral. Although it was listed two years later than Jingdong Baitiao, its revenue scale has exceeded that of Baitiao. In the first half of 2020, Jingdong gold bar realized 2.636 billion yuan of science and technology service revenue. < / P > < p > it is worth noting that during the reporting period, the total revenue of Jingdong gold bars and white bars increased year by year, from 26% to 43%, accounting for half of the total business income of Jingdong. < / P > < p > the prospectus also suggests that the Supreme People’s court recently adjusted the judicial protection upper limit of private lending interest rate: it may also have an impact on the customer group and interest rate range of financial institutions, and also have an impact on the scale of credit business of financial institutions, and thus have a negative impact on the relevant business cooperation between the company and it. In addition, some of the company’s subsidiaries are engaged in self financing business, which may also be affected in terms of business pricing and business model. < p > < p > among them, R & D personnel and professional personnel account for about 70% of the total number of employees of the company, and sales personnel have increased significantly in the past three years, from 4.99% in 2017 to 18.88% in the first half of 2020. < / P > < p > at present, the employee equity incentive of Jingdong Digital Technology Co., Ltd. includes three parts: the employee stock ownership plan implemented through the asset management plan, that is, Hua’an asset management company establishes the “Huaan asset Jingdong data division employee stock ownership single asset management plan” (“asset management plan”); the equity held by Shuhong Chuangyuan for future employee equity incentive; in addition, the company part held by Mingjin Chuangyuan Shares will also be used for future employee equity incentive arrangements. The first two parts are mainly implemented by Suqian Dongtai. As of the signing period of the prospectus, Suqian Dongtai held 377512750 shares of the issuer, accounting for 7.80% of the total share capital of the issuer before this issuance; Mingjin Chuangyuan will also be used for the future employee equity incentive arrangement of 4607 shares. Chinese version of K-car: reading a10e design drawing exposure