Last week, the market is still due to Jingdong several branches of the recommendation of securities companies “4 to 2”, whether to be listed in doubt. This Friday (September 11), the application for listing on the science and Technology Innovation Board of Jingdong Digital Technology Co., Ltd. was accepted. According to the information disclosed, Guotai Junan and Minmetals securities eventually became the sponsor of Jingdong several branches. According to public information, Jingdong Digital Technology Co., Ltd. signed stock issuance and listing guidance agreements with Guotai Junan, CITIC Securities, Minmetals securities and Huajing securities on June 28. < / P > < p > according to the prospectus, JD digital intends to issue no more than 5380.2 million shares, accounting for no less than 10% of the total share capital after the issuance (before exercising the over allotment option). All of the shares are new shares and do not involve the public offering of shares by the original shareholders. The company has granted the lead underwriters an over allotment option of no more than 15% of the number of such issues. < p > < p > as a “Jingdong” company, the controlling shareholder and actual controller of Jingdong Digital Technology Co., Ltd. is Liu qiangdong. Liu qiangdong directly held 8.86% of the total share capital of Jingdong digital technology before the issuance, and indirectly controlled 41.49% of the total capital stock of Jingdong Digital Technology Co., Ltd. through pilotage Fangyuan, Suqian polymerization and Boda Heneng, accounting for 50.35% of the total equity before the issuance. < / P > < p > Jingdong data division has a special voting right mechanism. The voting number ratio of class A shares and class B shares is 10:1. Liu qiangdong owns 74.77% of the voting rights before the issuance of JD digital technology through direct and indirect control of class A and class B shares of the company. “It restricts other shareholders other than the shareholders controlled by the actual controller to exert influence on the major decisions of the issuer by exercising their voting rights at the general meeting of shareholders.” Jingdong branch of the number of tips risk said. < p > < p > in 2013, Jingdong Digital Technology Co., Ltd. was independently operated. In the early stage of its establishment, it mainly provided inclusive financial services for businesses and consumers based on the e-commerce platform of Jingdong group, and solved the financing difficulties of small and micro enterprises and consumers. With the continuous improvement of the digital technology capability of Jingdong Digital Technology Co., Ltd., the service customers have been expanding from within the platform of Jingdong group. At present, JD digital is committed to providing all-round digital solutions for financial institutions, merchants and enterprises, government and other customers. < / P > < p > then how deep is the relationship between JD digital and JD group? According to the prospectus, the related party transactions between JD digital and JD group are mainly reflected in marketing promotion, technical services, comprehensive risk management services, payment services, factoring services, financing services, etc.; the related party transactions between JD digital and JD Allianz are reflected in the provision of insurance technology services and services to other related parties. During the period from 2017 to 2019 and the first half of 2020, the revenue of Jingdong Digital Technology Co., Ltd. from providing services to JD group was 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% and 29.89% of the operating revenue of JD data division in the same period, and JD group was the largest customer of JD digital in each period of the report period. On the one hand, related party transactions may damage the interests of the company and other shareholders. If the future corporate governance is not standardized or the internal control system can not be strictly implemented, the actual controller, major shareholders and their related parties of the company may still affect the interests of the company and other shareholders through related party transactions; on the other hand, the company and its related parties may still affect the interests of the company and other shareholders through related transactions In addition, there may be a risk of conflict of interest between the company and JD group. At present, the business positioning of the company and Jingdong group is different. If the business expansion of the company in the future is regarded as the business of JD group or its g / P & gt; < p > < p > from the performance of JD digital, the company’s operating revenue was 9.070 billion yuan, 13.616 billion yuan, 18.203 billion yuan and 10.327 billion yuan from 2017 to 2019 and the first half of 2020, respectively, maintaining a relatively high growth rate; however, the net profit attributable to the parent company was – 3.820 billion yuan, 130 million yuan, 790 million yuan and – 670 million yuan, respectively, with large fluctuations. < / P > < p > “if the future macroeconomic situation fluctuates, Xinguan epidemic situation continues or repeats, industry regulatory policies change, market competition intensifies, consumer demand declines, or the company’s new product or new technology R & D fails to meet expectations, and talent incentive costs increase, all of which can lead to a slowdown in the company’s revenue growth or an increase in costs, thus further causing business operations Performance fluctuations. ” Jingdong said. < / P > < p > the listing selection of Jingdong Digital Technology Co., Ltd. is subject to the listing standard of Article 24 (1) of the rules for the examination and approval of the issuance and listing of shares on the science and Technology Innovation Board of Shanghai Stock Exchange: the expected market value shall not be less than 10 billion yuan. < / P > < p > in 2017-2019 and the first half of 2020, the R & D expenses of JD digital technology were 1.078 billion yuan, 1.743 billion yuan, 2.567 billion yuan and 1.619 billion yuan respectively, accounting for 11.88%, 12.80%, 14.10% and 15.67% of the operating revenue, respectively. As of the end of the report period, the number of R & D personnel in Jingdong science and Technology Department was 4172, accounting for 41.77% of the total number of employees. < p > < p > the company plans to raise 20 billion yuan of funds for the IPO of the science and technology innovation board. After deducting the issuance expenses, the net amount of the actual raised funds of this issuance will be invested in the digital solution upgrading construction project of financial institutions (3.723 billion yuan), the digital solution upgrading construction project of merchants and enterprises (2.306 billion yuan), the upgrading construction project of digital solution for emerging industries (2.787 billion yuan), the upgrading construction project of open platform (1.863 billion yuan), and the digital technology The expansion project of the technology center (3.981 billion yuan) and supplementary working capital (5.707 billion yuan). < / P > < p > “if the funds raised by this issuance can not meet the capital needs of the above-mentioned projects to be invested, the company will solve the fund gap through self financing. If the actual raised funds of this issue exceed the requirements of the investment project, the company will use the surplus part for the main business of the company in accordance with the capital status and the management system of raised funds. ” Jingdong said. Epic Games accused Google of monopolizing the latter, which may have a better chance than apple