On September 27, Jingdong Health issued a prospectus on the Hong Kong stock exchange. So far, the third Jingdong company has obtained the IPO admission ticket this year. According to the prospectus, as of June 30, 2020, there were 72.5 million active users of Jingdong health. In the first half of 2020, Jingdong health has accumulated more than 150 million users with a total revenue of 8.8 billion yuan. On the same day, JD announced that it plans to spin off JD health through independent listing on the main board of the Hong Kong stock exchange. After the spin off, JD will indirectly hold no less than 50% equity of JD health, and JD health will remain a subsidiary of JD. < / P > < p > according to public data, jd.com officially announced the independent operation of JD health in May last year. In just over a year, it has obtained more than 1 billion yuan of financing twice. How can JD health rush to IPO? < p > < p > Liu qiangdong once said, “if the field of health is done well, we can create a new Jingdong”. According to Tianyan data, the post investment valuation of Jingdong health in round a has reached 7 billion US dollars; according to investment bankers, after round B financing, the valuation target of Jingdong health is $30 billion. < / P > < p > as the only subsidiary of Jingdong group, Jingdong health is the third Unicorn company created by Jingdong group after Jingdong digital technology and Jingdong Logistics. < / P > < p > the independent split of Jingdong health, on the one hand, proves the importance of this business within the JD system, on the other hand, the split listing can help JD resist more risks. < / P > < p > since its inception, JD has established an indissoluble bond with the medical and health industry. As early as 2011, Jingdong and Jiuzhoutong cooperated to establish Jingdong good pharmacist to sell drugs online. In 2013, JD entered into the retail of non health care medical e-commerce. However, until the introduction of relevant policies in 2016 to encourage logistics enterprises to enter the medical and health industry, Jingdong was really involved in the medical industry at that time, and its whole set of logistics distribution system also became a stepping stone to enter the medical industry.

today, Jingdong health has formed four major business segments, including pharmaceutical business, Internet healthcare, health services and intelligent solutions, and gradually improved the industrial layout of “Internet plus medical health”. Among them, the pharmaceutical e-commerce business has become the core of Jingdong health by relying on the flow of Jingdong Mall and the strong logistics supply chain system of Jingdong, and its revenue accounts for more than 90%. < / P > < p > the data of the prospectus also shows the advantages of Jingdong health supply chain. As of June 30, 2020, the company’s online retail platform SKU has exceeded 10 million, and more than 9000 third-party businesses have settled in. There are 11 special drug warehouses and more than 230 non drug warehouses across the country. The o2o service “Jingdong drug delivery” has covered more than 200 cities in China, providing door-to-door drug delivery service within 30 minutes. < / P > < p > and the listing of Jingdong health has also provided ammunition for Jingdong’s broad business layout. Since the beginning of this year, Jingdong subsidiary companies, represented by dada and Jingdong Digital Technology Co., Ltd., are advancing to the capital market. Undoubtedly, Jingdong health has further consolidated the “Jingdong building”. < / P > < p > compared with ALI health and ping an good doctor, Jingdong health is particularly low-key. The first two companies were backdoor listed in 2017 and 2018 and IPO landed in Hong Kong stock market, while JD Health announced its independence in 2019. < / P > < p > it is worth mentioning that JD health completed a round of financing of more than US $1 billion at the beginning of its independence in May 2019, ranking the first in the annual financing amount. Unlike Ping’an good doctor and Ali health mainly relying on the blood transfusion of the group’s financial master’s father, JD health has obtained leading investment from many investment companies at home and abroad, including CPE China fund, CICC capital and baring Asia. < p > < p > in August this year, Hillhead capital signed a final agreement on the financing of JD health’s Series B non redeemable preferred shares with a large amount of more than $830 million. < p > < p > in 2016, Jingdong began to formally set foot in the medical field. With the promulgation of the policy of “the State Council Office on promoting the healthy development of the pharmaceutical industry”, it is clearly put forward that: give full play to the advantages of postal enterprises and express delivery enterprises in the delivery network, and improve the drug supply guarantee capacity of grass-roots and remote areas. < / P > < p > on May 31, 2016, Jingdong pharmacy was officially launched, and Jingdong Mall officially entered drug retail, realizing direct online purchase of over-the-counter drugs. From supplier management, warehouse management to front-end sales, customer management and distribution, JD can provide profound experience for Jingdong pharmacy.

2017, the key period of the development of Internet hospitals. The government has issued a series of policies on Internet plus medical health and Internet hospital management. In December of the same year, the Jingdong Internet hospital was launched on trial. < / P > < p > in 2019, Suqian branch of Jingdong Internet hospital announced its launch, which became the first online and offline integrated cooperation between public hospitals and platform based Internet hospitals. While most enterprises are still mainly concentrated in the connection between medical treatment and medicine, Jingdong took the lead in realizing the closed-loop of Internet “medical, medical and medical insurance” in Suqian. < / P > < p > in the early years, it started from the e-commerce business of non pharmaceutical retail such as health products. After 2016, JD health made a comprehensive effort to lay out the fields of internet medical treatment and intelligent service, and created an online “medicine + medicine” closed loop. Until now, Jingdong health has stepped on a lot of time points in Hong Kong’s IPO. < / P > < p > started late. JD health can see the pattern and pain points of the industry more clearly. Adhering to the clear idea of “linkage between medicine and medicine”, its profitability is also growing. < p > < p > industry insiders said that the listing of JD health at this time is in line with the current capital environment’s concern for medical and health companies. In 2020, under the environment of unprecedented attention in the field of medical and health, many players’ capital in the capital market will bet frequently. For Jingdong health, listing is not only a good channel for financing development, but also can resist more risks.

in 2020, China’s Internet healthcare industry entered a stage of rapid development. Internet plus medical health, medicine, health care and other related policies were released in succession, and it is also the drive to promote the sustainable layout of all kinds of game player ecosystems. < p > < p > Jingdong health is the only profitable company among the top players of Internet Medical. According to the prospectus, the total income of JD health from 2017 to the first half of 2020 is RMB 5.6 billion, RMB 8.2 billion, RMB 10.8 billion and RMB 8.8 billion respectively. Excluding the items of changes in fair value and non recurring profit and loss, the net profit of JD health from 2017 to the first half of 2020 is 210 million yuan, 250 million yuan, 340 million yuan and 370 million yuan respectively. < p > < p > in the field of internet medical care, there are three enterprises listed in Hong Kong stock market, including Ali health, Ping’an good doctor and Jingdong health. Lieyun has sorted out its main business, number of active users, revenue and net profit. < / P > < p > because it also has great advantages in e-commerce platform, the enterprise that can be easily compared with JD health is Alibaba health. As the core business of Jingdong health and Ali health, pharmaceutical e-commerce has to be mentioned. < p > < p > in May this year, Ali health released its financial report, which showed that its total revenue accounted for 97% of the total revenue of traditional Chinese medicine e-commerce business. If the appointment of vaccine, physical examination, medical care and other services of similar nature are included in the pharmaceutical e-commerce, the number will reach 99%. Therefore, Ali health has always been regarded as “an e-commerce company in the guise of online medical treatment”. < / P > < p > in Jingdong health’s four businesses, pharmaceutical e-commerce also accounts for a large proportion. Data shows that the proportion of medical e-commerce business of JD health is nearly 10% lower than that of Ali health, but it also reaches 88%. < / P > < p > it is obvious that both Alibaba health and JD health rely too much on e-commerce business for their profits. If they want to achieve faster growth, they must find new growth points. < / P > < p > “the market of the whole big health industry will exceed 10 trillion, but there is no real professional health management company in China so far.” Xin Lijun, CEO of Jingdong health, believes that compared with European and American countries, the whole health management industry in China has just started. Therefore, players in this field are actually friends. Compared with JD digital technology and JD logistics, JD health has no benchmarking company. < / P > < p > as the player with the highest market value in the industry, Ali health has not broken the “Curse” of loss; Dr. Chunyu, one of the earliest online medical practitioners, has not realized the vision of listing; and Ping An Hao doctor has accumulated a loss of nearly 4 billion yuan in five years. < / P > < p > although the prospect of internet medical treatment is considerable, it is undeniable that the current internet medical market is still in the incubation period, and there are no players who can declare victory. In the context of the loss of internet medical head enterprises, the capital’s tolerance for internet medical care may become smaller and smaller. Although Jingdong health has achieved a weak profit, it still has a long way to go to find new profit points and consolidate business model. It is said that “gta5” will be launched on Google cloud game platform stadia