The year 2020 will be a good year for Jingdong. At the beginning of June, dada went to the United States for listing, and Jingdong group, which was listed in the US stock market in the same month, went to Hong Kong for a second listing. On September 11, the Shanghai Stock Exchange officially accepted the IPO application of Jingdong digital technology innovation board. On the evening of September 21, Jingdong group announced that Jingdong health, a subsidiary of the company, officially launched its listing in Hong Kong. < / P > < p > after Jingdong and dada, Jingdong digital technology and Jingdong health have confirmed that they are preparing for the listing, and Jingdong Logistics and Jingdong industrial products are also coming out. According to statistics, after the secondary listing of Hong Kong shares in June, the total market value of Jingdong group on the opening day was 725 billion yuan, and the net amount of raised funds was HK $29.8 billion, the highest record of Hong Kong stock public offering since this year. The total market value on that day exceeded HK $700 billion, ranking fourth in the market value of domestic Internet companies. As of September 24, the total market value has risen to HK $895.762 billion, and the rest of its subsidiaries have raised nearly 100 billion yuan. The overall valuation of Jingdong series is over one trillion yuan. < / P > < p > for several young subsidiaries, the IPO process can be described as running forward. In 2013, Jingdong branch operated independently. In 2017, Jingdong officially established Jingdong industrial products. In the same year, Jingdong Logistics operated independently. In 2019, JD Health announced its independent operation. The shortest subsidiary has only been in operation for more than one year, and the longest is only seven years. < / P > < p > among these companies, dada is the first listed company of Jingdong, followed by Jingdong Logistics and Jingdong several branches. The Jingdong system created by Liu qiangdong is advancing to the capital market collectively. The scale of Jingdong department gradually expanded, unicorn became a listed company, and many carriages of Jingdong went hand in hand. < / P > < p > on January 23, 2019, Jingdong announced that it would adjust its structure and officially upgrade Jingdong Mall to Jingdong retail, keeping pace with Jingdong Logistics and Jingdong digital technology. In May of the same year, Jingdong health obtained more than US $1 billion in round a financing, becoming the third Unicorn enterprise after Jingdong digital technology and Jingdong Logistics. < / P > < p > If Jingdong retail is the first main line of Jingdong group, then Jingdong Logistics, Jingdong health and Jingdong digital technology are the second main line of Jingdong group based on Jingdong retail layout. < / P > < p > all businesses of Jingdong group are launched around Jingdong retail, which is naturally the first main line. In 2007, JD logistics found that 72% of the complaints from terminal retail customers were related to logistics. In order to better serve customers, Jingdong decided to establish its own logistics system. At present, Jingdong Logistics is the most competitive subsidiary in the industry of Jingdong department, and also the moat of Jingdong retail. The total revenue of JD was RMB 134.8 billion, P < 0.05. Among them, the net income of e-commerce platform was 118.85 billion yuan, with a year-on-year increase of 27%. The net service income was 16 billion yuan, up 47% year on year. It is worth noting that in the service income, logistics and other service revenue increased by 94% year on year, and the revenue reached 6 billion yuan. < / P > < p > compared with the “four links and one arrival” system characterized by low price, and SF, which is stable in the middle and high-end express delivery market. Jingdong Logistics has always been the third force in the express industry, and it is also a force that can not be ignored. The combination of Jingdong Logistics and dada group will bring the feature of fast efficiency into full play. < / P > < p > at the same time, in order to better serve the Jingdong retail business, help upstream suppliers and terminal retail customers to obtain loans and enhance user experience, JD arranged its financial business, successively launched jingbaobei and Jingdong Baitiao, and then officially renamed Jingdong digital technology. < p > < p > the benchmarking ant group of Jingdong science and technology. Not long ago, it also disclosed the IPO prospectus of the science and technology innovation board, which will be reviewed on September 18. Ant group’s revenue from 2017 to 2019 is 65.4 billion yuan, 85.7 billion yuan and 120.6 billion yuan. It will be 72.5 billion yuan in the first half of 2020. From 2017 to 2019, the company’s revenue will be 9.1 billion yuan, 13.6 billion yuan and 18.2 billion yuan, respectively, according to the prospectus of JD digital. It will be 10.3 billion yuan in the first half of 2020. < / P > < p > it is worth noting that 30% of the revenue of Jingdong Digital Technology Co., Ltd. relies on Jingdong platform. Over dependence on Jingdong platform makes Jingdong’s hematopoiesis ability slightly weak. Under the background of frequent risk events in Jingdong Digital Technology Co., Ltd., there is still a long way to go in the future. < / P > < p > in 2011, JD entered the field of pharmaceutical e-commerce, because drug retail is an important part of customer demand. Combined with the closed-loop formed by Jingdong’s self built logistics system, it can also bring stable customer experience to terminal retail customers. < p > < p > in 2019, JD Health announced its independent operation. In August 2020, Jingdong Health announced that it had obtained the b-round financing of US $830 million from Hillhouse. At that time, the post investment valuation was as high as US $30 billion, and it is expected to go to Hong Kong for listing this year. With the support of Jingdong system, after Jingdong is healthy and independent, it can also obtain various resources in logistics and supply chain of Jingdong group. < / P > < p > in 2019, Jingdong Health said that its revenue scale exceeded 10 billion and was in the profit-making stage. This performance is a good report card compared with several major players in the industry. The report card of < / P > < p > is good, but there are too many top players in this field. In the past, bat factories set up the medical and health field, and then some well-known Internet enterprises such as Ping’an Hao doctor and Dr. clove entered the Bureau. In the medical and health field where the strong are like clouds, Jingdong health has a long way to go. Compared with Alibaba health, JD health did not complete the latest round of financing until May last year, and then declared its separation and independence. < / P > < p > compared with Alibaba health, which has been listed for a long time, Jingdong health is regarded as a latecomer. However, Ali health only achieved profits in 2018, and JD health has made profits before it is listed. It is not too much to say that Jingdong health is a “rising star”. < / P > < p > with the expansion of e-commerce market scale of industrial products, JD also began to make efforts on industrial Internet, and announced its industrial product strategy for the first time in March 2019. < p > < p > Jingdong industrial products business is one of the five enterprise business strategies released in early 2019, and has become the first landing scheme in the field of industrial products. Song Chunzheng, vice president of Jingdong group, once said that the low efficiency of the supply chain and the difficulty in management and other industrial products procurement industry pain points call for comprehensive service providers to join. Jingdong has the advantages of experience, technology and resources in the field of enterprise market service, and has the ability to provide such service for enterprise supply chain management system. < p > < p > since this year, the development of Jingdong industrial products has accelerated. Jingdong announced that its subsidiary, Jingdong industrial products, has signed a $230 million round a financing agreement, led by GGV Jiyuan capital, followed by Sequoia Capital China fund, CPE, hanergy investment and other investment institutions. The post investment valuation has exceeded $2 billion. < / P > < p > the second main line of Jingdong Logistics, Jingdong digital technology and Jingdong health are all aimed at consolidating Jingdong retail business. And dada plays a role in assisting JD logistics in the field of intra city distribution. < / P > < p > at present, it has not only realized the market value of Jingdong retail of 100 billion US dollars, but also successfully realized the transition from single business to multi-dimensional business and formed a closed-loop. The second main line of Jingdong Logistics, Jingdong digital technology and Jingdong health have all realized a valuation of more than 200 billion yuan. Based on e-commerce, JD is forming a diversified development strategy. Over the years, Jingdong has mainly engaged in e-commerce business, and has formed a relatively complete market system, with Jingdong shopping mall as the main business, and each separated industrial plate complements and cooperates with each other. < / P > < p > in fact, all the listed plates of JD are conducive to its own market and business development. Jingdong several branch serves the payment transaction of Jingdong Mall. Jingdong Logistics undertakes the logistics demand of Jingdong. Jingdong health is a vertical track. In 2020, when the big health industry is concerned, the split listing can obtain the market recognition as much as possible. < / P > < p > in fact, the emergence of each new business of JD will inevitably require the support of other business groups to make a difference. Take Jingdong health as an example. The supply chain of Jingdong Logistics ensures the distribution efficiency of Jingdong healthy drugs. The big data technology of Jingdong science and Technology Co., Ltd. makes the online consultation platform of Jingdong health smoothly built. Split listing is an important way to optimize the allocation of resources in the capital market, which is conducive to further business focus of listed companies and their subsidiaries, and also helps to improve the valuation of parent companies and subsidiaries. It coincides with the upsurge of listing and capital intensive. For Jingdong at this time, it is a good opportunity to improve the stability of subsidiaries. < / P > < p > after all, none of Jingdong’s subsidiaries are top players in the industry, and the growth of JD is accompanied by doubts about its “burning money” mode. < / P > < p > invest heavily in logistics, and fight “price war” with a large sum of money This also made Liu qiangdong encounter the crisis of capital chain fracture many times in the process of starting a business, and had to introduce external investors such as today’s capital and Hillhouse capital. < / P > < p > invest heavily in logistics, and fight “price war” with a large sum of money This also made Liu qiangdong encounter the crisis of capital chain fracture many times in the process of starting a business, and had to introduce external investors such as today’s capital and Hillhouse capital. Today’s capital Xu Xinzeng said that at that time, Liu qiangdong almost lost his head overnight. After this year, Liu qiangdong had always been aware of the capital crisis. He not only separated the subsidiaries for independent operation, but also invested in external enterprises. As of August 31, 2020, JD has invested 295 companies abroad, only in Alibaba and Tencent. < / P > < p > JD is the spin off and listing of various businesses, which will release great value. On the one hand, the new financing platform is added, on the other hand, it is also conducive to the improvement of Jingdong’s share price. As of September 22, Jingdong’s share price has soared by 108% so far this year. In the future, when Jingdong faces the capital crisis, these split listed companies will undoubtedly become the bottom card and confidence of Liu qiangdong. < / P > < p > this year, JD has made frequent actions in the capital market. Many levels of information show that Jingdong’s dark hour has passed and is getting better and better. At this time, the split listing of subsidiaries is conducive to strengthening the anti risk ability of Jingdong matrix and attracting other capital. < / P > < p > 2019 is the first year for the net profit to turn positive since the listing of Jingdong US shares, with core performance exceeding expectations. The annual net revenue increased by 25% to RMB 576.9 billion, and the net profit exceeded the expectation by about 12.2 billion yuan. According to the financial report of the second quarter of 2020, Jingdong’s revenue exceeded 200 billion yuan, the highest in ten quarters. The growth of performance has added confidence to the IPO of “Jingdong series” companies. At that time, Liu qiangdong will usher in a big harvest, and his layout many years ago will be verified by time. < p > < p > in recent years, “three links and one Da” have been listed in a pile. SF, which once insisted that it would not be listed, has also successfully landed in the domestic A-share market. In the context of the blowout of express delivery industry and the overestimation of rookie network, it is no surprise that “three links and one access” and SF are looking for capital market listing. < p > < p > in August 2019, in the case of continuous losses for more than ten years, Jingdong Logistics finally achieved a break even. From e-commerce logistics to open supply chain service enterprises, Jingdong Logistics finally ushered in the harvest period in 2020 after the pain of transformation. At this time, the listing can not only further make profits, but also help JD logistics get a share of the external orders. At the same time, under the impact of public health events this year, the scale of internet medical market will reach 200 billion yuan in 2020