Ding Tao Division 6 hot issues on the interpretation of Jingdong listing

the evening of May 22nd, the highly anticipated Jingdong mall tonight will be listed on the United States, the Jingdong submitted the prospectus, the issue price range of Jingdong IPO for $-18 $16, is expected to 93 million 690 thousand shares and 14 million 50 thousand shares of ADS the overallotment option will be issued, the maximum financing $1 billion 939 million. If the issue price range, the valuation of Jingdong in the U.S. $21 billion 870 million -246.6.

Jingdong recently updated prospectus, prospectus data show that Jingdong’s first quarter net revenues of 22 billion 657 million yuan, an increase of 65.1%. According to the growth rate of more than Jingdong in 2014 revenues of 100 billion yuan will become the electronic commerce website, vertical China billion into the first threshold.

2013–2014 is Chinese as everyone knows, the recovery of the capital market of Internet time, this year there are more than a dozen outstanding enterprises including YY, where the network, jumei.com, 58 city, the success of the United States market, and the stock price and market capitalization are the different rate of rise. Jingdong choose to market at this time, apparently want to take advantage of this wave, in the capital market to make a difference. Because before we speed transit Institute released a number of copies of some data Chinese e-commerce industry analysis report, recently I and our analysts have received a lot of media telephone interview, I hope we can do some Jingdong listed industry view. Today, I will make a summary of all of the questions, unified answer.

asked: Jingdong listing, what’s the point?

answer: this problem is relatively empty, not too good to say in a few words. If the data from the point of view, the Jingdong listed on the biggest significance lies in the creation of the Internet Chinese highest ever record of IPO financing, Tencent listed in 2004 the financing amount is HK $1 billion 400 million, the amount of financing when Baidu listed in 2005 is $109 million, and the Alibaba listing and financing in 2007 amounted to $1 billion 500 million, the amount of $1 billion 900 million in financing Jingdong will create the highest amount of IPO financing Chinese Internet industry.

asked: Liu Qiangdong only 18% of the shares, after the listing will be elevated


answer: if Jingdong listed in the country or Hongkong, if only 18% of the founders of the shares, there really is the possibility of being elevated. However, the U.S. capital market allows the existence of AB shares, which is the dual ownership structure. With this structure, the founders of the company can obtain greater control over a smaller stake. Baidu, Google, Facebook and other companies of CEO shares are less than 50%, but all have absolute control of the enterprise, because of these CEO uses both equity to control the company, I believe that Liu Qiangdong will be so.

asked: Jingdong IPO financing of nearly $2 billion, the market can carry such a large amount of financing?

: $2 billion seems to be a very high amount of financing, but investors in the U.S. stock market is not just an American

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