Under the policy, unicorns are everywhere. How to stage the "unicorn drama" in the field of financial technology?
The status quo is that the giants are still absorbing licenses to accelerate their expansion, while institutional investors are waiting for opportunities and do not want to miss or foresee the development dividend. China reporter, a brokerage firm, learned exclusively that Jingdong Finance has started financing up to 654.38+0.3 billion yuan, which is mainly used for merger and acquisition of financial licenses, technology research and development and market investment.
At present, this round of financing has initially finalized the leading investors, such as CICC and COFCO, accounting for about 654.38+0 billion. What the reporter learned is that the lead investor and JD Finance will plan to sign official legal documents at the end of this month and complete the payment before April.
According to the financial data and business data of Jingdong Finance, the agency estimates that the pre-investment valuation of Jingdong Finance has reached 654.38+0.20 billion yuan. After this round of financing dust settles, the valuation will reach 654.38+065-654.38+090 billion yuan.
Billion financing begins.
The latest financing plan shows that Jingdong Finance currently plans to raise about 654.38+03 billion yuan, and the leading investors include super-large LP such as CICC and COFCO, accounting for about 654.38+00 billion yuan. According to insiders, the financing plan will be signed at the end of this month and the payment will be completed in April.
For JD Finance, this is the first time that it has started financing since the formal restructuring and delivery at the end of the second quarter of 20 17.
In the last period of 20 16 and 1, JD Finance completed the A round of financing, and obtained 6.65 billion yuan led by Sequoia Capital China, Harvest Investment and China Taiping Insurance. After the completion of financing, JD Finance has a valuation of 46.66 billion yuan, making it the highest-valued Internet financial institution after Ant Financial and lufax.
According to the second quarterly report of 20 17 in JD.COM, on June 30th, 2017, the reorganization of Jingdong Finance was completed, and Jingdong Finance officially started to operate independently from the Group.
Before the A-round financing split, the shareholding structure of JD Finance was: JD.COM Group held 69%, A-round investors held 14%, and management held 17%.
In order to smoothly push forward the road of restructuring and spin-off, JD Finance started the A+ round of financing with a total amount of 654.38+0.43 billion yuan in early 2065.438+07, in which the Group sold 28.59% of its shares and opened them to new investors and Liu Ji's management for subscription. After the completion of A+ financing, the valuation of JD Finance is close to 60 billion, which has little change compared with the valuation after A round of financing, mainly due to equity incentives.
The Financing Highlights of Jingdong Finance
The financing plan exclusively learned by the brokerage China reporter shows that Jingdong Finance has the following investment highlights, namely:
First of all, the sustained growth of e-commerce turnover and the improvement of Internet consumer finance penetration are the two most important forces to promote Internet companies to gain a certain market share in the personal consumer credit market. As the second largest B2C e-commerce platform and the largest direct B2C e-commerce platform in China, JD.COM continues to maintain a higher growth rate than the overall e-commerce industry.
Secondly, JD.COM Mall provides Jingdong Finance with a natural soil where Internet finance is scarce. Relying on the e-commerce transaction scenario and account system in JD.COM, JD Finance provides users (including consumers, direct suppliers and POP merchants) with timely, convenient and diversified financial products, such as consumer finance (JD.COM IOUs, IOUs+), supply chain finance (Beijing Bao Bei, Beijing small loans), payment, wealth management, crowdfunding, insurance, etc., and creates an attractive comprehensive Internet financial service model.
Third, JD. COM's self-operated B2C scenario is conducive to the large-scale and high-quality expansion of consumption and supply chain financial services.
First, due to the limited customer acquisition cost and risk control ability of traditional banks, the potential consumer finance demand is far from being met, and the penetration rate of consumer credit is still low;
Second, in the field of supply chain financing, banks lack innovation and do not intervene in upstream and downstream transactions in the supply chain, resulting in low service efficiency and high cost.
Third, JD Finance is in a high-speed growth period, with huge growth potential and potential for further development in the direction of financial holding.
Fourthly, the experienced team in the Internet industry, the strong financial support of JD.COM Group and the repurchase commitment of the controlling shareholder have significantly reduced the downside risks of the project.
Valuation100 billion
For a long time before, referring to the valuations of other companies in the industry, the public opinion's impression on the valuation of Jingdong Finance was generally at the level of 100 billion yuan.
However, according to the financing materials obtained by the reporter, the current valuation of Jingdong Finance has stood steadily at 65.438+02 billion yuan, and after the financing is completed, the quotation offered by the institution to Jingdong Finance is as high as 65.438+065 ~ 65.438+09 billion yuan.
The soaring valuation is directly related to the product line expansion of JD Finance. At present, its business structure is mainly divided into consumer finance, payment business, wealth management, supply chain finance, credit factory, insurance business and crowdfunding business.
These businesses that Jingdong Finance has been emphasizing in public have achieved large-scale profitability. According to financial data, at the end of 20 17, the financial operating income of Jingdong reached103.3 billion yuan, an increase of 13 1.35% compared with 4.465 billion yuan at the end of 20 16. The consumer finance sector contributed the most revenue, accounting for 5 1% of the revenue of 5.28 billion yuan. The rest is payment business income1600 million yuan, accounting for15.49%; The financial income of supply chain was 654.38+0.5 billion, accounting for 6543.8+04.52%; Financial management 1.23 billion yuan, accounting for 1 1.9 1%.
It is worth noting that Jingdong Finance, which incites this billion-dollar income, does not have as many licenses as BAT in the same camp. The idea that it constantly conveys to the outside world is that its positioning is a technology company, mainly to help financial institutions improve efficiency and reduce costs, and obtaining a license is not the most important thing. This time, the financing materials obtained by the reporter clearly show that the financing obtained by Jingdong Finance will be used to obtain a financial license.