Blue Whale TMT Channel reported on May 28 that JD Logistics was officially listed for trading on the Hong Kong Stock Exchange. The offer price was set at HK$40.36 per share. Based on this calculation, the net proceeds from the global offering were approximately HK$24.113 billion. The opening price on the first day of listing was HK$46.05 per share, an increase of 14.1% from the issue price of HK$40.36. Based on this calculation, the current market value of JD Logistics has reached 280.52 billion Hong Kong dollars.
Previously, JD Logistics stated that 55% of the funds raised will be used to upgrade and expand the six logistics networks to maintain a competitive advantage; 20% of the funds raised will be used to develop advanced technologies related to supply chain solutions and logistics services, including automation Technology, data analysis and algorithms, and other underlying technologies; 15% of the funds raised will be used to expand the breadth and depth of integrated supply chain solutions, cultivate existing customers, and attract potential customers.
In terms of shareholding, before the IPO, Jingdong Group held 79.12%, Tencent's Image Architecture Investment (Hong Kong) Co., Ltd. held 0.24%, Qianshan Logistics Fund Limited Partnership held 0.4%, and Eastar Capital Fund LP held shares of 2.9%, Hillhouse’s HHJL Holdings Limited holds 2.9%, Jingdong E-Commerce (Express) LLC holds 7.9%, Shanghai Hude Yuezhen Enterprise Management Partnership (Limited Partnership) holds 0.81%, and Yongtai Capital holds The shares are 0.4%, and CG Partners Opportunity Fund SP2 holds 0.39%.
Hillhouse, as an important investor in JD Logistics, currently holds 2.9% of its shares. It is reported that Hillhouse invested nearly US$300 million in JD.com in 2010. JD.com went public four years later. The value of this investment reached US$3.9 billion. In 2018, JD Logistics opened its only round of financing, and Hillhouse participated in it up to US$2.5 billion. The financing has become the largest single financing in China’s logistics industry.
In terms of performance, JD Logistics has maintained growth in the past three years. In 2018, 2019, and 2020, JD Logistics’ revenues were RMB 37.9 billion, 49.8 billion, and 73.4 billion, respectively, with a year-on-year growth of 31.6% in 2019 and a year-on-year growth of 47.2% in 2020. In Q1 of 2021, JD Logistics' revenue was 22.4 billion yuan, a year-on-year increase of 64.1%. From the perspective of external revenue, the proportion of JD Logistics’ external customer revenue has increased from 29.9% in 2018 and 38.4% in 2019 to 46.6% in 2020. The growth rate of external customer revenue in 2020 is nearly 79%. The opening-up strategy has achieved remarkable results.
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