Jingdong Financial Restructuring Pre Study Alipay?

"If there is no accident, we will achieve it in 2017. JD.COM The independent division of the group. Jingdong financial CEO Chen Shengqiang recently disclosed at the annual meeting of Jingdong finance. Prior to that, Jingdong group, the parent company of Jingdong finance, disclosed in the three quarter 2016 earnings report that the Board approved the Jingdong group's transfer of its holdings of Jingdong financial shares.

According to the world clothing shoes and hats net, in order to obtain the third party payment license, Jack Ma Unilaterally transferred Alipay to an internal company. Industry analysts said that Jingdong's financial restructuring was also intended to become a purely domestic company to apply for financial license and capital operation in China.

Jingdong financial stakeholders in an interview with reporters pointed out that the application license is mainly from the perspective of compliance, Jingdong financial demand for licenses is "defensive". Licence may bring convenience in capital and interbank business, but it is by no means the core competitiveness of financial technology enterprises.

　　 No listing schedule

In January 2016, unlike other financial technology companies, the first round of financing for Jingdong finance was rarely disclosed in Renminbi denominated in dollar terms. This time, we want to dismantle the VIE structure (variable interest entities, also known as "protocol control"), and turn them into pure domestic companies. Does this mean that Jingdong's financial priorities are listed on A shares? For this reason, Jingdong group stakeholders replied that Jingdong finance is still in the development stage, focusing on the business itself, and there is no listing schedule.

Reporters learned that Jingdong group is currently in close consultation with potential investors. After the transaction, Jingdong group will no longer have legal ownership or effective control rights of Jingdong finance.

"Of course, our relationship with the group remains the same, and there will be some advantages that will not change." This is Chen Shengqiang's annotation for the independent spin off of Jingdong finance at the annual meeting.

Although there is no longer any relationship with equity, they plan to sign a series of agreements on sale, operation and business cooperation. This means that Jingdong finance will make use of Jingdong mall's scenario and user resources to do financial business, which will not change.

Since Jingdong group no longer has effective control over Jingdong finance, it means that the financial data of Jingdong finance will no longer be incorporated into the consolidated financial statements of the Jingdong group. Because Jingdong finance has not yet achieved profitability, in turn, it means that the overall profitability of Jingdong group can be improved to some extent at the present stage, which has also been confirmed by Jingdong group's stakeholders.

The gains from Jingdong group are that it will get the cash consideration from the fair financial value of Jingdong's new investors, and get 40% of the pre tax profits of Jingdong after the realization of the accumulated pre tax profit of Jingdong finance in the future.

As for the so-called "fair value of the market", Jingdong group stakeholders said that it would make comprehensive assessments based on the valuation of the same type of Companies in the primary market, the historical financing valuation of Jingdong finance and its business development data. In January of last year, Jingdong Finance announced that investors from Sequoia and other investors totaled 6 billion 650 million yuan in financing, when the valuation reached 46 billion 650 million yuan.

In the future, if the regulatory license is granted, Jingdong group will also have the right to transform its Jingdong financial rights into 40% of Jingdong finance.

Liu Qiangdong is also expected to take part in the transaction, in line with other investors who want to confirm the third party. market Fair price purchase of Jingdong minority financial shares. According to the current plan, after the completion of the transaction, Liu Qiangdong will have similar economic interests in Jingdong finance and Jingdong group.

Liu Qiangdong is currently the legal representative and chairman of Jingdong finance. After the transaction is completed, Liu Qiangdong is expected to have the majority vote of Jingdong in terms of the shares held and voting rights of employees and other investors obtained through voting rights or other arrangements.

　　 "Defensive" licence requirements

The independent resolution means that Jingdong financial dismantling the VIE structure of its parent company has become a pure domestic enterprise, which will help Jingdong finance apply for financial license.

Xu Lin, vice president of Jingdong finance, explained to reporters: "what I feel at the business level is that finance is indeed the core industry related to the national economy and people's livelihood. If we want to innovate in this field, we must not be divorced from the strategic positioning and supervision of the country. When our scale is bigger and bigger, when we want to serve more financial institutions, we can not avoid our current non domestic background. "

Jingdong finance does not shy away from the desire for licence. For example, supply chain finance and consumer finance are the two largest asset end businesses of Jingdong finance. They rely mainly on ABS financing. Although financing costs are lower than most of the same type of financing, they are still higher than the financing costs of licensed financial institutions in the interbank market.

"Our demand for licences is defensive." Xu Ling explained to reporters that "we hope to play a creative role in the financial industry for a long time, so we must take into account changes in compliance and regulatory environment. However, when we design our business, we do not design it according to the license plate. In my view, the license will not enhance our core competitiveness. "

Wang Lin, another vice president of Jingdong finance, said: "indeed, the license will bring us some convenience in capital and business. But the core competitiveness of Jingdong finance is financial technology. The license is only applied according to the needs of the business. In fact, I want to understand that after the financial technology, license plates are less important.

Before June 2016, Jingdong financial enterprise name has been "Beijing Jingdong Shang Bo Guangyi Cci Capital Ltd", and then changed to "Beijing Jingdong Financial Technology Holdings Limited". At that time, the special rectification of Internet finance has been launched. It is very difficult for non licensed financial institutions to apply for the company with the word "finance". Jingdong financial insiders said that this is also to highlight the company's financial and technological positioning attributes.

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