Can Jingdong Logistics "Low Threshold" Start IPO Break The Curse Of Star Technology Stocks "Breaking" After The Year?

As one of the high-profile new shares since the first half of this year, Jingdong Logistics has finally officially launched the IPO.

On May 17, according to the latest information disclosed by the Hong Kong stock exchange, JD logistics launched a global public offering of shares on the same day. The global public offering of JD logistics totaled 609.2 million shares, with a price range of HK $39.36 per share to HK $43.36 per share from May 17 to May 21, with 100 shares per hand and stock code of 2618.

This also means that after adding other commission and transaction fees, the new threshold for JD logistics this time is only HK $4379.7. In contrast, among some of the new technology stocks launched in Hong Kong stock market since this year, the thresholds for fast hand, auto home, Baidu, bilibilibili and Liane finance are HK $11615.89, HK $25434, HK $12600, HK $19960 and HK $9233 respectively.

As of 17:30 on the 17th, according to tiger securities statistics, Jingdong Logistics has obtained 108.39 times of subscription“ I personally think that there is no problem with the fundamentals of Jingdong Logistics, so we can try to make a new one, "a securities analyst who did not want to be named told the 21st century economic report reporter," but the more important thing for its stock price trend is to see the market and the overall market heat. "

The net amount of capital raised by the global sale of JD logistics is expected to be about HK $24.7 billion. IC photo

HK $24.7 billion raised

JD logistics officially launched the IPO from 17 to 21, and is expected to be listed on the Hong Kong Stock Exchange on May 28. Bank of America Securities, Goldman Sachs and Haitong international are the co sponsors of the offering.

Meanwhile, seven cornerstone investors agreed to subscribe for about HK $11.9 billion in IPO of JD logistics, including Softbank, Temasek, tiger global, China state-owned enterprise restructuring fund, China Chengtong investment, Blackstone, Matthews funds and Oaktree.

According to the offering information disclosed by JD logistics, it is assumed that the offering price is HK $41.36 per share (i.e. the median price range of HK $39.36 to HK $43.36 per share). After deducting the underwriting commission paid and payable by the company on the global offering and other estimated expenses, it is assumed that the over allotment rights have not been exercised, The net amount of capital raised by the global sale of JD logistics is expected to be about HK $24.7 billion.

This means that, calculated by the median issue price, if the over allotment right is not exercised, the subscription amount of cornerstone investors accounts for about 48% of the total amount raised.

Jingdong Logistics said that more than half of the fund-raising amount will be used to upgrade and expand the six major logistics networks to maintain competitive advantage; Part of the funding 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; Some of the funding will be used to expand the breadth and depth of integrated supply chain solutions, tap existing customers and attract potential customers.

According to the prospectus previously disclosed by jd.com, JD logistics has maintained a rapid growth in the past three years. In 2018, 2019 and 2020, the revenue of JD logistics was 37.9 billion yuan, 49.8 billion yuan and 73.4 billion yuan respectively, of which, the year-on-year growth in 2019 was 31.6%, and that in 2020 was 47.2%. In the first quarter of 2021, the revenue of Jingdong Logistics was 22.4 billion yuan, with a year-on-year growth of 64.1%.

From the perspective of external revenue, the proportion of external customer revenue of JD logistics has increased from 29.9% in 2018 and 38.4% in 2019 to 46.6% in 2020, of which the growth rate of external customer income in 2020 is nearly 79%. The opening-up strategy started in 2017 has achieved remarkable results.

At the same time, the integrated supply chain revenue is the main component of Jingdong Logistics revenue. In 2020, the revenue of Jingdong Logistics integrated supply chain will account for 75.8% of the total revenue. According to the insightful consulting report, JD logistics is the largest integrated supply chain logistics service provider in China. In 2020, the number of customers of Jingdong Logistics service enterprises will exceed 190000.

As of December 31, 2020, JD logistics has operated more than 900 warehouses, including the cloud warehouse area managed by JD logistics, with a total storage area of about 21 million square meters.

"Jingdong logistics warehouse distribution mode ensures service efficiency and fast growth of revenue. As a major player in the domestic time sensitive parts market, it is different from SF and EMS economic models," the analysis team of China Galaxy Securities Research Institute pointed out, "under the new competitive pattern of express market," comprehensive logistics + quality logistics "is the development goal, and we are optimistic about SF, SF and EMS The medium and long term allocation value of Jingdong Logistics

"Break" spell?

"When will Jingdong Logistics start to subscribe?"“ It feels like a big meat stock to be robbed. " As early as February this year, after Jingdong Logistics submitted its prospectus, many investors were eager to try.

This is closely related to the popularity of the whole Hong Kong stock market in 2020. According to the incomplete statistics of the 21st century economic report, it is not uncommon for the first day of the new year to achieve a lot from last year to February this year.

On July 10, 2020, Seymour international, the world's largest manufacturer of electronic atomization equipment, was listed on the Hong Kong stock exchange, with a closing increase of 150%. The first day's profit per hand was as high as HK $18600; On the same day, oukangweishi biological-b rose by more than 152.39%, with a profit of HK $11170.19. On September 25, 2020, Mingyuan cloud, a real estate software solution provider, closed up 86.06% on its first day of listing, with a profit of about HK $14199.9 per hand on the first day.

On February 5, fast hand's listing pushed the first day's earnings to a climax. At the opening of the Hong Kong Stock Exchange on the same day, express rose by 193.913% to HK $338. Based on the issue price of HK $115 per share, the profit per hand reached HK $23500 on the first day.

However, after the Spring Festival, a number of technology stocks listed in Hong Kong even went "dumb fire" on the first day of trading in a short time. Auto home, which was listed twice on March 15 at a price of HK $176.3, reached a high of HK $199.6 on March 23 and then went down all the way. Recently, it hit a low of HK $173.

Baidu and bilibilibili, which are listed twice with the rhythm of "front and back feet", also did not escape the fate of breaking. Baidu closed flat on March 23 after listing at HK $252. Its share price has continued to decline since then and is now trading at HK $183. A week later, BiliBili, which was listed a week later, broke out on the first day and closed on May 17 with a share price of HK $759.

Uncertainty over the first day of the new year's gains is also driving market sentiment to change“ In the near future, most of the target are not ready to play new, preparation is slow. " Some Hong Kong stock investors told the 21st century economic reporter frankly. Some investors also said that they are still itching in the face of JD logistics, but they are still hesitating in view of the current deep set of stocks and the general market performance.

However, there are also more investors still show enthusiasm for Jingdong Logistics. Within half a day of starting new share subscription, Jingdong Logistics has obtained 110 times of subscription“ We have been waiting for Jingdong Logistics for half a year. This is my first attempt to make a new one. " Some investors told reporters, "looking forward to the first day of Jingdong Logistics listing."