This article was originally published by Wumian Finance.
On the 20 15 New Fortune 500 Rich List, Liu ranked 1 1 with 53 billion yuan. On the Hurun Rich List in 2020, the wealth of the Liu couple reached 654.38+0.60 billion yuan, an increase of 654.38+0.654.38+0.00 billion yuan.
The substantial increase in wealth is mainly due to JD.COM(JD. o，96 18。 HK)。 20 14 May, JD.COM went public with a market value of 28.7 billion US dollars. As of1October 24th,127.3 billion USD, JD.COM. The market value of COM in the US stock market increased by 344% compared with that at the time of listing, and by 13 1% compared with the beginning of this year.
But Liu's wealth may be far more than that.
In addition to JD.COM, Liu Dongqiang's other important assets include Dada Group, JD.com, which is about to land in science and technology innovation board, JD Health and JD.com Logistics, which are about to land on the Hong Kong Stock Exchange. In addition, it is worth noting that the investment of Liu and his wife ZhangZetian also has great appreciation potential in the future.
200 billion invested in JD. COM department "
In addition to daily business, JD.COM has also expanded its investment field.
From 20 1 1 to 20 13 before IPO in JD.COM, the total cash outflow from investment activities was about 6.7 billion yuan; After 20 14 years, the total annual investment in JD.COM basically remained above10 billion yuan, and reached its peak in 20 16 years, which was about 48.3 billion yuan. In the first half of 2020, JD.COM's net investment was 31600 million yuan; The whole year is expected to hit another record high.
Based on this calculation, from 20 1 1 to the first half of 2020, the total investment of JD.COM is about 200 billion yuan.
▲ JD。 COM investment in recent ten years, the data comes from wind.
According to IT orange data, as of1October 25th 10, JD.COM * * * has invested in 299 companies with 344 investments. The latest investment case in JD.COM is to invest $20 million as the cornerstone investor of 6989.HK, a newly listed excellent commercial enterprise service company.
JD。 COM's foreign equity investment, in addition to financial factors, is more of a supplement to the original business map, such as Dada Group and Love Recycling.
JD.COM invested in Dada and sent out JD. COM Home "business, which is bad for JD.COM. COM's dogma of "doing everything yourself".
JD.COM used to send a courier when he got home. The main service target is Shang Chao, but the frequency is low and the cost pressure is high. When Dada was founded, the important order of instant delivery business came from Hungry. Later, when I was hungry, I made my own hummingbird instant delivery, which greatly reduced the order of Dada. JD.COM and Dada got what they needed and hit it off.
2065438+April 2006, JD.COM went home and merged with Dada, and JD.COM also invested 200 million US dollars in cash, holding 47.4% of the shares. From 20 16 to 10, Wal-Mart, the third largest shareholder in JD.COM, invested USD 50 million in Dada. 2065438+August 2008, Dada Group raised USD 500 million, JD.COM contributed USD 65438+800 million, and Wal-Mart contributed USD 320 million.
In June this year, Dada. O IPO, JD.COM holds about 48% of the shares, making it the largest shareholder, and Wal-Mart holds 10.68%, making it the second largest shareholder. Wal-Mart invested heavily in Dada Group, strengthened its distribution shortcomings and enjoyed the capital feast of Dada Group's IPO.
As of1October 24th 10, the market value of Dada Group is 7.4 billion US dollars. According to the equity relationship, Liu indirectly holds about 7 1% of Dada shares, with a value of about 500 million US dollars. 500 million dollars, although the total amount is not much, but it is of great significance.
When JD.COM arrived home and merged with Dada, the massive orders promoted by "618" in JD.COM needed to be delivered and digested immediately by Dada Group to ease the pressure of delivery and cost. If Dada is competitive, JD.COM's logistics system will be strengthened, its competitiveness will be maintained, its market value will continue to rise, and the value of Liu will also rise. This is logic.
JD。 COM strategic investment loves recycling, combining similar businesses with recycling, and JD.COM is the major shareholder, which is actually a "Dada model".
The growth rate of Internet traffic has slowed down and the giants have expanded offline. 20 17 when Alibaba launched a new retail brand, JD.COM was tit for tat, throwing out "unbounded retail". From online to offline, both sides are snapping up national retail chains. Vipshop, Easy Car, Yonghui Supermarket, Five Star Home Appliances, Dixintong and even Gome Retail have all become the investment targets of JD.COM.
With a total investment of 200 billion yuan, nearly 300 enterprises formed the "JD.COM". COM department ".
New business to be harvested
For JD.COM, the main significance of foreign equity investment is defense, while domestic investment belongs to attack, resulting in three core assets: JD.COM Digital Branch, JD Health and Jingdong Logistics.
JD.COM Mathematics Department, formerly known as Jingdong Finance, started its independent operation in June 20 13 and announced its profit in June 20 18. Its business mainly includes AI technology, financial technology, smart city and digital marketing, and its customers cover individuals, enterprises and governments.
20 16 1 By June 2020, the Department of Mathematics of JD.COM had conducted several rounds of financing. Except for two rounds of financing, the accumulated amount of other rounds of financing is more than 35 billion yuan.
On June 25th this year, JD.COM recovered 35.9% of JD.com's equity and invested an additional 65.438+78 billion yuan, increasing its shareholding ratio to 36.8%. The market value of JD.com is 200 billion yuan.
On June 28th, Guotai Junan, CITIC Securities, Minmetals Securities and Huajing Securities signed listing counseling agreements with JD.COM Digital Branch respectively. On September 1 1, the Shanghai Stock Exchange published the JD.COM Mathematics Prospectus, which accelerated the landing on the Science and Technology Innovation Board. According to the schedule, JD.com is expected to become another large Internet company that has landed in science and technology innovation board and A shares after Ant Group.
Mathematics that Liu still absolutely controls.
According to the prospectus, Liu directly held 8.86% of the total share capital before this issuance, and indirectly held 465,438+0.49% and held 50.35% through Pilotage, Suqian Aggregation and Boda Collaboration. Through special voting arrangements, Liu holds 75% of the total voting rights.
JD Health's development is not inferior.
JD.COM mentioned in the prospectus of the second listing of the Hong Kong Stock Exchange that within three years of listing, a subsidiary can be split and listed on the Hong Kong Stock Exchange; Three years after listing, 1 or above related businesses may be split and listed on the Hong Kong Stock Exchange. Now it seems that JD Health is the first asset mentioned in the prospectus.
JD.COM started the retail business of health products on 2013. 2065438+In May 2009, JD Health completed the A round of financing, established JD Health Group, and officially operated independently. JD Health's products and services include medical and health e-commerce, Internet medical care, health services and smart solutions, with JD.COM Pharmacy, Yaojing Cuisine, JD.COM Internet Hospital and Smart Hospital as the core.
According to the enterprise survey, from 2065438 to May 2009, JD Health conducted a round of financing, with investors including CICC Capital, Baring Asia and CPE China Fund. 20 19 10/month, 1 1, JD Health also conducted a round of financing, but the investor and the amount were not disclosed. On August 17, 2020, Gao Yan Capital, a single investor, was introduced into JD Health Series B financing, with an estimated total amount of 830 million US dollars. After this round of financing, JD.COM is still the controlling shareholder of JD Health.
In terms of logistics, JD.COM started to build its own logistics system in 2007, and announced the establishment of Jingdong Logistics Group from 2065438 to April 2007. Jingdong Logistics official website shows that its services cover eight aspects: Jingdong Logistics Supply Chain, International Supply Chain, JD.COM Express, Jingdong Express, JD.COM Cold Chain, jingdong cloud Warehouse, JD.COM Service+and Jingxiaocang. By the end of June, 2020, Jingdong Logistics had 750 warehouses with a total storage area of 6,543,800 square meters, which is the core asset of Jingdong Logistics and even JD.COM.
Jingdong Logistics has only raised money once so far. February 20 18 received $2.5 billion in financing. Investors include Gaoyou Capital, Sequoia China, China Merchants Capital, Tencent, China Life Insurance, CDB Parent Fund, China National Fund and ICBC International. After the transaction is completed, JD.COM Group still holds 8 1.4% equity of Jingdong Logistics, and the logistics sector is valued at13.4 billion USD.
▲ Liu's shareholding (refer to recent financing and institutional valuation).
Liu is the actual controller. At present, his shareholding ratio in JD.COM is 14.73%, and the book wealth of this asset alone is1870 million USD. Together with science, health and logistics, it constitutes the main part of Liu's value. Once these businesses go public, Liu's worth will soar.
What is the investment potential of husband and wife?
Except JD. Liu and ZhangZetian's family assets are unknown, but they are also potential stocks.
There are three platforms for Liu and ZhangZetian's family to invest, namely, Investment Holding Co., Ltd. (hereinafter referred to as investment), Suqian Equity Investment Partnership (hereinafter referred to as investment) and Domkin Holdings Co., Ltd.
In terms of investment style, Chen Dong prefers direct investment; Chen Dong Investment also owns two funds (Daxin Mingtai Tianjing Fund) and six companies, mainly involving medical and educational fields, with an early investment style and a small amount. Dongjing Holdings Limited only invested in two projects related to tea products, namely Chongqing Nen Green Tea and Shanghai Dongqin Catering.
The investment mainly undertakes the function of the parent fund, and the Liu couple has become the LP of several funds.
Among them, Beijing Miracle Chuangtan Phase I Venture Capital Center (Limited Partnership) was founded by Qilu, former chief operating officer of Baidu, mainly providing initial financing. On June 9th this year, the registered capital of Miracle Chuangtan increased from 5 million yuan to 1.3 1 100 million yuan. The new shareholders include Suqian Xindongteng and Tianqiang Investment, with a total investment of 50 million yuan, of which Suqian Xindongteng is wholly owned by JD.COM Digital Branch. Other funds include: Jiaxing Danqing, Suzhou Danqing Phase IV and Beijing Gao Rong Phase IV.
The PE invested in Liu's name includes three companies: Jingwei Chuangteng, with a registered capital of11000000 yuan, Liu contributed1000000 yuan, holding 0.9 1%, and Li Yong, the founder of Light Media, Momo and Ape Counseling, is equal to LP; Sequoia Yade, with a registered capital of 2.866 billion yuan, Liu contributed 654.38 billion yuan, holding 3.49%, and Zhang Xuansong, one of the founders of Yonghui Supermarket, is also an LP; Heima Tuo's newly registered capital is 86 million yuan, and Liu contributes 5 million yuan, holding 5.8 1%. In addition to Liu, Heima Tuoxin LP also includes Zhao Wenquan, founder of 58 City and chairman of Blu-ray, Yu, founder of New Oriental, Wu, former senior executive vice president of Tencent, and He Boquan, a famous investor. Its investment is mainly concentrated in the early stage.
The company named after ZhangZetian is Jiangsu ZhangZetian Culture Development Co., Ltd., which was established on 20 14 12 15, with ZhangZetian 100% holding shares. At the beginning of 20 16, ZhangZetian and Liu also registered and established Jiangsu Saifu Trading Co., Ltd., which is engaged in the import and export business of self-operated and agency food. Later, Jiangsu Saifu Green Food Development Co., Ltd. with a registered capital of 200 million yuan was established.
▲ Liu's shareholding fund.
When Liu attended the Yabuli Forum on 20 16, he revealed that the family investment was entirely managed by ZhangZetian. At present, at least two investment projects are related to ZhangZetian's decision.
2065438+July 2005, the homework box received a series of financing of $100000, led by Good Future, followed by Liu, ZhangZetian and Lenovo Star. At that time, a press release said that this was ZhangZetian's "first investment show". The homework box played the "ZhangZetian brand", which was the most popular time, and it could endorse the brand. ZhangZetian also took this opportunity to make his debut.
In addition, ZhangZetian also invested in Uber, the originator of the online car ride. In the 20 15 round of financing, Uber introduced consortia from China, including Baidu, Broadband Capital and ZhangZetian. The investment exceeds $65,438 billion. Uber went public in May 2065438+2009. If ZhangZetian keeps holding it, there should be a good return.
The appreciation of the assets of the Liu couple has yet to be taken care of by professional institutions. As for the logistics in JD.com, JD Health and JD.com, if any assets land in the capital market, the value of the Liu family is expected to increase substantially.
In 2020, Dada was spun off and listed, and JD.COM was listed for the second time. The listing of JD.com and JD Health entered a sprint period. COM "is undoubtedly a hot word in domestic business circles. With his department, Liu has been able to advance to the forefront of the domestic Internet strength list, and his wealth "myth" will continue.
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