The high valuation is understandable, but imagination needs to be verified.

The boots finally landed.

On the evening of November 15, according to the website of the Stock Exchange, JD Health has uploaded the post-hearing data set, which shows that it has been approved for listing in Hong Kong. On the morning of November 16, Bloomberg quoted TERMS as saying that JD.com Health has begun to assess the needs of investors in Hong Kong’s IPO, and the listing is imminent.

Picture source: Hong Kong Stock Exchange

JD.com Health is a subsidiary of JD.com’s major health business. It operated independently in 2019, following the Jingdong Digital Technology and After Jingdong Logistics,The third unicorn created by Jingdong Group.

From the initial submission of the prospectus in September to the finalization of the listing, JD Health’s listing path can be said to be exceptionally smooth. JD Digital Technology and JD Logistics are the front of the listed track.

In addition, according to previous reports, BeijingDong Health’s current IPO target value is 30 billion U.S. dollars (approximately 207.6 billion yuan), and the amount of funds raised is rumored to be at least 3 billion U.S. dollars; and in the third quarter financial report released by Jingdong Group, after the completion of Jingdong Health’s Series A financing The valuation of about 7 billion US dollars.

JD Health financing history (picture source: Whale Standard)

The valuation has risen from US$7 billion to US$30 billion, which is more than fourfold,JD Health has used it for less than 1 year. As of press time: Alibaba Health’s market valueHK$267.184 billion, Ping An Good Doctor’s market value span>HK$119.319 billion, in contrast: Ali Health>JD Health>Ping An Good Doctor.

Coming soonWhat kind of existence is JD Health, which has entered the capital market? Is it worth so much money? Can you sit on the top spot in the industry? Today, I tried to compare the prospectus with past interviews to Check it out.

Four times the valuation in one year: What is the business model?

JD.com’s financial report for the first quarter of 2019 pointed out that JD.com Health has four business segments: pharmaceutical retail, pharmaceutical wholesale, internet medical, and healthy city.

Behind the formation of the four major business sectors is JD’s years of exploration in the medical field, including the earliest collaboration with Kyushu Pass Reached a cooperation to form a JD Good Pharmacist, launched the B2B platform “JD Pharmaceutical Jingcai” for the upstream and downstream of the industry and distribution channels, and the “JD Pharmacy” for consumers, and then established the “JD Internet Hospital” and cooperated with medical insurance in some areas The system gets through and so on.

According to the previous introduction by JD Health and Medicine General Manager and Head of Strategy and Investment Jin Enlin, The overall logic isTake the patient as the center, create and implement the whole medical process, “Medical+medicine“Closed-loop Internet medical and health service platform.

JD Health Business Model (Source: Prospectus)

Therefore, its business model is divided into two parts for interpretation:

  • Online medical services

The prospectus shows that the company provides comprehensive online medical and health services, including online consultation, prescription renewal, chronic disease management, family doctors, and consumer medical services.

In terms of medical resources, JD Health has set up a medical team composed of its own doctors and external medical experts, and also cooperates with a number of third-party hospitals and medical and health institutions. As of September 20, 2020, the company has more than 65,000 self-owned and external doctors, and has cooperated to build 16 specialized centers.

Relying on this, the company launched a family doctor service brand “Jingdong Family Doctor” in August this year, providing a variety of family-oriented Health management portfolio.

User terminal, In the first half of the epidemic, JD’s healthy dayThe average number of online consultations reached about 90,000; at the same time, its annual active users reached 72.5 million. However,Backed by JD’s 420 million users, its penetration rate is less than 20 %, there is more room for digging.

  • Pharmaceutical retail business

Relying on JD’s retail traffic resources, JD Health has developed a wide range of pharmaceutical retail business. CurrentlyOperate through three modes of self-employment, online platform and omni-channel layout:

  • At the self-service level, JD Pharmacy has established a supply chain network of pharmaceutical companies and product suppliers.

  • On the online platform, it is a platform for third-party merchants to differentiate and complement self-operated products by attracting merchants to settle in. As of June 30, 2020, there are more than 9,000 third-party merchants on the JD Health online platform.

  • The omni-channel layout is similar to Dingdang Express. Relying on online and offline retail resources, it provides users with same-day, next-day, 30-minute, 7*24 fast delivery services according to their needs to meet user timeliness Sex drug demand. As of June 30, 2020, JD Health’s omni-channel layout has covered more than 200 cities.