According to media reports, on the evening of September 11, the Shanghai Stock Exchange Science and Technology Board announced the prospectus of Jingdong Digital Science. Jingdong Digital Science and Technology intends to issue no more than 538 million shares through the Science and Innovation Board, accounting for no less than 10% of the total share capital after issuance, and plans to raise a total of 20.367 billion yuan.

In fact, Jingdong Digital Science and Technology should be the most benchmarked company is a company like Ali Cloud, from the direction of the business is so, but a lot of articles on the Internet are benchmarked ants technology, because after all, Jingdong Digital Science and Technology is from the evolution of Jingdong Financial. Of course, the scope of business of Jingdong Digital Science and Ali Cloud, ant technology are partially related, but not the same.

Jingdong Digital Technology disclosed for the first time the three main segments of its main business, for the three main segments of digital solutions for financial institutions (To F), merchant and enterprise digital solutions (To B), and digital solutions for government and other customers (To G). in the first half of 2020, the operating income of these three parts of the business accounted for 41.48%, 52.37% and 5.57%.

In its response to an exchange query, Ant Group said that the company's main business segments include digital payments and merchant services, digital fintech platforms, innovation business and others.

listing progress, ant temporarily ahead of jingdong digital

from the listing progress, jingdong digital early start, but the progress seems to fall in the back of the ant technology, but because of the ant technology is to be A + H dual listing, the final who first landed in the capital market, is not good to make a final decision. For the Jingdong digital science and technology, can be in the ants before the listing is obviously quite quite important.

July 1, the Securities and Futures Commission website published a series of documents Jingdong digital science and technology in the Cochrane board listing counseling. And it was not until July 20 that Ant Group announced that it was launching a plan to seek a simultaneous offering and listing on the KTC and the Hong Kong Stock Exchange. Ant Group has submitted a prospectus to the Hong Kong Stock Exchange and the Science and Technology Board, and the review status of the Science and Technology Board on August 30 has been updated to "has been asked". Jingdong Digital Technology has just been accepted by the SSE. Ant Group IPO process later, counseling brokerage firms for the CICC and CITIC CIC two companies. From August 25th ant group science and innovation board application was accepted, to September 9th to complete two rounds of questioning and notified the evening of September 18th on the meeting, ant group science and innovation board IPO audit the whole process of a **** took 25 days.

Ant revenue is probably maintained at the level of seven or eight times the level of Jingdong Numerical Science, the profit gap is too obvious

Look at the revenue, according to the prospectus of Jingdong Numerical Science disclosure, from 2017 to 2019, Jingdong Numerical Science revenue were 9.070 billion yuan, 13.616 billion yuan, 18.203 billion yuan. in the first half of 2020, the revenue was 10.327 billion yuan.

Similarly, in 2017, 2018, 2019 and January-June 2020, Ant Group realized operating revenue of 65.396 billion yuan, 85.722 billion yuan, 120.618 billion yuan and 72.528 billion yuan, respectively. That is to say, the revenue of Ant Group is about seven or eight times that of Jingdong Digital Science. Tencent released its 2020 semi-annual report, which showed that Tencent's financial technology board realized operating income of 56.337 billion yuan during the same period.

Jingdong Digital began to turn a profit in 2018, and the net profit attributable to the shareholders of the parent company in that year was 130 million yuan During the reporting period (2017 - first half of 2020), the operating income of Jingdong Digital was 9.1 billion yuan, 13.6 billion yuan, 18.2 billion yuan, and 10.3 billion yuan, respectively, and maintained high growth; the net profit was -3.82 billion yuan, 130 million billion, 790 million yuan and -670 million yuan, fluctuating greatly. Ant Group reported profits of $8.205 billion, $2.156 billion, $18.072 billion and $21.9 billion respectively.

Who is richer? Ant 100 billion, Jingdong Digital 10 billion

As of June 30, 2020, the balance of cash and cash equivalents on Jingdong Digital's books was 11.7 billion yuan.

Ant Tech had $104.723 billion in money funds on June 30, 2020

The number of users varies greatly, both C- and B-side

In terms of users, there is no detailed data on the number of users of Jingdong Digital Technology, but the number of users of the Jingdong Group for the second quarter of 2020 to break the 400 million, because a considerable number of users of Jingdong's purchases use WeChat Payment, and Jingdong's acquired NetBank Online has geographical use restrictions, it is clear that the number of users of Jingdong Digital Technology will not be too many.

Ant Group disclosed that as of June 2020, the Alipay app had 1 billion annual active users, 711 million monthly active users, more than 80 million monthly active merchants, and more than 2,000 cooperative financial institutions, making it the world's largest life service/commercial app.

There is no comparison in terms of payment capacity and market share are not comparable

In addition to digital payment services, the Alipay platform provides both digital financial services and digital life services, and the Alipay APP has covered more than 1,000 kinds of daily life services and more than two million small programs.

According to Ant's prospectus, during the 12-month period ending June 30, 2020, the total payment transaction scale completed through the company's platform reached RMB 118 trillion. China's digital payment transactions amounted to 201 trillion yuan during the same period, with more than 55% of the transactions on Ant Group's Alipay.

In this data, Jingdong Digital Data is unknown, but data from third-party monitors show that the two Alipay and WeChat have a market share of more than 93, leaving less than 7% for all other payment organizations.

The core financial business is not in the same order of magnitude in terms of transactions

Ant Group's micro-credit technology platform contributed to the combined balance of consumer credit and credit for small and micro-operators to reach 2.1 trillion dollars, wealth management technology platform contributed to the scale of assets under management to reach 4.1 trillion dollars, and the insurance technology platform Insurance technology platforms have contributed to premiums and assessments amounting to 51.8 billion yuan.

According to the prospectus, the scale of loans facilitated by Jingdong Jinjiao in each reporting period was 103.685 billion yuan, 255.492 billion yuan, 458.915 billion yuan, and 261.217 billion yuan, respectively. For White Stripes, which is more familiar to users and the market, the prospectus did not disclose loan size data. It is estimated that by the end of 2019, the loan balances of Jingdong Gold Bar and White Bar will be around 500 billion yuan. And according to Ant Group's prospectus, its consumer credit balance at the end of June 2020 was 173.2 billion yuan, and the two appeared to have an order of magnitude gap.

Ant prospectus disclosed that its micro-credit technology platform products such as chanting, chanting, etc., the first half of 2020 revenue of 28.586 billion yuan. 2014 February launched the "Jingdong white bar" revenue amounted to 1.794 billion yuan in 2020 the first half of the year Jingdong Jinjiao realized technology services revenue of 2.636 billion yuan. 2.636 billion yuan.

R & D investment capacity and proportion are large, but the gap is not small

Jingdong Digital prospectus documents show that, as of June 30, 2020, Jingdong Digital **** there are 9,989 on-the-job employees, of which research and development personnel and professionals accounted for the proportion of the company's total workforce of about 70%. In the first half of this year, Jingdong Digital Technology's R&D investment accounted for 15.67%, which is only lower than SMIC's and ranks second among the companies with annual revenues of more than RMB 10 billion (including those that have already declared) on the KTC Board, and exceeds 95% of listed companies in the entire A-share market. This shows that Jingdong Digital Science and Technology is very " technology ".

2019 Ant Technology's annual investment in technology research and development is as high as 10.602 billion yuan, equivalent to more than 130 new shares of the Science and Technology Board in 2019, half of the research and development expenditure. And 40% of the funds raised by the IPO will be invested to support innovation and technology, and 30% will be invested to help upgrade the digital economy. At the same time, according to the prospectus, as of the end of June 2020, Ant Group 10646 employees, technology research and development personnel accounted for more than 64%.

In 2017~2019 and the first half of 2020, the research and development expenses of Jingdong Digital Technology were 1.078 billion yuan, 1.743 billion yuan, 2.567 billion yuan and 1.619 billion yuan, respectively, accounting for 11.88%, 12.80%, 14.10% and 15.67% of operating revenue. Because of the larger scale of revenue, the ant group scientific research investment overall amount is also more, respectively reached 4.789 billion, 6.903 billion, and 10.605 billion, always maintained in the Jingdong digital science about 4 times.

By the end of June 2020, the big data risk control system of Jingdong Numerical Science to serve financial institutions had accumulated more than 1,000 models of various types, more than 100,000 risk strategies, and an average of 470 million daily decisions. In terms of the technical capabilities of payment services (including transaction processing capabilities, security and risk management capabilities, etc.), Ant Group's peak payment processing volume reached 9,459,000 times per second during the 2019 "Double Eleven" global shopping carnival. Ant's wind control system is called "Ant Shield", how strong this system is, look at Alipay often do some other companies dare not do network promotions, 2020 epidemic after the consumer coupons most local governments have chosen Alipay without fear of being woolgathering, can be seen very clearly.

Technology patents, ant has 26,000 patents, 26 self-research core technology, 18 world-class awards. In terms of database, Ant's self-researched database OceanBase is the world's first in performance test, and in terms of blockchain technology accumulation which is strongly related to finance, Ant Chain has got the world's first in the number of blockchain patent applications and has begun commercialization. The "2020 first half global enterprise blockchain invention patent list" list released by IPRdaily, an intellectual property agency, in conjunction with incoPat's Innovation Index Research Center, shows that Alibaba (including Ant Group) continues to rank first with 1,457 patents and the total number is more than the sum of the 2nd, 3rd and 4th places. In second place is Tencent with 872 pieces.