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According to ReutersJingDongDigital technology appointmentGuotai JunanMinmetals Securities arranges Shanghai Science and Technology Innovation Board IPO.

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On September 3, the official website of the Beijing Securities Regulatory Bureau released the news that JD.com 's Department of Mathematics andCITICThe listing coaching agreement of Huajing Securities was terminated on August 26. In this regard, JD.com mathematics responded: "does not affect the listing tutoring process."

Prior to this, the official website of the Beijing Securities Regulatory Bureau announced on July 1st the basic information table of Guotai Junan Securities Co., Ltd., CITIC Securities Co., Ltd., Minmetals Securities Co., Ltd., and Huajing Securities Co., Ltd., on the initial public offering of JD.com Digital Technology Holdings Co., Ltd. and listing guidance in Science and Technology Innovation Board. JD.com signed stock issuance and listing tutoring agreements with Guotai Junan, CITIC, Minmetals Securities and Huajing Securities respectively.

It is worth noting that CITIC and Huajing Securities have withdrawn from the ranks of tutoring institutions, and JD.com 's agreement with Guotai Junan and Minmetals Securities is still in effect.

According to investment bankers, "regulatory documents require a maximum of two sponsors for Science and Technology Innovation Board listed institutions, which are not expected to affect JD.com 's listing process." Prophase 4 brokerage 'escort' should have a trial, and finally according to the price and sponsor capacity finally chose the remaining two. "

It is understood that the measures for the Administration of Securities issuance and listing sponsor Business, which was examined and approved by the China Securities Regulatory Commission in June this year.Article 7 stipulates that if the scale of securities issuance reaches a certain number, joint sponsors may be adopted, but no more than 2 sponsor institutions shall participate in joint sponsors.

JD.com mathematics tutoring institutions from 4 to 2 and the domestic capital market sponsor business regulatory requirements are the same. JD.com math department is likely to comply with the corresponding adjustments made by the Beijing Securities Regulatory Bureau. On the other hand, it also reflects that such large projects are highly sought after by securities companies, and the competition is very fierce.

As one of the leading domestic securities firms, CITIC's exit is somewhat unexpected.

Losing the big client of JD.com Mathematical Science is not the saddest thing for CITIC this year. More than a month ago, CITIC's total market capitalization, which has been listed for 17 years, has been listed for only 2 years.Citic Construction InvestmentOn the contrary, he temporarily lost the title of "Brother Brother of the brokerage".

The money is more enthusiastic about CITIC, even if it has deviated from the fundamentals. In the past three years, its revenue has been inferior to that of CITIC, its profit scale is less than half of CITIC's, and its assets are not of the same order of magnitude. Citic Construction Investment has temporarily surpassed CITIC in the secondary market, and now it is back to being a "second brother."

Putting aside the secondary market's pursuit of Citic Construction Investment, behind this transcendence is the smaller and smaller gap between Citic Construction Investment and CITIC.

How on earth did the younger brother who has only been on the market for two years surpass Big Brother? There may be traces to follow from investment banking projects.

Data show that in the first half of 2020, CITIC IPO had six main underwriting projects with a main underwriting amount of 9.981 billion yuan, and 46 refinancing main underwriting projects with a main underwriting amount of 121.768 billion yuan.

In the first half of 2020, CITIC completed 22 equity financing projects, with a main underwriting amount of 69.313 billion yuan, ranking first in the industry. Among them, the number of IPO main underwriters is 14, and the main underwriting amount is 42.377 billion yuan, ranking first in the industry.

Apart from the excellent performance of the investment banking business, it is worth noting that the profit growth rate of CITIC Construction Fund has been higher than that of CITIC in recent years, which is tantamount to a shot in the arm for the expected secondary market.

According to the data, from 2019 to the first half of 2020, Citic Construction Investment's revenue increased by 25.54% and 67.63% compared with the same period last year, and the attributable net profit increased by 78.19% and 96.54% respectively. CITIC's revenue increased by 15.9% and 22.73% respectively, and the attributable net profit increased by 30.23% and 38.48% respectively.

Being "abandoned" by JD.com Mathematical Science, a big customer, is tantamount to making the IPO results that are not excellent in the first half of the year even worse. Data show that in the first half of 2020, CITIC IPO had only 6 main underwriters.

As one of the troika of "JD.com system", JD.com 's listing on the board is a major event that has attracted much attention in the capital market. Prior to this, the Ant Group Science and Technology Innovation Board listed the sponsor company asChina International Capital CorporationCitic Construction InvestmentSemiconductor Manufacturing International CorporationRecommend securities firms asHaitong、 China International Capital Corporation .

In the second half of this year, JD.com Mathematical Science is constantly preparing for its listing. According to Tianyan survey data, JD.com made a series of industrial and commercial changes on June 22 this year, including the change of company name and the adjustment of senior executives' positions.

At the same time, JD.com 's enterprise type has also been changed from other limited liability companies to other joint stock limited companies (unlisted), and adopted a double voting system. On 31 August, the registered capital of JD.com 's mathematics division also increased from about 3.06 billion yuan to about 4.84 billion yuan, an increase of about 1.78 billion yuan, or 58.2 percent.

JD.com Mathematical Science is a new technology company dedicated to AI-driven industry digitization. Up to now, the company has completed the layout in the fields of AI technology, robot, digital marketing, smart city, financial technology and so on. As of June 22, Liu Qiangdong had a 14.02 per cent stake in JD.com, the largest shareholder, while Chen Shengqiang, CEO of JD.com, had a 6.69 per cent stake in JD.com. At present, Liu Qiangdong is also the chairman of JD.com Mathematical Science.

According to the announcement of JD.com Group on June 26th, JD.com Group has been working withJingDongDigital Branch reached an agreement to convert the profit-sharing rights into a 35.9% equity stake in JD.com, while increasing the capital of JD.com to acquire the equity in cash of RMB 1.78 billion. After the completion of the deal, JD.com Group will hold a total of 36.8% stake in JD.com Digital. This means that JD.com 's current valuation is close to 200 billion yuan.

In addition, there is market news that under the background that Ant Group has formally submitted its "Atreh" listing prospectus, and is expected to be listed in two places in mid-October.JD.com may be affected by this and also seek the opportunity to land on Kechuang Board and Hong Kong stocks at the same time.

In response, senior investment bankers said:"JD.com 's math department may still be alone. I haven't heard of it. To become a public company, Ant Group needs to issue at least 10% of its shares, and either An or H alone is a huge amount of financing. Carrying out Amusement can share some of the financing pressure. In addition, the internationalization of Ant Group itself is also higher than that of JD.com.

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