JD Health IPO: Aiming at Ali Health

There has been a lot of news about JD in recent days. Among them, the news of JD Health, a subsidiary of JD.com, has gained a lot of attention.
 　　 After several times JD’s “no comment” on JD Health’s upcoming IPO news, JD Health finally confirmed the news of listing in Hong Kong. After building JD.com's three carriages, whether JD.com Health can become the fourth carriage of JD.com has become the most concerned issue for investors at this gateway.
  　　 The outbreak of the epidemic has prompted the public to focus on the surging Internet medical treatment. In fact, there is a certain necessity for the emergence of Internet medical treatment. The main reason is that offline medical resources are not evenly distributed, and there are also offline medical resource allocation problems.
 According to the research results of "Prancing Horse Tanxi-2020 China Internet + Medical Industry Research Report" released by iResearch, it can be learned from the data disclosed in the China Health Statistics Yearbook that the total number of hospitals in eastern medical institutions and the number of top three hospitals must be obvious The number of hospitals in the central and western regions is higher than that in the central and western regions. At the same time, the average distribution of health technician resources in the eastern hospitals is also better than that in the central and western regions.
 　　 Offline medical care in the predicament urgently needs a breakthrough, and the active performance of Internet + medical in the epidemic has also affirmed the necessity of online medical care. According to data from the Medical Federation, as of May 25, 2020, there were 6,574 respiratory and infection doctors on its free clinic platform, and the cumulative number of patients served exceeded 440,000.
 　　 In addition to the promotion of public demand, the national policy has also given affirmation of Internet medical treatment. In the "Opinions on Supporting the Healthy Development of New Business Forms and New Models to Activate the Consumer Market and Encouraging Employment Expansion" jointly issued by the National Development and Reform Commission and other 13 departments, the Internet medical industry's online appointments, medical dispute handling, and medical insurance payments are promoted. , Perfect opinions.
 　　 With medical demand and national policy support, the Internet medical industry is ushering in development. According to the data of "China Internet Medical Annual Analysis 2020" released by Analysys in June, the scale of China's mobile medical market in 2019 was 133.688 billion yuan, an increase of 35.6% compared with 2018. Affected by the epidemic in 2020, the market size is expected to reach 200 billion, and the market growth will reach 46.7%, the highest growth rate since 2015.
 　　 The considerable prospects of the Internet medical industry have made players vying to enter this market more active. JD.com’s fourth carriage, JD.com Health, has also surfaced in the rush of this wave.
 　　 After several news of JD.com’s IPO, JD.com finally made a clear move. On September 21, JD.com announced that JD.com Health will be listed in Hong Kong. The announcement indicated that JD.com Health is a subsidiary of JD.com. JD.com plans to split JD.com Health to be listed on the Main Board of the Hong Kong Stock Exchange. The specific completion time of the split and listing is determined by market conditions and other factors.
 　　Hurun list shows that JD.com Health has a valuation of 50 billion yuan, becoming the "youngest unicorn". JD Health is regarded as the fourth carriage that drives JD after JD E-commerce, JD Logistics, and JD Digital. According to relevant media news, Liu Qiangdong said when JD.com Health became independent: "JD.com Health has done a good job in the health field and can rebuild JD.com."
 　　 Living up to JD.com's high expectations, JD.com Health performed well after going independent. In September 2019, Xin Lijun, CEO of JD Health, said in an interview that JD Health’s revenue has exceeded 10 billion yuan, and it has already achieved profitability.
 In the epidemic, JD Health has developed further. As of April 30, JD Health’s online consultation platform has served more than 11 million users. The online Hubei chronic medicine and drug help information public welfare platform has received more than 2 requests for help. Ten thousand, more than 96% of the medication needs have been resolved.
 　　 Similarly, JD Health, which is born with a golden key, is optimistic about the capital market. Tianyancha information shows that in November 2019, JD Health received US$10 in Series A financing from capital groups such as CICC Capital and Baring Asia. In the second quarter earnings report of JD.com, it was revealed that JD Health received an investment of US$830 million from Hillhouse Capital.
 　　 It can be seen that JD.com has great expectations for JD.com Health's entry into Internet medical care, and JD.com Health, which has a strong background, also performs well, but this does not mean that the road after JD.com Health is bright. In Internet medical care, a large number of powerful players have poured into it.
 　　 Internet medical care is a piece of sweet pastry, and the three members of BAT have all laid out the Internet medical market.
 　　 In Baidu's future blueprint, Internet healthcare is an indispensable part. Baidu established a mobile medical business unit in 2015, and successively launched Baidu Health, creating Baidu Health Medical Dictionary and Baidu Health Ask Doctor. In 2019, Baidu and Inspur reached a strategic cooperation agreement on artificial intelligence + health care applications and services.
 　　 Alibaba Health relies on Alibaba's huge traffic group, which has accumulated more than 100 million users, so that it can successfully land in Hong Kong stocks early. It is reported that the business of Alibaba Health includes medical e-commerce and new retail, Internet medical, consumer medical, smart medical and other fields. The current market value of Alibaba Health reaches 248.293 billion Hong Kong dollars. Ali Health, which successfully changed its name to "Medical Deer" in September this year, said it will focus more on the field of medical services.
 　　 Another giant, Tencent, started investing in the Internet medical field in 2014, such as Dingxiangyuan and Doctor Online. At the same time, Tencent takes WeChat as the core, connects patients, doctors, and medical institutions, and builds Tencent Miying, Tencent Medical, "Teng Ai Medical" strategy, etc., to accelerate the establishment of Tencent's Internet + medical ecosystem.
 　　 In addition to Internet giants, there are players in other fields in the field of connected medical care, such as Ping An Group, New Oxygen and other players from different fields. In the blue ocean of hundreds of billions of dollars in Internet medical care, players no matter where they come from want to get a share of the pie, but gold rush is not as easy as imagined.
Although the prospect of Internet medical treatment is promising, it is undeniable that the current Internet medical market is still in the incubation period, and no players who can declare victory have appeared.
 It can be seen that both Alibaba Health and Ping An Health are still at a loss. The financial report released by Alibaba Health shows that in fiscal 2020, Alibaba Health achieved total revenue of 9.597 billion yuan, and the loss attributable to owners of the parent company was 6.586 million yuan. , And this is the sixth consecutive year of losses since Ali Health went public.
At the same time, Ali Health’s revenue from the pharmaceutical e-commerce platform and pharmaceutical self-operated business was 1.17 billion yuan and 8.134 billion yuan, respectively. The two accounted for 97% of the total revenue. Therefore, Ali Health has always been regarded as a “disclosure”. An e-commerce company with an online medical coat." Among the four businesses of JD Health, pharmaceutical e-commerce also accounts for a large proportion.
 　　 As the “first Internet medical unit”, Ping An Health has recently reported that 70 million of its assets have been indicted for freezing. At present, its accumulated loss is nearly 4 billion yuan. There is also Dr. Chun Yu, one of the earliest medical treatments on the route, and has not been able to realize the vision of going public.
 　　 In the Internet medical treatment, there is no winner who can get ahead. At the time when Internet health care is welcoming a golden opportunity for development, JD Health, the "youngest unicorn", has entered the game strongly. Before it wants to become a leader in Internet health care, it has to walk a thorny road.