Electricity Supplier Profit Model No Improvement, Market Investment Is Still In The Winter.

After September 4th, chairman and chief executive officer of Jingdong mall board Qiang Dong Liu We stopped the micro-blog update, and there was news that he had recently gone to the United States for a new round of financing.

In November 12th, the rumors seemed to be confirmed. Jingdong mall introduced new investment institutions and raised $400 million, which is valued at $7 billion 250 million.

At the end of May, buy In the Hongkong roadshow, analysts gave the highest valuation of only $6 billion, while the valuation of Jingdong mall completed the third round of financing in April 2011 was $10 billion. The fourth round of valuation is between the two valuations, but below the median.

According to insiders, the financing of Jingdong mall is not direct equity investment, but indirect financing through convertible bonds.

Generally speaking, investors who are involved in such financing are not long-term goals. They are mostly short and medium term financial investments. If debts mature, investors are unwilling to convert shares. buy It also needs to pay the coupon rate.

Everything seems to indicate that the views of the Jingdong on the mall have not been greatly improved.

Why is the pension fund?

In March of this year, Dangdang CEO Li Guoqing said publicly that Jingdong mall funds were barely enough to burn up to 8-10 months, and at the end of May, the Jingdong mall came out of IPO, one year ahead of schedule. This series of actions has made the outside world feel that Jingdong's financial position is indeed having problems.

During the year, Jingdong mall sought out a new round of financing information. But on the night of November 12th, the new round of financing news of Jingdong mall revealed that the venture capital community was quite surprised.

First, it was the financing institution. According to the current known information, one of the investors who can be identified is the Ontario Teacher Pension Fund (OTPF), which invested 250 million US dollars, accounting for 62.5% of the total financing. Another institution was the Tiger Fund, which participated in the third round of financing. "Teacher"

"OTPF and Non risk investment major Investment institutions, this is very unexpected. A foreign venture investment manager in Beijing said. He believes that this means that Jingdong mall has not received support from professional venture capital institutions. "Venture capital institutions have been very cautious about the Jingdong and don't know when the money will burn."

For OTPF, investing in Jingdong mall is understandable.

As early as January 1, 1992, the Ontario teachers' Federation and the provincial education and training hall launched the OTPF.

The fund is quantified. investment strategy When the expected cost of raising funds is between 4.5% and 6.1%, the stock investment in the portfolio will account for 66% and fluctuate by 10%. In stock investment, 30% invest in large company stock; 20% invest in outside North American stock; 6% invest in North American small company stock; 10% invest in real estate; another 34% invest in bonds.

But in the past, the fund invested in areas outside North America in Australia, France, Japan and Holland, and rarely invested in the Chinese market. At present, its share of investment outside North America is 13.21%, not exceeding the 20% ceiling. For the sake of risk diversification, the agency has the need to invest in assets of the world's second largest economy.

On the other hand, the way of OTPF investment has also surprised the capital sector.

"It's hard to think before. buy Financing will be carried out in the form of convertible bonds. The investment manager of Beijing venture capital said, "this way is not good for Jingdong, although it avoids short-term equity dilution, but it increases the financial cost, and there is still the risk of further financing after maturity."

But this is the right way for OTPF.