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In May, after continuous invitations, Zhou Buqi finally couldn't sit still and could only show up at a charity dinner held by JD.com in New York.

Build final momentum for JD.com’s IPO.

He went there with Senior Sister Zhen Yu.

It is worth mentioning that Chen Dong, who has been based in Japan for a long time, also came here specially.

JD.com is one of the major shareholders of Jingtao. The "Jing" in "Jingtao" actually comes from JD.com. Now that JD.com is about to go public, Chen Dong made a special trip here as a gesture of love and to show off his private jet.

Among the friends in the Entrepreneurship Alliance, apart from Zhou Buqi and Zhen Yu who have their own private jet, the next one is Chen Dong.

Zhou Buqi is very familiar with these capital institutions in New York.

Basically, he has experience with and knows all capital institutions with capital exceeding US$10 billion.

A trip to New York is not in vain.

Because next month is the IPO of Ziweixing International, it should be considered as a warm-up.

Liu Qiangdong is undoubtedly the protagonist of this charity dinner.

He brought his female companion with him.

A beautiful girl nearly twenty years younger than him is said to be his current girlfriend and may be getting married.

It seemed that taking Zhang Zetian as his secretary did not affect their marriage, and Zhou Buqi felt much more relaxed.

Chen Dong was not familiar with the Americans present, so naturally he mainly stood with Zhou Buqi.

Zhou Buqi relies on his status and is too lazy to take the initiative to go around socializing. He just stands there and waits for others to come over to show their goodwill, chat and toast. If a woman comes over, she has to hug and hug each other, which is a bit embarrassing.

The ladies who come to this place are generally older. The big bosses usually bring their wives to attend, instead of bringing their female assistants or secretaries.

Chen Dong said with a smile: "With so many people coming, JD.com's listing will definitely be successful."

Zhou Buqi nodded, "On the one hand, it's my face, and on the other hand, it's the attraction of the three major underwriters. Americans don't understand JD.com. Have you not read the reports in the media? They are all 'China's Amazon'. Damn it." Use this concept to attract investors.”

Chen Dongdao: "Amazon has not spun off its logistics business."

"The spin-off is right."

Zhou Buqi agrees more with Liu Qiangdong's choice on this point.

Jingdong Group currently has two core businesses, one is Jingdong Mall and the other is Jingdong Logistics. The listing this time is mainly the JD Mall business under JD Group, excluding JD Logistics.

This will have a great advantage, and it can rely on the concept of "pure Internet" to be more favored by the capital market.

Zhou Buqi said: "If JD Logistics is also added, it will not only cause a large loss in JD's financial report, but also cause the price-earnings ratio of the listed entity to be too low due to the asset-heavy business."

"Yes!" Chen Dong sighed with emotion, "I feel it now too."

Zhou Buqi smiled and said: "Jingtao is developing very well, with a market value of US$22 billion? This is more than half of Jingdong."

Chen Dongdao: "If we spin off the logistics business, it may be more popular."

When Jingtao went public, it did not adopt a spin-off plan, but packaged and listed it as a whole. Jingtao Logistics' heavy assets, high liabilities, and huge expenditures have, to a certain extent, lowered the e-commerce business of Jingtao's main body.

Zhou Buqi supported him without hesitation, "You can do whatever you want!"

Senior sister Zhen Yu smiled at the side and said: "I think the spin-off is good. You don't get a salary in Jingtao, right?"

Chen Dong nodded, "Yes, no salary or options."

Zhen Yu said softly: "If it is a pure Internet company, this choice is actually better. But with the addition of logistics business, it is not necessary. You don't usually get a salary, and daily expenses are inconvenient."

"You can cash out the stocks." Chen Dong doesn't have much financial pressure, mainly because the foundation laid by Boss Zhou is good, "Xu Baihui informed me, saying that she suggested that in the next year, she should choose an opportunity to cash out Jie Yu Media and Yuanwei Group stocks.”

Zhou Buqi smiled and said, "Yes, that's what I meant."

Zhen Yu said: "Then you should also get some salary, at least you can pay some personal income tax locally, and have a more beautiful personal tax form. Japan is different from the left-wing trends in Europe and the United States. Japanese culture is more down-to-earth, and they care about hard work and gain. . There are often some preferential treatment for social entities that pay a lot of personal taxes. You can’t always hold the company’s tax return.”

Chen Dong stopped talking.

Zhou Buqi thought it made sense and said, "Then let's do it this way. Then you can run it, separate Jingtao Logistics from Jingtao Li, and then list it separately. You don't need to receive a salary in Jingtao Logistics. You can get a high salary and make your personal tax better. When you are away from home, you can’t always think about tax avoidance and taking advantage.”

Zhen Yu smiled and said: "You don't have many shares in Jingtao. You can just take advantage of the spin-off opportunity to get a large amount of management shares. After the spin-off... Jingtao can hold 60% of the shares of Jingtao Logistics. You Individuals hold 25% of the shares, and the rest is obtained from some capital institutions and option pools.”

This is her expertise.

It is a typical financial technology.

Many companies are constantly splitting, integrating, splitting, and integrating. The process is full of financial skills, and the actual controllers can make huge profits in this process.

Including JD.com.

The reason why JD Logistics was separated and listed separately was because Mr. Liu wanted to obtain more personal benefits through the financial and technical means of spin-off and listing.

Including the subsequent spin-offs and listings of JD Daojia, JD Health, Dada, JD Industrial, and JD Production... In fact, when Mr. Liu was working on JD in the early stage, his own shares were diluted too much, which caused him to feel that his interests were being compromised. Loss, relying on some financial and technical means to get back part of the profits.

This kind of financial behavior is actually not recognized by the Internet industry, because the Internet is "lofty" and "idealistic", and everyone is here for dreams rather than making money.

Regardless of whether it is Apple, Google, Facebook, Amazon in the United States, or BAT in China, they basically do not engage in spin-offs.

Whether they are asset-heavy or asset-light, whether they are online or offline businesses, they are all packaged together in a listed entity to express their disdain for the capital market. They just want to run the company and do business honestly, rather than resorting to financial methods like splitting and listing that are only for money.

When Ali was at its lowest point, it once wanted to "split seven". CEO Zhang, who was born in the financial field, wanted to use financial skills to save the stock price. As a result, Boss Ma suddenly returned and promptly stopped the plan. He also ousted CEO Zhang and changed the leadership. layer.

Jingtao doesn’t need any idealism when doing business in Japan.

I originally went there for the money.

Of course, it comes from where there are benefits.

Chen Dong was not that thick-skinned and was embarrassed, "I'm actually not short of money. All the bills are reimbursed by the company. It doesn't matter whether I want a salary or not."

Zhou Buqi doesn't think so, "The spin-off is right. If we spin off Jingtao Logistics, we can use the 'Jingtao' brand to incubate more businesses locally. For example, 'Jingtao Finance', 'Jingtao Rental', 'Jingtao Car Rental', etc., to do some business that is more suitable for localization. In addition to Jingtao's main e-commerce business, you must firmly grasp the other spin-off subsidiaries. We can introduce more local capital for cooperation and build stronger local business relationships through subsidiaries.”

Chen Dong was brought out by Boss Zhou, and he immediately agreed, "Okay, I'll make plans later!"

Zhou Buqi smiled and said: "Jingtao is still a bit like a 'strong dragon' now. Next, we will split it up more and get more 'local snakes' to protect the 'strong dragon'."

Speaking of this, Chen Dong is very confident, "Jingtao is developing really well now, but it is suppressed by the logistics business. The e-commerce business is developing very fast. In Japan's e-commerce market, Rakuten Market accounts for 25% Amazon’s share is 23%, and Jingtao’s share has reached 22%. By the end of the year, Jingtao will definitely surpass Amazon and become the second largest e-commerce platform in the Japanese market.”

E-commerce in Japan is not as popular as in China and the United States, and e-commerce accounts for only 10% of social consumer goods.

But this is the third largest economy in the world after all.

Even a consumption ratio of 10% is enough to make Japan the third largest e-commerce country in the world.

Chen Dong is very proud of achieving such results.

Zhou Buqi asked: "Helo Japan's traffic docking, is it effective?"

"Well, the effect is very significant." Chen Dong laughed and then put forward his demand, "The cooperation between Jingtao and Google Japan has expired. If we continue to cooperate and attract all the traffic from Google, we will have more advantages. Yahoo Japan relies on its own traffic advantage and its e-commerce share is growing year by year. In the long run, the e-commerce rivals in the Japanese market are likely not to be Rakuten and Amazon, but Yahoo.”

Zhou Buqi said: "It just so happens that Google recently asked me to discuss business. I told them about the contract renewal between Google Japan and Jingtao. You are right, the Internet business is ultimately a traffic business. E-commerce platforms In fact, they are all similar, and it mainly depends on which one has more traffic. "