" 6.18 " promotes the sensitive period of countdown, any turmoil may affect the preparation plan of e-commerce platforms. On June 14, Singapore Bisheng Asset Management Company released a short-selling report for JD.com, comparing JD.com with platforms such as Tmall, Taobao, Suning.com, and Amazon. It said that JD.com is difficult to be comparable to Amazon. Its current market value is not worth US$60 billion, its own business profit margin is low, and its own logistics system and warehousing costs are high. On the day the report was released, JD.com's share price on Nasdaq in the United States rose slightly by 0.13%, without a significant decline. Industry insiders pointed out that JD.com's stock price increased slightly, proof that investors did not recognize the content of the short-selling report.
The stock price began to fall slightly for the second time
The high market value valuation, difficulty in making profits in 3C categories, and high cost of self-built warehousing and logistics are the core views of Bisheng Asset Management's short-selling JD report. Wong Kok Hoi, founder and chief investment officer of Bisheng Asset Management, directly publicly expressed his doubts about JD.com in the report, believing that JD.com's current operating model has become a burden and obstacle to JD.com's development.
报告指出，自从去年京东商城CEO沈皓瑜辞职加入京东的早期投资方高瓴资本后，高瓴资本开始频繁抛售京东股票，在过去三个季度持续抛售了约合8亿美元的4400万股京东股票。毕盛资产管理公司借此表达高瓴资本对京东前景的担忧，但高瓴资本对上述言论做出了公开反击，称京东一直都是高瓴资本的重要投资组合之一，高瓴资本目前仍持有京东大量的股票，并对京东的未来发展抱有乐观的态度。
Selling stocks does not mean bad performance. Investment is to obtain profits. Every investment institution has a corresponding investment plan and has a specified time for selling stocks. Therefore, selling stocks is also a consideration for investors to obtain profits. "This is like a house with rising housing prices in the hands of homeowners. If the homeowners do not sell, they cannot obtain the benefits brought by rising housing prices.
After the release of the report, JD.com's stock price fluctuated slightly on June 14, US time, but as of the close of US stocks on June 14, JD.com's stock price finally closed at US$39.27, up 0.13%, and the stock price did not fall sharply due to the short-selling report. It is understood that this is the second time that this institution has released a short-selling report on JD.com. The short-selling report issued by the institution in June last year once caused JD.com's stock price to fall by more than 8%. But in the following year, JD.com's financial report showed that JD.com had begun to make profits and its market value was close to US$60 billion.
The two stock price fluctuations last year and on June 14 cannot represent the success of short selling. Only when the stock price falls sharply, that is, it falls by more than 20% and continues to fall, will it mean that the content of the short selling report is highly credible.
Data conflicts, report credibility is doubtful
JD.com has been shorted by the same institution during the "June 18" period for two consecutive years. A person engaged in cross-border import and export e-commerce said that JD.com was in a different state this year than when it was shorted last year. This year, JD.com has started to make profits, and its business models have also been diversified. Overseas and global purchases have improved. JD.com's related businesses such as JD.com are gradually matured, and asset quality is being slowly consolidated. Now, shorting requires institutions to present stronger and more accurate evidence to be accepted by the capital market. If JD.com's stock price does not fall sharply, it is proved that investors do not agree with the report.
On May 8 this year, according to the first quarter report released by JD.com, the group achieved a total transaction volume of 184.1 billion yuan during the reporting period, an increase of 42% year-on-year; at the same time, the group achieved a net profit of 356 million yuan, and a net profit of 1.4 billion yuan under non-US general accounting standards (Non-GAAP), achieving comprehensive profit for the first time.
But some industry insiders said that some of the contents in the short-selling report are also credible. The report pointed out that the profit margin of 3C products is very low, but it has reached more than 50% of JD.com's revenue. A JD supplier said that the domestic 3C gross profit growth space is less and there are many platforms, which has brought a certain impact on JD's development. Although there are platforms such as Tmall and Suning in the industry that operate the same business, JD does find it difficult to obtain stronger bargaining power, but JD's recognition in the 3C market has always been very high.
In addition, the report also maintains doubts about JD's logistics advantages, saying that JD's current 256 warehouses (95% lease) and the "last mile" logistics system do not have long-term advantages and may be replaced by competitors. The report also pointed out that the average warehouse of JD is only 22,000 square meters, which is only suitable for standardized 3C and home appliances, and is less suitable for high-end goods such as fast-moving consumer goods. According to data released by JD.com, as of the end of 2016, JD.com operated 11 large warehouse groups and 67 small and medium-sized warehouses in four provinces and two cities in North China. The warehousing facilities cover an area of more than 1.4 million square meters and have more than 2,000 distribution stations.
Short-selling motivation Profit or manipulation
An industry insider in the investment field said that the reason why institutions choose to short JD twice at the same time node is because institutional shorting companies need a publicity node. At present, JD is fully preparing for the "6.18" promotion, and the attention of the industry and consumers has reached a high point, and the negative news generated at this time will also be spread rapidly. In addition, it is not ruled out that JD is shorted by shorting institutions. After all, the time of the short-selling report is relatively subtle, and there is a possibility of competitors' blows.
An investor who did not want to be named said that it may also have airdropped JD's stock and issued a report in the hope that the industry will short it together. If JD's stock price falls, institutions will gain profits from it. A staff member of a short-selling institution said that short-selling or longing is the "personal will" of the institution. If the institution thinks that JD will rise, it can go long, and if JD's stock price falls, it can go short. It is common in the capital market, especially in the US stock market. Investors have different understandings of the stock trends of the same company, so that stocks can be bought and sold. The ultimate goal of the institution is to make a profit.
However, some analysts believe that in terms of business, it was during JD's "6.18" promotion, short selling also caused JD to be questioned by consumers and the industry, so negative comments from the capital market may ultimately have an impact on JD's performance.
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