中國第二大網售零售商 京東商城忙擴張

The group–360buy–that runs Jingdong Mall, China's second-largest online retailer by transaction value, is preparing to ramp up acquisitions, adding to speculation about its plans to raise at least $1bn via a US listing.

京東商城集團(360buy)準備加大收購力度，此舉強化了外界對於該集團謀求上市的預期。此前人們曾猜測，京東計劃赴美上市，籌資至少10億美元。以交易額計，京東是中國第二大網上零售商。

"We will do a lot of acquisitions in the second half of 2012," Richard Liu, 360buy's founder and chief executive, told the Financial Times in his first interview with foreign media. "The Chinese ecommerce sector has already entered its shakeout phase, and that phase will be over by the end of next year. We will take advantage of it."

京東創始人兼首席執行官劉強東(Richard Liu)向英國《金融時報》表示："2012年下半年我們會進行大量的收購。中國電子商務行業已進入洗牌階段，這一階段將在明年年底結束。我們會抓住這個機會。"這是劉強東首次接受外國媒體採訪。

The moves are likely to intensify competition with Alibaba, which dominates China's ecommerce market but is in the middle of a restructuring.

京東此舉可能會加劇它與阿里巴巴(Alibaba)之間的競爭，後者目前是中國電商行業的"龍頭老大"。不過，阿里巴巴正在經歷重組。

When 360buy, which has hired Bank of America Merrill Lynch, Goldman Sachs, JPMorgan and UBS to advise on the plans, briefed analysts about its business late last month, it triggered rumours that it could go public in the US as early as September.

京東已聘請美銀美林(Bank of America Merrill Lynch)、高盛(Goldman Sachs)、摩根大通(JPMorgan)和瑞銀(UBS)爲其收購計劃提供諮詢。上月底，京東曾向分析師介紹其業務狀況，這引發了外界的猜測，認爲它可能最早會在9月份赴美上市。

Mr Liu denied that the company was in a hurry to list. "We have enough cash until 2015," he said.

劉強東否認京東正急於上市。他說："我們的現金足夠用到2015年。"

As of the end of 2011, 360buy had nearly $1bn in cash, according to analysts it has briefed.

曾聽取京東介紹業務狀況的分析師指出，截至2011年底，該公司擁有將近10億美元現金。

Jingdong Mall recorded transaction volume last year of Rmb30bn ($4.7bn), more than three times the size of Amazon China and up 200 per cent from 2010, according to iResearch, a Beijing-based internet industry analyst.

總部位於北京的互聯網行業研究機構艾瑞諮詢(iResearch)的數據顯示，去年京東的交易額爲300億元人民幣（合47億美元），是亞馬遜中國(Amazon China)的三倍有餘；若縱向相比，京東去年的交易額較2010年增長200%。

While Taobao and TMall, the consumer ecommerce sites of Alibaba, are China's largest online retail sites, they do not hold inventory themselves but merely provide platforms for others to trade on an important difference from Jingdong's business model.

相比之下，阿里巴巴旗下的消費者電子商務網站——淘寶(Taobao)和天貓(TMall)——雖是中國最大的在線零售網站，但它們自身並不擁有庫存，只是爲他人提供交易平臺。這是它們與京東在業務模式上的一個重要不同之處。

However, Jingdong has also started a similar platform business. After failing to attract luxury brands to its mall, it has begun allowing them to do their own trading on its site, giving them more control over their brands and prices. Mr Liu said the company would expand this business so that it would account for half its revenues, from less than 20 per cent currently.

不過，京東也已推出一種類似的平臺業務。由於未能吸引到奢侈品品牌入駐京東商城，該公司開始允許它們在其網站上自行開展交易，給予它們對自身品牌及價格以更大的控制權。劉強東說，京東將擴大這一業務，會將其在總收入中所佔的比重由目前的不到20%提高至50%。

Net revenue at 360buy has soared from Rmb2.9bn in 2009 to Rmb21bn last year. The company forecasts that the figure will more than double this year and rise almost tenfold to Rmb208bn by 2015.

去年，京東的淨收入從2009年的29億元人民幣猛增至210億元人民幣。該公司預計，今年的淨收入將增長一倍以上，2015年的淨收入將增至2080億元人民幣，近乎爲2009年的10倍。

But net losses more than doubled to over Rmb1bn last year, and 360buy does not expect to turn a profit until 2015. Its gross profit margin rose to 5.5 per cent from under 5 per cent in 2010, and is projected to increase to about 8 per cent this year and to more than 13 per cent by 2015.

不過，京東去年的淨虧損增長了逾一倍，達到10億元人民幣以上；而且該公司預計，在2015年之前不會實現盈利。京東的毛利率從2010年的不足5%升至去年的5.5%，今年預計將達到8%左右，到2015年時則有望超過13%。

The company is pouring Rmb10bn into a nationwide logistics and delivery service during the next three years. While that plan, and a similar push by Alibaba, began as an attempt to deal with capacity bottlenecks and service quality shortcomings in the express delivery sector, 360buy now expects logistics to become an important driver of revenue.

京東將在今後三年投入100億元人民幣，提升在全國範圍內的物流及配送服務。儘管這一計劃（阿里巴巴也推出了類似舉措）最初是爲了應對快遞行業的運能瓶頸及服務質量缺陷，但京東現在希望，物流能成爲公司收入增長的重要推動力之一。

"By 2015, I expect the external order volume to exceed internal orders handled by our delivery service," Mr Liu said.

劉強東談到，"預計到2015年時，我們配送服務處理的外部訂單數量將超過內部訂單。"

The company has been handling orders from other domestic ecommerce companies on a test basis since February and will officially open to outside orders in August. It is negotiating with Dell to handle deliveries in China for the US computer company.

2月份以來，京東就一直在嘗試處理來自國內其他電商企業的訂單。它將於8月份正式開始承接外部訂單。眼下，京東正與美國電腦公司戴爾(Dell)展開協商，打算爲後者處理在中國市場上的配送。 "

We could become profitable tomorrow, but there is no value in that itself. We have to invest now," said Mr Liu.

劉強東說："我們明天就能實現盈利，但這本身沒有任何意義。我們現在必須投資。"