Recently, JD has made a high-profile stablecoin issuance in Hong Kong, while also boldly entering the fiercely competitive takeaway market. If this is only seen as ordinary business expansion, it would overlook the underlying significance. A closer look at its layout reveals a 'cornered beast still fighting', and also a 'fight with its back against the wall'.
First, let’s talk about issuing stablecoins. On the surface, JD is waving the banner of 'technological innovation and convenience in cross-border payments', but in fact, there are three deeper meanings.
Firstly, to open up the bloodline of overseas capital. In recent years, mainland internet giants have been under pressure, with financing channels tightening. Hong Kong, as an international financial center, is a natural springboard for JD to save itself through a backdoor listing. Issuing stablecoins is akin to laying down an underground pipeline for itself, bypassing the shackles of traditional capital flows.
Secondly, betting on the new order of future trade. The global trend of de-dollarization is gradually rising, and stablecoins, as a new species of digital finance, may become the 'dark currency' of cross-border trade. JD's actions are both 'preparing for rain before it falls' and betting on the 'first mover's dividend under new rules'.
Thirdly, the new front of data hegemony. Whoever controls the transaction medium seizes greater data sovereignty. JD’s comprehensive control over product flow, payment flow, and capital flow is aimed at securing a place in the future digital battlefield.
As for the massive entry into the takeaway market, it seems astonishing: with Meituan already a deity and Ele.me surviving in the cracks, why would a dignified e-commerce giant lower its stature to gnaw on that thin profit, fiercely competitive bone? But if viewed from another angle, this is actually a 'forced breakout'.
Under the Matthew effect, e-commerce traffic growth has already peaked, and new battlegrounds such as live-streaming e-commerce, community group buying, and instant retail are emerging. The instant delivery network established by Meituan in takeaway has become an irreplaceable infrastructure. If JD does not intervene, the future integrated closed loop of 'instant retail + takeaway + home delivery' will be handed over to others. It can be said that JD's actions align with what is said in 'The Art of War': 'If the momentum can be gained, join it; if not, strive to guard it.' Seeing that it cannot be guarded, the only option is to attack for defense.
At the same time, while the takeaway industry appears 'dirty, tiring, and difficult', it actually hides the last gold mine of high-frequency user scenarios. Owning users means owning the future, even if profitability is far off; JD has no choice but to grit its teeth and 'burn money to exchange for survival'. As Li Bai said: 'The great roc rises with the wind and soars up to ninety thousand miles.' Without risking life, how can one soar?
In summary, JD issuing coins and delivering food appears to be two battle lines, but in fact, they belong to one grand strategy: on one side, opening up international capital; on the other side, solidifying the domestic user base; on one side, planning for the future monetary landscape; on the other side, competing for the entry point of instant retail. As the saying goes, 'internally strengthen the bones and muscles, externally plot the territory', this can be called ambitious, but also a dilemma.
However, under the rapid advance, there are also hidden worries. Whether it is stablecoin regulatory risks or the fierce battle over takeaway subsidies, neither is an easy task. If one acts too hastily, they may be troubled by external threats or internal strife, ultimately leading to 'the clam and the snipe fight, and the fisherman profits'; the outcome is uncertain.
To summarize this situation with a quote from Zhuangzi: 'The greatest sorrow is a dead heart, and death of the person comes next.' JD’s actions still show a fighting spirit, not yet reaching the state of a dead heart. However, the trends of the world succeed through recognizing the times and fail through rash actions. Whether it succeeds or fails remains to be seen, only time will tell.