Commenting on the three unicorns in China and their listing plans, SMU Associate Professor of Information Systems Zhu Feida noted that the Ant Group and Lufax have more direct-to-consumer (2C) businesses, while JD is more targeted at providing services to businesses (2B) and governments (2G). Assoc Prof Zhu opined that the Ant Group and Lufax have already achieved significant success in their original domains, and a listing will lead them to open up a new runway and pursue a diversified strategy. JD, which had earlier transitioned from finance to technology, can take this opportunity to strengthen its own capabilities and to leverage on the broad business opportunities through China's new infrastructure.
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