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Accelerate the acquisition of an empire entity Tencent business

via:CnBeta     time:2018/2/4 8:32:00     readed:402

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Tencent cloud

Garment chain brand announced Hailan home is much more detailed announcement: Tencent used 2.5 billion yuan to buy 5.31% stake in Hailan home, the two sides will also jointly set up 10 billion industrial investment funds, next Monday will resume trading.

This is the fourth and fifth entity commercialized by Tencent in less than two months. Previously, it had been involved in the commercial income of Yonghui Supermarket, Carrefour and Wanda, involving fresh produce, supermarkets and commercial real estate. Multiple retail formats. AI Financial Services found that Tencent right now decided to stake in real business accelerated significantly faster, the first time Yonghui supermarket shares with Carrefour for the second time separated by nearly a month, the second and third reduced to 6 days , The third to the fourth only spent three days, the fourth to the fifth only one day.

In the new retail, Tencent suddenly press the accelerator. This is only the beginning, AI Financial News was informed that Tencent is still in communication with many entities and commercial enterprises, some time in the future there will be many news sources, department stores, convenience stores and other retail formats are Tencent focus.

Sudden acceleration

Over the past two days, Tencent investment department is very busy, Beibu Xiangtan in Hunan and Hailan in Jiangyin, Jiangsu Province, home has come to Tencent headquarters in Shenzhen and signed an agreement, backgammon is signed on February 1, Hailan is 2 On the 2nd of the month, the two suspended commercial entities eventually chose to join Tencent.

There is a noteworthy detail, backgammon bulletin is to the suspension of 10 days trading day limit had to be issued, Heilan home notice was three days earlier. Look, in contrast, Tencent and Heilan home negotiations much faster, from suspension to announcement only took three days.

According to the announcement, Tencent and BBK just signed a strategic cooperation framework agreement. The co-operation with the sea-Lan House is very clear, Tencent out of 2.5 billion from the founder of the sea-lan house Zhou Jianping daughter Zhou Yanqi bought 5.31% stake in the sale of shares of Rongji International (Hong Kong) Limited for Zhou Yan Qi 100% holding company.

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In the deal with Heilan House, the price negotiated by Tencent and Zhoujianping was 10.48 yuan, a discount of 8.39% compared with 11.44 yuan before the suspension. After the transaction is completed, Zhoujianping family is still the largest shareholder of Hailan home, holding 64.28%. In addition to equity participation, Tencent will also jointly set up a billion-billion industrial investment fund with Hailan Home and Zhixin Capital, after rumors of Jingdong and Vipshop rumors have not been involved. However, as of now, the three parties have not made clear the specific amount and proportion of the funds invested.

Although the layout of Tencent offline Alibaba more than three years later, but since December last year, Yonghui supermarket shares start, Tencent shot speed continues to accelerate. Among them, Carrefour shares and backgammon belong to the form of accounting for pit, showing Tencent business entity, "looking for a thirst." BBK insiders said: "Tencent and backgammon transactions are not finished talking, but because of the time to 10 days had to start a notice."

Carrefour as well, January 23, Tencent and Yonghui Supermarket jointly signed a letter of intent with Carrefour China, but did not reach specific data. On February 2, when AI Financial Services verified the progress of Carrefour China, the other side said there is no open information so far.

Informed sources, although Tencent has signed a potential investment letter of intent with Carrefour China, but more than 10 days later, the progress of both sides is still limited to cooperation agreements, the specific proportion of shares and the transaction price is not well defined, as between the three parties can do What more can not be sure.

Put aside the BBK and Carrefour, which have not yet determined the transaction amount, Tencent has given Wanda business the largest amount of money among the three companies Wanda, Yonghui Supermarket and Hailanzhai House, with 4.12% of the holding amount of 10 billion yuan, "The main sponsor"; followed by Yonghui Supermarket last year, Tencent out of 4.166 billion yuan to buy Yonghui Supermarket 5% stake in January 30 and invested 187.5 million yuan to subscribe for a 15% stake in Wing Fai; Third, Hailan home, invested 2.5 billion yuan shareholding ratio of 5.13%.

However, even the 10 billion yuan investment in Wanda's business appears to Tencent to be a "small deal," and Tencent has not issued a public notice. It is understood that the HKEx has a "5%" rule on the disclosure of the transaction, requiring the transaction assets to account for 5% of the total assets; the consideration of the transaction assets accounts for 5% of the total market capitalization; the profitability of the transaction assets accounts for the total enterprise Profit of 5%; transactional assets of revenue-generating capacity of 5% of total revenue; transactional assets involved in the number of shares accounted for 5% of the total number of shares of the enterprise. Due to the large volume of Tencent, plus investment strategy is to seek not only have possession, so the subject matter of its investment rarely touch the "5%" rule.

Most mysterious department

Tencent entities dominate the business investment sector, with Tencent "the most mysterious department," the title, the outside world have little understanding of this sector. AI Financial News Agency exclusive learned that since 2011 Tencent set up industry win-win fund, Tencent Investment Department has grown in size, has not more than 20 from the initial doubled, the department staff from Goldman Sachs, Bertelsmann investment, Morgenstern Lee and other well-known investment banks, and have Peking University Tsinghua University or overseas elite background.

Tencent Investment directly reports the leadership is Tencent CEO Liu Chih-ping, he is 10 years younger than Tencent founder Ma Huateng, 45 years old this year. In 2005, Liu Chih-ping joined Tencent as Chief Strategic Investment Officer, where he was primarily responsible for strategy, investment and M & A, and prior to that he was an Executive Director at Goldman Sachs Asia Investment Banking.

Liu Chi-ping joined Tencent only one year was promoted to president, another year was appointed as an executive director. Although Liu Chi-ping is Tencent "airborne", but most of Tencent's investment from his hand, such as investment Jingdong, drops, search dogs and so on.

In Ma's aspirations of China's richest man in the process, Liu Chi-ping is also one of the most important hero. Tencent shares before he joined in hovering around 1 Hong Kong dollar, then skyrocket, and now has reached 452.4 Hong Kong dollar. Tencent market value also climbed to 4.3 trillion Hong Kong dollars, becoming the world's leading Internet giant. Liu Chi-ping is still the chairman of Tencent Investment Committee, Tencent investment matters.

Liu Chih-ping straight investment department fiercely, chief strategic investment officer and senior executive vice president James Mitchell, is Liu Chih-Ping's colleagues at Goldman Sachs, has many years of investment banking experience, joined Tencent in 2011 to be responsible Investment M & A work. Also joined him in the same year, Li Zhaohui, an investment management partner at Tencent, and Lin Haifeng, an investment management partner with Tencent.

2011 is Tencent investment action soaring momentum of the key year, which is closely related with the "3Q" war in 2010, Tencent investment spending not more than 400 million yuan a year earlier, prompting Tencent to move from closed to open. For some potential business, Tencent no longer do their own, but the choice of the underlying investment M & A. AI Finance was informed that in the past 6 years, Tencent has spent over 100 billion yuan on investment and has invested 600 enterprises. It is a veritable commercial empire.

And Tencent's investment rate is still faster year after year. According to IT Orange statistics, the number of investment incidents in 2017 Tencent year has more than 120, reaching a record high, 60% more than Alibaba. 40% of the investment is concentrated in the early stage, 28% in the development stage and 17% in the strategic investment. Cultural entertainment, business services and hardware are the key tracks for Tencent's investment this year.

At the Tencent Investment Annual Meeting on January 24, Liu revealed that the total market capitalization of 600 companies invested by Tencent in 2017 has exceeded the market value of Tencent. In 2017, the market value of Tencent rose 113%. Among them, there are a number of companies invested by Tencent successfully listed last year, such as Sogou, Reading Group, Public Security, Yi Xin Group.

In 2018, Tencent's investment pace is still accelerating, of which retail is quite fancy new track Tencent. Competition between Tencent and Alibaba will also become more intense.

Retail new track

"In addition to the publicity, Tencent has also contacted a large number of entities and commercial retailers at present." Lai Yang, executive vice president of Beijing Business Economics Society, told AI Financial Services.

Informed sources, the last six months, Tencent Investment Department visited a lot of people in real business projects, some time in the future there will be many news exposures, department stores, convenience stores and other retail formats are Tencent focus of attention.

Tencent, which owns WeChat and QQ, the two major traffic sources, will not be satisfied with the layout only online. Alibaba doing well, Tencent also accelerate the incoming. In November last year, Tencent held a global partner conference, Tencent Investment Department has described the ambition in the new retail. Tencent investment management partner Li Zhaohui said Tencent investment focus in the future four tracks, the first is the quality of the head content, the second is cutting-edge technology, the third is business services, the fourth is the new retail. Within Tencent, the importance of retail has been raised to strategic positions.

"In the past few years, the combination of the Internet and the real economy is getting more and more, but the most direct impact on people's livelihood, no one vertical area will be more important than retail, retail more than the next 30 years, China's economic take-off Mainly from the escalation of consumption. In the process, the Internet can play a big role in boosting the evolution of retail formats, the birth of retail brands and the exploration of consumer behavior. As a result, there is a huge investment opportunity. " Li Zhaohui analysis said.

January 24 Tencent Investment Annual Meeting, Tencent investment management partner Lin Haifeng once again showed that Tencent's new retail ambitions. "All the deconstruction and refactoring of the first half of the Internet took place online, and in the second half there was a bigger and broader scene of lines that were not yet fully digitalized or digitized without much granularity The next scene. "

Lin Haifeng believes that many digital retail now, the solution is very junior, membership card can only track the results of a user's purchase behavior, do not know his purchase path, do not know his purchase logic, in the end why buy or not buy. In the second half of the Internet, the full digitalization of the entire chain will determine the key factor in the future success of a company. So it's really possible to build a barrier. The more exclusive and fragmented your data, the smaller the granularity, the more difficult it is to copy and the longer your company's value will be.

In Lin Haifeng's concept, the whole chain refers to the data from online to offline. This is the same as the layout logic of Alibaba online, all want to accumulate their own technology for the activation of offline business, offline consumer behavior, shopping path data. In this process, a deep capital marriage will have more advantages than a single cooperation.

"Tencent originally cooperated with other e-commerce companies such as Jingdong, but the bottleneck that has been developed to a certain extent online is obvious, so I hope to learn Alibaba and create more benefits by combining the resources I have accumulated online and offline. , The information technology of the entity business enterprise is backward, do not say and online than, compared with foreign countries, there are 10 to 20 years of generation gap, so also need the help of the Internet giant. "Lai Yang said.

February 1, Ministry of Commerce released data show that in 2017 China's total retail sales of social consumer goods 36.6 trillion yuan, an increase of 10.2%. Among them, the online retail sales of physical goods was 5.5 trillion yuan, an increase of 28% over the same period of last year, accounting for 15% of the total retail sales of social consumer goods.

Although the online growth rate is still fast, it has slowed down significantly compared with the past, and 85% of consumer spending opportunities are still offline. This is also Tencent and Alibaba, as wellAmazonWhy to march into the line of reason.

Explaining why companies continue to stake in real business, Liu Chi-ping has said that the future trend of development is the combination of online and offline, Tencent recently invested a lot of offline businesses, because there are many treasures under the line, "WeChatAppletsIs a good carrier, you can put the scene power through the WeChat. Tencent COO Ren Yu Xin explained, "Tencent to open the retail capacity, on the one hand from Tencent social, content platform traffic; the other hand, it is the technical capabilities of big data and artificial intelligence. "

AT different styles

BBK made the announcement on February 2 stressing that the signing of the strategic cooperation was reached under the vision of jointly developing smart retail business. Both parties will carry out in-depth cooperation in such areas as building new capabilities, building a digital operating system and creating a new ecology. In order to achieve the restructuring of the retail value chain.

"In 2018, BBK will fully reorganize its digital infrastructure, bring its digital customers to full ground, key breakthroughs in digital products and full deployment of digital operations. In 2019, the company will transform itself into a new data-driven online retailer." BBK Group Director Long Wang fill as explained, this is why backgammon Tencent choice.

With Tencent's capital and technology to bring new changes to their retail layout, but also the remaining four were Tencent business reasons to vote. Carrefour, for example, said that to comprehensively apply the technological advantages of Tencent. Wanda Commercial Management Group will build an online and offline integration of China's "new consumer" business model, want to achieve a win-win business entities and Internet companies. Tencent will play an important role in them.

The current entity business has been divided into two camps, one is the Alibaba team, one is Tencent warships. Alibaba team in the past few years through investment and mergers and acquisitions have Yintai, Suning, Sanjiang shopping, Brilliance Group, Lianhua Supermarket, Xinhua, retail sales and many other outstanding landmark under the command of. Although Tencent late entry, but shot quickly, already has Yonghui Supermarket, Carrefour, Wanda commercial, backgammon, Hailan five big teammates. If the shares of the Red Wing Yonghui chain, Jingdong stake Walmart count, Tencent retail distribution in the physical can no underestimate.

After the two divisions of Alibaba and Tencent, the current market there are department stores Wangfujing, Dashang Group, E Wushang and other targets, there are commercial Super Hualian, Wumart, supermarket hair and other subject, there are convenience stores 711, Luo Sen, the family, fast passenger, the United States and other targets to choose from.

And for joining Alibaba clan or join Tencent warships, the result is not the same. Retail industry expert DingLiGuo observation, by Alibaba investment, means that there will be change; and by Tencent investment, generally will not be involved deep, the two sides more is to consider the combination of business level.

Tencent hopes to turn some companies from rivals into allies through investment, but Tencent's investment philosophy is not focused on Tencent, but rather on being invested. Liu Chi-ping has said that this investment strategy to help set up an ecosystem between Tencent and investment companies.

So in the proportion of shares of commercial enterprises that have been cast in the public entity, Tencent accounted for about 5%. In contrast, Alibaba's new retail layout focuses on "centralization", emphasizing control over enterprises, deeply intervening in operations, devoting efforts to transform them from top to bottom, and then docking the transformed enterprises with their own platforms. Take Gao Xin retail example, Alibaba invested about 22.4 billion Hong Kong dollars, directly and indirectly, holding 36.16% stake in retail Xin.

The two strategies are still not good at which one is better. However, Alibaba started by e-commerce, with the line has a strong correlation. From online to offline, relatively better at getting through logistics, shops and big data. Tencent's main business is off-line retail is relatively "far" of social games and games. In the view of Dingli Guo, want to bring innovation to the real business changes, unless controlled as Alibaba, or short period of time can not see the effect. "Up to now, Yonghui Tencent internal reaction to the stock is very general, did not collide with the spark, the cooperation did not enter the landing stage, Carrefour did not find out what should be how to get."

"Entrepreneurial retail business model can be, but the financial and technical shortcomings are willing to choose Tencent.Do not want to continue operating, there is a huge crisis willing to choose Alibaba, through the holding of the form can bring huge changes." Lai Yang told AI Finance and economics. In the layout of the line, the most thorough giant is the Amazon, directly spent 13.7 billion US dollars to buy the whole food supermarket transformation.

【AI Financial Agency】

Wen | Chen Fang editor | Tang Xiaoyuan

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