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With Tencent investment, they still screwed up the project

via:博客园     time:2020/11/19 18:02:37     readed:132


Man/Wu Mei

Source: it orange (ID: itjuzi521)

Recently, Tencent has two things to pay attention to.

First, Tencent Holdings released its unaudited third-quarter financial report, and all the data were as bright as ever: financially, total revenue was 125.4 billion yuan, up 29 percent from percent over the same period last year, with strong growth in online games and value-added services; second, Tencent and other institutions jointly led a Chinese fast food brand

As of September 30,2020, Tencent held 32.3 billion yuan in total earnings of investment companies, according to non-international financial reporting standards

According to it orange data, as of November 5, 2020, Tencent has invested more than 790 A company that may bring direct benefits to Tencent includes many listed companies, such as beep Kwai (B station), fighting fish, Jingdong, spelling, American group, 58 (privatization), etc., and will benefit Tencent in the future, including dripping, many cars, fast cars, knowing, Himalaya, ape counseling, daily delicious, tea and other Unicorn companies. 。

But as the saying goes


According to it orange statistics, Tencent has invested in 24 of its closed venture projects (Note: the project has been declared closed, the project has not been operated for more than a year, the product has been offline, the project has completely abandoned the original main business transformation of new business or new project, the project has been absorbed by other entities and the brand is no longer independent operation, etc., the above situations are considered as the failure and closure of the project). Most of the projects listed by Tencent are invested in round a and before, mainly leading investment. However, the amount of single investment is small and the total finance is less than 5 billion yuan. For the huge investment of Tencent, it is indeed a drizzle.

Lost Gaopeng: Tencent abandoned, USA

He has two noble origins

Return to China Group Purchase Market at that time

In the initial design, Gaopeng CEO by Tencent responsible for the operation by the Groupon team. Two

At that time, the whole group purchase industry in a barbaric growth period, the operation model is very extensive. Because of the long period of validity, most users will not consume the group purchase coupons in time, so there are a large number of users on the platform

At that time, Meituan did not insist

On November 4, 2011, Groupon was listed on NASDAQ in the United States, raising $700 million, making it the largest technology IPO since Google went public in 2004.

In the cheering applause of the listing, Gaopeng net some lost, did not look around, aware of their own situation; no

Unfortunately, Groupon's share price dropped from a high of $500 to less than $100 a year after its listing, announcing the end of the group buying story in overseas capital markets. And in the competition of domestic group buying websites, Gaopeng's performance is not good.

On August 1,2012, Tencent integrated its self-owned QQ group buying business with F Group and Gaopeng.com and established it

Just six months late

After four years of silence, networld group conducted an asset restructuring in 2017. Tencent, Yunfeng fund and a technology company in Shenzhen jointly injected capital into it. Tencent remains its largest shareholder. The official announcement has netted the world's newly established business lines for project incubation, investment and vertical e-commerce, but there is little movement in the market.

And now, Groupon are getting old and gone on the path to decline, with shares now worth less than $25 and market value just $700 million.

Tencent wants to pull a small Gao Peng at that time, also is not easy.


Lonely happy net: Remember the food you stole

From the investor's point of view, Kaixin may not be a case of Tencent's investment failure; but from the project's own point of view, Kaixin did decline after being invested by Tencent and finally gave up social business. And sold.

Kaixin, a white-collar social networking site founded in 2008, experienced a miracle of increasing the number of users from 300 to 60 million in 18 months, leading the nation

The year 2010 was the heyday of kaixin.com, and also the year when Tencent was besieged in the social field. Kaixin.com (white-collar social networking), renren.com (campus social networking), Sina Weibo (celebrity celebrities, fan economy), and QQ space (acquaintance social networking) formed a four legged pattern of SNS. Among them, Sina Weibo has both social and media attributes, which is far from the positioning of other projects.

With the outbreak of the game of stealing vegetables and planting vegetables, Kaixin has achieved scale profits from the second quarter of 2010, with a monthly profit of more than 10 million yuan and an annual income of 300 million yuan, with the largest proportion of advertising revenue. In order to get rid of the dependence on advertising business model, Kaixin also tried to launch group buying service in early 2011, but it was outsourced to group F after only nine months of operation.

In October 2011, Tencent made a strategic investment in Kaixin. The investment amount was not disclosed, which was reported to be about 100 million US dollars. According to analysis, the main reason for Tencent's heavy investment in Kaixin is to weaken its competitors, seize the white-collar high-end user market, and make up for the younger QQ population, which is not enough to consolidate Tencent's absolute position in the social field.

After Tencent's investment, third-party applications and game developers can access and operate their applications synchronously on the open platform of Tencent and Kaixin. However, Kaixin, which relies too much on the game of stealing vegetables, will inevitably decline after users are diverted.

Since then, happy net completely transformed into mobile game research and development company, founder Cheng Binghao left in July 2016, quit the company. A listed companies in 2017

The 2014 O2O model became popular, and there was a hot wind in the field of tutoring O2O. Before and after this, a group of online appointment teachers home teaching O2O platform has been set up, including teachers come, with whom to learn, good teachers, crazy teachers, gentle tutoring, ask him to teach and so on.

This kind of project model is very close, and has obtained the good investment, after all, the demand for the primary and middle school student to find the tutor teacher is long existing, but the Internet platform hopes to solve this demand through the more efficient resource matching way.

Among them, Tencent continuously invested two rounds of crazy teachers

Here's a key figure

In terms of team, Zhang Hao, founder of crazy teacher, started from scratch with traditional K12 extracurricular training. Crazy teacher is his second pioneering project in the field of education. In order to make up for his own shortcomings in Internet products, he also invited Yao Xin, founder of pptv, to join in to take charge of products and technologies.

When Tencent proposed the investment idea, Zhang Hao's team had already contacted several well-known investment institutions. Therefore, Zhang Hao also asked to complete the financing in the shortest time. Finally, the project agreed on TermSheet in 36 hours, completed due diligence, signed the agreement and closed the delivery in 20 days, which is crazy.

On Tencent's Internet gene

Still, as the transition to the home O2O industry approaches, after two years of silence, the crazy teacher announced on april 30,2019 that it would stop operating, APP page showed:


No one except technical professionals probably knows the smartphone brand essential phone, but actually the founder of the project is Andy Rubin, the father of Android. Rubin worked at Google after Android was acquired by Google, resigned due to a sex scandal and received a severance payment of up to $9 million. After leaving, he founded the consumer electronics brand essential.

Bullman background made the start-up high-profile, just started with $30 million A round of financing. Tencent, Amazon Alexa Fund and others participated in the Essential B round of $300 million financing in June 2017, with an investment valuation of more than $1 billion.

The first smartphone Essential released, called PH1, borderless, large-size, multi-color optional design, is aimed at high-end smartphone brands Apple and Samsung, but the phone shipped less than 90,000 units in 2017 and stopped production a year later.

And in 2019, the team made ProjectGem, TV remote control

With the closure of essentia, the company acquired the CloudMagic.Inc The e-mail management application developed by Newton, known for its search and cross platform capabilities, will also be unavailable for IOS, Android, MacOS, windows and Chrome OS.



After sorting out, we divided Tencent investment failure projects into four categories:

First, Tencent wants to cut into trading areas where it is not good at

In the second category, Tencent has invested in many related projects at home and abroad as a lead investor or exclusive in the game and social fields that it specializes in, but some projects have been disadvantaged by missing out on the dividends of the mobile Internet: for example

The third category, in the O2O tuyere period Tencent followed up some investment, some projects with the help of O2O momentum early development faster, but a few years later O2O pattern changed greatly, some projects reduced to

The fourth category is scattered projects in other areas, such as smart hardware wearable brands

The above case may prove that investment in emerging markets is not so-called

Because the success of the project is a combination of complex factors, and

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