Tencent Shares Continue To Rally "Seek Alliance", Jingdong Fight Ali Again

< p > yesterday, foreign media reported that Tencent would employ Barclay as his trading consultant for the acquisition of Jingdong mall shares.

Although Tencent and Jingdong have told reporters that they do not comment on rumors from abroad, their capital movements have been further fermented in the market.

Tencent (00700.HK) shares also continued to rally. For the first time yesterday, they exceeded 600 Hong Kong dollars and renewed their record highs again.

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< p > < strong > negotiation game < /strong > < /p >

< p > Tencent held a consultations with Jingdong mall CEO Liu Qiangdong at the end of last year, but the two sides did not reach an agreement.

DST, one of Jingdong's shareholders and Russian investment company, said 10 days ago that Tencent has not yet reached a capital accord with Jingdong.

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< p > DST stated that Tencent had expressed the idea of becoming a shareholder Jingdong last year, while Jingdong's shareholders also approved the entry of Tencent, but Liu Qiang Dong did not accept the plan.

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< p > according to the reporter, in the first round of negotiations, the difference between Jingdong and Tencent is that Tencent did not prepare for the pfer of easy to fast and so on to the operation of Tencent business, while Liu Qiangdong's representative side insisted on copying the investment mode of "stake in stocks and SOGS".

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< p > September 16, 2013, Tencent invested $448 million in Sogou and held 36.5% stake in Sogou.

In addition, Tencent pferred its search engine and other related teams and some of its own traffic resources to Sogou.

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< p > investors have told reporters that what Liu Qiangdong values is not Tencent funds, but related resources.

Liu Qiangdong's proposal is that Jingdong will sell less than 20% of its shares to Tencent, while Tencent, in addition to the corresponding funds, should pfer the assets of Tencent and other related assets to WeChat.

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Less than P > 20%, < a href= "http://www.91se91.com/news/index_c.asp" > equity pfer < /a > does not affect Liu Qiangdong's control over Jingdong.

According to Jingdong's IPO prospectus, Liu Qiangdong directly or indirectly holds 23.9% stake in Jingdong, which has reached the holding level.

Among them, Liu Qiangdong held a 5.3% stake in Fortune Rising, a shell company owned by a single shareholder.

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< p > in addition, Jingdong also designed the AB share plan, allowing Liu Qiangdong and other Jingdong management to go on the market with a voting power of 20 rights, while all other shareholders are entitled to one share and one power.

Assuming that Jingdong's publicly listed shares account for 20% of the total share capital of Jingdong, Liu Qiangdong's control of Jingdong's listing is as high as 84.8%.

The plan also circumvented the possibility of any third party's hostile takeover of Jingdong.

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< p > the aforementioned persons did not disclose Tencent's bid corresponding to the Jingdong's 20% equity interest in the program.

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< p > according to the information disclosed in the prospectus, the Jingdong's last round of financing is valued at 6 billion 60 million US dollars, and if it is calculated according to the lower limit interval of the listed public offering of listed companies with the maximum financing amount of 1 billion 500 million US dollars and the industry average of 20%, the listing value of Jingdong will be 7 billion 500 million dollars.

If Tencent enters, then the valuation of Jingdong will be priced at $6 billion 60 million ~75 billion, corresponding to 20% of the equity price may be $1 billion 212 million ~15 billion.

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< p > in addition, the assets of Jingdong will rapidly increase if the Tencent's e-commerce assets and WeChat traffic are pferred to Jingdong.

A Tencent insider said that in 2013, the fast and fast GMV (platform revenue) was more than 15 billion yuan, and its revenue was above 10 billion yuan, equivalent to 1 billion 670 million US dollars.

If Tencent's e-commerce assets are packaged to Jingdong, according to the original sales rate of Jingdong, then the valuation of Jingdong's listing will increase by at least 1 billion 500 million US dollars, the increase is 20% of the original value.

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< p > that is to say, in the above plan, Tencent's purchase of the 20% stake in Jingdong has been able to repay the value of the additional listing value brought by the quick and easy Tencent e-commerce assets to Jingdong.

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< p > however, in the previous negotiations, Tencent has been hesitant to package the e-commerce assets such as Yi soon to Jingdong, which may come from the concerns of the two sides.

An electric business people told reporters that Yi Xun was originally a Tencent acquisition team. Tencent has independently committed the separation of Yi Xun and other e-commerce resources. It also has a commitment to the independent launch of the founding team in the future. If pferred to Jingdong, it may lead to the runaway of insiders.

In addition, Tencent executives also hesitate to retain a "Pro son" in the field of e-commerce.

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< p > in addition, some analysts believe that Tencent did not want to pfer the assets such as Yi and sun to Jingdong in the previous negotiations. Maybe there is a consideration of negotiating price reductions.

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< p > this may be somewhat similar to the negotiation process of Tencent in Sogou.

Sogou CEO Wang Xiaochuan told the media that in the negotiations with Tencent before, Tencent was also reluctant to pfer its search resources to Sogou. It also insisted on holding the controlling power. As a result, the negotiations had been stranded. Until Tencent indicated that he was willing to pfer resources to search dogs, Sogou, Sohu and Sohu started a new negotiation.

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< p > in January of this year, Jingdong filed the listing in the US, the a href= "http://www.91se91.com/news/index_c.asp" > the prospectus < /a >, which has entered the silent period theoretically. But from the angle of negotiation, it is also a push for Tencent, reflecting the determination of the position of Jingdong's own controlling position: if Tencent is still not moving, it will start listing, and if the promise conditions are entered, then the information disclosure can be made to the US Securities and Exchange Commission before the roadshow.

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< p > these people said that from the information that has been disclosed, Tencent may have agreed to pfer assets such as Yi soon to Jingdong. Otherwise, if the initial intention of the two parties fails to reach agreement, Tencent will not seek investment banks such as Barclays to carry out this paction.

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< p > < strong > total war between Tencent and Ali < /strong > /p >

< p > Tencent's thirst for stake in Jingdong is mainly due to the desire to change the layout of domestic electricity suppliers.

According to Analysys data, in the second quarter of 2013, the market share of Tmall, Jingdong, QQ online shopping and easy fast network were 48.9%, 18%, 3.3% and 1.9% respectively.

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< p > once the shares are "a href=" http://www.91se91.com/news/index_c.asp "> Jingdong < /a >, the market share of Tencent + Jingdong will reach 23.2%, close to half of Tmall, and firmly occupy the second place in the market.

In addition, in the broader field of mobile e-commerce O2O, Tencent has also passed the public comment, and completed the layout with WeChat.

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< p > Electric Business Analyst Lu Zhenwang told reporters that since this year, Tencent's investment in the PC terminal and mobile terminals has been radically aggressive.

If it can form a better integration, it will have a greater impact on the listing valuation of Alibaba.

It is worth noting that Alibaba also hopes to be listed on the HKEx in the future.

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< p > Gong Wenxiang, an e-commerce analyst, believes that the logic of cooperation between Tencent and Jingdong, Tencent and public comment is similar. It is provided by Jingdong and public comment to provide supply chain and service chain.

This combination of modes is more complete than Alibaba's pure online platform business model.

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< p > one is to invest High German, to carry out the O2O layout around the map platform; the two is to increase investment in the group buying website such as the US group, to integrate the offline payment service with the map platform and Ali's own payment system, to build a paction closed loop which is different from the WeChat system; the three is to invest in the application with mobile payment scenarios; the mobile payment scenario is a weaker part of WeChat's payment; Ali can enhance its own advantages; four, increase the input to the data service cloud platform, and deposit the highest value of the whole industrial chain on its own cloud platform.

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< p > Lu Zhenwang believes that the intersection of Internet giants such as BAT (Baidu, Alibaba, Tencent) will become bigger and bigger. The logic of evolution is to cut into the market from the very beginning, and then carry out the service related to itself around the sticky needs of its users.

With the increasing number of users, the new commercial empire will eventually be constructed by directly reaching users and meeting the needs of users.

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