Ali Denied Listing The Rally

　　 Ali Listing this big chess game has taken a new step.

On May 13th, Wu Minzhi, President of Alibaba B2B group, announced at a press conference in Beijing that from now on, Alibaba began to issue "foreign trade service subsidies" for the national export enterprises. The company can receive a maximum of 3 cents RMB foreign trade service subsidies through the "Alibaba one Datong" platform for each dollar export.

Wu Minzhi also said that the data accumulated by Alibaba's Datong platform at the same time of service can not only build a credit system, but also grow and develop a more perfect foreign trade ecosystem.

"This is the first time in China that subsidies for foreign trade services have been provided by a platform based enterprise." In May 14th, Gu Jianbing, director of public relations of Alibaba group, confirmed the twenty-first Century economic report reporter.

Shenzhen one Datong Enterprise Service Co., Ltd. (hereinafter referred to as "Shenzhen one Datong") is the first domestic SME outsourcing service provider integrating import and export agents and e-commerce functions. In January 2011, Alibaba (China) Network Technology Co., Ltd. officially acquired 65% stake in Shenzhen Datong.

A week after the submission of the prospectus, Alibaba launched a "Datong" platform, which was interpreted by the industry as Ali's listing campaign in the US.

This analysis is not without reason. Perhaps Alibaba can see clues to the further acquisition plan of Shenzhen Datong by the prospectus.

In May 14th, Wei Qiang, general manager of Alibaba's comprehensive foreign trade service department and general manager of Shenzhen Datong Enterprise Service Co., Ltd., confirmed to reporters in twenty-first Century economic report that Ali will wholefully purchase Shenzhen Datong, but he did not disclose the exact time and amount.

It is doubtful whether the electronic version of Ali IPO has brought Shenzhen Datong or Alibaba one Datong platform into the list of listed assets.

The prospectus did not explicitly disclose the relevant information. Gu Jian Bing responded to reporters in May 14th, "everything is based on the prospectus". Wei Qiang also declined to comment.

"If one of them is packaged into one of the listed assets, then Alibaba is just using foreign trade big data to give investors more imagination and bigger pie." Zhang Zhouping, senior analyst at China Electronic Commerce Research Center, pointed out.

However, it may be "losing power" at the same time. Under the envisage of Alibaba's magic foreign trade data, relevant lawyers pointed out that the specific measures involved in the subsidy may violate the anti unfair competition law.

　 Or violation of the Anti Unfair Competition Act.

According to the subsidy information released by Alibaba and the latest US dollar exchange rate, foreign trade enterprises will be able to get the subsidy amount of 5 per thousand export through the "Alibaba one Datong" platform.

Shenzhen's Datong official website has already launched relevant information and entry on export subsidies. A reporter's inspection found that foreign trade enterprises use the basic services of one Da Tong export, online self service orders, "export one dollar subsidy 3 cents", manual orders, "export one dollar subsidy 7 cents"; while enjoying subsidies, they can also avoid basic service fees (including customs clearance, foreign exchange, tax rebate fees); subsidies are paid in cash with tax rebate to user accounts, and export is issued.

"Our previous profit was $7 a dollar, and now we are making a profit of 3 or 2 to foreign trade companies." Wei Qiang, general manager of Shenzhen Datong, told reporters on twenty-first Century economic report that the original customers of one Datong enjoy the "free basic service charge" from May 13th.

In May 14th, the reporter called Shenzhen Da Datong as a foreign trade enterprise. The other staff said, "all enterprises that enjoy subsidies must go through a Datong platform."

about subsidy Related details, a lawyer put forward to the twenty-first Century economic report reporter, may violate the "Anti Unfair Competition Law".

The "Alibaba one Datong" platform provides export agency services to foreign trade enterprises, not only without basic service charge, but also with additional subsidies, which is equivalent to providing services by pouring money, and its service price is obviously below the cost. In terms of legal provisions, it provides services for less than cost price and excludes competitors, which is contrary to the eleventh law of anti unfair competition law. "Operators should not sell goods at a price below cost" for the purpose of excluding competitors. Li Xinli, lawyer of Beijing Dacheng (Shanghai), explained.

However, in his view, "although the law is illegal, but this law is actually not able to keep up with the development of the times".

He pointed out that the above regulations were formulated in 1993, and for the current Internet economy is out of date, the development of the Internet has spawned new business models and thinking. Many products provided by the Internet are cost free but not charged to users, but they are charged to third party business partners. Therefore, it is not possible to determine whether low price dumping can be made through simple comparison of costs and prices.

"The new business mode of the network economy has brought convenience to numerous people and should be vigorously developed. However, such a business model is faced with the embarrassment of violating the anti unfair competition law. Therefore, it is necessary to amend this legal provision in order to adapt to the development of the times. Li Xinli said.

Industry analysts believe that the impact of Alibaba's push on subsidies to the foreign trade agency industry will be "disruptive" and the area will be "shuffled".

Li Xinli pointed out that many companies rely on foreign trade agents to survive and collect 1%-2% agency fees. Now that there is such a free platform, and Alibaba has strong financial strength, many small and medium-sized foreign trade exporters will be attracted to the past.

Aforementioned Shenzhen Datong staff told reporters, "this business is very popular at present." however, according to the reporter's investigation, some enterprises are not willing to participate in it for the time being.

Yang Xin, who is responsible for the production of audio and video products in Shenzhen, with an annual export volume of about 40 million yuan, told reporters that "we do not want to go." There are specialized freight forwarding agencies responsible for logistics, specialized shipping is responsible for tax rebates, and so on. The operation itself is flexible, but we are not sure that these can be fixed by a platform. "

Yang Xin told reporters that at present, the export volume of the company is not large at the moment, and the temptation of subsidy is not great. At the same time, the tax rebate of customs clearance is too large, and the import policies of each country are different. Moreover, foreign customers have clearly specified and requested freight forwarders, and it is not very good to hand over to a platform for integration.

"Some of the goods involved in screen printing, brand these very specific details, I believe that the platform will not be updated and comprehensive so soon." Yang Xin said, "customers' orders sometimes involve large amounts of money. How can they not rest assured?"

　 Rally?

The "Alibaba one Datong" point of time to launch foreign trade subsidies is worth pondering, and this "burn money" attracts foreign trade enterprises, which is designed to use transaction data and enterprise information, and is also considered to be the IPO for the US.

"When we choose to launch this time, we only think business is suitable. This time has no special meaning." Gu Jianbing responded to reporters. Wei Qiang also said, "starting from the end of last year, it has nothing to do with listing."

Zhang Zhouping believes that if one Datong is packaged in the listed assets, then there will be more imagination for investors. There is a long process of listing Ali. After the submission of the prospectus, the roadshow and the prospectus should be revised. For the sake of foreign trade, Alibaba can raise more funds from investors.

In fact, when Alibaba group threw out the prospectus in May 7th, its disadvantages in international trade were obvious.

Prospectus shows that in the second quarter to the fourth quarter of 2013, Alibaba group's revenue was 40 billion 473 million yuan, of which China's trade revenue was 35 billion 167 million yuan, international trade revenue was 3 billion 557 million yuan, accounting for 86.89% of the total revenue, 8.79%, the difference is quite different. The proportion of international trade revenue has declined compared with 12.06% in the same period in 2012.

This also directly led to Ali has no advantage in foreign trade data.

"One Datong has done relatively early in the field of foreign trade services, and has a relatively good position in the country. But the most direct reason for pushing subsidies is that in terms of domestic trade, Alibaba and Taobao have acquired a lot of data and can develop financial business, but in the field of foreign trade, they do not have the ability to monitor more useful data," he said. Zhang Zhouping, a former analyst, said this is why the platform encourages companies to operate online.

This point is also described by Alibaba.

"For many years, Alibaba international station is not involved in foreign trade transactions. For bulk foreign trade businesses, it is obviously impossible to establish a credit evaluation system through online transactions like Taobao Tmall." Alibaba said.

What is worth pondering is that it is not yet certain whether the Shenzhen Datong which is packaged into the listed assets will still appear in the prospectus submitted by Ali in May 7th.

In twenty-first Century, a business reporter found that Alibaba's further acquisition of Shenzhen's Datong capital has been in the firing line.

A more than 200 page prospectus is mentioned in the consolidated financial statements note: after the balance sheet date (Continued), Shenzhen Datong is mentioned. The prospectus pointed out that "the Alibaba signed an agreement on the purchase of the remaining shares of Shenzhen Datong in March 2014. At present, Alibaba holds 65% of the company's shares, the total value of the cash is close to 790 million yuan, and the related or consideration price is related to the business objectives of the Datong company. The completion of this transaction depends on the satisfaction of all the terms and conditions of the transaction."

On the afternoon of May 14th, Wei Qiang confirmed to reporters. Buy For one thing, he did not disclose more information.

Analysts have different views on the impact of the subsidy on Ali.

"The short-term impact on Ali's international trade will not be obvious, but over the years, the accumulation of data to a certain extent is bound to increase this part of the income." Zhang Zhouping said that the next stage of Alibaba's "one Datong" platform may introduce more value-added services to drive business development.

"In fact, the mode of a Datong platform is exactly the same as that of Taobao." Li Xinli said that through the platform, the users must export accounts, and the foreign exchange receipts must be accounted for through one pass, rather than the exporters themselves get the money directly, so that a large amount of money can be deposited in the Datong platform, and the capital gains can be obtained. Besides, the basic services are free of charge, but they can collect fees through value-added services such as logistics and finance. Moreover, they will get a large number of exporters' user data. With these data, they will be able to attract outside service providers, such as logistics companies, insurance companies, banks and other peripheral businesses to use the platform to carry out business and charge to users, so one Da Tong is bound to profit from it.