Ali'S Ma Yun Announced "Marriage" 28 Billion Acquisition Of Suning To Create Duopoly.

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After Liu Qiangdong announced his marriage, Ali's Ma Yun also announced "marriage".

The marriage of Ma Yun and Suning can not help but remind us of the combination of Tencent and Jingdong a year ago.

Tencent, by Jingdong's listing, merged its online shopping business into Jingdong, and gained 15% stake in Jingdong, becoming the second largest shareholder, changing the pattern of China's electricity supplier industry at one fell swoop, forming a tripartite confrontation between Ali, China, China and Suning.

The cooperation between Ma Yun and Suning once again evolved the industry structure into the duopoly pattern of "Ali + Suning" and "Jingdong + Tencent".

But at the beginning of 2015, Ma also asserted that "the Jingdong will become a tragedy in the future. This tragedy is what I reminded you on the first day. It is not that I am stronger than he, but a directional one.

Therefore, I have repeatedly told you in the company, do not touch Jingdong.

Don't rely on us when we die.

Jingdong's self built logistics heavy assets mode, management scope and width, especially the direction of development, is the key point for Ma Yun's difficulty.

Although Ma Yun later apologized for these remarks.

But after only about half a year, Ma Yun has collaborate with Suning, which is roughly the same pattern of Jingdong. What does it contain?

The annoyance of the strong

In September 2014, Ali quickly went public in the United States. After a short period of brilliant subscription, the share price went down all the way.

So far, Ali's share price has dropped to less than US $70 from the highest point of US $118, and it has slumped by 40% in less than 1 years, and has come out of a similar situation with that year when Hongkong was listed.

Behind the setbacks in share prices, the market is actually showing concern for the business king.

At this stage, Alibaba is undoubtedly China.

The king of the industry, Ali's C2C Empire (Taobao mart), and the B2C Empire (Tmall) have no one to look at at home.

When it was launched in 2013, Ali's retail platform business turnover (GMV) amounted to 1 trillion and 680 billion yuan, occupying half of the country's electricity supplier market.

In China's top ten electricity providers, Ali has contributed 3.

In 2014, Ali achieved 2 trillion and 300 billion yuan, an increase of nearly 40% compared with 2013.

This scale is 8 times that of the third Jingdong, 260 billion yuan GMV, and is nearly fifth times that of fifth Suning 25 billion 800 million yuan.

Moreover, Ali realized a profit of 23 billion 400 million yuan in 2014, an increase of 170.6% over the same period last year. It is one of the few profitable business operators.

On the one hand, the scale of enterprises is increasing and profitability is increasing; on the other hand, stock prices have been dropping, GMV has increased by 40% and share prices have fallen by 40%.

In the US, investors' evaluation of a company is more important than the fundamentals.

For Ali, although the scale is increasing, compared with the competitors, the imagination space left to investors is not enough.

From the perspective of market share, the early Tmall plus Taobao estimated to occupy about 90% of the market share, but with the rise of Jingdong, Suning, Gome, 1 stores, such as the development of electricity providers, diverted some of the source of Ali.

Although the total volume of business is growing, the market share of Tmall plus Taobao has dropped to 5-6.

What is even more frightening is that the speed of competition and encroachment and development of competitors is getting faster and faster.

Take Jingdong as an example, in 2014, although Jingdong's GMV was only 1/9 of Ali, but from the growth rate, Ali's growth rate was 40%, while Jingdong's growth rate was 107%, double that of 2013.

In the second quarter of 2015, Ali GMV was 673 billion yuan, an increase of 34% over the same period, while Jingdong GMV was 114 billion 500 million yuan, an increase of 82% over the same period, about 1/6 of Ali, and the gap was narrowed.

The gap between Ali and Jingdong is shrinking. The growth rate of Ali begins to be lower than that of its competitors. The mood of the market is beginning to be reflected in the market value of the two companies.

When Ali was listed, its market value was about 230 billion dollars, while Jingdong's market value was only about 13% of that of Ali.

However, the market value of Jingdong is fluctuating up and down at 40 billion US dollars. The market value of Ali is fluctuating above US $180 billion, Jingdong is about 1/4 of Ali, and the market gap between the two is further narrowing.

Overall, although Jingdong is inferior to

But it is far ahead in the field of home appliance segmentation.

According to the analysis report of home appliances online shopping in 2014, the double super structure of Jingdong and Tmall is hard to shake in the field of home appliances online shopping.

Jingdong has further strengthened its position while continuing to widen its gap with its competitors.

In 2014, Jingdong's sales accounted for 59.8% of the total household appliances online shopping market, an increase of 4.2 percentage points from 2013, and the sales of household appliances accounted for 65% of the online market.

In contrast, Tmall accounted for only 30% of the home appliance market and 22% in the field of home appliances.

This is obviously unacceptable to the old Ali.

For the Ma empire of Ali Empire, the market value of listed companies is only one of the considerations for their business decisions, but it will never be the decisive factor.

Otherwise, Ma will not make a series of moves during the listing of Ali in Hongkong, such as Alipay [micro-blog] solo, Alibaba privatization at the issue price.

This also shows that Ma will not be controlled by the capital market. Ma will only use the capital market to serve himself.

For Ma Yun, the real consideration is his own interests and the way of Ali's survival on this basis, and how long can Ali's advantage last.

For the present, it is how to check and balance Jingdong.

Although Ma once disagreed with Jingdong's model, he thought it was a tragedy.

Ma Yun commented on the tone of Jingdong mode, which was also a bit ridicule, but it could smell a little bit of the taste of the young people in the struggle.

But in the face of the fact that the gap between the two has been shrinking, Ma has begun to waver.

Jingdong has grown from being a "small eye" small business operator to Ma Yun's uneasy competitor, making it hard to re-examine itself and examine Ali's business model.

Ma must answer the question: where is Ali's imagination?

Pattern competition

In April 2015, a major event took place in Tmall.

In April 16th, Li Shujun, general manager of Tmall clothing, left. At that time, it was less than 1 months before he was dismissed from former Tmall President Wang Yulei (Qiao Feng).

According to media reports, the reason for Lee's departure is: "one of the core KPI of Tmall in the first quarter of 2015 is KA (KeyAccount meaning core customers) sales growth must reach 60%, Lee did not complete the target."

As we all know, Tmall is born out of Taobao, and its main selling varieties include clothing.

On the basis of Taobao's massive users, Tmall implemented the strategy of cultivating core customers, that is, after identifying the core customers, Tmall immediately gave various resources support to ensure that its sales revenue grew.

Among them, UNIQLO is a typical representative.

In 2014, "double eleven" entered Tmall platform for a long time in UNIQLO. Tmall's total turnover exceeded 260 million yuan, ranking the top of the clothing flagship store, ranking fifth in the flagship store of the whole category.

Tmall's original intention of implementing the core customers is to train core customers through the flow of traffic, and then introduce more traffic through the growth of the sales revenue of the core customers, forming a positive cycle.

However, the side effect of implementing this strategy is that Tmall will become invisible to its core customers.

In addition, because of the considerable resources and energy to invest in a core customer, the cost of replacing core customers is relatively high.

Due to the lack of growth, UNIQLO was admitted to Jingdong in April 8th, and even Liu Qiang and Tung Du helped themselves.

8 days later, Li Shujun was released.

This event must have touched Ma Yun greatly.

Not only UNIQLO, more and more Tmall KA brands are looking for new channels outside Ali, such as vip.com, Jingdong and so on.

If this situation can not be effectively curbed and core customers continue to drain, Ali will undoubtedly lose its leading position in the industry.

The loss of Tmall customers is not only a question of strategy, but also a challenge to the business model of Ali from a deeper level.

In today's electricity business, there are two main modes, one is the platform mode of Ali, and the other is the platform of its own. It builds up a platform for many businesses to directly deal with customers on this platform. Ali mainly provides services such as payment and traffic guidance, and carries out operations in light assets. The other is Jingdong's direct operation mode, which not only sets up a platform, but also purchases itself, and directly deals with businesses as consumers and businessmen, such as Amazon, Jingdong and Suning.

Whether these two models are better or inferior is hard to conclude.

The advantage of Ali mode is high profit. The drawback is that the industry is not deep enough and the control power is not enough. Customers can easily change their seats. The advantage of Jingdong mode is deep industry and deep binding with customers. The drawback is that management is difficult, development is slow and profitability is weak.

The two models are just the opposite.

To the actual operation, a complete retail industry mainly includes five links: procurement, pportation (warehousing and logistics), paction, payment and after sale.

Ali is now trading systems and payments only, while Jingdong is working on every link.

For Ali's customers, they can only enjoy the information support, payment support and marketing support provided by Ali, and customers need to build their own purchasing network and logistics network.

This is equivalent to Ali has done a white-collar work, customers do blue collar business, Ali's meaning to customers is only traffic.

Perhaps Ma realized his short board. Since 2013, he has made a rookie network and invested in Haier daily. He began to try to build his own supply chain management system and gradually move closer to the Jingdong mode.

But these investments are more just shares, and whether it is rookie network or Haier day Shun, at this stage is a logistics company management platform, through this platform for Taobao, Tmall sellers to provide logistics and distribution services.

That is to say, what Ali has done so far is mainly the traffic business, which is actually lack of influence and control to the supply chain, and what it relies on is only traffic.

Take Haier's sun Shun as an example. Haier does not own vehicles or specific online stores. These are provided by social franchisees. Haier is managing the huge network through IT systems, orders, funds and so on.

Obviously, although Ali has made a step towards supply chain management, there is still a big gap compared with the self built logistics system.

These logistics platforms for Taobao and Tmall, more than support, but attachment.

Moreover, the difficulty of managing logistics distribution platform is not less than that of self built logistics.

In April of 2015, the rookie network punished a group of logistics enterprises for violation of regulations.

How many of those companies that have not identified and found no problems? Will they affect the reputation of Ali, Taobao and Tmall?

Because Ali's control over logistics enterprises is relatively weak, it also increases the monitoring and management cost of the current supply chain mode of Ali.

If we consider the actual cost and the cost of reputation, perhaps the cost of self built logistics will be even lower.

Not only that, but even more people have more confidence in Ma Yun's logistics.

For instance, at one time, some people thought that the real purpose of Ali's rookie network was to make real estate.

No matter how the truth, Ali's actions from another side have shown the entanglement and hesitation of Ma Yun, self built logistics, to do or not to do, this is a problem.

Self built logistics and build logistics enterprise platform is to press the gourd to float.

In the face of Jingdong's aggressive posture and its losing leading edge, Ma Yun finally gave the answer: no wait, but step by step.

Suning has its own logistics system and has been working in the home appliance industry for a long time. It is an ideal target for cooperation.

The difficulties of Suning pformation

Suning is an enterprise that the traditional retail enterprises connect to the Internet earlier.

As early as 2009, Suning launched the B2C online shopping platform suning.com.

Less than two years later, the athletes who had been working in the B2C field for years were easily left behind.

At that time, Zhang Jindong set a goal for Suning to "ten years 300 billion" and "create a Suning online".

But as time goes on, this goal seems to be getting farther and farther away.

First of all, business revenue growth is limited, and the growth rate is gradually decreasing.

In the past 5 years, Suning's business revenue increased from 75 billion 500 million yuan in 2010 to 109 billion yuan, and the absolute scale growth in the 5 years was only 35 billion 500 million yuan, and the growth rate also decreased significantly from 2011.

Second, gross margins are decreasing year by year.

In the case of limited income growth, Suning's cost control also had problems. In the 2010-2014 year, Suning's gross profit margin also tended to decline.

In 2014, the gross profit margin of Jingdong was around 11%, lower than that of Suning, but it showed an upward trend from the trend and gradually approached the gross profit margin of Suning (see chart 2).

From the two indicators of operating income and gross profit rate, we can see that Suning is a very difficult company as a traditional retail enterprise on the road to Internet pformation.

Gome, a traditional retail company, has also launched Gome online to develop its Internet business. But recently, Gome announced that it would continue to integrate Gome's online purchasing, logistics and stores, so that Gome online would gradually pform from original independent operation to the whole operation of the group and share the group's low-cost and efficient supply chain.

This means that Gome lost its independent operation qualification and will be attached to Gome.

Gome's pformation path is also very difficult.

But on the other hand, the pition period of Suning is also an important opportunity for China's electricity supplier industry. Jingdong, which started selling 3C products, has gone beyond this period.

The turnover of Jingdong increased from 10 million yuan in 2004 to 73 billion 300 million yuan in 2012, and the compound annual growth rate exceeded 200%, much higher than that of Suning 35%.

And in 2014, it realized GMV 260 billion 200 million yuan, and the direct business revenue reached 115 billion yuan. Only the direct business revenue exceeded the sum of business income of Suning online and offline.

Especially in 2014, from the first quarter to the fourth quarter, the growth rate of Jingdong GMV increased by 84%, 107%, 111%, and 119% respectively. The growth rate of direct business revenue in the same period was 65%, 64%, 61% and 73% respectively.

Whether GMV or direct revenue, Jingdong has shown sustained and high-speed growth.

In contrast, in 2014, Suning GMV was only 25 billion 800 million yuan, and this figure was 21 billion 900 million yuan in 2013, which increased by less than 18%.

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Unsuccessful journey

On the surface, the combination of Ali and Suning is what they need. Ali wants to supplement the supply chain, and Suning wants to supplement the Internet.

Suning has perfect and controllable warehousing and logistics services and offline outlets.

By the end of 2014, Suning had a total area of 4 million 30 thousand square meters of logistics warehousing and related support. It has 8 procurement hub centers, 57 regional distribution centers, 352 urban distribution centers and 1777 express outlets, and has realized the coverage of 90% counties and counties nationwide, forming a nationwide warehousing and distribution network.

In addition, Suning has obtained the qualification of domestic express delivery in 164 cities of the whole country and the international express business qualification license.

In the future, Suning logistics will become a partner of the rookie network. The target will basically cover all 2800 districts and counties in the country.

Su Ningyun merchants radiated more than 1600 stores nationwide, more than 3000 after-sales service outlets and 5000 joined service providers.

These logistics networks, especially the service stations that sink to the four or five line cities, are what Ma Yun needs.

For Suning, its need is undoubtedly Ali's rich experience in Internet business operation and Taobao and Tmall's volume of traffic.

Since Zhang Jindong's decision to pform Suning to the Internet, Suning has been in a painful process of pformation for 6 years.

As a natural born company lacking Internet gene, Suning's Internet pformation level has not been thorough, especially in the midline business and offline business profit assessment problems, and even once became an obstacle to Suning pformation.

Today, Suning online business is still not improving. In 2014, Suning online accounted for only about 20% of its total revenue.

Suning's total income of 108 billion 600 million yuan in 2014 was even lower than its rival Jingdong's 115 billion yuan.

There is no doubt that Ali's entry has brought pure Internet gene and volume flow interface to Suning, which may help speed up the strategic pformation of Suning.

Based on these considerations, the two sides announced in-depth cooperation in the five major areas of electricity supplier business, logistics business, stores, aftermarket, O2O and so on, and each needed what they needed: Suning will enter Tmall, open suning.com Tmall flagship store, and carry out O2O business; Ali will introduce Suning logistics into the rookie network as a logistics supplier of Ali; Ali will use Suning stores to provide after-sales service for Taobao and Tmall users; Suning stores will introduce Alipay, and so on.

Ali and Suning have great imagination in cooperation, but in fact, it is not easy.

First, whether Ali, who lacks experience in supply chain management, can stimulate Suning's logistics distribution system function.

The cooperation between Ali and Suning is mainly due to the background of Suning's logistics distribution.

But the core competitiveness of the retail industry is not the scale, but by the strong supply chain management capabilities to reduce the cost of business operations, improve operational efficiency, and then give the space to reduce profits and efficiency to consumers, thereby promoting their own development.

Ali is not optimistic about Jingdong mode, the main concern is that once deeply involved in the supply chain links, it will increase operating costs and reduce their management efficiency.

Now, we must agree that the Jingdong mode is only a shareholding nature, but it is still in the stage of exploration and demonstration.

Ali combined with Suning, on the one hand, Alibaba itself lacks the experience of supply chain management and lacks its ability. On the other hand, Suning seems to have not fully manifested its advantages in logistics and distribution in the course of its past development. It seems that sunning has not solved the problem of how to effectively link logistics distribution business with online business.

Whether Ali and Suning, who lack relevant integration experience, can solve the synergy problem of online business and logistics distribution network through joint efforts, improve efficiency, reduce costs, and realize the intentions and intentions of the two sides.

Second, how to balance the cooperation in the financial field will be a difficult problem.

Ma Yun and Zhang Jindong have opened up their financial boundaries in their respective commercial domains.

Ma Yun has ants' gold clothing, which includes Alipay, balance treasure, Ali small loan, network business bank and so on. Zhang Jindong has easy Fu Bao, zero money treasure, Suning small loan, factoring and Suning bank in preparation.

The business of the two is highly coincident, not only in the business field, but also in the business operation mechanism.

The difference is that Ma Yun's financial empire is outside of Ali, independent portal, while Zhang Jindong's financial map relies on Suning.

In the context of deep cooperation between the two sides, there are few reports on how to conduct business in the financial sector. It only refers to the introduction of Alipay into Suning stores.

Considering the huge difference between Ali and Suning traffic, does that mean that Suning's financial business will gradually shrink?

When more and more people use Alipay to pay in Suning stores, how can they survive and develop? Can the data of these pactions be shared with Suning? If it can not be shared, other financial businesses of Suning will not be able to conduct data mining and analysis, and the foundation of Suning's small loans, factoring and banking will also be greatly shaken.

How to achieve mutual penetration and balance of financial business will be a difficult problem for the two sides to further deepen cooperation in the future.

Third, how does Ali balance Tmall's customers?

Suning enters Tmall platform, Ali will treat it as a core customer, and as a related party, its support must be greater.

But suning.com has actually covered many kinds of commodities, not just limited to white goods, which will directly compete with Tmall's existing customers, even some core customers, and will inevitably compress the existing customers' living space.

Because the size of Suning GMV is smaller than that of Ali, Tmall's introduction of suning.com has little effect on its incremental traffic.

This is suning.com's traffic in Tmall.

Perhaps, Ma Yun would like to take this opportunity to merge suning.com and Tmall into another Jingdong, forming the two carriages that are parallel to Taobao and platform mode and direct mode, so as to open up the imagination of Ali.

However, in the case of Ali's bottleneck and slowing growth, how to balance between suning.com and Tmall customers without winning the control of Suning will bring suning.com's "explosive" growth, reflecting the effect of cooperation, and not hurting the fundamental of Ali itself. This requires Ma Yun to make strategic arrangements.

However, there is one thing to be sure is that Ma Yun is working with Suning with ALI. Although Ali's Tmall business will be tested, it has a very positive significance for Ma's own control of the ant suit, which will be the biggest beneficiary of this cooperation.

Fourth, cultural integration.

Ali and Suning are two completely different companies. Ali is full of Internet genes. Now it is from the line to the line. Suning is a traditional retail enterprise. The company lacking the Internet gene is moving from the line to the line, and the personnel regulation is very large, so the difficulty of integration can be imagined.

Moreover, this integration is still in the case of Suning's control power has not yet been finalized, which requires more understanding and cooperation between the two sides, and requires more waiting and patience.

But under the pressure of external competitors, can the two sides calm down the conflicts and contradictions in the process of integration?

Hidden worries of control

On the surface, Ma has always claimed to build an open and contributing ecosystem.

But I understand that the real intention of Ma Yun should be Ali's open and sharing system under control.

Throughout the development process of Ali, Ma's intervention in new businesses and new areas, unless forced to do so, is generally a way of cooperation and refusal.

If the proof is ultimately necessary, Ali will hold it.

Such examples are endless, Celestica fund, Hang Seng electronics, and so on.

The cooperation between Ali and Suning is bound to be the same.

Ma Yunxian entered Suning in the form of shareholding shareholders. He was familiar with how to manage the supply chain and how to manage the logistics distribution business under the help of Suning.

When the time is ripe, we will decide whether to implement the holding or not according to the situation.

This conjecture can be confirmed from the arrangement of bilateral paction arrangements.

Ali and Suning the whole paction structure is not complicated, simply speaking, Ali spent 28 billion 300 million yuan to buy sunning, and then Suning from this money, 14 billion yuan and then return to Ali, is a typical cross shareholding behavior (see Figure 3).

Although the trading structure is not complicated, there are some details worth pondering.

One is the fundamental change in Zhang Jindong's control over Suning.

Before trading, Zhang Jindong held 30.64% of Suning's shares in direct and indirect way, diluted to 24.3% after the paction, and reduced about 6 percentage points.

Although the rate of reduction is not large, Zhang is still the largest shareholder and the actual controller of Suning, but the significance is different from the past and is a qualitative change.

This is because, in this additional issue, Zhang Jindong's shares were diluted to below 30%.

For listed companies in China, the 30% shareholding ratio is a ridge, higher or lower than this threshold, which is different for controlling shareholders.

If the increase from 30% to less than 30% stake will trigger the tender offer, the cost of the whole acquisition will be relatively high.

And Zhang went on the opposite side and took the initiative from 30% to less than 30%, and the shareholding ratio with Ali was only less than 5%.

In turn, look at the change of Ali's control.

Before the issuance of Ali, Ma shares 7.6%, after the issuance, down to 7.52%, down by only 0.08%.

Because of the existence of Ali partner system, Ma Yun's control of Ali can be said to be harmless.

Second, why we should design cross shareholdings.

In order to win the second largest shareholder of Suning, Ali paid 14 billion 300 million yuan in real terms, about half of the nominal cost of 28 billion 300 million yuan.

Or, Ali has invested half of his stake in Suning to Ali.

Ali is not enough money? This possibility is not big, Ali in the first quarter of 2015, the cash flow generated by operating activities is as high as 41 billion 200 million yuan.

Why are Ali and Suning taking such huge investments both inside and outside the border and taking foreign exchange risks and operating more complicated behaviors?

Assuming no cross shareholdings, only 14 billion 300 million yuan from Ali to Suning. Under other conditions, Ali's shareholding ratio is 11.68%, and Zhang Jindong's shareholding ratio is 26.99%. Although Zhang Jindong's shareholding ratio has dropped to below 30%, the difference between Ali and Zhang Jindong's holding ratio has increased to about 15 percentage points.

From the above two details, we can see that Ma Yun, in order to ensure his own initiative and put himself in a favorable position to advance and retreat, has adopted the framework of cross shareholding.

Not only will the difference between Zhang Jindong's shareholding ratio and his shareholding ratio be controlled within 5 percentage points, but he can easily surpass the increase in the two tier market, and according to the subscription agreement signed by both sides, Ali can send two non independent directors to the board of directors of Suning, accounting for 22% of the 9 board meetings, compared with only 1 non independent directors with 15% shareholdings, and Ma Yun's ability to conduct discussions on Suning's board of directors is greatly enhanced.

If Ali returns to A shares in the future, will Suning become an ideal shell?

But Zhang Jindong will not easily surrender the control power of Suning. Zhang Jindong may have adopted the two protection strategies of "one bright and one dark".

Ming's strategy is to make two points clear in the agreement. First, Ali can not increase the shares of the company in any way without prior written consent from Suning unless he is no longer the actual controller of Suning.

This idea is very clear, unless Zhang agrees, Ma Yun does not want to control Suning.

Two, when Ali's shareholding ratio dropped to less than 15% or more than 10%, Ali could only send 1 directors to Suning's board of directors.

Needless to say, this is Zhang Jindong's protective clause to prevent Ma from abruptly withdrawing from Suning.

"Dark son" is Suning Appliance Group Co., Ltd. (hereinafter referred to as "Suning group").

According to Suning 2014 annual report, Suning group holds about 1 billion 100 million shares of Suning, with a shareholding ratio of 14.7%.

Statistics show that Suning group has a registered capital of 1 billion 714 million yuan, and its shareholders are composed of three persons, Zhang Jindong, Bu Yang and Sun Weimin. The legal representative is Bu Yang.

According to the annual report provided by the group to the business administration department in 2014, 3 shareholders paid 239 million yuan in real terms, of which Zhang Jindong invested 95 million yuan, accounting for 39.75%, while Bu Yang contributed 96 million yuan, accounting for 40.17%, and Sun Weimin contributed 48 million yuan, accounting for 20.08%.

On the surface, Zhang Jindong is only the second largest shareholder, but Bu Yang and Sun Weimin are two executive directors of Suning executive headquarters and vice chairman of Suning.

If the number of shares held by Suning group is calculated with the number of shares held by Zhang Jindong, after the acquisition of sunning's 19.99% stake in Ali, Zhang Jindong's voting power will still be close to 36%, and Zhang Jindong's status as the actual controller in Suning will be very strong.

Sunning can be said to have condensed the heart and soul of Zhang Dong's life and wanted to give it to others easily.

However, with the revolutionary changes in the retail industry, and Suning's pformation has not yet reached the ideal situation, Suning should continue to exist, but how to continue to survive is the most Zhang Jindong's thinking.

Relative to Zhang Jindong, Ma Yun is also thinking, he is thinking about, should not deep cut into the supply chain system, how to cut in.

The mentality of both sides has been vividly reflected in the struggle for and control of Suning's control power, and each of them has been looking for their own positions to ensure that they are moving smoothly.

The final result is a cross shareholding scheme.

The two sides have agreed on the control of Suning temporarily.

Perhaps Ma and Zhang will reach some form of tacit agreement on the final attribution of Suning's control rights, perhaps with a common gambling agreement, to agree on a certain time and a goal as the basis for final negotiations between the two sides.