There are rumors to sell Meituan, Tencent: No comment!Where do you sell a number of equity in succession?

Reducing JD.com was considered to be the beginning of Tencent's "Clear Warehouse" company, but when Tencent's "selling Meituan" rumors on August 16th, the capital market still responded strongly, and the Meituan market once fell 10%.

In terms of operation, any investment must have withdrawal time. Since the investment public review, Tencent has become a shareholder of Meituan for eight years, and the latter is a mature company. The focus of the market's attention is that the "little brothers" equity such as JD.com, New Oriental Online, and Huayi Brothers will be sold successively. Where does the giant's future point to the concept of Tencent?

Rumor

On August 16, the news of "Tencent plans to sell all or most of the equity of Meituan" exploded.

The market rumors are modeling. Three people familiar with the matter said that Tencent has been in contact with financial advisers in recent months to study how to implement the large -scale sale transactions of its shareholders' shares. Two people familiar with the matter said that if the market conditions are favorable, Tencent will seek to be sold this year. Tencent may sell the shares held by the US group by disclosed the large market transaction. This transaction usually takes one or two days from marketing to completion. Compared with dividend transfer shares or negotiations with private buyers, this will be a fast and steady sale of shares.

However, sources close to Tencent revealed to the media, "The above rumors are not true, and Tencent currently does not plan to sell Meituan shares."

In response, the party's Tencent Group responded to a reporter from Beijing Business Daily, "no comment." As of press time, the relevant persons of Meituan did not respond.

The company's silence but the capital market response is direct. As of the close of Hong Kong stocks on August 16, Meituan's stock price fell 9.07%to HK $ 164.5. Tencent's stock price once fell more than 2.5%, closing up 0.87%to HK $ 303. Earlier, after Tencent's holding of JD.com, JD.com's stock price also declined.

When it comes to the rumors of whether it is true and the signal of the capital market, Wang Chao, the founder of Wenyuan Think Tank, bluntly said to the Beijing Business Daily reporter, "I think the rumors are reliable. Tencent and Meituan are the first in their respective fields. Tencent will sell them. Meituan shares will not be thrown away, it will retain 3%-4%, because the two parties have a great impact on the Chinese Internet, and the probability will not be sold at one time. But no matter what kind of selling method is adopted, it will definitely treat the United States The share price of the regiment was adversely affected, and Tencent used the way to dividend the shareholders to reduce the holding of JD.com last year. The shareholders got the dividend and benefited. After this rumor, Tencent's stock price rose slightly and it was normal. "

When it comes to the origin of Tencent and Meituan, they must be traced back to Meituan and Public Comment before the merger.

In 2014, the public comment with Meituan Sword was fancy, and the latter held a 20%shareholding ratio of public reviews. The following year, the Meituan and the public comment "Handshage", and the new company, which was consolidated, received a $ 1 billion investment from Tencent. Since then, Tencent has increased its holdings before and after the listing of Meituan. In April 2021, Tencent participated in the targeted increase of Meituan, with a shareholding ratio of 17.2%. For example, according to the closing price on August 16, the total market value of Meituan is HK $ 1.02 trillion, and the shares held by Tencent are worth HK $ 175.4 billion.

Capital enters and exits

When you are used to buying and buying Tencent, you suddenly reduce your holdings and reduce your holdings, which will inevitably attract attention.

Tencent's investment process has begun from 2005, but it has only begun to spread on a large scale since the 2010 3Q war. In 2011, Tencent announced its opening up and established the Tencent Industry Win -win Fund. At first, the funds were only 5 billion yuan, and more than ten years of investment in thousands of companies.

According to Tencent's financial report, as of December 31, 2021, the scale of Tencent's investment portfolio was about 878.7 billion yuan.

Before the news of "Tencent's plan to sell Meituan", Tencent has sold a series of company equity.

In December 2021, Tencent announced that it would send medium dividends to the way of assigning Jingdong shares in the way, and issued about 460 million JD.com equity to shareholders. After paying dividends, Tencent's shareholding ratio of Jingdong will be reduced from 16.9%to 2.2%. It is no longer the largest shareholder. Tencent President Liu Chiping will also step down as a director of Jingdong.

At that time, Tencent was the largest shareholder of Meituan. Pinduoduo was the second largest shareholder. Wang Chao bluntly said to the Beijing Business Daily reporter, "Tencent may operate Meituan and Pinduoduo in the same way." This is also considered to be the beginning of Tencent's "selling", and it is only time to break up with the holding platform economy companies.

The reason is that "this is probably the way Tencent responds to antitrust. This strategic investment Tencent calculates trillions of yuan, but now the stock price is underestimated, it is better to divide it directly. This is the Tencent architecture on September 30, 2018. Wang Chao explained again after the major changes (commonly known as Tencent '930 change'). Wang Chao explained.

In 2022, Tencent continued to reduce its holdings. From June 15th to 16th, 74.6 million shares of New Oriental Online were sold. After the reduction of holdings, the shareholding ratio fell from 9.04%to 1.58%, and a total of HK $ 720 million was set. On August 5th, Tencent's "cut meat" has invested in Huayi brothers for more than 10 years, and the proportion of Huayi brothers held by Tencent after reducing its holdings decreased from about 7.94%to 4.99%. shareholder.

According to data provided by the first -level market information service provider whale, in the first half of 2022, there were only 67 first -level market investment incident disclosed by Tencent, with a total investment amount of 3.377 billion yuan. In the same period of 2021, Tencent publicly disclosed 148 investment incidents, and the total investment amount of the first -level market disclosed in 2021 was 34.488 billion yuan. As of the first quarter of 2022, the fair value of listed companies held by Tencent had dropped from 982.8 billion yuan at the end of 2021 to 606 billion yuan.

Investment towards big conjecture

Why Tencent has successively reduced its holdings of many listed companies, and a reporter from Beijing Commercial Daily has not received official response. Specifically, Tencent and Jingdong "broke up", Tencent said that "growth enterprises in investment development periods" have always been the main strategic direction of Tencent's investment. When the invested enterprise has the ability to continue to raise funds, he chose to withdraw from investing in appropriate circumstances. Tencent's "long -term investment" strategy has never changed.

So is Meituan already have the ability to "make blood"? Wang Chao's answer is certain. Li Jinqing, an analyst of Bida Consulting, also believes that "from the financial report, although Meituan has not achieved continuous profit, it is already a mature company."

According to Meituan's financial report, the US delegation has adjusted the net profit of 4.66 billion yuan in 2019, and the net profit was adjusted by 3.12 billion yuan in 2020. The revenue in the first quarter of 2022 increased from 37.02 billion yuan in the same period in 2021 to 46.27 billion yuan. The net loss was 3.59 billion yuan, a narrowing of 7.7%year -on -year. However, considering the macro background, the continuously growing total revenue and segment business revenue prove that Meituan's ability to resist pressure.

In Wang Chao's opinion, "Tencent's logic is not mature, and it will be sold. Tencent has previously made investment through traffic and equity, pulling the company into its own ecology. . Now Tencent is going to break the previous model and follow the new rhythm. "

Tencent CEO Ma Huateng's statement at the employee conference at the end of 2021 can be used as a reference. Tencent is only a normal company during the development of the country and the beneficiary of the national development wave. In the future, when serving the country and society, Tencent must be no shortage of position, in place, not offside, and do a good job of assistants and connectors.

On August 16, the National Development and Reform Commission mentioned at the August press conference that it is necessary to continue to optimize the business environment, promote the healthy and sustainable development of the platform's economy, and focus on the launch of a number of "green lights" investment cases.

From the perspective of industry insiders, the future "green light" investment case may focus on cutting -edge technologies such as hard technology and chips. In order to comply with the trend, Internet companies will gradually reduce their investment in the platform economy, and the return of the cage funds to the direction of the national policy. Wang Chao is more concerned about the capital level. He believes that Tencent will probably give back to his shareholders by reducing his holdings.

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