Tencent reduced holdings?Time point is important

Following the successive reduction of JD.com (HK09618, HK $ 221.2, a market value of HK $ 690.9 billion), Hailan House (SH600398, a stock price of 4.5 yuan, a market value of 19.438 billion), SEA LIMITED (SE, $ 89.97, a market value of $ 50.54 billion) (HK01797, the stock price of HK $ 18.6, a market value of HK $ 18.643 billion) After many listed companies, Tencent once again caused the market to "great shocks" because of reducing the news.

On the afternoon of August 16th, there was market news that Tencent Holdings (HK00700, HK $ 303, a market value of HK $ 2.91 trillion) plans to sell its shipping company Meituan (HK03690, the stock price of HK $ 164.5, and the market value of HK $ 1.02 trillion). Most shares monetize an 8 -year investment.

Qixinbao showed that Tencent has invested over $ 4 billion in Meituan in the past. At present, Tencent holds 17%of Meituan's shares. Based on the current market value of Meituan, Tencent holds a shares worth $ 24.3 billion.

Tencent has invested in a total of US $ 4 billion in pictures in the past: Photo by reporter Zhang Jian

After the news was released, on the afternoon of the 16th, Meituan's stock price suddenly dived, a sharp drop of more than 10%, and the market value in the market fell below 1 trillion Hong Kong dollars. At the same time, Tencent Holdings once fell more than 2.5%.

However, at the moment, everything is just a false alarm. "Daily Economic News" reporter learned from sources close to Tencent on the afternoon that Tencent has been rumored within Tencent, and there is no plan to sell Meituan shares.

However, many analysts in the industry do not think that this is an acupuncture point. In addition, Tencent's recent frequent reduction of holdings, it is certain that Tencent's investment strategy has changed.

"Tencent needs more Meituan more than Meituan needs Tencent?"

In the past few years, giants Tencent has been cultivating a new group of giants in addition to its expansion.

According to the list released by the Financial Information Platform Golden Data, as of May 30 this year, the market value of China's Internet companies ranked among the top five middle schools.

Among them, Meituan crossed the threshold of 100 billion US dollars in May 2020, becoming the third domestic "100 billion US dollar club" member in China Essence

Back to the past of Tencent and Meituan, Qixinbao showed that since the merger of Meituan and Public Comment in October 2015, before the listing of Meituan from 2016 to 2018, Meituan completed a $ 3.3 billion E round, and 30 billion US dollars strategic financing and $ 1.5 billion Pre-IPO round financing.

It is worth noting that in April 2018, behind Meituan's acquisition of Mobike, Tencent was also actively promoted.

After the listing, Meituan completed a targeted additional issue of US $ 10 billion in April last year, of which Tencent subscribed about 11.35 million shares in the offering. Three months later, Meituan updated the follow -up announcement: Tencent's subscription matters were completed, and the capital increase is expected to be 400 million U.S. dollars, mainly used for technological innovation, including the development of cutting -edge technologies in cutting -edge technologies such as drone and drone distribution.

According to statistics, Tencent has invested in a total of more than $ 4 billion in Meituan in the past. According to Meituan's financial report, Tencent currently holds about 17%of Meituan's shares. Based on the current market value of Meituan, Tencent holds a shares worth $ 24.3 billion. In other words, Tencent's investment in Meituan has benefited 6 times.

In addition to cash support, Tencent and Meituan also cooperated closely in many fields.

For example, Meituan has created a wealth of use scenarios for WeChat payment in the field of life services. Geng Zhijun, vice president of Tencent's WeChat business group, said in 2018 that Meituan Review has now become the largest market share in the offline food and drink field in Tencent WeChat. square.

Meituan has created a rich use scenario picture source for WeChat payment in the field of life services: each reporter Zhang Jian was taken by a reporter Zhang Jian

Regarding the cooperation between Tencent and Meituan, Ling Yan Consulting Chief Consultant Lin Yue told the "Daily Economic News" reporter on WeChat that on the one hand, "Meituan takeaway", "eating, drinking and playing", "movie performance competition" and other WeChat traffic The blessing includes the interconnection of the map;

On the other hand, after the merger of Meituan and reviews, it has a lot of cooperation with Tencent on WeChat wallets, small programs, WeChat card bags and other transactions and products. "It can be said that it has created a food, drinking, and social merchant empowerment together. Super platform. "

Zhuang Shuai, an expert in the retail e -commerce industry and the founder of Bailian Consulting, told the reporter of "Daily Economic News" that Meituan's contribution to Tencent is still very large in terms of finance.

In addition, at the business level, Meituan has contributed to Tencent's applet business in terms of the use habits of small programs and GMV, and Tencent's help in the new users of Meituan is not great. "Community group purchase is a business contribution. But this cannot be said to be brought by Tencent. After all, it is an open business model, so Tencent's contribution to Meituan's entry flow is not so great. "

"In other words, Tencent needs more Meituan than the Meituan needs Tencent." He concluded.

Time in time is important to reduce the holding of the Meituan or not

The time goes back to the end of last year. On December 23, 2021, Tencent announced that it would issue about 460 million JD stakes to shareholders in a mid -term dividend method. After the dividend, Tencent's shareholding on JD will be reduced from 17%to 2.3%, and it is no longer the latter's largest shareholder. Both Tencent JD.com announced that the transaction that was led by JD investors and chairman and CEO Zhang Lei, the chairman and CEO of Gaozheng Capital Group, came to a turning point. Tencent's move at that time caused the external chain to conjecture: Among the Internet companies held by Tencent, Meituan, Pinduoduo, etc. will be listed on the schedule?

In response to the rumors of Tencent's holding holdings, Li Zhili, vice chairman of the Beijing Federation of Industry and Commerce and the Chairman of the International Think Tank, said in an interview with the reporter of "Daily Economic News" that the more likely Tencent to reduce the holding of Meituan, the more and more It confirms the judgment of the outside world at the beginning of the year, and the Tencent's transformation strategy is implemented step by step, which is a relatively continuous behavior.

He told reporters that from the perspective of investment, if Tencent reduced holdings of the Meituan, to a certain extent, it is considered to give shareholders and investors a return. What time to choose to choose from is essential. When the business is mature, choosing "exit" is obviously a smart arrangement. In the years under the influence of the epidemic, the consumer service investment business such as Meituan and JD.com has basically been seen, and the selection of rewriting is also "receiving it if you see it."

The reporter noticed that Tencent's final revenue was presented in Tencent's 2021 annual report.

The financial report shows that Tencent recorded the net income of 86.2 billion yuan in the fourth quarter of 2021. Mainly the adjustment of the non -international financial report standards, such as the net income generated by the disposal and disposal of several investment companies (including the resignation of the board of directors, the JD Group is no longer generated as an associate company, which is considered to be 78 billion yuan in disposal income. To.

Regarding the method of reducing holdings, Li Zhiqi believes that it is a relatively win -win choice to take care of the interests of shareholders and recycling funds to support the implementation of larger transformation and new investment projects. When choosing a healthy development company like Meituan, Tencent must also consider its own evaluation and reputation after its investment withdrawal.

"The way to reduce holdings must be discussed simultaneously with Meituan, including who chooses' to take the inventory" to do its substitutes. The situation of Meituan is different from JD.com. There is still a period of loss in the group, and there are still sustainable funds behind it, so it is different from the strategy of changing JD.com. JD.com is more of the original shareholders, including a way to benefit from large households and small households, but for the Meituan group, the Meituan comes to the Meituan group. It is said that it may be necessary to find a more stable and reliable blood transfusion party. "Li Ziqi analyzed the possibility of Tencent's way of reducing the holding of Meituan.

Tencent's investment style changes

Six months after Tencent's reduction of JD.com, on June 29, Jingdong Group announced that it had renewed a three -year strategic cooperation agreement with Tencent. According to the agreement, the two parties will start business cooperation around the fields of physical e -commerce entrances, cloud technology and cloud services, membership systems, online conferences, corporate services, smart retail, and advertising.

Back to the first two rounds of cooperation, in March 2014, Tencent announced the equity of e -commerce businesses such as QQ online shopping and auction, and US $ 214 million in cash invested in JD.com and received 15%of its shares listed. In the next five years, Jingdong, as Tencent's preferred e -commerce partner, has obtained exclusive WeChat and QQ first -level shopping entrances and secondary entrances.

In May 2019, JD.com and Tencent renewed the three -year strategic cooperation agreement in the second round. Tencent continued to provide JD.com with outstanding primary and secondary entrances. Continue cooperation in the field.

Now that the external environment is constantly changing, the third round of the cooperation agreement between the two parties after Tencent has reduced its holdings, focusing on cooperation in technological innovation and supply chain services.

This releases two signals: the form of cooperation between enterprises and the direction of future investment is no longer the same as before, but under the new Internet cycle, the two bite gears are still rolling forward.

Li Zhiqi judged that in this way with holding or holding a large proportion of shares, this method may gradually withdraw from the stage. This complete control and influence brought by the current strong supervision wind is not a wise choice. Enterprises must accelerate adapting to the new policy environment.

"Especially Ma Huateng (Chairman and CEO of Tencent Group) proposed by the innovation of sustainable social value innovation, all of which indicate that Tencent has changed deeply, which naturally reflects its use of capital. Clear and clearer. "Li Zhiqi added.

It is worth mentioning that, in addition to JD.com, since October 2021, Tencent has successively reduced its holdings of Hailan House, Sea Limited, New Oriental and other listed companies. According to First Financial, as of the first quarter of this year, the fair value of listed companies held by Tencent Holdings has fallen from 982.8 billion yuan in the end of 2021 to 606 billion yuan.

Regarding the change of investment wind direction, Li Zhiqi said that in fact, more than Tencent, Ali, JD.com and other platform -type companies are also making similar arrangements, which can be simply summarized as the strategic transformation of investment wind direction "from soft to hard".

"In the past, the high -speed growth of the Internet, the giants mainly rely on the relevant layout of the consumer Internet to gain growth. However, with the changes in national strategy and regulatory policies, everyone's investment direction is more oriented by chips, AI, etc." He said.Daily Economic News

- END -