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刚刚!马化腾宣布:近乎清仓式减持京东!1000亿股票直接送给腾讯股民!网友:共同富裕了

Just now! Ma Huateng announced a reduction in JD holdings almost like clearing the warehouse! 100 billion shares will be given directly to Tencent shareholders! Netizens: We are rich together

中國基金報 ·  Dec 23, 2021 02:41

Early in the morning of the 23rd. Tencent did a big deal. In disguise, it “reduced” its holdings of JD's shares almost entirely. It kept only 2.3% of its own shares, and was no longer JD's largest shareholder. Also, an even more outrageous operation is coming: the “reduced holdings” of JD shares are given directly to Tencent's shareholders!

Let's take a look and see what's going on.

Dividend-based holdings reduction! Tencent's shareholding in JD will fall to 2.3%

No longer the largest shareholder

On December 23, Tencent Holdings issued an announcement stating that Tencent announced that it would distribute about 460 million shares of JD shares held to shareholders through a medium-term dividend payment method. After this dividend payment, Tencent's shareholding ratio in JD will drop from 17% to 2.3%, and will no longer be the largest shareholder. At the same time, Tencent President Liu Chiping will also step down as JD's director.

Among them, according to the announcement, a special interim dividend of 457.3266.71 million shares of JD Group Class A common stock held by Tencent Holdings through Huang River will be distributed in kind based on the basis of 1 JD Group Class A common share for every 21 Tencent Holding shares held by eligible shareholders.

According to the announcement, non-eligible shareholders will not have the right to receive JD Group shares, but they will receive cash for their shares in place of the JD Group's shares according to the benchmark of receiving 1 Class A common share of the JD Group for every 21 shares held on the record date.

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At the same time, the JD Group also issued an announcement on the Hong Kong Stock Exchange stating that Tencent Holdings currently indirectly holds about 17.0% of the company's issued shares. After distribution, Tencent's shareholding ratio in the company is about 2.3%. At the same time, Tencent's shareholders who received the company's shares in this distribution will become shareholders of the company.

Tencent and JD will continue to maintain mutually beneficial commercial partnerships, including existing strategic cooperation agreements. Liu Chiping said, “We look forward to continuing to maintain a strong partnership between JD and Tencent and continue to create value for society.”


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Tencent said, “We think now is the right time to directly share the results of our investment in JD with Tencent shareholders. Although our direct holdings of JD have been drastically reduced, JD will still be our important strategic partner. The strategic partnership between us will continue, and the deep friendship between the two teams will not change.

In response to “dividend reduction in JD holdings,” Tencent said that “investing in growth enterprises in the development period” has always been the main strategic direction of Tencent's investment, and when the invested companies have the ability to continue to raise their own funds, they choose to withdraw from the investment under appropriate circumstances. Tencent's “long-term investment” strategy has not changed; currently, Tencent has no plans to further reduce JD's holdings.

According to the announcement, the market value of these JD shares given to shareholders by Tencent was HK$127.7 billion on the 22nd.

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However, when the news of this “disguised holdings reduction” came out, JD's stock price still collapsed.

Generally speaking, this wave of operations by Tencent is to reduce JD's shares in disguise, and then these shares are distributed directly back to Tencent's shareholders as dividends. As for the JD shares that shareholders get, if they want to sell them, they sell them themselves.

Although this kind of operation is rare, it's not that it hasn't been used; Tencent once gave Tencent Music shares to shareholders.

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However, this reduction in holdings also became a dividend operation, which gave A-share shareholders insight.

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However, after the news came out, JD's stock price directly collapsed slightly, while Tencent surged.


How did Tencent invest in JD back then?


On May 18, 2012, Tencent officially announced the establishment of Tencent E-commerce Holdings Co., Ltd., with Liu Chiping as the chairman and Wu Xiaoguang as the general manager. This is the first time that Tencent has split its business division independently. After the split, Tencent Electronics spent almost a year sorting out internal business and processes, integrating resources for various business lines, and optimizing the ecological composition.

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On 2013/3/26, QQ online shopping and QQ Mall were merged into one. QQ Online Shopping became the only brand on Tencent's e-commerce open platform, positioned as “exquisite and interesting.” Prior to that, Tencent completed a wholly-owned acquisition of Yixun.com in 2012.

On 2014/3/10, Tencent suddenly issued an announcement announcing that it would take a stake in JD.

The transaction is divided into two parts: in the first part, Tencent obtained 15% of JD's shares before the IPO for US$214 million +QQ online purchasing+C2C Auction Network+a small amount of Yixun shares (according to estimates, about 10%). In the second part, Tencent promised that at the time of JD's initial public offering, it would subscribe for an additional 5% of JD's shares at the prospectus price, and that JD had the right to buy Yixun's remaining shares.

In addition, Tencent will provide JD with prominent entry points for WeChat and mobile QQ clients and support for other key platforms, and the two sides will also cooperate in the field of online payment services.

Ma Huateng, Liu Chiping, and Tencent's general manager issued an internal email at the time stating that through in-depth cooperation with JD, Tencent would continue to participate in the rapidly growing physical e-commerce business and vigorously develop payment platforms. At the same time, Tencent will continue to give basic e-commerce capabilities to a wide range of merchants (including O2O merchants) through the public account system, build a new mobile e-commerce ecosystem, and combine the advantages of JD's e-commerce platform to provide merchants with more comprehensive and multi-channel support.

JD accepted Tencent's shares at a lower market price. What they value is in exchange for WeChat and QQ's first-level portal and WeChat Pay.

Tencent e-commerce merged with JD. Zhang Lei, an investor in JD and Chairman and CEO of Gao Yu Capital Group, took the lead in planning this case. At first, some members of the JD and Tencent teams opposed the merger. Tencent's opposition was even more intense. Zhang Lei joked, “There are people at Tencent who hate to look at me; I've made their job look bad.”

In 2011, Zhang Lei asked Liu Qiangdong and Ma Huateng to meet and chat with them in 2012. In those two years, the mentality of the two was not the same. Tencent did not concede defeat in e-commerce, nor did it evolve to a level where investment was used to combine and spread. JD is on the rise, and there is no continuous strong demand.

In 2018, Wu Xiaobo had a conversation with Liu Qiangdong, founder of JD. During the conversation, Liu Qiangdong also revealed for the first time why Tencent would eventually give the e-commerce business to JD.

Liu Qiangdong said, “Do you know why Tencent agreed to finally hand over e-commerce decisions to us? This is also the first time I've told you this because before that, we had two conversations with Tencent for two years. I have met Ma Huateng and Liu Chiping many times. We negotiated in secret, but every time they said we'd wait and hit and see. Because Tencent keeps saying it. I couldn't bear to hear about this. Later, after I went to the US, and after being back after staying for eight months, the conversation was immediately given to me.

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Because as soon as I went to the US, Liu Chiping began holding internal meetings. Speaking of which, Lao Liu went to school in the US, this is a great opportunity of a lifetime for our Tencent e-commerce company. We will try to surpass Lao Liu during his time in the US. Ma Huateng and Liu Chiping mobilized all of Tencent's resources. QQ's diverse resources, strong flow, and then desperate investment in logistics are just like us. As a result, in the US, I didn't answer the phone in July and August; I didn't read it in the morning; I didn't take a single phone call or order; it was just my brothers talking to them. As a result, after a few months, not only did the gap with us not narrow. It hasn't gotten bigger yet, so Ma Huateng said that Liu Chiping can't fight this battle anymore, because you think none of the rival bosses are in the company, right? Everyone cares. You can't beat anyone else even if your brothers beat you. How can I play this? I can't play in Canada, so forget it? Let's hand it over.”

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From Tencent's point of view, this is the best time to invest in JD. Zhang Lei persuaded Ma Huateng to rely on one word: inventory.

Zhang Lei told Ma Huateng that everything Tencent sells is a virtual product. When it runs the e-commerce platform Yi Xun, he has to face a word he has never experienced — “inventory.” The bigger the business, the more inventory. As for Liu Qiangdong, Zhang Lei focused on mobile trends. JD has excellent online sales on the PC terminal, and has established a complete logistics and warehousing system, but it lacks mobile genes.

With the keywords “inventory” and “mobile”, JD and Tencent, two seemingly unsimilar companies, sat together. Tencent's investment in JD can expand its influence in the field of physical e-commerce. At the same time, it can better develop the company's e-commerce service ecosystems, such as payment, public accounts, and performance advertising platforms, and create a more prosperous ecosystem for all e-commerce businesses on its platform. JD can also get access to WeChat and mobile QQ, thereby reaching out to Tencent's huge mobile social community.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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