There is another major event in the e-commerce business today. Tencent and JD.com bought a 12% stake in Vipshop Holdings Limited, the third largest e-commerce giant in China, for US $860 million.ADS's closing price premium is about 55%.), and both Wechat and JD.com will add Vipshop Holdings Limited's portal to their respective APP.
This cooperation, from the perspective of e-commerce pattern, can be said to be a combination of strong and strong.
JD.com and Vipshop Holdings Limited are highly complementary. Vipshop Holdings Limited has more than 80% female users, while JD.com is mainly male users, but has been pursuing an increase in the proportion of female users. Vipshop Holdings Limited's most advantageous category is clothing, and JD.com 's digital home appliances are the big head. JD.com will compete with Tmall in an all-round way after making up for the shortcomings in the clothing and makeup category. According to the data of China Electronic Commerce Research CenterChina's B2C online retail market in the first half of 2017 (including open platform and self-selling, excluding brand e-commerce)Tmall ranked first, accounting for 50.2 per cent, but down 3 per cent from the first half of 2016, JD.com ranked second with 24.5 per cent share, up 0.3 per cent from the same period last year, and Vipshop Holdings Limited ranked third with 6.5 per cent share, up 2.7 per cent from the same period last year.
For Tencent, it is a new case of building blocks to his ecology with the help of capital: after pulling JD.com and Vipshop Holdings Limited into his own campWith his growing strength in the social portal and payment field, Tencent has more strength to compete with BABA in e-commerce, which he is not good at before.
It is worth noting that, in addition to the players on the court, the capital behind is often the beneficiary. This time, similar to Tencent's investment in JD.com, Hillhouse Capital may be the biggest winner behind it.
According to the 13F form submitted by High-collar Capital Management (Hillhouse Capital Management) on November 14 this year, you can seeBy the end of the third quarter of this year, High-collar Capital Management had held a total of 3.94 million shares in Vipshop Holdings Limited, an increase of more than 4,000 percent. This part of the position alone, calculated according to today's pre-market increase, is already about 17 million US dollars.If it increases its position in the fourth quarter, it will have a bigger float.
Of course, this investment is not worth mentioning compared with Zhang Lei's early investment in JD.com. In 2010, Hillhouse Capital invested US $265 million in JD.com, making it the largest single investment in China's Internet that year. Four years later, Tencent strategically invested in JD.com, and then JD.com went to the United States.IPOBy then, the value of Hillhouse's stake had risen to $3.9 billion.
But,Zhang Lei once said"Ultra-long-term investment is a kind of belief, and the best investment for us is one that does not need to quit. If you can find a good company and invest with it for ten, twenty or thirty years, in fact, you will have more compound returns. It is far better to invest in a company and then find another one as soon as possible."therefore, for Vipshop Holdings Limited, the investment of a high collarMaybe it's just the beginning. (Wen / Li Chen / tr. by Robert Taylor)