A series of large-scale reductions
Why is Tencent "selling and selling" at this time?
Tencent, with a market value of more than 4 trillion Hong Kong dollars, seems to be addicted to "selling".
On January 5, Tencent announced that it would reduce its holdings of Sea Limited, which is known as the "small Tencent in Southeast Asia", and the cash is expected to reach 20 billion yuan.
At the end of 2021, Tencent also announced a massive reduction in JD.com.
From the big buyer who loves to "buy, buy and buy" in the Internet field, to the current one after another, why did Tencent choose to "sell, sell, sell" at this point in time?
"Shipping" is too much and ruthless
According to the announcement issued by Tencent, Tencent will sell 14,492,751 Class A shares of Sea Limited, reducing Tencent’s share of Sea from 21.3% to 18.7%.
According to the data, Sea Limited was founded by Li Xiaodong in 2009. It owns three major business segments including e-commerce platform Shopee, video game platform Garena, and digital financial business SeaMoney.
In recent years, Sea has developed very rapidly. On October 21, 2017, Sea was listed in the United States. In the past four years, Sea's stock price has risen by 30 times, creating huge returns for investors. "Tencent of Southeast Asia".
It is understood that when Sea was listed in 2017, Tencent held 39.5% of its shares, ranking it as the largest shareholder. Through this massive reduction, Tencent's voting rights are expected to be reduced to less than 10%. .
In fact, Tencent has already started "shipping" by the end of 2021.
On December 23, 2021, Tencent announced that it would distribute about 460 million shares of JD.com to shareholders in the form of a mid-term dividend.
After this dividend, Tencent’s shareholding in JD. shareholder.
From 10 billion yuan to 100 billion yuan, Tencent's continuous "selling" can be described as numerous and ruthless. This operation has allowed the outside world to see the changes that are taking place in Tencent.
The "time" and "effectiveness" of Tencent's "selling"
资料显示，过去数年，腾讯对外投资可谓遍地开花，在国内互联网领域，腾讯除了京东外，包括美团(持股17%)、拼多多(持股15.6%)、快手(持股21.6%)、B站(持股12.4%)、滴滴(持股6.8%)等都可见腾讯资本的身影。而腾讯对外表示，腾讯的战略是在公司处于发展阶段时进行投资，并在它们有能力为未来的计划提供资金时退出投资，“董事会认为京东现在已经达到了这样的地位”。
“投资处于发展阶段的公司，这样被投资的公司可受益于腾讯带来的长期资本，为其发展及扩张提供便利；在被投公司可为其未来计划自行筹集资金的时候退出。”对于投资，腾讯曾经公开阐述过其投资逻辑。
从目前腾讯减持的两家企业的发展阶段而言，的确都是腾讯投资逻辑中的“被投公司可为其未来计划自行筹集资金”的时间点，腾讯的退出，可以说是“言行合一”。
但是在投资业内人士看来，“减持”“减持幅度”和“是否保留最大股东身份”之间，还是存在着一定的区别。从腾讯最近两次减持情况看，金额涉及数百上千亿元，且不约而同地让出了最大股东的身份，背后是腾讯“卖卖卖”所要达到的“效”的目的。
在业内人士看来，腾讯选择此时“获利回吐”，并且不再担任大股东，与国内针对互联网领域反垄断监管越来越严格的趋势不无关系。中国企业资本联盟副理事长柏文喜在接受媒体采访时指出，腾讯以京东股票代为派息后，可以大大降低腾讯对京东的持股比例，降低市场对互联网巨头腾讯与京东结为联盟形成垄断的疑虑。
从投资看腾讯的“不变与变”
对于市值超4万亿元、投资获益超万亿元的腾讯而言，无论是对京东还是对Sea的减持，虽然是互联网热议的话题，但事实上都不会对其自身的财务状况带来根本性的改变，也不会对腾讯的投资策略带来实质的影响。
According to incomplete statistics from relevant third-party institutions, as of December 2021, Tencent has more than 260 investment events in 2021, nearly a hundred more than the 175 in 2020.
Especially in the field of games, Tencent is even more open to money in 2021.
Data agency Niko partners analyst Daniel Ahmad revealed in December 2021 that in 2021 alone, Tencent will acquire and invest in more than 100 game companies, which is equivalent to investing in one every three days, and it is not difficult to see from the invested companies. , most of them are indeed "companies in the development stage" in Tencent's investment logic, which shows that Tencent still maintains the same strategy in investment.
In the eyes of many industry insiders, Tencent’s successive reductions in JD.com and Sea indicate that Tencent’s further reductions in other Internet companies are expected, and the “changes” made at this point in time may help Tencent more possibilities in the future.
Southern Daily reporter Ye Dan