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Tencent Jingdong "seven years itch": Tencent does not do the first major shareholder strategic cooperation continues

via:21世纪经济报道     time:2021/12/23 11:02:23     readed:253

21st Century Economic Report Reporter Bai Yang Beijing Report

After nearly 8 years, Tencent and Jingdong have changed some changes.

On December 23, Tencent Holdings announced that the Board of Directors has resolutions will have a baseline of the Class A common stock of 1 share of the Class A of the Yangdong Group in the qualified shareholder, and the formation of Temple is 457,326,671 Special mid-term dividend of the stock Jingdong Group Class A stock.

Simply put, Tencent has to share the Shareholders of Tencent's shareholders in Jingdong stocks in the way.

It is reported that the 457, 326,671 models of the Zealand Group A, Class A Class A, is equivalent to Tencent to hold a total of approximately 86.4% of the Class A Class A Class A, and the total number of shares issued by Jingdong Group on December 21, 2021.

According to the document submitted by Jingdong to the US Sec 2, on February 28, 2021, Tencent held a capital of 527,207099 shares Class A stock through wholly-owned subsidiary Yellow River Investment Co., Ltd., with a shareholding ratio of 16.9%, for the first major shareholder of Jingdong, Enjoy 4.6% voting rights.

After the division is completed, Tencent's shareholding will drop from 16.9% to 2.2%. By, Liu Qiangdong, holding Jingdong 13.5% stake, will become the largest shareholder of Jingdong. At the same time, Tencent President Liu Chiping will also take a director of Jingdong.

For this operation, Tencent said that the one aspect of Tencent's investment strategy is: the company invested in the development stage; support and sharing the growth of investment companies; and export investment in the future plan for its future plans to raise funds.

In Tencent, Jingdong Group has now reached this stage, so it is also the appropriate time of Tencent to withdraw from investment, and in a mid-term dividend, it is to share the investment results of Jingdong with Tencent Shareholders.

Tencent, early Top Tencent rose more than 2%, Jingdong Port stock fell more than 6%.

8 years of "love" long running

On March 10, 2014, Tencent released an announcement announced that it will purchase 350 million ordinary stocks in Jingdong, accounting for 15% of the top ordinary stocks in Jingdong; in addition, Tencent will also subscribe to Jingdong with the release price in Jingdong. 5% shares.

It should be noted that before Tencent announced this news, Jingdong has submitted IPO applications to the US Securities Exchange Commission (May 22, 2014, Jingdong listed in Nasdaq, USA), so Tencent At this time it is actually It is a subscription completed before the bus listed in Jingdong.

As the price of this transaction, Tencent needs to pay $ 214 million in cash to Jingdong, and enter QQ online shopping, the e-commerce and logistics department into Beijing, and Jingdong has obtained the exclusive subscription right of Yi Xun.

It has always been a special one in the investment layout of Tencent.Because, in addition to capital injection, Jingdong is also the only enterprise from Tencent inherited business.

According to the 2014 trading agreement, Tencent packaged all its e-commerce assets to Jingdong, including employees, commercial contracts, intellectual property, licenses and licenses.

In addition, the two sides also signed a five-year strategic cooperation agreement. The specific partnership includes: Tencent provides the support of WeChat and mobile QQ level entry position and other major platforms to the mobile phone QQ; the parties in paying solutions; Jingdong as a priority partner in the field of business; Competitive commitment, etc.

On March 31, 2019, the above cooperation agreement has expired. However, in May 2019, Jingdong and Tencent have renewed a three-year strategic cooperation agreement, and the agreement came into effect from May 27, 2019.

According to the new agreement, Tencent will continue to provide a position and secondary entrance to its WeChat platform for Jingdong. The two sides will continue to cooperate in the fields of social media services, advertising and membership services. According to estimates, the spending or expense of traffic support, advertising and other cooperative related expenditures, advertising, and other cooperative expenditures in the next three years will exceed 800 million US dollars.

At the same time, Jingdong will issue a certain number of common stocks to Tencent, with a price of more than 250 million US dollars, Jingdong will issue these stocks in the next three years to issue several pre-agreed date of the date.

It is reported that according to the content of the new agreement, May 2019 and May 2019, Jingdong issued 812,7302 shares and 2938584 shares Class A common shares from Tencent.

What is the geometry of the two parties?

For the next cooperation between the two sides, Tencent said that although the Jingdong shares we directly hold sharply, Jingdong will still be our important strategic partner, and our strategic partnership will continue to maintain, the two teams have a deep friendship. Will change.

In fact,Before May 27, 2022, Tencent's strategic cooperation agreement signed by Tencent and Jingdong was still valid.So before this, Tencent and Jingdong cooperated in business without much impact.

According to Jingdong Annual Report, 2020, Jingdong has produced 355 million yuan of commission service income by cooperating with Tencent's advertising business, and has produced 375 million yuan in income to Tencent's sales and products sold to Tencent, and purchased the total amount 3226 billion yuan from Tencent's advertising resources and payment processing services.

In the capital market, Tencent's significant reduction may have brought some negative impact on Jingdong. However, Tencent's choice to exit in a mid-term dividend, but also to reduce the fluctuation of Jingdong in the secondary market.

For Tencent, this is a "big package" sent to the company's shareholders. As of 22nd Hong Kong stocks closed, Jingdong's share price is HK $ 279.2, and Tencent's shareholding market value is 127.7 billion Hong Kong dollars.

Therefore, this Tencent is equivalent to the division of approximately HK $ 110.3 billion.The shareholders have a dividend of approximately HK $ 279 for every $ 279.

Not only that, the final registration date of this participation in the dividend is determined on January 25, 2022, which means that Tencent has a certain trading window, allowing other investors to buy Tencent stocks to participate in the dividend, this Perhaps the Tencent stock will usher in a wave of rising.

For future, Tencent said that the investment strategy is still unwavering, connecting the best management team and company in a minority investment.Tencent will also continue to explore new tracks, new opportunities, especially the frontier technology and entity economy, will continue to support the independent development and innovation of investment companies, and seek a strategic synergy for long-term value for society.

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