Reporter / Yang Ping & NBSP; & NBSP;
December 23rd, Jingdong Group Harbor stock (9618.HK) fell more than 7%, and the disk fell more than 10%.
This morning, Tencent, Jingdong synchronous issued an announcement, Tencent announced a mid-term dividend, but the issuance method is the shares of Jingdong A, specifically for every 21st Tencent stocks, will be sent to 1 Share of Jingdong A-shares, and the total shares is about 4.6 Billion.
If it is calculated according to December 22, 2021 (HK $ 279.2 per share), Tencent's total value of Jingdong stocks is approximately HK $ 127.7 billion (about 104.2 billion yuan).
After the assignment, the Jingdong stock proportion of Tencent will drop from 17.0% to 2.3%, and the President of Tencent, President, Qi Ping, from the Board of Directors of Jingdong.
For this "reduced dividend", Tencent did not give the specific reason, only indicate that "proper exit when there is sustained self-funding capacity".
But this is obviously unable to dispense the market guess and doubts.
Tencent reducing Jingdong guess
In fact, the dividend dividend of the elderly is mainly based on cash. In 2020, the division of dividends has reached a billion level. Some market people seem to have replaced the cash dividend in Jingdong stocks to a certain extent. Cash flow. Expenditure.
However, from Tencent's financial statements, the company does not seem to "lack of money", and the cash flow is very abundant.
Despite the third quarter of 2021, Tencent's rare first net profit declined, and the net profit of non-return is 3.175 billion, a decrease of 1.7% year-on-year, but as of September 30, 2021, the cash and cash equivalents on the books were still as high as 17.0873 billion. Yuan.
Some of the market people believe that Tencent reduces or is the current market environment and regulatory policy.
Since this year, it has been strengthened by the Internet supervision, and the global political and economic environment changes, China's stocks will fall, and the Jingdong Group and other industry giants are also unsaused. This year, Jingdong Group's share price has fallen over 24%.
"One, Jingdong stock price is poor, for Tencent, there is a little behind the market. And the growth space of Jingdong future business is getting clearer. For Tencent, there is no additional possibility. Second, it is a Potential factors, recently have a round of tax-on tax on e-commerce live goods, and the e-commerce platform has encountered a certain compliance pressure. For Tencent, there is also a risk of avoiding risks. "Zhongnan University of Economics and Law University Digital Economics Research The courtyard of the hospital and the forest have been visited.
However, according to the current commercial state, live broadcast and Jingdong's current business model are weak, but some other types of e-commerce platforms have a great impact.
A senior industrial observe also said: "From the current market environment, Tencent Qing Cang Jingdong will inevitably be pressure, it may be difficult to find a suitable pick side in the short term, and there are too many shares to cause impact on the market. Therefore, the dividend is used to reduce the way. "
However, there are also market people that there is no change in the fundamentals of Jingdong, and there is still a certain advantage in the field of e-commerce. Compared to Tencent's Internet listed companies, its performance is more fell, this or Tencent chooses to first reduce Jingdong.
In the first three quarters of this year, a number of Internet companies fell into a slow-rate, loss, and Jingdong's performance beyond market expectations. For example, in the third quarter, in the case where the industry is not booming, Jingdong's basic panel Jingdong retail revenue has still more than 20%, which has become one of the most "playable" in the Internet giant.
Tencent investment map or warming
At the moment, the market is the most concerned issue, or fall in the future of the two giants "unspeak tid".
At present, Tencent and Jingdong both emphasize will continue to maintain cooperation. Tencent said that the follow-up is still the strategic partner of Jingdong, and the prospects of Jingdong are still full of confidence, and the business relationship with Jingdong win-win business is not affected, and there is no further reducing Jingdong's plan.
Some market people believe that compared to most platform companies, Jingdong as a technology and service enterprise, it has already created a new entity business model based on supply chain, and the traffic platform type enterprise is completely different, and does not rely on traffic support. Independent development capacity. Tencent given funds, traffic support, including WeChat entrance, etc., has certain help to Jingdong development, but does not have decisive role. Therefore, this change is expected to have a substantial impact on Jingdong.
However, for Tencent, it is necessary to reduce Jingdong, or it also means a new round of strategic adjustment.
Also, in addition to "social", "game" two big king, Tencent's most praise has its own investment. In the third quarter of 2021, it was shown that Tencent's three quarters of the rights holders should accounted for 39.51 billion yuan, and the income from investment companies reached 26.491 billion yuan.
According to statistics, Tencent's shares of more than 1,000 companies in Tencent at the end of 2020. In addition to Jingdong, Tencent also holds a US group (03690.HK), spelling a lot (pdd.o), Vips.N), 哩 哩 (bili.o), fast hand (01024.hk Many consumer retail, entertainment media, listed companies.
Throughout Tencent's investment trajectory, Tencent avoids direct acquisition, but tends to hold some of the company's shareholding, using Tencent Internet channels and the rapid growth of large data resource boost lines.
However, as Tencent and Jingdong become a pure "commercial cooperation" by "equity binding", Tencent's investment map or a large change, its traditional "industrial investment + strategic communication" or variation.
In fact, in addition to reducing Jingdong, recently Tencent Association also quits the ranks of the shareholders, some market people guess, this move or is based on continuous response regulatory measures, transformation and development, etc., Tencent reduction or transfer shares The initiative may not stop, the Jingdong's big probability will not be the last one.