A big shot in the doorway talking about the difference of BAT's investment strategy

The Chinese Internet takeover battle is more twists and guessing than the entertainment star's divorce. When all the people think that Sogou is 360 lead back to the cottage is just sooner or later, Sogou and Tencent announced good. Watching the end of the third quarter of this year, China's internet giants in the 2013 "arms race" also entered the finale stage. From this year onwards, PPS, Sina Weibo, gold map, 91, glutinous rice ... BAT (Baidu, Ali, Tencent) three speed up the action, attack and defense and card one after another, the common interpretation of a high-level, wonderful choppy of the Texas Poker contest. The first three quarters of this year is more lively is Ali and Baidu, a cast nets, a fierce material, and when everyone thought Tencent in addition to continue to inject the game Studio no other material can explode, and suddenly out of the heavy news of the Sogou ... The whole mid-Autumn Festival is Girew. The three of uncles who are grinning and picking on Chinese Internet farms have the logic to pick the peach fruit. If you look back over the past three years, you will find that you are sticking to your investment strategy-building a wall around your core competencies and actively trying to make up for it by buying or investing on a short board. Three circles to see the conflict simple painting of the next three business center of gravity, which omitted some of the side branches, has the following summary: 1. BAT three has historical core strengths. For example, Baidu's search technology because of the absolute lead in the formation of the flow of the distribution capacity on the PC, such as Tencent because of QQ clients formed by the entire network user coverage and social relations, and Ali is Taobao and the cat as the core of the Electronic Business platform. Bat each with this as the center of the circle began to draw circles, gradually expand the territory. 2. In each of the two, there are some business approximate overlap: a) In addition to Baidu's search, Tencent's search on the PC is also obsessed with, even if search brand is about to fade out and turn to Sogou, which is precisely the value of the search engine itself on the PC can not be ignored. In contrast, Ali on the search complex based on the strength of the adjustment (someone remember the Yahoo search that year?) ), currently only through a Amoy shopping search, the card in other attempts to get into the electric dealer search in front of players. When it comes to the approximate product line between Baidu and Tencent, it has to mention "security", because 360 is exactly where the user's client portal is ripped from the PC, so the two have also been in the past few years through the development or injection of corresponding anti-virus and computer butler to fill the cracks. b) Ali also through Sina Weibo, want wants and mobile phone "contacts" in making up for the shortcomings of social relations, trying to bring new chemical reaction to the business; in the payment line, Tencent is "Tenpay" as the future of its own electric business platform, and even o2o necessary link. C and the intersection of Baidu and Ali, in addition to the PC era on the head to meet the Webmaster Alliance Ads (Baidu Alliance vs Ali Mother), and in more of the middle page business overlap. This seems hard to avoid--when we draw a line between the flow entrance and the final payment two points, actually, whether it's a travel reservation (where to go to the net orPoor travel network, online video (PPS or pplive) or music (Baidu music or shrimp net), is a vivid example of this concept--rather than allowing users to quickly earn a click from the base traffic entry, why not consider wrapping the middle-page business that he is willing to stay in for a long time, with a high degree of viscosity, and Consider new opportunities? 3. Three Firepower cross section, namely this two years PK's plays: Mobile internet and O2O. Advertising is, of course, the core of the PC world to become the way, three have competitive advertising and precision oriented advertising. And the mobile Internet ticket, from the entrance point of view, but also divided into browsers (UC, Baidu, Tencent), app application Market (Baidu/91 mobile phone assistant, Tencent mobile phone butler) and mobile map (Baidu, Gould, search) these three categories. Plus O2O nature and mobile Internet interwoven properties, so group buying site (glutinous rice, high-peer, poly cost-effective), coupons category website (Tintin concessions), membership card Business (micro-letter micro-life, Taobao with the city), belong to O2O this line of embedded pieces, but also for the mobile Internet's own entrance to bring valuable content to add. 4. By contrast, three and each have a piece of others must do bad plots, such as Ali's business-to-business business, Baidu's UGC products (know, encyclopedia, paste, library), Tencent's game business. They are derived from their core competencies and are deep enough and early enough that the other party will need to take a lot of effort to catch up. "Wide net" or "steady and ruthless"? Through the above business distribution map, you can feel the bat three in the investment and acquisition of the play is also very different. Over the past few years, Tencent has invested in the acquisition of hundreds of companies, more than tens of billions of dollars in investment, and not only in China, but also in the United States, Japan, South Korea and even Southeast Asia, from the type of company, there are game companies, as well as the traditional media companies such as Huayi; There are also super small-scale development teams. Just announced the injection of the dog, can be said to be Tencent this 2 years to the most interesting step chess, give up search may be short pain, from the long term, through the Sogou channel penetration of the PC search this gold line to pick up more meaningful. From the point of view of Ali, almost the total receipts, as long as in their own business needs on the line, like holding a basket, even if the current business data performance is not good. Analysis, and Ali on the mobile internet relatively little has a big relationship, time is money, Ali more bets, as long as in their own territory, in particular, and the other two have a future competition in the field of conflict, but also no mercy. Although Sina Weibo suffers from the serious impact of Tencent's micro-letter, it is still a bonanza full of fresh traffic for Ali, with 500 million users and 46 million active users. The chemical reaction between the electrical quotient and the social relationship has always been attempted by Ali unwilling to give up. and UC Browser can be said to be Ali the jaws of prey, seized a fixed moveInternet entrance tickets. The current UC browser in the mobile browser top, coupled with the browser as a web App portal concept, this is not enough on the mobile internet, Ali, can be said to be a rare mountain. The map also has a mobile internet portal and guide traffic to the O2O business (Taobao local life, Taobao with the city) the task, Ali's investment is more forward-looking layout, the O2O and mobile internet plate meaningful needs of the card position. In comparison, Baidu's strategy is relatively conservative and robust. In the past few years, the industry has widely questioned whether Baidu missed a lot of trains. In 2013, Baidu continued to strike a few blows, proving that his precious DAO is not old, but thinking and moving, think clearly after the ruthless hand. No one thought that already in the last year to acquire hundreds of millions of U.S. dollars Archie foreign investors Providence shares of Baidu will again take the PPS, and the reason, or because the video content and Baidu's search core competitiveness inseparable, found that the content itself is user needs, And let user demand directly stimulate this kind of middle page business bring higher advertising premium. Coupled with the mobile internet and the popularity of the 3G tide, video is clearly a very good killer application. So anyway, in the video by increasing the acquisition of clients, Baidu as a whole, is a tonic. August 14, Baidu and 91 of wireless mergers and acquisitions of the formal signing of the Chinese Internet so far the largest amount of mergers and acquisitions case. Many people will ask is not Baidu buy expensive, from the overall competition situation and future growth synergy, this is definitely a value of all in style. As the previous analysis, in the mobile internet world, the mobile browser is only the continuation of PC habits, and more users will use the app directly, so hold a strong application distribution market to ensure the right to speak on the mobile site. Of course, Baidu has always been the hands of things, just finished the Baidu World Congress launched on the "Light application" concept can be said, is another detour, the entry from the browser to continue to enter the flow of the closed-loop system to control the way. Without the completion of the 91 wireless takeover in August, the industry would still doubt that Baidu is stumbling around the pace of mobile internet. And if you look at it now, it can be said to be a self research (light application), one hand control of the app channel (91 mobile phone assistants), basically put the traffic on the phone to a tight distribution. Plus last October, Baidu set up LBS division, the third mobile Internet portal-Map also surfaced. From this point of view, the acquisition of Glutinous rice is also a ripe plan. Map applications can be said to be a natural necessity in mobile phones, and this has spawned a new entrance to the O2O industry--users can find restaurants, cinemas, foot-massage shops and even hourly workers through maps. Therefore, the map of the matter become more "active", not simply waiting for information enrichment and supplement, but as much as possible to create and fill the content. From this point of view, Baidu investment in glutinous rice can be said to beA duck to eat, the O2O industry to the road, while filling the content of the map entrance. To interpret strategic thinking from behind. Compared with the product managers active in the release activities, the investment trader behind the major companies is often very low-key and not known to the public. They are like brokerage fund managers, seemingly ordinary, modest attitude, but the company's billions of dollars of investment projects. From their past analysis of some public statements in the media, it may be possible to feel the difference in the investment strategy of bat three. Tencent vice president, Tencent Industry-win fund managing director Peng Zhijian: The core of things Tencent do, other investment support industry very innovative companies, together to create a winning ecological chain. Most of the cases we are strategic value and financial value, but the first is always strategic value, both complementary advantages and forward-looking layout, some investment in the short term can not see the obvious point of cooperation, but it has a potential long-term strategic value. Just like under go, a son down, you do not know what the final results, it is possible that this son was eaten by others, it is possible to gradually occupy a large open space, but also may be in the stage to become a crucial piece, we will consider. Comments: Injection Sogou should be even if the strategic value priority, that is, rather than let 360 to rob the chaos, rather than their own good to do, Tencent investment Jinshan is similar logic, do not want to let themselves in the security field controlled. Ali Capital managing director Zhang Hongping: Ali's investment ideas can be divided into two parts: first, and Ali business can be strong integration, as long as the benefit of Ali itself, holding or acquisition, or how many shares, can talk about. Second, with Alibaba to create ecological circle, platform-related companies, emphasizing the layout and symbiotic relevance. For example, we cast the Mo Mo, the United States Regiment, Tintin, on the road, and so on, Ali take minority equity investment. In terms of investment direction, wireless Internet is still the focus of the future. Investment is actually investing in the future, not the present or the very strong, but complementary to us, or where we need to grow in the future. Comments: From Sina Weibo to UC browser and gold map, Tintin concessions, Ali this year's investment focus on the mobile Internet layout, and from Taobao ecosystem to O2O has a greater imagination space. Baidu Vice president, Business Development Department general manager Tang: Baidu Investment tightly around the core business strengthening, ecological system construction, future opportunity layout Three directions, will not take the initiative to VC role for pure financial investment. For potential investors, Baidu will have two selection criteria. One is the prospect of independent business, including market opportunity, business model and core elements, team; the second is the strategic synergy with Baidu, including the strategic value of Baidu, the strategic role of the target company, and the possibility of the two sides integration. Our style is not simply chasing the concept, like sprinkle pepper investment, must be the concept of landing can bring to Baidu how much investment effect to quantify, only beautiful concept is not enough, we also need to pay attention to the actual value of the acquisition. Baidu through more than 10 years of accumulation, these years of investment cases are the internal team to complete the independent operation, not relying on Wall Street, the big intermediary service agencies, Chinese Internet companies through the years accumulated operational experience and feasibility. Comments: From where, Archie art to this year's PPS, 91 Wireless and glutinous rice, Baidu's every investment is hundreds of millions of U.S. dollars big projects, placed in China's internet and even TMT industry are resounding great. From the support of the core business, whether it is tourism, video classes of the middle page Business supplement, and then to the mobile Internet access to the decisive preemption and O2O layout, you can say that Tang led the team each piece under the very solid, targeted, rational judgment, not blindly follow suit. If soup and pine are the first trader of China's Internet mergers and acquisitions in the past few years, then Li found the right business owner and full trust and authority, but also from another perspective of "investment is cast" the truth. 2013, 2014 is the Internet domain investment and mergers and acquisitions concentrated outbreak period. The development of PC Internet from early Baihua contention has been developed to the middle and late stage, and is converging and moving towards greater stability, thus forming larger economies of scale and integrating and optimizing the whole value chain. Just as the group buying industry also experienced this process, forming two or three of super large competitors, while some small subdivision of the players by virtue of differential survival. The wave of mobile internet, the whole in a new round of early outbreak and growth stage, for the big players already sitting on the PC Internet table, they will never sit idly by, considering vested interests and growth pressures, and are sure to try their own migration, while another competition strategy is to take the fruit directly from another table and quickly seize the site. In other words, although the mobile Internet seems to be still wasteland, but in fact, the Giants on the PC have already been eyeing--don't think clearly let the entrepreneurial team to do first, once see clearly, absolute shot steady ruthless (with Baidu this year to swing a few steps for the sword). A beautiful strategic investment really makes the teeth of a big crocodile sharper, and it's a foreshadowing for the next few years. The thinking of bat three strategic investment the original point is not the same: Ali for Taobao ecosystem and mobile Internet to explore partners and opportunities, Baidu in an attempt to the middle page, mobile Internet, O2O a few steps to connect, Tencent in the establishment of its own business line at the same time constantly complement the necessary pieces. The night sky in China's internet, the stars are dotted with several major constellations looming, those who are still on the Internet business on the road of the small partners are either calm onlookers, or stick to the door until the sound from bat.