Grand Alternative Investment: upper body is art lower body is technology

Shanda Network chief investment officer Zhu Hai hair Well-known It commentators Liang New Analysys International analyst Liu Congwu has been, Grand Chairman Chen tried to create "web Disney." However, in recent years, the grand main game growth is weak, the new business revenue has not significantly increased.　　From the list of investment in the past few years, what kind of investment logic does Shanda have? Different "know Headquarters" South are: compared to other internet companies, investment Management department or capital Department, a grand "know this part" is rarely exposed in the outside world.　　If the VCS value the team, the business model and so on, does the Grand investment strategy take the intellectual property as the core? Zhu Haifa: In all Internet enterprises, the grand Investment History is the oldest, starting from 2002, the amount of investment and coverage is very large.　　Over the past 10 years we have invested more than 140 projects, including the winger Chess, the Three Kingdoms Kill, the beginning of Chinese network, Dragon Valley eyedentity, ink weather and other excellent internet companies, which is ranked in the forefront of Chinese internet companies. We attribute Internet technology innovation and content innovation to intellectual property rights, and Shanda's investment in the Internet has enriched the respect and pursuit of intellectual property. Compared to other Internet Investment Management department or capital Department, the Grand Investment department called "know part". The main investment core of this part can be summed up into two words, namely innovation and openness.　　To satisfy intellectual property in innovation, besides internal innovation and external innovation, investment is an important external innovative way. South: Chen has said for the continuous layout of the entertainment industry chain of action, all for the "online Disney." The case of Shanda investment mergers and acquisitions, mainly from what aspects to achieve this definition?　　Can you give an example of the interactive entertainment field, the basic idea of Shanda investment. Zhu Haifa: As an interactive entertainment provider, operator and service provider, Shanda is through early investment, advanced acquisitions and mergers continue to promote the strategic objectives of enterprises and development in the market step by step, you can use the "upper body is art, lower body is the technology" to describe the grand investment, the investment logic is: more and more centralized technology, The content is more and more open and pluralistic.　　Upper body art, is the most primitive form of art, music video and games is the most complex virtual delivery technology, Shanda thus in the technical and literary music video games can be interactive applications. First have the direction after the product south: Before Chen said Shanda has to transition period, the direction is social, mobile Internet. In your opinion, which link is the most critical step for Shanda?　　What synergy can the social, mobile internet and other big business produce? Zhu Haifa: Every link is important. Our investment is all about synergy, all investments are closely related to each other, and ultimately to meet the needs of users. For example, invest in a gourmet community bean net. Shanda has accumulated a huge user base in the past more than 10 years, which is the internet community, but also a strong desire to consumeUsers, these users may be interested in food, we are concerned about food is also concerned about the user's form of expression. Nan du: For Shanda, "industrial layout is more important than product development", is that so?　　Since 2010, we have seen Shanda in the wireless field, has invested or acquired Granville Front net, magic, ink weather and other mobile internet companies, layout of the Android distribution channels, this is seen as a "defensive" layout, grand in the Wireless field layout of the logic is what? Zhu Haifa: First of all, there are products, users can have the specific form of consumption, but the quality of products can not be too dispersed. At the same time, we must grasp the main direction and trend of Internet development, the direction of choice can not be wrong. Have the right direction to choose to have the product development.　　Therefore, the product is important, the direction is more important. The logic of our investment is to invest in the right industries, the second is to invest in the right projects, and the third is to invest in the right business model.　　China's internet increasingly needs to provide clear intellectual property rights, user-friendly, the service of a unified Internet consumption environment. We are the product of the layout of both cooperation and competition, both collaboration and independence. Mobile Internet applications, more and more diverse. For example, users want to consume ink weather, but users also want to consume "have you" such a communication tool. For users, consumer ink or consumption "Have you" is their own choice. But it's like putting a product in a department store, if you put "have you" and ink in two stores, users need to run two stores to buy. If you just put it in a store, users can easily get multiple applications.　　The two products are collaborative in terms of common service users, but they are competitive in terms of meeting user needs. The game is still "cash flow" South: We see Shanda this year just released the second quarter of this year's earnings, the main business game revenue has been Tencent, NetEase and so on. There is a view that the continuous investment in mergers and acquisitions long and relatively independent line of business, so that Shanda in the "integration" on the problem, the game is not enough stamina, the emerging business has not formed a supporting performance. What do you think of it?　　Which business in the future will have a stronger hematopoietic capacity? Zhu Haifa: There were two very good results in the last earnings report. The first is, the grand two quarter game revenue continued to achieve high growth, revenue for 1.32 billion yuan, an increase of 19%. Second, the grand emerging business in the group's income ratio has risen rapidly, showing a very good situation. For example, the platform company Shanda Online "report card" revenue for 308 million yuan, an increase of 24%.　　Another Shanda's enterprise, from the grand investment to support the beginning of the Chinese network, such as the composition of the first half of 2011 income also more than 300 million. We are now investing not only domestically but also internationally. For example Shanda 18 fund and a few years ago investment support "Dragon Valley" South Korea developer E Yedentityg am es, in the Internet is very successful representative. The Valley of the dragon is not only manifested on the mainlandWell, now is the world's top three online games.　　It can be seen that investment has played a huge role in both traditional and emerging businesses. Huang Liang: The movement of Shanda investment is very frequent, in a short time digest so many companies, still have difficulty. But it cannot be said that integration must have arisen. Because, after investing in a company, the investment company needs to pass a period of development, can see its performance is strong, it is premature to conclude. hematopoietic function or mature business will be stronger, games and related services should still be the main, wireless internet investment is difficult to bring fast profits, is still in the layout and access to the user stage. After all, the current competition in the wireless field is very big, you have to charge, many people will be from the product beyond you. The Internet charging mode is actually the following kinds, such as advertising, games and value-added services.　　In this respect, the game is certainly still a major part of the grand cash flow. Liu Congwu: In the game, Tencent and NetEase very early than the grand game strong, grand game is not in the 2 quarter of this year, this comparison is not reasonable. Shanda's current problems do appear in the integration of many mergers and acquisitions business, when it comes to hematopoiesis, I think it is still a game business, followed by literature.　　Because Shanda literature has submitted a listing application to SE C, which is a relatively mature asset of the Royal network. The electric dealer may be the case South all: You think for Shanda, in the future in a year or two, what kind of company may also have the interest of investment and merger?　　Will you invest in electricity dealers? Zhu Haifa: As long as there is synergy with the grand development strategy, and the company has a good performance, we are willing to invest.　　As for electronic commerce, we will pay close attention to it, but we will not necessarily invest. Huang Liang: From Shanda's investment trajectory in recent years, it is interested in two companies. The first is to improve its overall strategic layout of companies, such as literature, music, games, video and other content or channels have potential companies. The second is innovative companies that can have a major impact on future industries. For example, in the mobile Internet, E-commerce and other fields of innovation companies. The first is its genetic system, which is to set up a network of games, music, film, literature, video and other cultural products strategic layout. The second aspect is that the internet industry is changing so fast that no giant is ever a worry-free and needs to keep up with the latest developments.　　As to whether it will invest in electricity dealers, from my personal point of view, there should be no large-scale access to the electricity business, even if there is, more likely to be a case, it will not be an important direction. Liu Congwu: I think Shanda will be interested in game development studios because the history of the game giants is a history of mergers and acquisitions, and excellent studios are often the main targets. But since Shanda's network has acquired many games, the first task is not to continue the merger, but to integrate the companies that were previously merged.　　Therefore, I feel that the future of the Grand merger pace will slow down. Not all internet companies have to dabble in E-commerce. Current orderParagraph, the electronic commerce burns the money to be formidable, is needs the blood transfusion. For Shanda, it has 酷6网, and one more is not good.　　Shanda in the future may be in the layout of E-commerce, but to say "exerting force", let the electricity business become a profit point, I think it is unrealistic to look at the present.  Roundtable Distinguished It Commentators Liang new "Shanda will invest in electricity, even if it is more likely to be a case, will not be an important direction." "Shanda Network chief investment officer Zhu Hai Hair" over the past 10 years we have invested more than 140 projects, the Grand investment logic is: more and more centralized technology, content more and more open diversification. "Analysys International analyst Liu Congwu" Grand future will be interested in the game development studio, but now the first task is not to continue mergers and acquisitions, but the previous merger of the company to integrate. "Interview: South all reporter Xu Xian jade This version of the picture by the respondents to share: