Is the wealth spillover effect of the bat more sustainable?

As is known to all, as China's most lucrative internet company, Bat is a gold master with large amounts of cash in his hands. Tencent 2013 Annual report shows that its cash reserves of more than 55 billion yuan, Baidu 2013 annual report disclosed cash reserves are nearly 30 billion yuan, Ali's cash reserves are not expected to be low.

As a then, bat's wealth spillover effect became more and more violent, they spread money around the investment, creating a large number of wealth at the level of billion or 1 billion of the level of a small entrepreneur rich, but also more and more on the capital market, bat figure, they make a big stake in listed companies, listed companies as long as the "bat concept", The share price soared.

As a result, there are also a number of less high-profile rich in the bat, who had nothing to do with bat, but because bat continued to be included in the territory by investing in expansion, the founders became a small rich. As the bat takeover battle rages on, the list of the small billionaires is constantly being updated.

Entrepreneurs invested by BAT are bursting with wealth

BAT is called the Chinese Internet Three mountains, grassroots entrepreneurs experienced "fear of their" to "yearning for" the transition, the past is worried about "if the bat follow-up," Now look forward to being a bat investment or acquisition.

In recent years, bat gradually from the closed ecological to open, large-scale shares in internet start-ups, a large number of entrepreneurs by the bat investment and the wealth of the explosion. BAT cumulative investment in hundreds of entrepreneurial enterprises, "new wealth" of which more than 10 of the large scale of the projects were counted, and the founder of the investment in the value of the wealth gained by the approximate estimate.

At present, Tencent has the largest number of investment, the large scale of investment, including Sogou, the public comments network, high peer network, Jingdong, Xun, the same way network. Tencent's "subsidiary generation" of the rich, the highest book wealth is the founder of Liu. According to the current Beijing-east 10 billion U.S. dollar valuation, Liu about 23% of the shareholding, its wealth of about 14.015 trillion yuan. Of course, Liu's wealth is not largely attributable to Tencent's investment.

If you remove Liu This special case, the richest entrepreneur created by Tencent, is the founder of Zhang. February 2014, Tencent to 400 million U.S. dollars investment in the public comments, to obtain 20% equity, based on the calculation of the public comment on the valuation of about 2 billion U.S. dollars, Zhang still in a holding position, according to this estimate, Zhang wealth of about 506 billion yuan.

Ali invested in the start-up enterprises, the larger group has the United States network, MO Mo, Quick taxi, as well as the privatization of the Nasdaq listed companies such as Gao de map, of which the highest wealth in the United States network founder Wang. July 2011, the United States Group Network for the second round of financing, Ali received 50 million U.S. dollars, the proportion of unknown shares. At that time, media reported that the U.S. network's financing valuation of about 1 billion U.S. dollars, Wang still in a holding position, thus estimating its wealth of about 304 billion yuan.

Among the companies that Baidu invests in, the largest of them is 91 wireless, which is a wholly-owned 1.9 billion dollar cash purchase, but 91 wireless is not an independent venture, but a holding subsidiary of the Hong Kong-listed Net Dragon (00777.HK). Although the share price of the net dragon rises greatly, its founder Liu Dejian's wealth also greatly increases, but the Baidu will 91 wireless NA as a subsidiary, the Net Dragon has no relationship with it any more, so Liu Dejian can not be counted as Baidu is rich.

In addition to 91 wireless, the larger scale of Baidu investment there is PPS, where to go, sticky rice nets, and so on, and its direct creation of the largest entrepreneurs rich, when it is the founder of Qi Deng Huaqin. December 2010, Qi Jia Network for the third round of financing, Baidu investment 50 million U.S. dollars to obtain about 5% equity, according to estimate the net value of about 1 billion U.S. dollars. Qi Jia Network After three rounds of financing, its founder Deng Huaqin shareholding in accordance with the dilution to 40% calculation, the wealth value of about 253 billion yuan.

BAT's "subsidiary generation" of the rich, the fastest-growing wealth, when Tencent's investment in the tick-tock Taxi founder Cheng Wei, and Ali invested in the quick taxi founder Albert Chan.

As of January 2014, tick-tock taxi has completed 3 rounds of financing, the total amount of nearly 120 million U.S. dollars, including the B-round financing Tencent exclusive investment of 15 million U.S. dollars, C-round financing Tencent continue to follow up 30 million U.S. dollars. At present, the shareholding ratio is not known, but according to general rules, after 3 rounds of financing, Cheng Wei about half of the equity, the third round of financing valuation of about 1 billion U.S. dollars, calculated Cheng Wei wealth of about 500 million U.S. dollars, equivalent to about 304 billion yuan. And at this time the distance tick-tock taxi set up only 1.5 time, Cheng Wei himself is only 31 years old, this create rich speed is rocket speed.

Ali Investment Quick Taxi, the situation is similar. May 2012, a quick taxi was formally established, to the end of 2013 successively received from Ali's nearly billion dollars in investment, the media reported that its valuation of about 300 million U.S. dollars, its founder Albert Chan in accordance with the 60% estimate, book wealth of about 101.5 billion yuan. Chen Weixing to get this net worth, likewise only 1.5 time.

BAT system sweeps the capital market

In addition to investment in entrepreneurial enterprises, the capital market is also more and more the figure of bat, especially Tencent and Ali, is sweeping the Shanghai, Hong Kong, the United States, London, four listed companies. Up to now, Tencent has invested in 9 listed companies (including the quasi-listed company Jingdong), Ali Department has invested 8 listed companies, although Baidu only holds a listed company where to go (qunr. NSDQ), but it is an absolute holding.

Bat-owned listed companies, currently Tencent is the largest, its investment in the 9 listed companies, the current total market capitalization of about 213.3 billion yuan, the second, the investment of 8 listed companies, the total market value of the equivalent of RMB 199.7 billion yuan; Where to invest the current total market value of 20.3 billion yuan.

Judging from Bat's shareholding ratio, Tencent is basically a small proportion of shareholding, the highest only for the holding of elong Travel network 16.15%, Ali is mostly a large proportion of more than 20%, the highest is the culture of China to reach 60% of the absolute holding; Baidu's only listed company to go where, but also up to 61% Absolute Holding.

Tencent's total investment in the listed company amounted to about 6.716 billion yuan, the current stock market value of about 22.133 billion yuan, the return of about 3.3 times times; Ali Department of the listed company's total investment of about 33.669 billion yuan, the current stock market value of about 35.12 billion yuan, returns a multiple of only 1.04 times times; Baidu to go where 1.882 billion yuan (306 million U.S. dollars) of the original investment, the current stock market value of the equivalent of 12.393 billion yuan, investment return of 6.6 times times.

Baidu has a higher return on investment, mainly because it invests before it goes public and has a substantial premium after its IPO. Tencent and Ali investment is mainly listed companies, the capital premium is relatively limited, especially in the majority of Ali listed companies occurred in 2013, because the time is too short to gain value.

Another need to specifically mention that Ali did not hold the Neimong (601216), which holds a 15.6% stake in Tianhong fund, and Ali is the Hong Nem Mongjun fund holding shareholder 51%, so it is also regarded as "Ali concept stocks." Tianhong Fund is a Non-mainstream fund management company, but because of the use of Ali balance treasure to achieve reverse attack, its fund scale beyond the steady sitting fund industry head to the top 7 years of Huaxia fund. Wind information data show that at the end of the 2014-year quarter, the total size of Tianhong fund is 553.7 billion yuan, ranked first in the National Fund company. Nem Mongjun is as the shareholder of Tianhong fund, its actual control person Du Jiangtao wealth from 4.5 billion yuan to 8.4 billion yuan.

It is noteworthy that there are two listed companies in the shareholders, at the same time the figure of Tencent and Ali, respectively, is a shares listed Huayi Brothers (300027) and Hong Kong-listed culture of China Spread (01060.HK).

Huayi Brothers is the personal identity of Ma Yun, and early in the 2006 years before the listing of Huayi has been in the shares, and Tencent's shares in the Hua Brothers was in 2011, through the bulk of the transaction method purchased. Tencent and Ma Yun are the second and third largest shareholder.

In January 2012, Tencent subscribed 248 million Hong Kong dollars (about 202 million yuan) to China's 619 million shares, which accounted for 8% of the shares. Tencent won a board seat in the company after the stake. But on March 12, 2014, the Culture of China, originally controlled by Dongping, was transformed from "Tencent concept stock" to "Ali concept unit"--Ali invested HK $6.244 billion (an equivalent of 4.995 billion yuan) to subscribe for the company's new shares, accounting for 60% of the enlarged equity. With Ali's stake, Tencent's share of the spread in culture China has been diluted from 8% to 3.16%. After the spread of Ali's culture in China, Tencent decided to withdraw the company, thus continuing to reduce its shares, has now been reduced to 1.23%.

It seems that Tencent and Ali's contention for resources is far from the end of the time. The giant's scramble for resources tends to soar, as Tencent's support for a quick taxi ride with Ali supports the burning of money, and its founders follow a pick-up.

The similar wealth story triggered by bat will be staged in the future, who will be the next lucky one?