Since then wander

In the industry, the most wanted to do is the overall listing and against the Jingdong Ma.

7 years, Ma Yun finally from the Yahoo 1 billion dollars under the control of the free body, peel off Alipay, the soft silver, several times with Yahoo against the negotiating table, all the plans did not show Ma Yun "freed" determination. Dcci, founder of the Internet Data Center, yanping, in Weibo first time comment : Finally get out of the game, and then wander!

However, after Ma Freedom, what is the next most want to do is to promote the overall listing of the group, or let the cat participate in the new round of the Battle of the electric business?

Seven Year of Ransom

Alibaba Group Chairman Ma Yun and Yahoo's share of the dispute finally came to an end.

May 21, Alibaba Group and Yahoo jointly announced that the two sides have signed a final agreement on the issue of equity repurchase. Alibaba Group will spend 6.3 billion of dollars in cash and not more than 800 million U.S. dollars in new Ali group preferred shares, a total of 7.1 billion U.S. dollars to buy back Yahoo Holding Ali group stake in half, that is, Alibaba Group stake in 20%.

It is reported that at this price calculation of the two sides to Alibaba Group's overall valuation of about 35 billion U.S. dollars, in a series of plans, Alibaba Group will first buy back about half of the shares held by Yahoo. Alibaba Group has the right to buy back 50% of Yahoo's remaining holdings at the time of the IPO, such as the future Ali group IPO.

On the source of the money needed for the repurchase, Ali Group said it would use part of its cash reserves and plan to raise repurchase funds in a combination of borrowing, equity and equity-linked financing. It is reported that the Japanese soft silver will not participate in the acquisition of Yahoo sold Alibaba Group stake.

China's sovereign wealth fund, CIC, plans to buy up to 2 billion U.S. dollars in Alibaba Group, according to a news report late May 24 in Beijing. It is reported that the two sides have begun talks, Alibaba is seeking to obtain the last part of the funds to buy back the shares of Yahoo. For this news, Alibaba group related personnel May 25 to accept "Huaxia times" reporter interview, said no comment!

Ma Yun and so on this day spent 7 years.

In August 2005, Yahoo won about 40% of Alibaba Group's stake in 1 billion dollars in cash and all of Yahoo China's assets, becoming the biggest shareholder of Alibaba Group. At that time, the two sides agreed to October 2010, Yahoo in Alibaba Group voting rights of only 35%, less than 35.7% of management, such as Jack Ma. But since October 2010, Yahoo's voting power will increase from 35% to 39%, and the right to appoint a second board member, and Alibaba management team voting power will be reduced from 35.7% to 31.7%.

With the advent of the October 2010, Mr Ma and Yahoo began to take control of the Alibaba Group, especially Jack Ma, chairman of Alibaba Group, and Yahoo CEO Carol Carroll. The contradictions between Bartz (Carol Bartz) are deepening, and the relationship between Ali and Yahoo has dropped to freezing point. And Yahoo in Alibaba Group's holding position for Ma Yun has always been a sword of Damocles, Yahoo any signs of trouble may affect the Ali department, and how to from Yahoo "free from Freedom" is the top priority of Ma Yun in recent years.

What to do next

After the ransom, Ma Yun next what to do, the industry generally believe that the most likely is to promote the overall listing of the group.

Ali will consider the overall listing, provided that the line of business adjustment, profitability into a stable growth conditions, while the two-tier market environment is good. The overall listing can be more ideal valuations, investors can also get higher returns, for Yahoo also. "For the realization of equity repurchase, Ali department next strategic Focus, Analysys International analyst Zijianzhe May 23 to the" Huaxia Times "reporter analysis.

Ali Group on the overall listing situation, Ali related personnel May 23 to accept the "Huaxia Times" reporter interviewed, said there is no clear timetable. Yet there are many signs that Ali's IPO is a trend.

Zhang Zhouping, an analyst at the China Electronic Commerce Research Center, said, "the repurchase shares are expensive and Alibaba has borrowed a lot from the Hong Kong stock market after it was business-to-business." Alibaba's annual profit is not enough to repay the interest, so it is definitely going to go through the IPO to finance the capital market. ”

Another source said that Alibaba and Yahoo reached a deal with the incentive clause that if Alibaba in December 2015 before the IPO, Alibaba has the right to the initial public share price to buy back the remaining shares of Yahoo 1/2, or allow Yahoo to sell in the IPO.

Therefore, there is speculation in the market, Ali overall listing of the point of time may be 2015 or 2016 years or so.

"Ma Yun is really bold, is the capital master, ' gamble ' the bigger, will have the big capital to enter, redemption this recruit, will attract more capital ' player '." "Famous internet commentator Cheng Tianyu May 23 to" Huaxia Times "reporter analysis said.

Cheng Tianyu also thinks, Ma Yun's next point is to go public, but will be its business conditions mature one last, the final is the overall listing. "If the cat can be listed in Jingdong Mall before listing, will stabilize its leading position in the company." ”

However, a brokerage analyst, who declined to be named, said, "There is a high likelihood that Alibaba will eventually choose to be listed as a whole, although the split listing is often larger than the collective listing in terms of overall valuations, but Ali Group's current subsidiaries are closely linked, and the listing is bound to involve a large number of ”

Ma Yun's next step will be on the group listing and cat development. "Analysys International analyst Shou sent May 23 to" Huaxia Times "reporter analysis, after the completion of the stock repurchase, MA will increase the competition in the field of electric business, especially the rapid expansion of the Beijing-East will bring direct pressure on the cat, must continue to maintain and the distance between the magnitude of the east, the formation of competition barriers.

Opponents in action

On May 24, MA, the chairman and chief executive of Tencent Group, announced that Tencent would invest 1 billion of billions of dollars in an independently operated Tencent Power-holding company. Tencent power companies will use most of this investment to build a service experience upgrade from sellers to the platform side, integrated Pat, QQ Mall, Xun, mobile electric business, life services, digital distribution business, such as Tencent's business, to achieve "b2c+ high quality merchant open platform" of the new generation of electronic business platform pattern.

Jingdong Mall will be in May and June two months to invest 500 million yuan to stimulate the sale of large household appliances. Jingdong Mall to join the summer sales of the army, the electricity industry's price war again upgrade. It is reported that, in addition to smashing heavily to carry out promotional activities, the future Jingdong Mall will also be in logistics, after-sales service to increase investment efforts to further improve Jingdong Mall's industrial chain and supply chain.

May 22, there is news that the courier companies Shun Fung's website-"Shun Fung Optimization" June 1 will be officially online, focusing on high-end food, for high-end customer service. Shun Fung related personnel to the reporter confirmed "shun fung optimization" belongs to the brand, and the company is really planning to enter the electricity business, but the specific time and details of the online is not convenient to disclose. It is reported that in addition to "Shun Fung optimization", Shun Fung there are two major electric platform, one was officially opened last June, "Shun Fung e Business Circle", and the other is in the preparation of the "ceremony." At this point, the future Shun Fung will have three online shopping platform impact E-commerce market.

Huaxia Times reporter Lowey Xu Beijing, Shanghai report