On June 16, Tencent Holdings (700.HK) were officially listed in the Hong Kong Stock Exchange. According to the distribution price of $ 3.70 per share, Tencent has a market value of HK $ 6.22 billion.
Square is listed, Tencent has created 5 billionaires, 7 millionaires. According to the shareholding ratio, Ma Qite Teng has held 14.43% of the equity, and the book wealth is HK $ 898 million; Zhang Zhidong has 6.43% of the equity, and the book wealth is HK $ 400 million; the other three high-level Zeng Li Qing, Xu Chen, Chen Yitan holds 9.87 % Of the shareholding, the three-person wealth contract 614 million Hong Kong dollars.
In addition, other seven high-rise of Tencent have another 6.77% equity, and 7 have a total of 422 million wealth.
Tencent's largest shareholder MIH Group (Mirad International Holdings Group Corporation) was greatly got great. MiH is the listed company in Nasdaq and Amsterdam, the most important business in South Africa, is the largest paid TV operator in South Africa. MIH took over 46.5% of the equity in Tencent in June 2001.
According to MIH's financial report, MiH acquired Tencent 46.5% of Shares from Yingke Digital, IDG, and management in hand, spent $ 32 million, including $ 12.6 million to Yingke Digital. After the acquisition, Tencent management held 46.5%, IDG holded 7%.
Even after the IDG holds 7% of the equity, MiH may pay for a few million US dollars for this. That is, MIH has a total investment of more than $ 40 million. But now, Tencent market capital owned by MiH is $ 2333 million, 3 years, MiH's investment has obtained 7 times appreciation.
If it is assumed that the shares held by Idg and Yingke will not sell it now, then the investment income obtained by both will be as high as 70 times.
Looking for profit models
However, history cannot be assumed.
In fact, in the 5-year-old life of Tencent, I have been struggling in the profit model that I can't find the money. Who can think of it? "Japan Jinjin"?
In November 1998, Ma Huateng and Zhang Zhidong, with the university classmate decided to go to the sea, so, create Tencent. The initial business is integrated for some hunting table. The two are both sales, but also engineers, and later, the QQ software in the country is actually given by the project.
QQ is thus being named "online Chinese pager", referred to as OICQ. No matter from all aspects, OICQ is a followed by Ma Huateng imitating ICQ. The ICQ of the year has swept the world, but there is no Chinese version, Picq, CICQ and other Chinese instant communication software have appeared, but it does not effectively open the market.
The exact cause is unknown, perhaps, maybe Ma Huateng sees ICQ to sell from Israel to the United States from Israel with a "high price" of $ 2.87 billion, maybe I saw a free .com company picked up the stock market climax in the ocean, maybe I saw it. The first batch of online heroes in China, in a certain day in early 1999, the OICQ software suddenly hangs online, and the directed gift becomes free download.
With its simple, practical style, and the careful design, OICQ first shoots in colleges and universities, and then spreads with a surprising speed with a high school. Picq, CICQ and other opponents are almost uncomfortable. At this time, Tencent, while continuing to develop a project, while carrying OICQ with earned money.
However, the geometric level of the number of options in OICQ has grown whether it can support OICQ, and the cost of the server hosting the server is also unbearable. When Ma Huathen recalled the scene of the time, I said that I wanted to sell OICQ, I didn't sell it many times, I can only make some livelihood.
This bill is financing.
At the beginning of 2000, with only half a year of OICQ, the occupied market status, Tencent was lucky to pull the IDG and the investment of the Yingke Digital of Yingke, accounting for 40% of the stocks.
Despite the money, there is no worries in life and death. However, OICQ's registered number continues to be crazy with steep curve, but OICQ's profit model can still be found, in fact OICQ's pioneer ICQ has never been profitable. Tencent explores OICQ's profit model begins with online advertisement, in a new version of the software on July 25, 2000, a Banner advertising strip is plugged in the message receiving end.
Although Tencent's online advertising sales have been very good, the third place in the "online advertising pioneer" investigation, followed by Sina Sohu. However, relative to a new registered user a day (the new user has reached 800,000 daily users), the input of two servers will be added, and the online advertisement is a little cup of water.
Throughout 2000, Tencent spent two rumors: One of the rumors is Tencent to be charged; the second is that Tencent is going to be sold, the purchase party is Tom or pulse network. These two rumors are related to Tencent "No money", and, the evidence for "fast" is, OICQ software stops free new user registration.
The value of the mobile dream network
At the end of 2000, China Mobile launched a moment of "Mobile Dream Network". It may not know that this innovative value chain will save a batch of Internet companies. Tencent is in the forefront of this list.
At that time, Tencent's situation was that there was a negative access to the Internet for approximation, and these users included a lot of consumption demands, but Tencent was suffering from the channels without charging. However, the mobile dream network has passed the "Two-Billets" agreement charged for mobile phone (the operators are divided into two cents, SP division 80%), just a lightning, awaken Tencent.
Tencent quickly carried out the charge member business, restricted the page registration, and launched a mobile QQ business. For a while, Tencent became the backbone of the mobile dream network, and occupied the highest share in the mobile dream network. 70%.
The speed of Tencent made money, like the madness of the registered user, only in July 2001, Tencent realized the positive cash flow. By the end of 2001, Tencent achieved the pure profit of RMB 10.22 million. In the meantime, in March 2001, Tencent changed the software name to QQ in order to cope with ICQ copyright lawsuit.
Tencent's growth rate has been dazzling in 2002 and 2003. In these two years, Tencent launched QQ line, QQ show and other new business, and constantly study, such as Sina push SMS and ringtone, learn NetEase launched a dating business QQ men and women, and learned a grand online game. In 2002, Tencent's net profit was 144 million, which was 10 times higher than the previous year; 2003, Tencent's net profit was 338 million, which was nearly doubled than 2002.
According to Tencent's "Prospectus", Tencent's main profit is divided into three parts, namely Internet value-added services (including membership services, community services, game entertainment services), mobile and communication value-added services (including mobile chat, voice chat. , SMS ringtone, etc.) and online advertising.
As of 2004, the previous two parts of the income occupied 96.1% of the total revenue of Tencent. Therefore, from a broad perspective, Tencent is a SP (content provider, exact meaning extension to be determined), because most of the top two parts of the money will be divided into mobile dream network.
Tencent's investment director Su Lifen refused to disclose the revenue from the mobile dream network accounted for the total revenue, although Tencent has some membership card and online game point card to sell through some book stalls, but the industry pointed out, more than 90% User charges are charged through the mobile phone.
According to data statistics in the first quarter of this year, Tencent has 7.3 million charge members, of which senior members contribute 10 yuan to Tencent, "QQ line" members contribute 2 yuan, and Tencent has 13.1 million registered SMS users. . In addition, very qq men and women, ring tones, pictures, etc. Get profits in various forms. Tencent also intends to participate in the distribution plan of "Internet Star", through video QQ or QQ games, Tencent can partially income from broadband operators. In addition, Tencent Enterprise QQ is another ambition, and Tencent is eager to come from enterprise income by customization of enterprise QQ.
Tencent also gave the QQ brand "lease" to a toy company, producing QQ toys, annual, Tencent gains a fixed income.
QQ future: Does all .com for the enemy?
If you look at the perspective of the narrow SP, you only look at the mobile value-added service, it is gradually narrowing.
The revenue of Tencent Mobile and Communication Value-added services accounted for 75.6% in total revenue, 63.6% in 2003, and in March this year, this proportion fell steadily to 55.5%, Tencent started positioning from "pure SP" It is getting off; at the same time, the income from Internet value-added services has risen sharply, from 15.5% of income in 2001 to 40.6% of this year, in which income from online games should not be.
Earlier, Ma Huateng said that "Mobile business can only reflect the peripheral part of our core value, PC-based value-added service is our core value", then the financial data shows that the Tencent profit model of the Tencent's profit model is confirmed by Ma Huateng. One statement.
"With the general SMS SP, Tencent's greatest advantage is that the monopoly on the desktop is the lifeblood, which is also the core competitiveness." Market analyst Han Jingkui said, Han Dynasty has been paying attention to Tencent's development. And communicate with multiple high-rise, including Ma Huateng.
At this point of view, it is now known as high-risk SP. Tencent may be far farther, the opposite, just like it is reflected in the financial statements, increasing income on Internet value-added services will be more and more.
And on Internet value-added services, "Tencent may continue to use the strategy in the future." Han Jingkui said that "Tencent is a bit like Microsoft, mastering huge amount of user resources."
At present, QQ has a large number of large-registered users, on this basis, you can follow the success of others and then follow, because the cost of new development services will be relatively low.
A proven example is the QQ game. From the mid-last year of last year, it is not more than 1 year. It has not been put into funds, but since the QQ community is bundled, it will be a few times a year, which has been a relatively quite large number of matters. It is the embodiment of following the strategy. In addition, it is not the result of following the strategy as a ringtone, SMS, Dating, Alumni Square, such as the past.
The consequences of using the strategy are, "Tencent may be enemy with all."
According to the "Prospectus", 2/3 of this Tencent IPO will be used in more than 1.5 billion funds will be used to expand new business. The "Prospectus" also lists the direction of the new development of the business, the key is that in terms of the Internet business, this also has a close view of the analysis of the future Tencent strategy.
Tencent referred to its future Internet business core including the expansion of the gateway to the QQ game, built online dating communities and established a vertical information website; more worth mentioning, Tencent mentioned the future will participate in the "commercial advertising rankings". Contact the Tencent browser that has been bundled with QQ, Tencent is going to be with 3721, Baidu such a group of male ambitions.
Get a large number of users through free registration, realize profits through mobile phones, and then enter other fields of making money, which seems to be Tencent's development logic. However, this logic is the basis of this logic is an active huge amount of registered users. In the face of QQ charge, another free instant service is still free - Microsoft MSN Messager can't be the enemy of QQ. The reporter tried to ask the Ma Huateng himself to ask Tencent's development strategy, but after dialing the phone, Ma Yun refused to interview.
