In 2022, Tencent, once praised by the outside world as the "Internet company that can invest the most", significantly reduced its foreign investment scale. According to the data provided by Jingzhun, a primary market information service provider, it will be more than half in 2022, but Tencent has only publicly disclosed 67 primary market investment events, with a total investment amount of only 3.377 billion yuan. For comparison, Tencent publicly disclosed 148 investment events in the same period of 2021.
The total investment in the primary market publicly disclosed by Tencent in 2021 was 34.488 billion yuan; Although only 185 sales were made in 2020, the total investment in the primary market reached 63.313 billion yuan.
While slowing down the progress of investment in the primary market, the other side made a big reduction in the shares of invested enterprises in the secondary market.
According to incomplete statistics by the first finance and economics reporter, from October 2021 to now, Tencent has reduced its holdings in a number of listed companies, including Hailan home (600398.sh), JD, Donghai group (Sea Limited), Bubugao and weibaitang.
By the first quarter of this year, the fair value of the shares of listed companies held by Tencent Holdings (00700.hk) had decreased from 982.8 billion yuan at the end of 2021 to 606billion yuan.
Under the vigorous reduction, Tencent Holdings' net income from other businesses in the first quarter, including investment income, was "only" 13.1 billion yuan. It should be noted that the company's income from the disposal of shares of Donghai group alone was as high as 18.5 billion yuan.
In this regard, Tencent holdings explained that this part of the income was offset by the provision for impairment accrued by several investment companies in the fields of transportation services and online media.
"Under the background of economic downturn, the main business is weak, which reduces the fault tolerance rate of Tencent investment, and the stock price of heavy warehouse stocks has fallen one after another. As a result, enterprises have to make provisions to cope with asset impairment, which ultimately affects the overall profits of the company. Tencent has chosen to cut with some investment companies, and reduced the scale of foreign investment." A fund manager told China business news.
Participating in China Unicom's fixed increase and floating loss of more than 5.4 billion yuan
According to incomplete statistics by China business news, Tencent holds the equity of 18 A-share listed companies through 7 companies. Among them, Nyingchi Tencent Technology Co., Ltd. (hereinafter referred to as "Nyingchi Tencent technology") and Nyingchi Tencent Investment Management Co., Ltd. (hereinafter referred to as "Nyingchi Tencent investment") hold a large number of shares and a total of 11, including Bosi software (300525.sz), century Huatong (002602.sz), zhangqu Technology (300315.sz), Juewei food (603517.sh), Changshan Beiming (000158.sz), Tianrongxin (002212.sz) Bubugao (002251.sz), Yonghui supermarket (601933.sh), common people (603883.sh), Shenzhou information (000555.sz) and heyuanbio (688238.sh).
Both Nyingchi Tencent technology and Nyingchi Tencent investment are wholly owned by Tencent industrial investment fund Co., Ltd. Overall, except Changshan Beiming and Bosi software, the investment of Nyingchi Tencent in the other 9 A-share listed companies is currently in a state of floating losses.
From the perspective of share participation cost, the investment amount of participating in century Huatong and Yonghui supermarket is the largest among the above 11 enterprises, reaching 6.336 billion yuan and 4.22 billion yuan.
Among them, Nyingchi Tencent technology has invested in century Huatong for three times, namely, on March 14, 2021, it received 182million of Dingtong investment and 190million of Huatong Holdings' non tradable shares at the price of 2.79 billion yuan; On july27,2020, 17915300 shares of the company were increased through block trading, and the cost was about 220million yuan based on the closing price of 12.27 yuan / share on that day; And on july1,2019, 296million shares were obtained at a cost of RMB 3.526 billion, and the cost of three holdings was about RMB 6.336 billion.
As of the closing on June 2, the market value of Nyingchi Tencent's current position in century Huatong was 3.465 billion yuan. Based on this calculation, the floating loss of this investment was about 2.871 billion yuan.
Yonghui supermarket and zhangqu technology also have large floating losses. In december2017, Yonghui supermarket announced that zhangxuansong and zhangxuanning, the actual controllers of the company, had signed a share transfer agreement with Linzhi Tencent technology. The two transferred 230.58 million shares and 247.93 million shares to Linzhi Tencent technology at a price of 8.81 yuan / share, totaling 4.216 billion yuan. They transferred 478.5 million shares, accounting for 5% of the total share capital.
As of the closing on June 2, Yonghui supermarket closed at 4.25 yuan / share, and Nyingchi Tencent technology suffered a floating loss of 2.182 billion yuan.
On the evening of june20,2017, zhangqu technology announced that Linzhi Tencent technology had transferred 55.4175 million shares from yaowenbin, the controlling shareholder of zhangqu technology, accounting for 2% of the company's total share capital. The transaction consideration was about 490million yuan. It is worth noting that this is the first time Tencent has directly invested in a listed company in the game industry in the stock market.
According to the announcement released on the evening of February 2, 2021, Nyingchi Tencent technology acquired 54.1922 million shares held by yaowenbin, the former chairman of zhangqu technology, with a transaction cost of 4.89 yuan per share, and its shareholding ratio has increased from 2.01% to 3.97%, becoming the third largest shareholder of the company.
As of the closing on June 2, zhangqu technology closed at 3.15 yuan / share, and Nyingchi Tencent technology lost 410million yuan.
Even though Nyingchi Tencent technology reduced its holdings of 8.6391 million shares of bubagao (002251.sz) through block trading on April 19, the proportion of reduction was 1.000007%, the average price of reduction was 9.75 yuan / share, and the cash out was 84.2312 million yuan. However, in the investment project of bubagao, Nyingchi Tencent technology is still in a state of floating loss.
On February 14, 2018, Bubugao shareholders zhanghaixia and Xinwo fund transferred their 4% and 2% equity of Bubugao to Nyingchi Tencent respectively, transferring a total of 51.8342 million shares at a transfer price of RMB 17.11 per share. Nyingchi Tencent technology obtained 6% equity of Bubugao at a price of RMB 887million.
As of the closing on June 2, Nyingchi Tencent's investment in technology has risen step by step, with a floating loss of nearly 500million yuan.
In addition, some investment projects of other fund products of Tencent also face large floating losses.
For example, on August 16, 2017, China Unicom announced that it would issue shares to raise 78billion yuan. China life, jd.com, Alibaba, Tencent and other strategic investors subscribed 9billion A-share shares of China Unicom through their respective affiliated companies at a subscription price of 6.83 yuan per share. Among them, Tencent Xinda invested 11billion yuan, accounting for 5.33%.
As of the closing on June 2, the investment had suffered a floating loss of 5.411 billion yuan.
Business collaboration cannot be ignored
It should be noted that, unlike Hillhouse, Sequoia and other investment institutions, as an Internet enterprise, Tencent's investment projects are not only considered in terms of financial return, but also in terms of business collaboration. Therefore, it seems a little unfair to judge the quality of Tencent's investment only by financial return.
For example, before investing in Bubugao on february14,2018, Tencent signed the strategic cooperation framework agreement with Bubugao on february1,2018, intending to establish a long-term strategic partnership, build a "digital" operation system, and finally create a new ecology for in-depth cooperation in such fields as building a "digital" operation system.
In addition, as the company's "cash cow", the game business plays a decisive role in Tencent. It is reasonable to invest in zhangqu technology and century Huatong, listed companies in this field.
In fact, Tencent had many years of cooperation with the above two companies before the investment.
Shengqu game, which has not been incorporated into century Huatong before, launched a number of products in 2001, 2009 and 2014, including blood legend, Dragon Valley and legendary world. Six of them were exclusively distributed by Tencent, with a cumulative contribution of more than 14billion yuan.
In december2019, Shengqu game, a subsidiary of century Huatong, signed a strategic cooperation agreement with Tencent, which agreed that Tencent had the priority to cooperate with century Huatong in the global issuance and operation of its own new games. In June, 2021, Tencent has obtained the distribution right of three new mobile games of Shengqu game: Dragon Valley 2, Qingnian and Xiaosen life.
In September, 2016, Tencent announced that it was the sole agent of the mobile game "street basketball" developed by zhangqu technology. Zhangqu technology had previously disclosed that the products it cooperated with Tencent included many mobile games, such as "Boxer 98 ultimate battle ol", "miracle: Awakening", "heroes of the magic gate: the era of war" and "future of the first sound: Dream singer".
In fact, since 2008, Tencent's investment has been rising in a fluctuating manner.
According to the enterprise survey data, Tencent has promoted a total of 1175 public investments in the past decade, including 492 early-stage investments (seed / Angel round, round a and round b), accounting for 41.9%, mainly concentrated in cultural and entertainment tracks, with a total of 171; There are 254 mid and late stage investments (round C, round D and later), accounting for 21.6%, mainly distributed in cultural and entertainment, enterprise services, health care, e-commerce logistics, education and training, finance and other racetracks.
It is worth noting that, in its early investment, Tencent concentrated on adding more cultural and entertainment tracks, reaching 171, and only 54 of the second ranked corporate service tracks. Tencent's investment in the middle and later stages is relatively average in terms of track allocation, and there are about 30 investment events in the six tracks, such as entertainment and corporate services.
However, since 2022, Tencent's investment style has quietly changed, and chip technology innovation projects and some infrastructure construction projects have begun to be more visible to the Internet giant.
Taking the recent four financing events publicly disclosed by Tencent as an example, according to the data of Jingzhun, Tencent participated in the strategic investment of GCL optoelectronics, a solar module developer, and yunbao intelligent, a DPU chip developer, on May 12.
On May 18, Tencent participated in the round D financing of Israeli traffic dispatching software operator optibus; On May 23, it participated in the b+ round financing of data pipeline, a data infrastructure provider.