First finance APP Qiu Zhili When the new value of the Tencent investment has exceeded the market value of the Tencent itself, whether there is a dream, whether Tencent is losing its product capacity and entrepreneurial spirit, is it a investment company that uses ROI thinking to measure the input-output ratio of the product in a circle of friends, and also causes it to be fermented in a circle of friends. The discussion of the investment circle. In the Tencent without a dream, the author believes that the Tencent capital + flow approach, behind the short term ROI investment thinking, has made a lot of money, but the endogenous ability of the business has not increased with the rise of the market value. Once again, there is nothing wrong with investment banking. This has caused the former Tencent groups senior executive vice president, Tencent electric business holding company CEO Wu Xiaoguang opposition, he thinks Tencent future can do WeChat (open ecology, OS), games, content, payment, has been very good, plus a pile of cattle forced outside the company, in fact not so bad. To go over again, there is no mistake, no company can do everything, Super Company Google, Facebook, apple is just doing one or two things. Microsoft is coming back now. Its not just cutting away the irrelevant things, focusing on the operation system, enterprise services, office, cloud. Wu Xiaoguang, currently a founder partner of Twilight venture, has been pushing back for nearly 20 years. He wrote the first line of OICQ and witnessed many key moments of Tencent. In early 2014, Tencent and Jingdong reached an equity transaction, and the electricity business merged to Jingdong. A year later, Wu Xiaoguang left Tencent to enter venture capital. In reviewing the 14 key points in the history of Tencent development, Wu Xiaoguang thought that the past Tencent model was one-stop service, everything should be done, and the plugged pole could also blossom, but later, Tencent had to do something to do something, some things you could do well, some things you did not do well, the more new field value chains were. The longer it comes, compared with some of the outside founders, taking VCs money and his entire family, working here for 20 hours a day, it is difficult for the internal team to have such a strong fighting capacity, including a lot of new models that do not match thousands of ground personnel, cultures, and organizations, including the Tencent. We need to build a new ecological model. Jingdong investment is a typical case, in Wu Xiaoguangs view, Tencent investment on the one hand to give Jingdong huge flow, entrance, concept and future expectations, on the one hand to reduce competition. But Tencent has its own hematopoietic business, that is, QQ, WeChat, proprietary business, games, advertising, media, payment, music, maps and so on. This is also recognized by Zhu Xiaohu, managing director of Jinsha River venture capital. He believes that Tencents strategy has always been the clearest in China Internet Corporation. The core base of the Tencent is the social network, the persons connection, has been the flow high, the flow overflow, so the capital flow double drive, can create the ecological circle, is undoubtedly the most correct strategy. In his opinion, the Tencents own control is all IP related business, and other businesses (mainly transaction related) are powered by capital flows, e-commerce, new retail, and O2O, without exception. The kings glory 8 months to achieve 20 million days, 4 months to stimulate the battlefield to achieve 50 million days, is the Tencent product capacity, in the core battlefield of Tencent fighting hard, to win the best proof of the battle. Alis Buyout and Tencent financial investment Tencents investment plate is growing. In 2017, at the opening meeting of the global partners, Tencent investment director Li Zhaohui revealed that Tencent invested more than hundreds of billions of dollars, and the number of companies with a volume of $1 billion was from 50 to 100. At the same time, Tencent also invested twenty or thirty funds in the way of LP, including Jinsha River venture, Redwood, warp and weft China, Innovation workshop, Gao Yan capital, Chen Xing, CITIC industry fund and other well-known investment institutions. In sharp contrast with Alis investment style, the Alibaba often does not hesitate to pay a heavy gold purchase, while Tencent has a large amount of investment, and most of them have no holding power. In the article, the author invested in Ali. The author believes that the strategic investment of Tencent has exceeded the strategy of financial return. The investment boundary of the Tencent is far more than Ali, and there are a lot of projects for full financial investment, but Ali is still insisting on some combination with the business. According to Yuan Yanfei, vice president of Pan Hai investment, the difference is essentially because the two companies are genetically different. Ali is a retail gene based company, and Tencent is a social gene company, one has the ability to cash in, the other is the flow, that is why Ali will want to buy traffic, through the flow of mergers and acquisitions can be realized, so Alis investment strategy is direct Buyout, or big. Proportional equity investment. But for the Tencent, there is a lot of traffic, but there are not many ways to cash in, it is 15% or 20% of the second shareholders to carry out the flow of cash. Whether the enterprise does financial investment or M & A investment, especially when M & A is invested, your overall strategic direction should be very clear. At the same time, whether the enterprise culture is inclusive, the original management system, and whether the company can bring this company to a better degree is a problem that needs to be considered most of the equity investment.