"Tengjingwei" giants' marriage: forming cliques to fight against Alibaba?

　　Yesterday’s e-commerce headlines were: Tencent and JD.com will inject capital into Vipshop in a total of about US$863 million in cash.

　　Lao Gao believes that this bet has these main highlights:

　　1、唯品会联合创始人、董事会主席CEO沈亚是否会丧失唯品会控制权？

　　合计后腾讯京东持股比例逼近第一大股东，三方联合公告提到，交易预期将于近期交割，交割后腾讯和京东将分别持有唯品会全部已发行股份的7%和5.5%。而公开资料显示，唯品会创始人沈亚作为第一大股东持股比例为14.1%，腾讯和京东在股权投资完成后合计持股12.5%，逼近沈亚的股份比例。

　　这是否意味着未来沈亚有可能丧失唯品会控制权？而唯品会给出的解释称，唯品会将继续保持独立运营，沈亚也会继续保持绝对控制权。

　　2. What is the value of the traffic entrances of Tencent (WeChat) and JD (app)?

　　According to the strategic cooperation agreement, Tencent will give Vipshop the portal on its WeChat wallet interface. JD.com will also connect to Vipshop on its mobile APP main interface and the main interface of the WeChat shopping first-level entrance, helping Vipshop achieve certain transaction volume goals on JD.com's channel.

　　Have you seen that in 2014, Tencent also used the WeChat portal to exchange for 15% of JD.com's equity. But at that time, the first-level entrance was opened for JD.com, and this time, Vipshop's treatment was a little worse. However, judging from the "6.18" sessions in the subsequent sessions, the role of the entrance does not seem to be as optimistic as expected, or JD.com and WeChat did not make good use of it.

　　Will this time repeat the same mistake?

　　3. User growth is weak and stock prices are down. Can the "marriage" be resolved?

　　In the second quarter of this year, Vipshop's net profit fell by 14.4% year-on-year, which is the first time that Vipshop's net profit has declined year-on-year in 19 quarters. The third-quarter financial report released on November 21 showed that net profit fell 1% year-on-year to RMB 338.1 million.

　　According to the technology media All-weather Technology previously mentioned that in the third quarter financial report, the number of active users of Vipshop in the quarter increased by 15% year-on-year, from 20.8 million in the same period last year to 23.8 million. However, the growth rate of active users in the past six quarters has shown a significant decline.

　　Vipshop previously believed that the stock price was extremely undervalued by the capital market, mainly because the valuation of finance and logistics was not included in the valuation system.

　　Will Vipshop’s “three pillars” (e-commerce + finance + logistics) and the support of Tencent and JD.com reverse this decline?

　　4. Who is the real winner in this business?

　　Some netizens commented that JD.com's super store model has always been selling well. Vipshop's non-first-tier brands' discount model for tail-end goods, clothing is the main focus, and after the merger, it combines strongly and complements each other's advantages. Tencent has never been able to do e-commerce well, and by investing in other e-commerce, it will fight against Alibaba's army. All three parties won this business.

　　At present, this is indeed the case. But the problem is also here. Vipshop is strong in flash shopping e-commerce and clothing business. JD is arrogant in 3C. There is no need to talk about Tencent. It is unmatched in social and traffic. "Those who get traffic will win the world." This is a golden rule recognized by e-commerce people. Tencent does not lack traffic, but what it lacks is how to make good use of traffic. Zhang Xiaolong is a product geek, and JD has no entrance to leverage. Can Vipshop?

　　However, in all, this business is cost-effective. Judging from the joint announcement, Vipshop is the winner.

　　5. The drunkard's intention is not to drink

　　This passage in the announcement of Tencent President Liu Chi-ping is also worth recalling. He said, "We look forward to helping Vipshop provide branded clothing and other product categories to the rising middle class in China through cooperation methods such as user traffic, marketing promotion and payment solutions." "With the accumulation of technology in marketing, payment, machine learning, etc., Tencent will promote the construction of a healthy and diversified retail ecosystem that is connected online and offline."

　　Traffic support is only part of it. What Tencent wants to enter more is its payment business and its future layout in finance and new retail. As for helping Vipshop provide brand services to the rising middle class in China, this is probably a question mark first.

　　So, the question is: How should Jack Ma deal with such a "three-win-win" strategy?

　　Will Alibaba also invest in Jumei and jointly compete? The next plot is worth looking forward to.

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