腾讯不“拆”了

Core Viewpoint - Tencent is shifting from a phase of divestment ("拆") to a new phase of investment and consolidation ("合"), as evidenced by its recent acquisitions of Himalaya and Wanda Plaza, indicating a strategic expansion of its business footprint [4][12][46]. Group 1: Recent Acquisitions - In mid-June, Tencent Music announced a full acquisition of the online audio platform Himalaya for approximately 20.5 billion RMB, consisting of $1.26 billion in cash and up to 5.1986% of Tencent Music's stock [5][6]. - Earlier, Tencent participated in a joint venture to acquire 48 Wanda Plaza projects across major cities, further solidifying its investment in traditional retail [8][9]. - These acquisitions mark a significant shift in Tencent's strategy, moving from divesting stakes in companies like JD.com and Meituan to actively pursuing new investments [10][12]. Group 2: Historical Context - From 2021 to 2022, Tencent focused on divesting its stakes in major companies, reducing its holdings in JD.com from 17% to 2.3% and in Meituan from 17% to less than 2% [10][13]. - The company faced a challenging regulatory environment and declining stock prices, prompting it to distribute shares of JD.com and Meituan to shareholders as a means to reassure investors [28][30]. - By 2023, Tencent's stock price began to recover, leading to a renewed focus on investment rather than divestment [30][34]. Group 3: Strategic Shift - Tencent's recent investments reflect a broader strategy to enhance its ecosystem and combat competition, particularly in the AI and gaming sectors [46]. - The acquisition of Himalaya, despite its modest financial performance, is seen as a move to tap into new user bases and bolster Tencent Music's growth [39][41]. - Tencent's approach now emphasizes acquiring third-party platforms to drive user engagement and reduce customer acquisition costs, contrasting with its previous divestment strategy [42][43]. Group 4: Market Dynamics - The podcast industry, represented by Himalaya, faces challenges such as slow growth and limited commercial viability, yet Tencent's acquisition suggests a strategic bet on diversifying its content offerings [39][40]. - Tencent's user growth has stagnated, making external acquisitions a necessary strategy to maintain its competitive edge in a rapidly evolving market [40][46]. - The competitive landscape in the tech industry has intensified, necessitating a shift in Tencent's strategy from divestment to consolidation to enhance its operational capabilities [45][46].