Group 1 - Tencent Music Entertainment Group announced a cash and stock acquisition of Himalaya Holdings for $1.26 billion (approximately 9.05 billion RMB) [1] - Himalaya will maintain its existing brand, independent product operations, core management team, and strategic direction post-acquisition [1] - As of the end of 2023, Himalaya has an average monthly active user base of approximately 303 million, making it the largest online audio platform in China by total listening time and online audio revenue [1] Group 2 - Himalaya's revenue for the years 2021 to 2023 was 5.857 billion RMB, 6.061 billion RMB, and 6.163 billion RMB, respectively, indicating consistent growth [2] - The company transitioned from a loss of 5.106 billion RMB in 2021 to net profits of 3.700 billion RMB and 3.736 billion RMB in the following two years [2] - Himalaya has completed 12 rounds of financing since its establishment in 2012, raising a total of $959 million and 2.962 billion RMB, with the last round in 2020 valuing the company at $4.345 billion [2]

郭晨凯 制图 ◎记者 杨翔菲 林超 在线音频领域重要收购案落地。 6月10日，腾讯音乐娱乐集团（简称"腾讯音乐"）在纽交所和港交所发布公告称，与喜马拉雅及其他若 干订约方就拟收购喜马拉雅签订并购协议及计划。 至此，喜马拉雅这一在线音频龙头企业，最终选择放弃IPO之路。据记者测算，此次交易总对价预计超 200亿元人民币。虽然较首次冲刺IPO时的超300亿元估值大幅缩水，但是市场人士认为，在资本市场 IPO低迷阶段，喜马拉雅通过并购重组实现资产证券化，也不失为明智之举。 "喜马拉雅将不忘初心，继续用声音分享人类智慧，用声音服务美好生活。"针对此次交易，喜马拉雅创 始人兼CEO余建军在接受上海证券报记者采访时表示。 头豹研究院数据显示，在中国，每3个人中就有1人是在线音频产品的受众。截至2023年，喜马拉雅的月 度活跃用户已超3亿。这意味着，一场覆盖数亿用户的行业变革已拉开序幕。 数据背后，不仅是在线娱乐领域用户流量的深度聚合，更预示着数字内容生态在用户规模层面的破界重 构。 腾讯音乐拟收购喜马拉雅 收盘的最新市值287亿美元测算，上述股权价值约16亿美元。叠加现金收购部分的12.6亿美元，此次交 易总对价约为28 ...

Core Viewpoint - Tencent Music Entertainment Group (TME) has signed an acquisition agreement to fully acquire Ximalaya for a total consideration of approximately $1.26 billion in cash and stock, marking a significant shift in the online audio industry landscape in China [1][4][14]. Acquisition Details - The acquisition involves a cash payment of $1.26 billion and approximately 5.2% of Tencent Music's equity, totaling nearly $2.8 billion (around RMB 20.1 billion) based on current stock prices [1]. - Ximalaya's founders will also receive Tencent Music Class A common stock valued at approximately $108 million in installments [1]. - Post-acquisition, Ximalaya will maintain its brand, core management team, and strategic direction, continuing independent operations [1]. Financial Context - Ximalaya's peak valuation reached RMB 30 billion, but the current acquisition price reflects a significant decrease, with a valuation drop of about RMB 10 billion compared to its previous funding rounds [4]. - In 2023, Ximalaya reported revenues of RMB 6.16 billion, achieving adjusted earnings of RMB 224 million, marking its first annual adjusted profit after three years of losses exceeding RMB 2 billion from 2019 to 2021 [6]. Market Position - Ximalaya remains a leading online audio platform in China, with an average monthly active user base of 303 million in 2023, holding a 25% market share in the online audio industry [8]. - Despite its strong user base, Ximalaya has faced challenges, including failed IPO attempts and increased competition, leading to a more rational valuation from investors [5][6]. Strategic Implications - The acquisition is seen as a strategic move for both companies, with Ximalaya gaining access to Tencent's extensive resources and ecosystem, while Tencent aims to enhance its content distribution channels and user engagement [9][10]. - Tencent Music has experienced a decline in active users, with a 4% year-over-year decrease, making the acquisition a potential avenue for user growth and new business opportunities [11]. Historical Context - Ximalaya has undergone a tumultuous journey with four failed IPO attempts, which included plans to list on NASDAQ and the Hong Kong Stock Exchange [6]. - Tencent has been a significant investor in Ximalaya, holding a 5.33% stake prior to the acquisition, indicating a long-standing relationship between the two entities [4]. Future Outlook - The acquisition is expected to reshape the online audio industry landscape in China, with a focus on the synergistic effects of resource integration between Tencent and Ximalaya [14].

Core Viewpoint - Tencent Music has announced a merger agreement with Ximalaya, which will make Ximalaya a wholly-owned subsidiary post-transaction, pending regulatory approvals and other conditions [2][3]. Group 1: Transaction Details - The transaction involves a total cash payment of $1.26 billion and the issuance of Tencent Music's Class A shares, amounting to 5.1986% of the total shares outstanding, and up to 0.37% of such Class A shares [2]. - Ximalaya will maintain its existing brand, independent operations, core management team, and strategic direction post-acquisition [2]. Group 2: Market Potential and Strategic Fit - The online audio industry presents significant market potential, with Ximalaya being the largest online audio platform in China, capturing 25% of the market share in terms of online audio revenue [3]. - Ximalaya's average monthly active users reached 303 million in 2023, ranking first among online audio applications in China [3]. Group 3: Complementary Strengths and AI Integration - Tencent Music's extensive music copyright and user base complement Ximalaya's strengths in audiobooks and paid knowledge content, creating a comprehensive entertainment platform [4]. - The merger is expected to enhance collaboration in AI technology applications, with both companies aiming to innovate and improve user experience [4]. Group 4: Financial Performance and Future Outlook - Ximalaya's revenue from 2021 to 2023 was reported at 5.857 billion, 6.061 billion, and 6.163 billion yuan, respectively, while it achieved net profits of 3.700 billion and 3.736 billion yuan in 2022 and 2023 [5]. - The acquisition is anticipated to alleviate Ximalaya's financial pressures and accelerate the commercialization of AI technology, leveraging Tencent Music's resource integration capabilities [5].

四战IPO到卖身。 作者 | 李小霞 根据36氪了解，昨日 双方完成董事会签字，本定于今天晚上18点30官宣，后来又将时间提前。 为确保平稳过渡，喜马拉雅创始人与核心管理层将在交易签署后留任，腾讯音乐将与喜马拉雅共同探索业务整合的最优路径。 在线音频老大喜马拉雅还是走向了卖身的终局。 6月10日，腾讯音乐发布公告称， 腾讯音乐与喜马拉雅控股（下称喜马拉雅）及其他若干订约方就拟收购喜马拉雅签订并购协议及计划。 腾讯音乐将掏出 12.6 亿美元现金，外加不超过总股数 5.1986% 的 A 类普通股（总股数基于交易交割前五个工作日的已发行及发行在外普通股计 算），以及为喜马拉雅创始股东准备的、总数不超过总股数 0.37% 的 A 类普通股激励。计算下来，总收购成本近29亿美元，人民币200亿元左右。 此次收购事项将于各项前置条件满足后正式交割，包括获得国家市场监督管理总局的反垄断审查批准，后续双方将共同推进相关流程。 早在4月份，就有消息传出腾讯音乐欲以 24亿美元收购喜马拉雅，而最终实际收购价与其传闻数字较接近。也有媒体报道，早在2022年，腾讯音乐就与 喜马拉雅有过接触，最终未能谈拢。 腾讯音乐今年Q1净利润 ...

Core Viewpoint - Tencent Music has signed an acquisition agreement to purchase Ximalaya, marking a significant development in the audio content industry, with Ximalaya becoming a wholly-owned subsidiary of Tencent Music after the deal closes [4][6]. Group 1: Acquisition Details - The acquisition involves a cash payment of $1.26 billion and a stock component where Ximalaya shareholders will receive up to 5.1986% of Tencent Music's Class A common stock and an additional 0.37% of Class A common stock for the founding shareholders [4][5]. - Ximalaya will undergo a business restructuring post-acquisition, but it will maintain its brand, product independence, core management team, and strategic direction [4][5]. Group 2: Ximalaya's Market Position - Founded in 2012, Ximalaya is a leading online audio platform in China, having faced challenges in its IPO journey, including multiple failed attempts to list on U.S. and Hong Kong exchanges [5][8]. - Ximalaya's revenue sources include subscriptions, advertising, and live streaming, with reported revenues of 5.857 billion yuan, 6.061 billion yuan, and 6.163 billion yuan for 2021, 2022, and 2023 respectively [5][8]. Group 3: Industry Context - The online audio market is perceived as having a limited business model, especially with the rise of short video platforms, leading to a less favorable view from capital markets [8][9]. - The acquisition is seen as a strategic move for Tencent Music to enhance its non-music content offerings and potentially explore new business avenues with Ximalaya [6][8].

Group 1 - Tencent Music announced the acquisition of online audio platform Ximalaya for $1.26 billion in cash and shares [2][7] - Following the announcement, Tencent Music's stock price initially surged over 10% in pre-market trading but later fluctuated, closing with a gain of less than 1% [4] - Ximalaya will maintain its brand and operational independence post-acquisition, with no changes to its core management team or strategic direction [7] Group 2 - Ximalaya is the largest online audio platform in China, holding a 60.5% market share in mobile listening duration and 25% in online audio revenue as of 2023 [7] - The platform had an average of 303 million monthly active users in 2023, including 133 million from mobile and 170 million from IoT and third-party platforms [7] - Ximalaya's revenue figures for 2021, 2022, and 2023 were 5.857 billion, 6.061 billion, and 6.163 billion yuan respectively, with net profits of 3.700 billion and 3.736 billion yuan in the last two years [8] Group 3 - Ximalaya's previous attempts to go public were unsuccessful, with multiple rejections of its listing applications in 2021 and 2022, leading to the decision to be acquired instead [8] - The company has raised a total of $959 million and 2.962 billion yuan through 12 funding rounds from various investors, including Tencent and other notable firms [10] - The last funding round in 2020 valued Ximalaya at $4.345 billion post-investment [10]

Group 1 - Tencent Music announced the acquisition of Ximalaya Holdings for a total price of $1.26 billion in cash and Tencent Music Class A ordinary shares, with Ximalaya becoming a wholly-owned subsidiary post-transaction [1] - The acquisition aims to fill Tencent Music's gap in the long audio segment, integrating Ximalaya's content ecosystem, including audiobooks, paid knowledge, and podcasts, to enhance its "music + audio" dual-core strategy [1] - Ximalaya's brand, product independent operations, core management team, and strategic direction will remain unchanged following the acquisition [1] Group 2 - The acquisition is expected to leverage Tencent's ecosystem resources, such as user traffic and technological capabilities, allowing Ximalaya to overcome growth bottlenecks [1] - The audio content is anticipated to become a core entry point for the "ear economy" through AI voice synthesis and multi-scenario distribution [1] - The acquisition may shift the industry from "individual competition" to ecological competition, accelerating the commercialization of long audio models [1] Group 3 - City Media indirectly holds shares in Ximalaya, and its subsidiary Qingdao Publishing House has formed a strategic partnership with Ximalaya, creating a "copyright + audio" ecosystem [2] - The company's audiobooks have been integrated into the Ximalaya platform, promoting the fusion of print publishing and digital content [2] - Edifier collaborates with Tencent Music's "Qingting" to develop smart speakers, being the sole partner for QQMusicInside speakers [3]

Core Viewpoint - Tencent Music is acquiring the leading online audio platform, Ximalaya, for a total of $1.26 billion in cash and shares, aiming to enhance user experience and creator revenue amidst industry changes [1][4]. Group 1: Acquisition Details - The acquisition consists of $1.26 billion in cash and up to 5.1986% of Tencent Music's ordinary shares [4]. - Ximalaya will maintain its brand and operational independence, with its core management team and strategic direction remaining unchanged [4]. - As of June 10, 2023, Ximalaya has over 2,300 employees, and their positions and salaries will not be affected by the acquisition [4]. Group 2: Market Position and Performance - Ximalaya is the largest online audio platform in China, holding a 60.5% market share in mobile listening duration and a 25% market share in online audio revenue as of 2023 [4]. - The platform had an average of 303 million monthly active users in 2023, including 133 million from mobile and 170 million from IoT and third-party platforms [4]. Group 3: Financial Performance - Ximalaya's revenue from 2021 to 2023 was 5.857 billion, 6.061 billion, and 6.163 billion yuan, respectively [7]. - The company reported a net loss of 5.106 billion yuan in 2021, followed by net profits of 3.700 billion yuan and 3.736 billion yuan in the subsequent years [7]. - Adjusted net profits were -718 million, -296 million, and 224 million yuan for the same period [7]. Group 4: Investment and Shareholder Structure - Ximalaya's previous attempts to go public were unsuccessful, with multiple rejections from the U.S. SEC and Hong Kong Stock Exchange [7]. - The company has raised a total of $959 million and 2.962 billion yuan through 12 funding rounds from 2012 to 2020, with notable investors including Tencent and Xiaomi [9]. - The last funding round in 2020 valued the company at $4.345 billion [9].

Core Viewpoint - Tencent Music Entertainment Group has signed an acquisition agreement to fully acquire Ximalaya for $1.26 billion in cash and stock, marking a significant consolidation in the online audio industry [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of $1.26 billion (approximately 906 million RMB) and a stock component that grants Ximalaya shareholders up to 5.1986% of Tencent Music's total issued and outstanding Class A common stock [1]. - Additionally, based on Ximalaya's performance, Tencent Music will issue up to 0.37% of its total shares as incentives to Ximalaya's founding shareholders [1][2]. - The deal is subject to regulatory approvals, including antitrust reviews [2]. Group 2: Company Profiles - Tencent Music has a strong portfolio with popular brands like QQ Music, Kugou Music, and Kuwo Music, along with a large user base and extensive copyright resources [2]. - Ximalaya, a veteran player in China's online audio sector, achieved profitability in 2023 and is projected to have a net profit exceeding 500 million RMB in 2024 [2]. Group 3: Strategic Rationale - The merger is seen as a strategic response to the evolving industry landscape and technological changes, with both companies aiming to enhance innovation and user experience [3]. - Ximalaya's founders emphasized the importance of resource sharing and collaborative development to improve user experience and creator earnings [4]. Group 4: Operational Continuity - Following the acquisition, Ximalaya will maintain its existing brand, independent product operations, core management team, and strategic direction [2]. - As of June 10, 2025, Ximalaya has over 2,300 employees, and there will be no changes to their positions, salaries, benefits, or stock options [4].