Core Viewpoint - Tencent Music Entertainment Group announced a merger agreement to acquire Ximalaya for $1.26 billion in cash and stock, aiming to enhance user experience and creator revenue through resource sharing and joint development [1][3][4]. Group 1: Acquisition Details - The acquisition will involve a total payment of $1.26 billion in cash and the issuance of Class A common stock, not exceeding 5.1986% of Tencent Music's total shares outstanding prior to the transaction [2]. - Ximalaya will become a wholly-owned subsidiary of Tencent Music upon completion of the transaction, which is subject to regulatory approvals and other conditions [2][4]. Group 2: Ximalaya's Operations Post-Acquisition - Ximalaya will maintain its brand, product independence, core management team, and strategic direction after the acquisition [3][4]. - The company aims to continue its mission of sharing human wisdom through sound and providing high-quality audio products and services to users, creators, and partners [4]. Group 3: Financial Performance - Ximalaya's revenue for 2021, 2022, and 2023 was reported at 5.86 billion yuan, 6.06 billion yuan, and 6.16 billion yuan respectively, with a gross margin of 54%, 51.9%, and 56.3% [5]. - The adjusted net profit for Ximalaya was -718 million yuan in 2021, -296 million yuan in 2022, and 224 million yuan in 2023, indicating a turnaround in profitability [5]. - Tencent Music reported a total revenue of 28.401 billion yuan in 2024, a year-on-year increase of 2.34%, with a net profit of 6.644 billion yuan, up 35.04% [5].

Core Viewpoint - The acquisition agreement between Tencent Music and Ximalaya marks a significant strategic move in the evolving audio content market, aiming to enhance user engagement and address competition from various platforms [1][3][4]. Group 1: Market Dynamics - The audio market has faced challenges from short video platforms, necessitating music platforms to diversify content to maintain user activity [1][3]. - Ximalaya has been oscillating between mergers and IPO attempts since 2018, indicating a strategic pivot in response to competitive pressures [1][3]. - The competition landscape includes not only short video platforms but also online music services and niche audio content providers, complicating resource allocation for companies like Ximalaya [3][4]. Group 2: Financial Performance - Ximalaya achieved an adjusted net profit of 224 million yuan in 2023, following its first profitable quarter in Q4 2022, with a monthly active user base of 303 million [3][10]. - Despite its potential as a quality asset, Ximalaya's market performance has been challenged by the dominance of short video platforms and the need to compete across multiple content formats [3][4]. Group 3: Strategic Implications of the Acquisition - The merger is expected to facilitate collaborative growth in audio content, allowing Ximalaya to focus on expanding its content ecosystem and improving service capabilities [4][6]. - The acquisition aligns with global trends where companies like Spotify have successfully integrated diverse audio content through strategic acquisitions, enhancing user engagement and revenue growth [6][9]. - The combined strengths of Tencent Music and Ximalaya could position them as a leading player in the audio market, akin to a Chinese version of Spotify, leveraging Tencent's capabilities in content ecosystem and monetization [9][10]. Group 4: Industry Trends and Future Outlook - The audio industry is experiencing a transformation, with significant growth in podcasting and audio content consumption, yet it remains undervalued compared to the short video sector [12][13]. - Advances in AI technology are poised to redefine the audio landscape, enabling more efficient content production and personalized user experiences [14][15]. - The future of audio content is expected to evolve into a more interactive and valuable medium, enhancing user engagement beyond mere listening [16].

【导读】腾讯音乐拟全资收购喜马拉雅，后者四次冲击IPO未果 中国基金报记者 邱德坤 北京时间6月10日晚间，腾讯音乐在美股盘前一度涨超10%。 同日晚间，腾讯音乐公告称，公司拟全资收购喜马拉雅。 记者从业内人士获悉，腾讯音乐通过此次并购，可以在核心音乐业务之外，迈向更广阔的在线音频领域。 喜马拉雅是在线音频领域的独角兽企业，此前估值接近300亿元，但4次冲击IPO未果，其中2024年4月冲击港股IPO的申请已经失效。 拟全资收购喜马拉雅方案曝光 腾讯音乐开拓在线音频市场 公告显示，腾讯音乐拟全资收购喜马拉雅，喜马拉雅相关股东及其员工持股计划的参与者所持权益性证券需要注销，但股份正式交割需要满足各项前置条 件。 腾讯音乐给出的对价方案包含三部分：一是12.6亿美元的现金；二是不超过总股本5.1986%的腾讯音乐A类普通股股份（总股数为不晚于交易交割前五个 工作日的工作日当天，腾讯音乐已发行及发行在外的普通股股份）。 三是受限于并购协议条款规定，喜马拉雅创始股东在交割时以及之后，将分批获得的总股本不超过0.37%的腾讯音乐A类普通股股份。 喜马拉雅四次冲击IPO未果 喜马拉雅方面称，完成上述交易后，公司将保持现有 ...

Group 1 - Tencent Music Entertainment Group announced a cash acquisition of Himalaya for $1.26 billion (approximately 9.052 billion RMB) [1] - The acquisition terms include not exceeding 5.1986% of Tencent Music's Class A common stock and 0.37% for Himalaya's founding shareholders [2] - Following the announcement, Tencent Music's stock price increased by 3.06% to $18.51 per share [2] Group 2 - Himalaya has attempted to go public four times, with the latest IPO attempt in April 2024, facing multiple setbacks [3] - The audio sector has been challenged by skepticism regarding its profitability and growth potential, with Himalaya only achieving a net profit of approximately 220 million RMB in 2023 [6] - Himalaya's core revenue comes from subscription income, which accounts for over half of its total revenue, but its monthly active user growth was only 3.9% year-on-year in 2023 [6] Group 3 - The acquisition is seen as a strategic move for Tencent Music to enhance its position in the audio sector, as Himalaya is a leading platform in the industry [6] - Himalaya will maintain its brand, independent product operations, core management team, and strategic direction post-acquisition [6]

Core Viewpoint - Tencent Music Entertainment Group has signed an acquisition agreement to fully acquire Ximalaya for a total consideration of $1.26 billion (approximately RMB 9.06 billion) in cash and stock [1][2] Group 1: Acquisition Details - The acquisition includes a cash payment of $1.26 billion 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] - Following the announcement, Tencent Music's stock price surged over 10% in pre-market trading, reflecting strong market reaction [1] Group 2: Company Background - Ximalaya is a leading player in the domestic audio industry, known for its UGC (User Generated Content) and PGC (Professionally Generated Content) ecosystem, which includes audiobooks, podcasts, paid knowledge content, and music [2] - The acquisition process had been initiated two months prior to the announcement, with initial reports indicating a significant reduction in the transaction price [2] - The deal is pending approval from relevant authorities due to potential market monopoly concerns [2]

Core Viewpoint - Tencent Music Entertainment Group has signed a merger agreement with online audio platform Ximalaya and other contracting parties for the proposed acquisition of Ximalaya, pending regulatory approval [1] Group 1 - The acquisition will proceed once all preconditions are met, and both parties will work together to advance the relevant processes [1] - Ximalaya will maintain its existing brand, independent operation of current products, core management team, and strategic development direction post-acquisition [1] - The transaction is subject to review and approval by relevant regulatory authorities [1]

6月10日，腾讯音乐娱乐集团（下称：腾讯音乐）发布公告，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。 在腾讯音乐收购公告发布后，喜马拉雅也发布了《关于腾讯音乐娱乐集团（TME.US）协议收 购喜马拉雅事项的公告》，其表示，" 喜马拉雅将保持现有品牌不变、现有产品独立运营不 变、核心管理团队不变、公司战略发展方向不变 "。 公告显示，受限于交割前提条件的满足，腾讯音乐拟以下述对价全资收购喜马拉雅：（1） 12.6亿美元现金 ；（2） 总数不超过总股数5.1986%的腾讯音乐A类普通股 （总股数为不晚 于交易交割前五个工作日的工作日当天腾讯音乐已发行及发行在外的普通股）；（3）受限于 并购协议的条款规定， 喜马拉雅的创始股东在交割时及之后将分批获得的总数不超过总股数 0.37%的腾讯音乐A类普通股 。此外，根据并购协议，喜马拉雅将进行与交易相关的若干现 有业务的重组。 若喜马拉雅成功"嫁入"腾讯音乐，其人员结构等方面是否会发生变化？每日经济新闻记者获 悉，截至2025年6月10日，喜马拉雅钉钉办公系统可查询的在职人员数量超2300人。对此， 喜马拉雅高层方面 ...

（2）总数不超过总股数5.1986%的腾讯音乐A类普通股（总股数为不晚于交易交割前五个工作日的 工作日当天腾讯音乐已发行及发行在外的普通股）；及（3）受限于并购协议的条款规定，喜马拉雅 的创始股东在交割时及之后将分批获得的总数不超过总股数0.37%的腾讯音乐A类普通股。此外，根 据并购协议，喜马拉雅将进行与交易相关的若干现有业务的重组。 6月10日，腾讯音乐娱乐集团于纽交所和港交所发布公告，公告称腾讯音乐与中国领先的在线音频平 台之一喜马拉雅控股（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。受 限于交割前提条件的满足，腾讯音乐拟以下述对价全资收购喜马拉雅：（1）12.6亿美元现金； ...

兜兜转转一个多月，在线音频行业的头部喜马拉雅"欲整体出售"的消息终于尘埃落定。 6月10日晚，腾讯音乐娱乐集团(以下简称"腾讯音乐")发公告称，与喜马拉雅签署并购协议，计划以现 金12.6亿美元(约合人民币90.6亿元)及腾讯音乐相关股权组合，全面收购喜马拉雅。 《每日经济新闻》记者注意到，此番收购，腾讯音乐除了现金支付，还将授予喜马拉雅相关股东不超过 腾讯音乐已发行及在外流通普通股总数5.1986%的A类普通股，并会在后续根据喜马拉雅的业绩表现， 向其创始股东发行不超过总股数0.37%的A类普通股作为激励。 对此，有行业人士向记者指出，这一支付结构，体现了双方对交易价值的共同认可。不过，该交易尚待 通过包括反垄断审查等在内的监管审批。 在腾讯音乐收购公告发布后，喜马拉雅也发布了《关于腾讯音乐娱乐集团(TME.US)协议收购喜马拉雅 事项的公告》，其表示，"喜马拉雅将保持现有品牌不变、现有产品独立运营不变、核心管理团队不 变、公司战略发展方向不变"。 为何喜马拉雅、腾讯音乐两个独立发展的公司选择在此时携手？ "当AI不断重塑内容价值，用户需求日益多元复杂，携手将促进我们更专注创新、更用心于用户体验、 更坚定长 ...

腾讯音乐公告，公司与喜马拉雅及若干其他订约方就拟议收购喜马拉雅订立并购协议及计划。喜马拉雅 是中国领先的在线音频平台之一，交易交割后将成为腾讯音乐的全资附属公司。交易的交割取决于相关 监管部门的批准及若干其他交割前提条件。于交易交割时，喜马拉雅相关股东及雇员持股计划参与者持 有的喜马拉雅权益性证券须予以注销，以换取总计12.6亿美元的现金、不超过截至不晚于交易交割前五 个工作日的工作日当天腾讯音乐已发行及发行在外的普通股总数5.1986%的A类普通股，以及不超过总 股数0.37%的该等A类普通股。 ...