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].

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 ...