After the transfer of shares of Shentong Express from Alibaba to Cainiao, three more A-share companies have changed their shareholders from Alibaba (China) Network Technology Co., Ltd. (hereinafter referred to as "Alibaba Network") to the newly established Alibaba based company "Hangzhou Haoyue", in order to achieve the goal of "Alibaba Network highlighting its main business and independent development of non main business".
For Alibaba, "exchange without return" has become the keyword for the latest three transactions, which means that Alibaba has reorganized its shareholding path for A-share participating companies, in line with its positioning as a "holding company management model" after the "1+6+N" adjustment. This is particularly of reference significance for Alibaba Group's subsequent investment layout.
As of the time of the reporter's press release, Alibaba Network, a subsidiary of Alibaba Group, still has 6 companies holding more than 5% of shares in the A-share market and has not disclosed any related equity change plans.
A-share investment
"Change hands" instead of exiting
After Pinduoduo surpassed Alibaba in market value, Jack Ma replied on the intranet, "I firmly believe that Alibaba will change, Alibaba will change. All great companies are born in winter.". Subsequently, Alibaba's "transformation" took the lead in the capital side, targeting A-shares directly.
On the evening of December 1st, Yuantong Express, Macalline, and Liren Beauty respectively announced that as shareholders holding more than 5% of the company's shares, Alibaba Network will transfer its shares in the listed company to the newly established concerted action company - Hangzhou Haoyue Enterprise Management Co., Ltd. (referred to as "Hangzhou Haoyue") due to its emphasis on its main business and implementation of survival and separation. After the transaction is completed, Alibaba Network will no longer directly hold shares in the listed company.
According to the announcement, Alibaba Network will be separated into Alibaba Network (the surviving company) and newly established companies Hangzhou Haoyue, Chuanbin Technology, and Chuanhang Technology. After the separation, the shareholders and shareholding ratios of the surviving companies and each newly established company will be consistent with those of Alibaba Network before the separation.
After this share transfer, all the shares previously held by Alibaba Network in three listed companies, Yuantong Express, Meikailong, and Liren Beauty, will be inherited by Hangzhou Haoyue.
This means that after the equity "change", Alibaba did not give up its investment in the three A-share companies of YTO Express, Macalline, and Beauty, but instead switched to being held by a newly established investment company.
This is most prominent in the transactions of Macalline. According to the announcement of Macalline, Alibaba Network will transfer all 248 million shares of Macalline to Hangzhou Haoyue for inheritance. After the completion of this equity change, Alibaba Network will no longer hold any shares of Macalline, and Hangzhou Haoyue will hold 5.7% of the total share capital of Macalline. Hangzhou Haoyue, together with Alibaba Software, Taobao Holdings, and New Retail Fund, has formed a concerted action group, holding a total of 435 million shares of Macalline, accounting for approximately 9.9976% of Macalline's total share capital.
That is to say, in this equity change, only Alibaba Network has given up its stake in Macalline and transferred it to the newly established Hangzhou Haoyue. Alibaba Software, Taobao Holdings, and New Retail Fund have not changed their holdings in Macalline. According to the transfer agreement, the transfer price per share of Macalline is 4.24 yuan, with a total transfer price of 1.052 billion yuan.
Macalline also emphasized in the announcement: "This equity change is due to the implementation of the separation of Alibaba Network, and all Macalline shares held by Alibaba Network are inherited by the newly established company Hangzhou Haoyue after the separation."
Similar to the equity change of Macalline, according to the announcement of YTO Express, before the equity change, Alibaba Network held 11.02% of the total share capital of YTO Express, while Hangzhou Haoyue did not hold any shares in the company; Hangzhou Alibaba Venture Capital Co., Ltd. (referred to as "Alibaba Venture Capital") holds 9.09% of the total share capital of the company; Zhejiang Cainiao Supply Chain Management Co., Ltd. (referred to as "Cainiao Supply Chain") holds 0.54% of the company's total share capital. Alibaba Network, Alibaba Venture Capital, and Cainiao Supply Chain are all enterprises within the Alibaba Group and constitute concerted actors, therefore holding a total of 20.65% of the total share capital of YTO Express.
In this equity change, Alibaba Network plans to transfer approximately 379 million shares of Yuan Tong Express that are subject to unrestricted sales conditions to Hangzhou Haoyue at a price of 13.15 yuan per share, with a total transfer price of 4.986 billion yuan. Yuantong Express stated that this equity change will not result in a change in the number of shares owned by Alibaba Ventures and Cainiao Supply Chain in the company.
According to the announcement of Liren Beauty, after the completion of this equity change, Alibaba Network will no longer hold any shares of Liren Beauty. Hangzhou Haoyue holds 70.3767 million shares of Liren Beauty with no restrictions on sale, accounting for approximately 17.57% of the total share capital of Liren Beauty. The transfer price of this agreement is 11.26 yuan per share, with a total transfer price of 792 million yuan.
6 remaining companies
How to change formations in suspense
This is not Alibaba's first "change of hands" in the A-share market. In March of this year, Alibaba launched a "1+6+N" organizational transformation, establishing six major business groups and multiple business companies, including Cloud Intelligence Group, Taotian Group, Local Life Group, Alibaba International Digital Business Group, Cainiao Group, and Da Wen Yu Group. They each set up a board of directors and implemented a CEO responsibility system under the leadership of the board of directors. Alibaba Group will comprehensively move towards a management model of a holding company. Subsequently, a series of capital and equity operations revolved around the rationalization of the "1+6+N" organizational transformation.
As early as June 5th this year, Zhejiang Cainiao, a wholly-owned subsidiary of Cainiao, entered into a share transfer agreement with Shanghai Dee Industrial, a wholly-owned subsidiary of Alibaba. Shanghai Dee Industrial agreed to transfer all of its equity in Shentong Express to Cainiao, accounting for approximately 25% of the issued share capital of Shentong Express, for a total consideration of approximately 3.878 billion yuan. After the completion of the transaction on August 31st, Cainiao holds approximately 25% of the issued share capital of Shentong Express. On September 26th, Cainiao submitted an IPO application to the Hong Kong Stock Exchange.
This time, Alibaba Network withdrew its holdings in YTO Express, Macalline, and Liren Beauty. The reason for its disclosure is also to "achieve independent development of Alibaba Network's main and non main businesses, perform their respective duties, improve operational efficiency, further achieve asset preservation, appreciation, and sustainable development, and build a competitive enterprise.".
Some market insiders have stated that choosing to "switch hands" instead of exiting means that Alibaba has not given up its investment in related A-share targets, nor has it shown any willingness to exit.
According to the announcement, the shareholder structure of Alibaba Network is 57.59% held by Taobao (China) Software Co., Ltd., 35.75% held by Zhejiang Tmall Technology Co., Ltd., and 6.66% held by Alibaba.com China Limited.
According to the current "1+6+N" architecture, Alibaba Network is a subsidiary of Taotian Group.
Alibaba CEO Wu Yongming revealed a new strategy at the financial analyst meeting, stating that Alibaba will "invest more resolutely and make more decisive choices", and will have three important priority directions for the future - technology driven internet platform business, AI driven technology business, and globalized business network.
Wu Yongming clearly pointed out, "Taotian Group does not position itself as a retail company. Starting from the positioning of consumer platforms, we will adhere to a user first perspective in our strategy, with improving platform stickiness and customer retention as our core goals. From a business perspective, we will prioritize user purchase frequency over GMV as the most critical goal of platform operation, and purchase frequency directly reflects users' recognition of the consumer platform."
It can be foreseen that under the new positioning of the strategy, in order to highlight the main business and improve operational efficiency, the equity sorting of the participating companies under Taotian Group has just begun.
Currently, in the A-share sector, Alibaba Network still holds equity stakes in companies such as Meinian Health, Surprise Home, Qianfang Technology, Focus Media, Zhongxin Tourism, and Aojie Technology, all of which hold over 5% of the shares. Among them, the shareholding proportions of Qianfang Technology, Zhongxin Tourism, and Aojie Technology are 14.11%, 10.20%, and 15.43%, respectively, exceeding 10%.
In addition, Alibaba Network also holds equity in Hong Kong listed companies Lianhua Supermarket, Hongjiu Fruit Products, and Huitongda Network, with shareholding ratios of 18.00%, 7.67%, and 17.26%, respectively. As of the time of press release, the above-mentioned company has not disclosed any changes in equity.
In addition, Alibaba Venture Capital still holds 10.14% of the shares of Anheng Information, a company listed on the Science and Technology Innovation Board.
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