Editor’s note: This article comes from WeChat public account “Dice Eye” (ID: youhaoxifilm), 36 氪 released with permission.Text | Edit by Wu Yan | He Runxuan Bilibili (Nasdaq: BILI) The shareholder report submitted to the US Securities and Exchange Commission a few days ago was made public on February 10.The report shows that Tencent currently holds 43,749,500 Class Z common shares in Station B, accounting for 18% of Class Z shares and 13.5% of the total share capital in Station B.Among them, Tencent Mobile and OPH B, which are wholly-owned subsidiaries of Tencent, hold 32.795 million shares and 10.954 million Class Z shares of Station B respectively, holding shareholding ratios of 13.5% and 4.5%, respectively.The B station that gained Tencent’s holdings rose from February 11 to 14 to US $ 28.69 per share, with a market value of US $ 8.951 billion, a record high since listing. This number is infinitely close to US $ 9 billion-distance from Director BilibiliChang Rui, CEO Chen Rui’s goal of “becoming a company with a market value of 10 billion US dollars” is a step closer.After being increased by Tencent, a similar story of the surge in station B has been staged 16 months ago: When station B was listed on the US stock market in March 2018, the prospectus showed that Tencent held 12.186 million ordinary shares in station B, accounting for the total share capital5.2%, and on October 3, 2018, Tencent and Station B announced that the two parties reached an agreement. Tencent Holdings injected $ 317.6 million into Station B through the subscription of new shares, and the shareholding ratio in Battle B increased significantly to 12.3 in total equity.%, Becoming the second largest shareholder of Station B.Affected by this, Bilibili rose 16% intraday.Tencent’s increase in shareholding is undoubtedly another way of affirming the performance of station B in 2019 before the release of the annual report.The third quarter financial report showed that the revenue of station B exceeded 1.86 billion, an increase of 72% year-on-year.It reached 37.6 million, a year-on-year increase of 40%; the average monthly paid user (MPU) reached 7.9 million, a year-on-year increase of 124%, and advertising revenue was 250 million yuan, a year-on-year increase of 80%.Although Q3’s net loss was as high as 406 million yuan, which also reached a new high, the industry continues to be optimistic about the prospects of station B.Source: Bilibili Public Account For Tencent, there is a richer reason to increase the holding of station B than profit-the layout of the pan-two dimension.After Tencent’s first increase in holdings of Station B in October 2018, the two parties reached a strategic cooperation agreement, which will launch animation, games and other aspects, including opening the animation library to each other, launching a deep joint mechanism in the procurement, participation and self-leveling of animation projects.In-depth cooperation including upstream and downstream joint investment in the ACG industry chain.”Tencent is the strongest two horse-drawn carriages in the field of games and digital entertainment content, and has been deeply cultivated in the field of two-dimensional elements. The data at station B is sufficient to prove that it has mastered the right to speak after the millennium, and the revenue from game advertising seemsFrom the perspective of development in the next 3-5 years, Tencent is one of the best allies to consolidate the Kingdom of Entertainment. “Li Rui, Investment Director of Zero2IPO New Economy Group, told Poison (Wechat ID: youhaoxifilm).Nowadays, not only can we see the cooperation between Tencent and Station B in the field of animation and games, the cooperation has also extended to other areas: On January 2, 2020, QQ Music and Station B announced in-depth strategic cooperation to jointly support high-quality musiciansAffected by this, on the 3rd, Bilibili’s stock price soared 13%, and Tencent Music rose nearly 7%.However, as Tencent increased its holdings of Class Z ordinary shares instead of Class Y ordinary shares with a higher voting weight, this increase in shareholding will not result in a significant increase in Tencent’s speaking power at station B.According to the shareholding structure of Station B disclosed on March 18, 2019, Tencent is the second largest shareholder of Station B, holding 11.9% of equity and 3.4% of voting rights.The chairman of the B station, CEO Chen Rui, the president Xu Yi, and COO Li Yan held a total of 79.1% of the voting rights of the B station.Compared with Ali, who is also a major shareholder of Station B, Tencent’s increase in equity seems to be more meaningful.The data also comes from the equity structure of Station B on March 18, 2019. At that time, Ali held 7.6% equity of Station B and 2.2% of the voting rights. It was the fourth largest shareholder of Station B. After Tencent’s current increase, Ali and TencentThe gap in the shareholding ratio of station B has further widened.As of March 18, 2019, the equity structure of Station B is in a sense. The balance between Station B and Tencent is also its exploration of two paths for future community monetization: first, traditional games and IP,This is something that both Station B and Tencent are good at. Second, it is to reach more e-commerce companies with possible consumption. Although this is not the original business of Station B, the consumption capacity of Gen Z has proven its potential.On the evening of February 14 last year, Ali announced that it would acquire 24 million shares in Station B through Taobao China. Station B cooperated closely with Tmall and Taobao in the e-commerce field, and then Station B launched the e-commerce mini program in April 2019.The effectiveness of this cooperation is fully reflected in the Q3 quarterly report of station B: the revenue of e-commerce and other businesses at station B in the third quarter reached 226 million yuan, a surge of 703% year-on-year, effectively balancing the previous station B’s game business-based revenuestructure.”Ali and Tencent will continue to evaluate their relationship and cooperation model with Station B in the future. In particular, Tencent’s increase in station B’s holdings and its construction ideas in the field of second-dimensional content also reflect the new industrial ecology. This ecology is alsoThe decisive factor for station B to achieve this ‘rebalancing.’ Li Rui believes that station B is still choosing on the fork of the community’s realization.Of course, this may not be a multiple choice question.Equity changes are happening all the time, but neither Tencent nor Ali’s entry has changed the temperament and community atmosphere of station B as users had feared.It can be predicted that Station B will maintain the dynamic balance of “Left-handed Tencent and Right-handed Ali” for a long time..
Tencent increased its holdings again, and the market value of station B hit a record high
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