Internet industry surging: BAT millet history 360 total over 30 billion US dollars investment, the development of the early layout itself is still strengthening its own business-oriented[IT era network, IT Times Editor's note] 2014 is the development of China's Internet industry surging a year, according to statistics hit Institute data show that since 2005, BAT, millet, Qihoo 360 has disclosed a total investment size is about $ 24 Womens Nike Zoom Hyperflight PRMNike Air Jordan 10 billion, investment in Research Institute estimates that the scale of investment five companies history in general should be more than $ 30 billion. The report selected five companies as a representative of Chinese Internet companies, horizontal comparison and analysis of its characteristics and distribution of industrial investment trends and ideas to explore the status quo of China's Internet industry layout of strategic investors. 2014, China's Internet industry surging. In size, BAT have one hundred billion US dollars into the basic level; mergers and acquisitions in the investment layout, the Big Three are also surging, sit tight in the first group. In the BAT behind, millet, Qihoo 360, Jingdong, the only product will grow rapidly and so has the club are among ten billion US dollars, making up the second group; especially millet and Qihoo 360, mergers and acquisitions in recent years in terms of investment frequently shot, BAT fighting form and layout of the future potential of the market. According to the Research Institute of Investment statistics data show that since 2005, BAT, millet, Qihoo 360 has disclosed a total investment of about $ 24 billion scale, hit Institute estimated investment of five companies history in general should be at 300 more than one hundred million US dollars. It ranks among the top five market capitalization of Chinese Internet companies, as a strategic investor, but Nike Zoom Hyperdunk Low also to invest in China TMT field and maintained a high level of activity. The report selected five companies as a representative of Chinese Internet companies, horizontal comparison and analysis of its characteristics and distribution of industrial investment trends and ideas to explore the status quo of China's Internet industry layout of strategic investors. 1. The basic contrast to the situation in the PC Internet era, BAT originally fighting each other. It is relatively common understanding of BAT are: Baidu focus on search, Ali focused on the electricity provider, Tencent is focused on instant messaging. And since when around 2010, volume of the Big Three in the year of rapid growth, and in each of the areas of focus of the advantages of forming a near-monopoly, the mobile Internet era is gradually approaching, China's Internet industry seems to usher in large-scale Jordan B'Mo The remodeling. Table 1 - the market value of BAT, millet, Qihoo 360, revenue size, revenue structure comparison process, the largest of BAT, no doubt a strong contender in the mobile Internet wave pattern of remodeling. Tencent and Alibaba's market capitalization was more than a thousand billion dollars, Baidu also has nearly one hundred billion US dollars in size. And beyond BAT, the rapid rise of millet to make valuations continue to create new high, but the latest round of financing valuation is likely to reach 400 to 50,000,000,000 US dollars. Qihoo 360 also has market value of nearly ten billion. Especially in the past two years on behalf of millet and 360 after the second group as BAT, more active investment layout. From the revenue structure, the five main business revenue still comes from its own traditional business: Tencent Bacheng income is still from the game, Ali Qicheng more revenue from domestic retail electric providers (Taobao, Lynx, poly cost-effective), while Baidu is nearly all revenue still comes from relying on search marketing and advertising, millet due to the establishment of a short time, the main focus was on the phone side, 360 value-added Nike Barkley Posite Max network services are primarily games, but also rely on its security products Line - browser and application markets for import and cash flow. This reflects, first, the Internet giant in the early stages of their development layout still strengthen their own business as the most important, everything still revolves around the main business conduct; secondly, on other aspects of the construction industry chain will take time, a complete It takes time to build the ecosystem; third, most of the layout are the entrance layout, how it can be realized is still a significant issue. Figure 1 - BAT, millet, Qihoo 360 cases the amount of investment to date has been disclosed in Figure 2 - BAT, millet, Qihoo 360 cases have so far been disclosed investment amount, according to investment in the Group's 2015 Latest Nike Shoes financial data products CVSource statistics, since 2005, Accumulated investment in BAT, millet, Qihoo 360 has disclosed about $ 22 billion, investment in Research Institute estimates that the scale of investment five companies history in general should be more than $ 30 billion. Easy to see, this five company began large-scale investment acquisitions began the period 2009-2010. It should be noted that Ali cast a larger amount in 2005, it is due to its use of $ 1.7 billion in the year to carry out the acquisition of Jordan B'Mo assets of Yahoo China. And millet Established late in 2012 after the start layout investments and in just two years a lot of investment. 2014 millet has invested nearly 20 cases, a total of more than 500 million dollars, we expect millet should play an increasingly important role. 2. The overall strategy of the Institute of Comparative investment analysis, BAT, millet, Qihoo 360 on the overall strategy for investment ideas, Nike Air Jordan 6 Women there are four things in common: first, the consolidation of the existing areas of expertise, strengthen the core business, It seeks to create synergy. Second, determine the future opportunities in new areas of business and lay unknown in advance. Third, other aspects of the construction industry chain, to build a complete ecosystem. Fourth, try to find ways cash flow. Internet business volume increases, will bring enhanced traffic for import and manufacturing capacity, and most of the current layout of the entrance also failed to achieve cash. How will cash flow need to continue to explore. At the same time, each also maintains a number of different features: Baidu: relatively conservative, depending on the search for cash, strategic investments mainly among BAT, compared with the other two, Baidu relatively more conservative. To search engine supported by advertising revenue has been an absolute source of Baidu revenue, while the internal and external explore new business direction, mainly in strategic investment-based, mostly in the form of the acquisition and holding, on the one hand the introduction of talent, on the one hand You can place a new business card. Overall, relatively conservative in recent years to expand the layout of Tencent and Alibaba mad when is tepid. Ali: actively build electricity supplier ecological chain, the layout has been focused on a wide range of Alibaba to build a complete e-commerce ecosystem, covering payment transactions, supply chain finance and other areas of logistics, data services, electricity supplier. Ali BAT can be regarded as among the most active investors, increase the intensity of investment from 2013 onwards, the amount of investment in these five among the top, very active. More messy investment direction, the subject matter from domestic to foreign countries, both large listed companies, but also the early start-up companies. Tencent: open platform strategy, the game is heavy head, heavy strategic prospective Tencent for their own field of experience, will choose to conduct their own business. But for those relatively unfamiliar territory, in the absence of specific knowledge of industry practices, the lack of ability of the corresponding line of business, the greater use of Tencent open platform. Tencent's open platform strategy began in 2011, there are two approaches: One approach is to choose the best platform-based partner in a specific industry, in which it is in the industry has accumulated a lot of successful experiences, and build a strong ecosystem, such as Didi taxi, public comment, Jingdong like; Another approach is to focus on specific industries in the ecosystem to conduct business, provide a platform for industry participants and carry out the corresponding business, you can use Tencent social platforms, payment systems, advertising networks, and so on. Tencent game field has been the focus of investment, according to the Institute of Statistics hit single is the case, there have been disclosed to the public Womens Nike Kobe VIII as much as 40, involving more than $ 3 billion. 2011-2012 between Tencent started to increase domestic and foreign investment, domestic investment growing even in the main listed companies, or direct acquisitions to layout a card-based, focusing on forward-looking strategy. Millet: BAT easier to adapt than the mobile Internet, mobile ecosystem focused on construction in 2010 until the establishment of millet in the strategic investment it is not vague. According to the investment in the Group's financial data products CVSource statistics, enter only since 2014, millet and Shun Lei Jun has been cast out of the fund 18 cases, involving intelligent hardware, maps, mobile browser, Internet banking, online travel, media information, many areas of local life services, culture, media, health, games, etc., the performance is very active. Because millet was born in smart phones and mobile Internet began to flourish in 2010, will turn easier than the PC Internet was born in the era of BAT, are also more likely to focus on building the Nike Kids Sneakers mobile Internet ecosystem. Qihoo 360: the amount of investment is small, safety is always the focus of the layout Qihoo 360 investment and merger arrangement also began to accelerate around 2011, according to the Research Institute of Investment statistics, the number of cases so far have been disclosed about more than 40, but the investment the amount is generally not high, the majority of the ten million yuan level. And a wide range of ideas millet layout is different, Qihoo 360 mainly covers investment in the security business, gaming, mobile Internet field, focus on safety as the starting point to be expanded. 3. The tendency to judge hit Institute believes, BAT, millet, Qihoo 360 and the whole Chinese Internet industry trends in the coming years, there are several common: the core of the first, the overall trend is the mobile Internet depth. Second, the mobile Internet era, O2O accelerated layout. How the future in conjunction with the line faster, it will be important for each giant growth performance Aspect. Third, vertical field of investment. Users invest around layout in vertical fields of education, culture, entertainment, health care, finance, and construction is still the focus of a closed-loop, increase user stickiness, to meet user demand for a higher level. Fourth, the existing business short board building. For example, to pay part of Baidu has been at a disadvantage to acquisitions quick money, Ali continues to try in the social field, and Tencent and Baidu together to try Wanda Hydropower Company. Fifth, and networking, cloud computing, big data space technologies, etc. are still vast. Intelligent hardware technology development is mainly affected by the bottleneck, but the hardware and software will be the future trend. Further, as the only millet among five companies not yet listed in the investment acquisition needs to be considered to pave the way for future IPO. On the one hand it may be taken into account investment income, choose the good underlying revenue profits; on the other hand will focus on the layout of the mobile Internet each platform, building a complete ecosystem. [IT era network, IT Times series] after these Internet giants in the early stages of their development layout still strengthen their own business as the most important, everything still revolves around the main business carried out, but you can see, overall that several Internet giant depth trend is the mobile Internet; on other aspects of the construction industry chain will take time to build a complete ecosystem takes time; most of the layout are the entrance layout, how it can be realized is still a significant issue. [Editor / Zhao Yujie]