Who will be next?
Waiting for the boots to land has always been the hardest. Not long ago, it was reported that Tencent will become another technology giant targeted by the supervision, and it is necessary to set up a financial holding company as required to include banking, insurance and payment services.
In many people's cognition, Tencent is a "game company" and an "advertising company". In recent years, it has also turned into an "investment company", but it is not used to saying that Tencent is a financial company.
In fact, Tencent Finance is just keeping a low profile. According to the analysis of brokers, the influence of Tencent Finance is not lost to Ant Group. In some respects, "Penguins" have even surpassed ants.
The scale of Tencent Finance can be seen from the recent performance report released by Tencent: It is reported that the annual revenue of Tencent's financial technology and enterprise services will increase by 26% in 2020, reaching 65.438+028.086 billion yuan, accounting for 27% of the total revenue. Financial technology has become the second growth pole after Tencent's value-added services (including games and Internet advertising).
Tencent financial technology mainly includes finance and cloud services. The 2020 financial report was not further dismantled, but Tencent's 20 19 financial report revealed that Tencent Cloud's revenue was about 654.38+07 billion yuan, and the financial sector's revenue was about 84 billion yuan. Compared with the revenue of 20 19 and120.6 billion yuan of Ant Group, Tencent Finance accounts for about 70% of the volume of Ant Group.
Tenpay = two AliPay
In the 2020 annual report, Tencent particularly emphasized that "the strategic focus of our financial technology business is to actively cooperate with regulators and launch compliant and inclusive financial technology products with industry partners, while giving priority to risk management rather than pursuing scale." It seems that Tencent has also felt the antitrust pressure of the Internet platform.
Correspondingly, Tencent violated the practice of 20 18 and 20 19 annual reports, and concealed data such as daily average business transaction volume, monthly active accounts, and asset growth rate of wealth management platform Licaitong in the 2020 annual report.
Although no financial report has been disclosed, many people in the industry have estimated the payment data.
According to the Central Bank's Administrative Measures for Online Payment Services of Non-bank Payment Institutions, payment institutions engaged in online payment services are required to announce the handling of the number and types of customer complaints in the previous year at the beginning of each year, and these data become the main basis for the industry to measure the transaction data of various platforms.
According to the data released by Tenpay in 2020, there were 56,889 complaints from trading customers, accounting for less than 0.0000 1% (1 over ten million). It is estimated that the number of transactions in the whole year will exceed 568.89 billion, and the average number of transactions per day will exceed 654.38+558 million.
According to the data released by Alipay, there are 30,628 customer complaints about transactions, accounting for less than 0.000012% (65,438+0.2 parts per million). It is estimated that the number of transactions in the whole year will exceed 255.23 billion, and the average number of transactions per day will exceed 700 million.
In other words, from the payment data, Tenpay is roughly equal to two Alipay. With its powerful payment business, Tencent has continuously expanded its payment scenarios, and its investment in Didi, Meituan and JD.COM has also completed the encirclement of Alibaba.
From this point of view, Tencent Finance and Ant Group occupy a dominant position in the digital payment market in China. Although the overall income is slightly behind at present, it is definitely the most difficult opponent for ants.
Tencent's financial layout
Completing the staking of the payment field is only the first step. The more important role of payment transaction is as an entrance to lay the foundation for building a higher gross profit financial business. Tencent financial technology has formed its own secret financial empire after years of layout.
Unlike the triumph of Ant Group, Tencent has always liked a low-key and steady follow-up strategy.
20 15 Ma gave a speech at HKU, and mentioned the controversial Yu 'ebao at that time. He said that the hubbub of Yu 'ebao is nothing more than concentrating the money in the user's account to buy a money fund, and sucking the deposit away without doing anything, which has a great impact on the central bank and UnionPay. Tencent did it later, but only opened a small hole on WeChat, and soon hundreds of billions of deposited funds went in.
Mark's words revealed two important messages. First, the financial industry is more sensitive, and Tencent's follow-up strategy can effectively avoid exposure risks; Second, Tencent has two traffic pools, WeChat and QQ. You can wait until the time is ripe to launch a key attack with social advantages.
Tencent, which has a low-key surface, has an orderly financial layout, and none of its financial licenses have been left behind. Specifically, in 20 14, Tencent initiated the establishment of Weizhong Bank, the first internet bank in China, and invested in Futu Securities. Together with Ant and China Ping An, we initiated the establishment of Zhongan Insurance, won Hetai Life Insurance and Yinghuajie, and established Tencent Insurance Agency Co., Ltd. to enter the fields of banking, securities and insurance.
20 15, Tencent established a credit information company; 20 16, Tencent invests in mutual assistance; 20 17, Tencent invested in CICC, holding 4.95% shares, and continued to expand the securities field. In the same year, Tencent micro-loan came into being, micro-insurance was established, and Tencent had its own insurance financing platform.
In 20 18, Tencent obtained the third-party fund sales license and successfully launched the fund agency business. 20 19 Tencent shares in Postal Savings Bank.
In addition, Tencent invested in Lianyirong to carry out factoring business, invested in Xoceco Guo Jin to set foot in the exchange, and invested in Xinyou, Yixin and Cangu to enter auto finance.
In addition to its domestic layout, Tencent has also made extensive investments in the field of global financial technology. According to the statistics of billion euros, by the end of June 2020, Tencent and Tencent had completed 23 overseas investments in the field of financial technology, covering five continents; Prefer the payment field, and invest in 1 1.
Previously, Tencent's investment in financial technology was not high. According to the data, finance accounts for only 4% of its total investment projects in 20 16, 6% in 20 17, and the proportion in 20 18 and 20 19 has risen to about 12.5%. It shows that finance is becoming more and more important in Tencent's business map.
Starting from100 billion USD.
In recent years, many brokers and institutions have independently evaluated the value of Tencent's financial business, with a valuation of more than $654.38 billion. The net profit of Weizhong Bank initiated by Tencent in 2065.438+09 reached 3.95 billion yuan, and its valuation was above 1000 billion yuan. The financial ecology of Tencent's incubation and investment has also become a grand view. But unlike ants, Tencent Finance has no plans for financing and spin-off.
Now that the listing of ants has been blocked, JD.COM Science and Technology has withdrawn its listing application, which once again highlights the correctness of this strategy.
However, with the deepening of the anti-monopoly investigation in the industry, even if Tencent wants to keep a low profile, Tencent's financial probability will be affected by supervision.
When Weizhong Bank was first established, Ma once told the story of the first loan. In this story, Tencent gave a truck driver 35,000 yuan without even seeing the customer. Because of the internet, we can know that drivers run transportation and run back and forth every day. If he suddenly stops running, there may be a problem and he needs to pay the bill.
However, the examples of ant flowers and borrowing flowers, and the examples of Weizhong Bank involved in "renting loans" and stepping on Danke apartments all show that Internet finance may be able to serve customers that many banks cannot take care of, but it does not have the risk management level of banks.
As Chen Bing, a professor at Nankai University, wrote, the profit-seeking drive of capital enlarges the desire and effect of platform "realizing traffic" and "realizing data", which makes the pan-financialization trend of platform enterprises, especially super-platform enterprises, more obvious, and the accumulation of capital further pushes up and strengthens the monopoly position of super-platform enterprises in the market, making them more capable of engaging in various behaviors to restrict and eliminate competition. Strengthen its user locking effect, network effect, economic scale and the ability to master and process relevant data, so as to enhance its efficiency of "realizing traffic" and "realizing data", which will eventually promote platform enterprises to fully participate in various financial businesses and push up the risk of "deviating from reality to virtuality" in the economy.
A few years ago, Ma publicly stated that Tencent Financial Technology would not be transferred to a so-called "financial group" to operate independently. "We don't need to split for the sake of splitting, and we won't play any' financial skills' (capital operation). This looks like how much money there is in this asset ... long-distance running is not a flag. "
Perhaps it is time for Tencent Finance to recall this sentence.