40%! The three major e-commerce companies have lost $3 trillion, and Ali has been forced to suffer from prisoner's Dilemma and destroy value? Ten billion private placement stars: vicious competition, not in the short term
A wonderful life 2021-06-09 07:13:20

“ The domestic e-commerce circuit has been in a sharp turn 、 Ali was also forced into a prisoner's dilemma 、 This track has lost its value “, Recently, a snowball V、 Tens of billions of new stars in private equity sharp comments on e-commerce stocks .

The reality is that , In the past two years, the top Internet giants have been competing fiercely in the e-commerce circuit 、 Including the community group buying war ; In recent months , A lot of spelling 、 JD.COM 、 Ali, these e-commerce giants , The stock price fell from a high level , It's quite tragic .

What do you think of these e-commerce giants with a market value of trillions , Well known investors 、 Top flow fund managers seem to have a different attitude .

Alibaba pinduoduo shares of Jingdong plummeted 40%:3.08 The trillion dollar market value is gone

Let's take a look at some pictures first , A lot of spelling 、 JD.COM 、 Ali stock price trend chart ,3 Only stocks fell from a high level 40.56%.

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term


From this year 2 After the Spring Festival in May, it reached a high level , A lot of spelling 、 Jingdong's share price has been falling in a waterfall , Just a few months , Spell a lot from 212.6 dollar , Down to now 118.33 dollar . The Hong Kong shares of Jingdong group also rose from a high level 422.8 Hong Kong dollar up to now 268.2 The Hong Kong dollar , US stock Jingdong from 108.29 The dollar has fallen to what it is today 68.15 dollar . Pinduoduo and Jingdong's biggest price drop reached respectively 47% and 38%( Jingdong US stock and Hong Kong stock ).

Ali's decline started earlier , last year 10 At the end of the month, it began to fall all the way . Ali's US stock market 319.32 The dollar has fallen to what it is today 209.51 dollar ; Hong Kong stocks, on the other hand, started from 309.4 The Hong Kong dollar fell to 204.6 The Hong Kong dollar . Ali has a big market value , Both US and Hong Kong stocks fell 35%.

Market value . Alibaba last year 10 Monthly high total market value 8513 Billion dollars ( Is equivalent to 5.72 Trillion RMB ), Current market value 7470 Billion dollars (3.69 Trillion RMB ); From this year 2 The highest level in May has been up to now , Pinduoduo's market value 2512 Billion dollars (1.62 Trillion RMB ) Down to now 1483 Billion dollars (9569 RMB ), The market value of Jingdong has increased from a high level to a high level 1683 Billion dollars (1.08 Trillion RMB ), Down to the latest 1081 Billion dollars (6973 RMB ).

Ali 、 A lot of spelling 、 Three e-commerce giants in Jingdong , Since the high, the market value has shrunk RMB respectively 20338 One hundred million yuan 、6608 RMB 、3863 One hundred million yuan , Total evaporation 3.08 Trillion yuan .

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term


Many market participants believe that , Regulation of disorderly competition of capital and monopoly of Internet giants , And the change of competition pattern of e-commerce industry , Meituan 、 headlines 、 New Internet giants such as Kwai Fu , Enter the e-commerce battlefield through various ways , Including the penetration of community group buying , The pattern of e-commerce industry has changed significantly , This may be the reason why the share prices of the three home appliance companies plummeted .

10 billion private equity stars : The value of e-commerce shares has been destroyed 、 Not in the short term

In recent days, , Investment community snowball V、 The rise in recent years “ Take the initiative + quantitative ” 10 billion private equity stars with dual drive ,85 Wang Yiping: a post evolutionary asset , Quite sharp comments on the current situation of e-commerce stocks .

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term


Wang Yiping said , The domestic e-commerce circuit has gone down sharply . Now it's high investment , Low yield , There is no end . Ali was also forced into a prisoner's dilemma , Burn money together . But the actual value of this track has been destroyed . As time goes on ,6 Vicious competition of more than two companies , Time is no longer a friend of e-commerce , It has been unable to form a barrier that can be precipitated , It's more like a money burning machine .

In Ali 、 JD.COM 、 Beyond Duoduo's three E-commerce , At least there is meituan 、 Today's headline 、 Kwai, etc. through the takeaway platform 、 Live broadcasting and other ways to enter the field of e-commerce , And some time ago, community group buying is the competition of all kinds of Internet , Community group buying is also penetrating into e-commerce .

Wang Yiping said , everyone ( Internet giants ) Both efficiency and mode have their own advantages , There is no absolutely leading efficiency model , Money burning exploration will last a long time , The time to make profits will be lengthened . And Ali, the leader, is in a prisoner's dilemma , Because the pursuit of profit without competition, the original site will be eroded , But participating in the competition means that the profit is greatly reduced , But at least the capital market can value it .

Wang Yiping believes that , Ali also ends up burning money , Then we may not have an overestimation .

According to Wang Yiping , even ( industry ) The boss can't stand this kind of play , E-commerce competition is too fierce , Generally speaking 6 It's hard to have a good business structure in the competition of more than one head company .2-3 It's easier to form a good business pattern at home ( Oligopoly ), Between the two depends on the specific situation .

Wang Yiping said , There may still be a differentiated market in order to have a foothold . I don't see a winner in the short term , Or choose to avoid .

Top 100 billion fund manager Zhang Kun : E-fonda Asia select buy Jingdong Ali buy mange

It is worth noting that , Zhang Kun, manager of 100 billion top flow public offering fund , E-fonda Asia (QDII fund ), With the increase of fund share in the first quarter , Still continue to add weight to the shares of Jingdong and Ali , Both U.S. and Hong Kong stocks , And buy it 10% Upper limit of fund position .

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term


From the end of the first quarter, e-fonda selected the top ten heavy positions in Asia , Position in Hong Kong shares of Jingdong group 6.06%、 US stock 4.57%, Total holdings of jingdongda 10.63%; Holding Alibaba Hong Kong stock 5.66%、 US stock 4.44%, Total holding of Alibaba 10.1%. And the number of shares held by them has increased significantly compared with that at the end of last year .

For positions exceeding 10% ceiling , The Fund said it was passive .

Zhang Kun said in a quarterly report , It's almost impossible to judge the top and bottom of a cycle , What is relatively feasible is that , Keep looking at whether the ability of Companies in our portfolio to generate free cash flow in the long run is impaired , without , As long as the intrinsic value can steadily improve , It's only a matter of time before the stock price rises .

however , The blue chip selection of e-fonda managed by Zhang Kun 、 E-fonda's small and medium cap comparison , E-fonda Asia select's performance is not very good . E Fund Asia select's net worth has fallen this year 10.67%, Zhang kuncong 2014 year 4 Since taking office in , Annualized return 8.12%. However, in the blue chip selection and small and medium cap suspension of large subscription and subscription , The share of e-fonda Asia selection, which is open for subscription, increased significantly in the first quarter of this year , from 7.44 100 million to 100 million 20.49 Millions of .

Because of Ali 、 Jingdong has not yet accepted shares in Hong Kong , at present 880 E-fonda blue chip with a scale of 100 million was selected to buy .

Jinglin's massive reduction of holdings , However, it is still the second largest position

Among the 100 billion private equity giant Jinglin asset's US stock positions in Hong Kong stock market , In the fourth quarter of last year, after a massive increase in holdings, pinduoduo , In the first quarter of this year, there was a drastic reduction in holdings , But pinduoduo is still the agency's second largest position in the U.S. stock market . Besides , Jinglin slightly increased its holdings in Jingdong .

The first quarter report shows , Jinglin asset is one of the most important stocks in US stock market , Share reduction in the first quarter 378 Ten thousand shares to 261.8 Thousands of stocks , Market value held at the end of the quarter 3.5 Billion dollars , Pinduoduo also fell from the first position of Jinglin assets to the second position .

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term


Qiaoshui is also reducing its holdings of Alibaba pinduoduo and Jingdong on a large scale

International well-known hedge fund Jinqiao Water Fund , In the first quarter, Alibaba pinduoduo and Jingdong also significantly reduced their holdings . As of the end of the first quarter , Bridgewater fund holds a large number of shares in the concept of the overall position direction for the reduction , Such as Alibaba, which is heavily held 、 A lot of spelling 、 JD.COM 、 Baidu and Weilai both reduced their holdings , These companies fluctuated a lot in the first quarter of this year , Jiacang Lujin Office 、 shell 、 New Oriental 、 Baiji, Shenzhou, etc .

 tumbling 40%! Three e-commerce companies 3 Trillions of ashes are gone , Ali is forced into a prisoner's dilemma 、 Destroy value ? 10 billion private equity stars : Vicious competition , Not in the short term


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