“ 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％.
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 .
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 .
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 .
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 .
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 .
This article is from China Fund News