Towards A 21st Century Retirement System

Poll after poll suggests that working Americans are deeply concerned about their future retirement income, and a recent analysis conducted by the Center for Retirement Research at Boston College suggests that those fears are well founded. The retirement income deficit–the difference between what Americans (ages 32-64) have set aside for retirement and what they should have set aside at this time in their lives—is a staggering $6.6 trillion.  On average, that works out to a retirement deficit of about $90,000 per American household.

The flip side of the retirement income deficit is that retirement savings has not been generating the kind of aggregate national savings that we need to finance capital expansion and economic growth.  For the moment, that’s not a problem: economists are more concerned about expanding spending than savings. But in the long term, countries need high rates of saving to maintain prosperity, and the U.S. is no exception.

Meanwhile, our current patchwork system of retirement plans is falling apart at the seams. Pension coverage has been declining for decades and the “do-it-yourself” approach embodied in many 401(k) plans is a demonstrated failure. Too many workers are withdrawing money from their already depressed 401(k) balances to cover the cost of college education and other household needs, while high administrative costs and poor investment decisions are eroding the returns of those have tried diligently to save for retirement.

So where do we begin in designing a 21st century retirement system for American workers?  We should start with three overarching goals–universal coverage, adequacy, and security—and recognize that we have a long ways to go.

Presently, only about half of the private workforce is enrolled in an employer-sponsored retirement plan, and only one out of five have a traditional pension.

Even before the Great Recession, it was evident that our excessive reliance on individual retirement accounts was not working.  In 2007, just half of all families had an IRA or a 401(k)-type retirement plan and the median level of savings was just $45,000.  It’s no wonder that half of American households are headed towards an inadequately funded retirement.

Other countries, however, have faced similar challenges.  In Australia a national “superannuation” program was introduced in 1992 by the Labor government.  Employers were required to contribute 3 percent of payroll.  At the outset, the plan was strongly opposed by small businesses, but ten years later, employers were contributing 9 percent, and the program was a widely applauded success. By 2006 Australian workers had more money invested in managed funds per capita than workers in any other country. The impact on the economy?  Between 1994 and 2004, Australia’s per capita GDP increased by an impressive 2.5 percent a year, significantly faster than 1.7 percent pace recorded between 1984 and 1994.

In the Netherlands, employers have developed a popular new “collective defined contribution plan,” a hybrid of the traditional pension plan and defined contribution plans. Designed to minimize the risks borne by businesses, the employer has a fixed contribution and no additional obligations if the plan should be come underfunded. Employees receive an annual notice outlining what benefits they have accrued and what benefits they will receive if they continue working to age 65.

Neither of these approaches is perfect.  The Australian superannuation system does not pay an annuitized benefit; it pays a lump sum.  As a result, some retirees outlive their benefits.  The Netherlands approach, on the other hand, does not guarantee benefits; when the stock market declines, benefits can be reduced.  Both, however, have boosted national savings and increased retirement security.  Both countries opted for a better approach to retirement security, and so should we.

In designing a system for the United States, we should begin by recognizing the need for shared responsibility.  Employers, employees and government should all have a role.  Retirement USA, a coalition of organizations representing workers and retirees, has rallied around that approach.  The group argues, and rightly so, that employers and employees should both contribute, and that government should subsidize the contributions of lower-income workers.  They propose that contributions be pooled and professionally managed to ensure greater adequacy and security for the workers who need it most.  They also recommend that benefits should be portable and the whole system professionally managed.  These are principles worth building upon.

More than anything, what we need today is bold thinking.  Seventy-five years ago, in the midst of the Great Depression, we created a Social Security system that has evolved into the most successful anti-poverty program ever devised.  Today, we have an opportunity to create a whole new approach to retirement security, one that will serve the interests of both workers and the economy.  The polls suggest that voters are eager and ready for such a new direction; what’s lacking is the political vision and leadership.

This blog entry was written by Robert Walker who formerly served as Legislative Counsel for AARP and presently is a consultant to the Pension Rights Center.  This blog entry is cross-posted on



Tencent: How to Make 53 billion acquisition of predators in the Internet arena in the past Tencent 'imitation, plagiarism' well-known, arouses angry, arouses hate; now Tencent 'investments, acquisitions,' known to be a compliment, to be praised. In 2010 the Chinese Internet industry sensation '3Q war', the Tencent gradually abandoned the 'imitation, closed,' and replace it with 'hatch open' strategy, after Tencent generous foreign mergers and acquisitions, is such a strategic transformation embodied. New wealth statistics show that since listing Tencent, foreign mergers and acquisitions investment spending accumulated more than 53 billion yuan, the report has a total investment of more than 80 subject matter disclosed, almost throughout the various segments of the Internet, but the project has not been disclosed earlier more is several times this number. This investment of more than 53 billion yuan of expenditures, up to 98% occurred in the '3Q war' after 2010. In many domestic enterprises to go struggling, when defeated, Tencent has already overseas acquisitions across three continents Asia, Europe and the United States dozens of countries and regions, initially laid the foundation for globalization. In the form of equity investment, Tencent continue to nurture the upstream and downstream industry chain, to build a QQ and micro letter to the core foundation platform, a comprehensive open Internet ecosystem. Ali Tencent in mergers and acquisitions in the field of 'arms race' is in full swing. June 27, 2014, Tencent (00700.HK) announced that a strategic investment agreement with 58 city (WUBA. NYSE), will invest 736 million US dollars (about 4.563 billion yuan) to subscribe for 58 city issued shares, trading After completing Tencent will hold 19.9% ​​stake. This is Tencent big acquisitions in recent years, the most recent example, the first six of its stake in a listed company since 2014, also. Opinion, whether it is looks elegant and polite, 'Ma Ying-jeou,' or naive cartoon penguin, are unable to conceal the Internet giant Tencent as a sturdy and fierce. In fact, Tencent's M \u0026 A action, in most of the time are carried out quietly, except for a few active or passive exposure, the more is done in sneak. No rhetoric, no havoc, but Tencent in the field of mergers and acquisitions efforts to conquer new territories, no less than the high-profile Ali. Predators sneak though ho throw 53.7 billion acquisition of Tencent is a listed company, but its foreign investment and merger, but the whole picture is not known to the outside world. Because in most cases, its mergers and acquisitions, and did not touch the 'upper limit' HKEx mandatory disclosure. For a capital transaction whether HKEx require immediate disclosure, there is a '5% rule', namely: 1) 5% of the assets to total assets of the transaction; profitability 2) trading assets, accounting for 5% of the total profits; 3) The ability to generate income trading assets, accounting for 5% of the total revenue; for the price 4) trading assets, accounting for 5% of the total market capitalization; the number of shares 5) Trading assets involved accounted for 5% of the total number of shares; more than five as long as one is in any transaction must force disclosure. Tencent large body mass, allowed acquisition targets appear to be relatively 'small', which rarely touch '5 percent rule,' the. In fact, Tencent acquisitions carried out in the past, only to Jingdong (JD.NSDQ) of shares, because the reach of the '5 percent rule' to become the transaction is subject to mandatory disclosure. For many did not touch the deal '5% rule', and Tencent few large amount of mergers and acquisitions have also been voluntary disclosure, such as China South City (01668.HK), Locke (LEJU.NYSE), 58 city and other listed companies The shares trade, as well as unlisted companies Sogou, public comments, and other South Korean CJ Game shares trading. And even annual report, Tencent investment details for mergers and acquisitions this year, only selective disclosure, disclosure did not do it one by one. For this reason, Tencent years of investment Air Jordan 17 and merger details, the outside world has always been a mystery. Tencent predators cumulative foreign investment M \u0026 A geometric what cost? Summary statistics new wealth over the years to Tencent earnings data show that since its listing, foreign mergers and acquisitions investment spending increasing year by year trend, and reached a total of 53.707 billion yuan huge. Statistics show that in 2010 foreign investment acquisitions Tencent watershed. Prior to its acquisition spending no more than $ 400 million a year (Tencent went public expenditure in the year 2004 is zero), but since 2010, its acquisition expenses directly enhance a magnitude reached 3.2 billion yuan, and Since then soared, until the first half of 2014, which is the high throw 29.5 billion yuan (Figure 1). On this basis, the cumulative investment of 53.7 billion yuan, the amount before 2010 accounted for only 2% of the total, while the proportion of the total amount after 2010 up to 98%. Why 2010 will be the turning point Tencent acquisitions? For a long period of time, Tencent all products tend to self-development. Ever since, the Internet industry event of an innovative product, Tencent will follow the development of similar features rear passage of time will carry a 'plagiarism' notoriety. However, even if Tencent many enemies, many in the media industry in addition to denounce Tencent, it has not disclosed its people dare to challenge. Until 2010, the rivers and lakes known as the 'red leader' Zhou founder of Qihoo 360, the sturdy stand out with Tencent open war, the Chinese Internet industry sensation '3Q war' erupted. '3Q war' though eventually the Ministry intervened to mediate in the end, but to bring the matter to Tencent profound reflection. After the '3Q war', Tencent gradually abandoned the 'imitation, closed,' and replace it with 'hatch open' strategy. Thereafter generous foreign mergers and acquisitions, is the concrete manifestation of this strategic transformation. In the Internet arena, the Tencent's image and therefore reversed. Tencent past 'imitation, plagiarism' famous, arouses angry, arouses hate; now Tencent 'investments, acquisitions,' known to be exaggerated, was praised. Cost of 53.7 billion yuan, Tencent invested a total of how many items? Sort of new wealth for the calendar year since the annual report data showed Tencent listed, Tencent total investment amount of the underlying over 80 (Table 1). But what is certain is that the cumulative number of Tencent's acquisition to be many times more. Because even in Tencent's annual report, nor the disclosure of all mergers and acquisitions each year. For example, fast and easy, happy, Gao Peng net acquisition amount is not small cases, Tencent in the annual report also did not disclose the specific name directly, while the number of start-up phase of the project is completely disappeared in the annual report. Category Distribution: gradually eroded, full penetration of the history of Tencent investment mergers and acquisitions, expansion is almost equal to its history. Sub-sector projects involving mergers and acquisitions over the years Tencent disclosed in the annual report according to the new found wealth comb summary, limited areas of mergers and acquisitions involved early Tencent, more to the latter its investment layout increasingly decentralized, almost Jie various sub-sectors of the Internet to encroach ( Table 2). Meso Tencent investment mergers track at different times in different sub-sectors of the Lazi, reflecting its strategic layout in the four major characteristics. Features a: 2010 M \u0026 A layout of the watershed. 2010 was a watershed event Tencent amount of foreign investment, is also a watershed in its investment scope. Prior to 2009, M \u0026 A activity due Tencent quite limited, involving only five sub-sectors, of which the most important acquisitions focused on online games and value-added telecom services both fields. And since 2010, Tencent's rapid increase in M ​​\u0026 A, investment increasingly wide range Lazi up to 23 sub-sectors, almost all branches of the Internet for a full range of coverage. Characteristics II: acquisition of online games always adhere to. In 2005, when the first public Tencent merger, the acquisition of Shenzhen Domain Network, GoPets Ltd. Korea, are all the game companies. Since then, Tencent's foreign acquisitions, no matter how seemingly scattered Lazi, but its annual acquisition of online games, rain or shine, unshakeable, we can see the importance of the game business for Tencent. To some extent, Tencent even be called a game company, its 2013 turnover of 60.437 billion yuan, the online game business accounted for more than half. Features three: abandon added telecom services in mergers and acquisitions. Tencent early in mergers and acquisitions, in addition to online games, another important area is the value-added telecom services, commonly known as SP business. 2006, Tencent acquired two companies SP: Nanjing network Code Technology, Beijing decoding, in 2007 the company acquired two Beijing SP: INCA will become, hands star world, then under the Twins in 2008, won the Guangzhou-News and Tianjin in the hands of the World Wide Web. This six companies are all 100% full acquisition, but halted after Tencent acquired in SP areas. Tencent stop in this area and national policies. Since the SP's brutal early growth of nike dunk heels mobile phone users for various trap type SP business is inexplicable deduct a lot of calls. Since 2006, the Ministry of Information Industry to rectify the SP industry, SP trap marketing industry brings windfall gradually subsided, Tencent naturally give up M \u0026 A activity in this area. Four characteristics: gradually increase the acquisition efforts commerce and mobile terminals. Since 2011, Tencent in the field of e-commerce and mobile software M \u0026 A action Jieyou year. E-commerce, Tencent in 2011 were the acquisition of a stake in the electricity supplier website fast and easy, good music to buy, Gao Peng et al., 2012 shares of five hundred city, further holding the Yi Xun, 2013 acquisition of US electricity supplier company Fab 2014 strategic stake in Jingdong, the public comment network. Mobile terminal, Tencent in 2011 were the acquisition of magic music software, brush and other masters, in 2012 acquired the maple mobile browser, Brush elves, music frog science and technology, in 2013 a stake drops taxi, Taijie software, 2014 invested an online map NavInfo listed companies (002,405). In the field of e-commerce and mobile software successive acquisitions, showing Tencent strategic emphasis in these two areas, Tencent future business growth will largely rely on the integration of e-commerce and mobile terminals. Geographical distribution: out of the country, across Asia, Europe and the United States three continents March 26, 2014, Tencent announced plans to $ 500 million acquisition of South Korea CJ E \u0026 amp; M's game company CJ Games 28% stake and become its third-largest shareholders. This is by far the largest single overseas acquisitions Tencent performed. As early as 2005, Tencent has already begun 'sea' ice-breaking trip, until now, Tencent has over Papua footprint overseas acquisitions in Europe and America dozens of countries and regions, with a total cost of about $ 1.84 billion (Figure 2). South Korea is the focus of overseas acquisitions Tencent, which before and after the acquisition of up to 11 targets, costing a total more than 600 million US dollars. In addition to the first overseas acquisition target pile aforementioned CJ Games, in fact, carried out by 2005 Tencent is South Korean online game developer GoPets Ltd .. In addition to South Korea, the United States is another important area Tencent acquisition targets. 2011-2013, Tencent has acquired gaming company Riot Game and Epic Games are 92.78%, 48.4% stake, as well as a stake in the electricity supplier Fab, with a total cost of approximately $ 780 million. Tencent acquisitions in Southeast Asia, in addition to South Korea, mainly in Vietnam, Thailand, India, Singapore, Hong Kong, China and other countries and regions. Tencent deals involving an amount in the region is relatively small, the amount of the highest 67% stake in Singapore in 2012 acquired game company Level Up, involving funding of more than $ 56 million. In addition, Tencent invested $ 300 million in 2010, shares of Russia's largest social networking site (MAIL.LONDON), won 10.3 percent stake in the company (after listed Tencent stake was diluted to 7.56%), which Tencent largest single equity investment in Europe completed. Tencent's overseas M \u0026 A exhibit two distinct characteristics: the main games and related transactions with the parent company. Features one: the main overseas acquisitions in gaming. New wealth to incomplete statistics, Tencent total game-related mergers and acquisitions completed in overseas about $ 1.43 billion, accounting for over 75% of the total amount of overseas mergers and acquisitions, and the subject matter is concentrated in South Korea and the United States. Tencent in 11 acquisitions carried out in Korea, full game-related, including 10 directly to the game company subject, remaining a venture fund is game-related; and its shares in the United States six companies, including five for the game company , one for the electricity supplier companies. In addition, Tencent in Vietnam and Europe also has a small part of the mergers and acquisitions involving games category. Features two: a large number of overseas mergers and acquisitions involving related party transactions. In addition to South Korea South-East Asia and even the South African Naspers acquisition of its controlling shareholder companies in Europe, conducted by Tencent has a close relationship. Naspers is nearly century-old South African media giant, the new century, its wide distribution throughout the emerging Internet market, the trail extends from the African continent to Western and Eastern Europe, South America, Southeast Asian countries, including through its wholly owned subsidiary, MIH held Tencent 33.81% stake. Coincidentally, non-gaming areas of mergers and acquisitions overseas in Tencent, Naspers related basic and major shareholders, which reflects its reliance on non-game overseas mergers and acquisitions of large shareholders. For example, cost $ 300 million Tencent shares of, Tencent shares before holding Naspers already nearly 40% stake in the company; for instance, acquired 49.92% stake in Tencent portal Sanook Thailand, namely the hands of the transferee from Naspers come; another example, a 50% stake in Tencent acquired MIH India, the original is a wholly owned subsidiary of Naspers. Even Tencent acquired 67% stake in the holding company of Singapore Games Level Up, a wholly owned subsidiary of Naspers had also. M features: the whole industry chain investment, few exits as an industry investor, Tencent acquisition must be quite different from the style of financial investors. Tencent acquisition target for choice, are standing in the industry chain strategic synergy perspective, focusing on the right to seek control, and the future does not intend to carry out financial exit. After some key acquisitions for the subject, Tencent can even afford to acquire huge loss in the short term. Industrial chain investment, strategic control of the whole industry chain Tencent investment characteristics, presented in the game was the most obvious areas. Up to now, Tencent has created a three game operation platform - casual gaming platform, competitive gaming platforms and mobile gaming platform, can be said to be a master in the field of domestic online games. In the domestic online games market, Tencent's share accounted for half of revenue of more than Netease, surf, grand, perfect, giants and other giants combined. Relying on its strong position as a game operator Tencent independent research and development of the game, it is also the upstream and downstream industry chain game a lot of mergers and acquisitions (Table 3). As early as 2005, namely a stake in Tencent's online game development Shenzhen Domain, the company has become with independent 2D, 3D game engine technology and intellectual Nike Air Force 1 property rights Air Jordan 10 of China one of the few companies. In the same year, Tencent go abroad, it acquired a minority stake in South Korean online game developer GoPets Ltd. of. Several landmark game industry chain acquisitions Tencent carried out occurred in the Republic of Korea and the United States. In 2010, Tencent joint venture fund Capstone Partners, invested in South Korea packed seven game development companies, a total of nearly 100 million yuan, including Tencent agents operating 'QQ Wonderland' R \u0026 D company Next Play. In 2011, Tencent approximately $ 400 million of the total cost of the acquisition of US game developer Riot Games 92.78% stake in the company. Prior to 2009, Tencent company has 7.5% stake in Riot Games, and won the company swept the world after only an online game 'Heroes Union' China's exclusive rights. Tencent not satisfied with the acquisition of upstream game developers, but the acquisition of game development further upstream - the game engine companies. 2012, Tencent cost about $ 330 million, won 48.4 percent stake in US company Epic Games, and won board seats accordingly. The company as the world's leading online game company, which developed the Unreal 3 game engine, the world of online game development company countless adopted by customers including almost all the major game developers in the world, such as Microsoft, Sony, EA, THQ, NCSoft , Webzen, etc. In addition to the upper reaches of game development and game engine, Tencent acquisition also simultaneously downstream - assisted extension games and game channels. For example, in 2012 through the acquisition of Level Up, mastered Brazil, the Philippines and the United States part of the game distribution channels; the same year the company acquired ZAM, is a well-known game plug communities. Hand travel outside the traditional end of the field trip, Tencent is also the whole industry chain acquisitions. For example, in 2014 cost $ 500 million stake in South Korea's CJ E \u0026 amp; M's game company CJ Games, is the leading developer of mobile games, the development of the game had long been among the forefront of South Korea's major charts, currently in the micro-channel and Tencent QQ platform running on the phone 'every rich', 'National bang bang bang,' that from the company's hands. Moreover, in the acquisition transaction, CJ Games will merge CJ E \u0026 amp; M's game publishing division Netmarble, Tencent self-developed mobile games in the future can be through this channel into the Korean market. In addition, Tencent 2012 acquisition of Korea Kakao Corp, channels for mobile games distributor. In fact, the whole industry chain acquisitions Tencent is not only reflected in the game field. Since 2010, its acquisition of the field of electronic business and mobile Internet field, basically round attack, the whole industry chain layout. Holdings in stages, few exits to the subject of many acquisitions, Tencent ultimately phased eroded, until ultimately controlling even wholly-owned acquisitions. In the game, Tencent in 2005 acquired a 19.9% ​​stake in Shenzhen Domain, in 2007 to further increase to 60% in 2010 to acquire its wholly-owned. In 2005, Tencent stake in South Korean mobile games GoPets Ltd. 8.33% stake in the company, and in 2006 to further increase to 16.9%. In 2008, Tencent acquired the Vietnam game VinaGame 20.2% stake in the company, in 2009 to further increase to 22.34%. In 2009, the US gaming company Tencent Riot Games 7.5% equity holdings to 22.34% in 2010, in 2011 acquired a further 92.78%. In 2012, Tencent acquired Level Up 49% stake, and later holdings to 67%. In the field of electronic business, Tencent in 2011 acquired a 21.7% stake Yi Xun, 2012 to further increase to 58%. In the mobile Internet field, Tencent also several consecutive drops taxi additional investment. Moreover, for some Indian Internet company Tencent and a venture capital fund (Tencent did not disclose the specific name), also adopted a stepwise manner holdings. Although Tencent carried out a large number of mergers and acquisitions, but few have quit the case. So far, quit gaming company Beijing roaming the valley is the only case (to get the go fast and easy replacement of the equity stake in Jingdong is not quit easy fast). August 2010, Tencent acquired a 50% interest in the roaming valley, and in November 2011 to further increase to 65.79% (annual disclosure Tencent is calculated on a fully diluted 62.5%), the total acquisition cost of paying for 7.64 billion. October 2012, Brilliant communication (600 880) today announced the acquisition of Beijing twice 100% stake in roaming Valley (first 70%, 30% after), the acquisition amount was 1.036 billion yuan and 432 million yuan, Tencent shares held also twice were transferred 46.05% and 19.74%. On this basis, Tencent roaming Valley project total cash of about 952 million yuan, compared with its original total cost of acquisition of a premium of about 188 million yuan. Focusing on training, and even to accept the loss of mergers and acquisitions industry investor can not simply count the financial account, Tencent is also true. Sometimes some minor acquisitions in the future, but played a very important strategic role. 2005 Tencent acquisition Foxmail, although only spent less than 16 million yuan, the project itself Air Jordan XX8 in the future also did not bring to Tencent actual financial income, but the parent Foxmail Zhang Xiaolong led the team, but in a few years developed Tencent currently dominate the mobile Internet field weapons - micro letter. This acquisition clearly can not account specific financial indicators to measure, and who would have thought that only 16 million yuan will be able to 'buy' a micro letter back? Through the acquisition of a similar project to cultivate more than a micro-channel. Shenzhen Domain Tencent 2005 acquisition of the first online games company, the acquisition cost of a total of about 290 million yuan, the representative of the domain was acquired after the 2007 launch of the 'QQ Huaxia.' In 2011, Shenzhen Domain transformed into 'the speed of light studio', it has become one of Tencent games since the eight research studio and shoulder Tencent swim swim from the end to hand the expansion of the task. The micro-channel gaming platform became a hit 'National Aircraft War' that comes from the hands of the team, also including 'Rhythm Master', 'national spirit' and 'National Town' and so on. When in February 2011, Tencent cost of $ 400 million (about 2.443 billion yuan) acquisition of US game company Riot Games 92.78% stake in the company only a 3D online game 'Heroes Union' is still in the research and development into, so when Tencent brought up the huge loss of 821 million yuan. But after September 2011, 'Heroes Union' launch, gamers rapid growth and entered a rapid development period in 2013. According to online transactions SuperData disclosure, 'Heroes Union' in 2013 revenues of $ 624 million, ranking second in the world's game revenue chart. Tencent also highlighted in its annual report in 2013, 'we also significantly benefit from the' 'to increase the contribution of the international market,' Heroes Union. January 2014 according to the latest official data, 'Heroes Union' while online has exceeded 750 million, more than the 'World of Warcraft', the maximum concurrent users, setting a record. Tencent acquisition, either directly as revenue-generating services, while others are specifically acquired as a cost center - service for the user experience. In 2010, cost 293 million yuan Tencent wholly acquired software company Comsenz community, then just bring 4.757 million yuan acquisition of income for Tencent, but the loss of up to 11.122 million yuan. M \u0026 upgrade: invasion of listed companies in addition to investment in start-ups, since 2010, Tencent tentacles start toward mergers and acquisitions of listed or listed companies, mergers and acquisitions over the subject of the Shanghai and Shenzhen, Hong Kong, the United States, four London capital markets. Up to now, Tencent total stake of 13 listed companies, with a total market value of listed companies amounting to more than 504.7 billion yuan, about half of Tencent's own market capitalization. Tencent stake in this 13 Nike Shoes listed companies for a total consideration of approximately 29.7 billion yuan, while the total market value of about 70 billion yuan shares, 2.36 times book return (Table 4). Tencent first shot of listed companies in 2010 invested $ 300 million investment in London-listed Russian social website, but this is actually a Pre-IPO before the company listed investments. Tencent has been able to stake in Russia's largest social networking site, mainly because Tencent has been the major shareholder of the South African Naspers shares first, Tencent be with the cast. In 2011 the first wave of large-scale Tencent shares of listed companies, a series of shares of eLong (LONG. NSDQ) within one year, Kingsoft (03888.HK), Huayi Brothers (300027), Media Asia (08075.HK), cis Network Technology (300113) 5 listed companies; 2012-2013, Tencent pace a little pause, only shares of Chinese culture propagation (01060.HK), a listed company; in 2014, perhaps in a close fight Ali offensive under M \u0026 A , mergers and acquisitions of listed companies Tencent rapid speed, has shares within six months (or additional investment) Jingdong, Locke, south China city, cheetahs move, NavInfo, 58 city six listed companies. Tencent shares of listed companies, in addition to Media Asia, others are recorded in the book surplus, now undoubtedly the highest multiple of book return cheetah mobile (CMCM. NYSE). August 2011, Air Jordan 7 Retro Tencent first investment to move predecessor cheetah Jinshan network $ 20 million to obtain a 10% stake in June 2013 and an additional investment of $ 47 million will increase its stake to 18%. May 2014, the network changed its name to Jinshan cheetah moved to the United States and completed IPO, IPO Tencent cheetah moving again invested $ 20 million to participate in the subscription. Tencent total cumulative investment in mobile cheetah equivalent 544 million yuan, currently holds 16.99% stake in the current market value of these shares amounting to 29.05 billion yuan, 5.34 times book return. The investment in Jingdong, it is currently the highest amount of return on book value. Jingdong IPO on the eve of Tencent on March 10, 2014 announced Jingdong strategic investments to $ 214.7 million net cash + pat all of the assets of all equity + QQ online shopping the entire share capital + easy fast logistics, Jingdong exchange newly issued shares of 351,700,000 stock, accounting for 15% of the enlarged share capital after Jingdong. Tencent after 2014 a quarterly disclosure further that the shares Jingdong cash + assets for a total consideration of 8.798 billion yuan. May 21, 2014, when Jingdong IPO prospectus, the Tencent spend $ 1,311,000,000 (equivalent to 8.13 billion yuan) to buy Jingdong 138 million shares again, it stake in Jingdong further raised to 17.9%. On this basis, Tencent twice to subscribe for shares for a total consideration of up to 16.928 billion yuan Jingdong, Jingdong total market capitalization of $ 39.8 billion, equivalent to 246.76 billion yuan, holding 17.9% of the Tencent market capitalization of 44.17 billion yuan, the book floating profit up 27.242 billion yuan, 2.61 times return. Tencent shares of listed companies, basically as a strategic long-term investment holdings, including Tencent forced to choose only one exit. January 2012, Tencent to HK $ 248 million (about 202 million yuan) to subscribe for the spread of cultural China issued 619 million new shares, representing 8% of shares. After the shares, the company Tencent get a board seat. But in the March 12, 2014, Chinese culture spread by 'Tencent concept stocks' transformed into 'Ali concept stocks' - Ali contribute HK $ 6.244 billion (equivalent to 4.995 billion yuan) to subscribe for new shares of the company, accounting for 60% of the enlarged share capital after . Because Ali's shares, Tencent stake in the spread of Chinese culture was diluted to 3.16% from 8%. Ali entered the dissemination of Chinese culture after, Tencent decided to withdraw from the company, so the continued reduction of the company's stock has been basically completed the reduction. Whether the investment or entrepreneurial enterprises listed companies, Tencent to acquisitions as a means to continue to nurture the upstream and downstream industry chain, went straight to the 'QQ and micro letter to the core foundation platform, a comprehensive open Internet ecosystem,' the ultimate goal. Source: New Fortune Author: Su Longfei

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