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阿里巴巴收购实体零售商银泰商业
Alibaba steps up retail redraw with buyout bid

2017-1-11 13:50| 发布者: 小鱼儿| 查看: 196| 评论: 0

摘要: Alibaba took another step forward in its attempt to redraw China’s $4.5tn retail industry with a HK$19.8bn ($2.6bn) offer to take a leading domestic department store private.The Chinese ecommerce gro ...
Alibaba took another step forward in its attempt to redraw China’s $4.5tn retail industry with a HK$19.8bn ($2.6bn) offer to take a leading domestic department store private.

The Chinese ecommerce group aims to dismantle the division between online shopping and physical stores, using big data gleaned from shoppers’ browsing and buying to improve shop layout and enabling shoppers to order online via their smartphones and then pick up the goods in-store.

As part of these efforts to blur the lines, Alibaba is now looking to buy out Hong Kong-listed department store and mall operator Intime Retail, in which it took a minority stake in 2014. It also owns a 20 per cent stake in electronics retailer Sunning, bought for $4.6bn in August 2015, and has a joint venture with appliance maker Haier.

“We are seeing malls increasingly hollowing out,” said Duncan Clarke, chairman of consultancy BDA. “There are real headwinds now for traditional retail so [for Intime] this is a defensive move.” For Alibaba, he added, the logic was “a bit underwhelming”.

Alibaba Investment, a subsidiary of the New York-listed group, said yesterday that it will team up with Intime’s founder Shen Guo Jun, to buy and cancel the shares it does not already own by way of a scheme of arrangement.

The offer represents a 42.3 per cent premium to Intime’s last close of HK$7.03, before the trading in the stock was suspended on December 28.

Alibaba owns 27.8 per cent of the issued share capital of Intime, while Mr Shen holds 9.2 per cent. Under the proposed transaction, Alibaba would become Intime’s controlling shareholder, with a stake of about 74 per cent.

Alibaba bought its initial Intime stake in March 2014, investing over $600m in its shares and a convertible bond.

The deal raised a few eyebrows at the time given the waning appeal of listed bricks-and-mortar retailers both in China and globally. But the move was designed to boost online-to-offline business, for instance by allowing shoppers to use Alibaba’s ewallet in Intime’s department stores. Alibaba’s Tmall customers were also given the option to buy from Intime’s inventory and to pick up online orders in-store.

Intime operates 29 department stores and 17 shopping malls, mainly in first and second-tier cities in China.

Alibaba said the transaction reflected its strategy to transform traditional retail by leveraging its “substantial consumer reach” and access to data and technology. “Alibaba is working with offline retailers to transform conventional approach, create new consumer shopping experience and use actions to embrace future opportunities under the new retail model,” the company said.

阿里巴巴(Alibaba)朝着重构中国4.5万亿美元零售行业的方向又迈出了一步,计划将国内一家领先的百货店运营商私有化,交易金额达198亿港元(合26亿美元)。

这家中国电商集团希望消除在线购物与实体店购物之间的区隔,利用从顾客浏览和购买行为中收集的大数据改善店铺陈列,让顾客能够通过智能手机在网上订购商品,然后在实体商店取货。

作为模糊线上与线下界限的整体努力的一部分,阿里巴巴将整体收购在香港上市的百货店和购物中心运营商银泰商业(Intime Retail)。阿里巴巴在2014年就持有银泰商业少数股权,还在2015年8月以46亿美元买入电器零售商苏宁(Sunning)的20%股权,并与家电制造商海尔(Haier)组建了一家合资公司。

“我们看到商场越来越冷清,”北京博达克咨询公司(BDA China)的董事长邓肯?克拉克(Duncan Clark)表示,“传统零售业现在确实面临逆境,因此(对于银泰而言)这是一个防御动作。”他补充称,对于阿里巴巴而言,其中的逻辑“不太令人信服”。

阿里巴巴子公司阿里巴巴投资(Alibaba Investment)昨日表示,将联合银泰创始人沈国军,通过协议安排收购并注销阿里巴巴目前未持有的股份。阿里巴巴在纽约上市。

收购出价较银泰停牌前最后一个交易日的收盘价每股7.03港元溢价42.3%,该股于去年12月28日停牌。

目前阿里巴巴持有银泰已发行股本的27.8%,沈国军持有9.2%。根据拟议交易,阿里巴巴将成为银泰的控股股东,持有约74%股权。

阿里巴巴最早在2014年3月购入银泰股权,投资逾6亿美元购入股份以及可转换债券。

鉴于如今上市实体零售商不管在国内还是国际上吸引力都在下降,这笔私有化交易令一些人困惑。但此举旨在促进线上与线下融合业务,例如让顾客可以在银泰百货商店使用阿里巴巴的电子钱包支付。阿里巴巴的天猫(Tmall)用户也可以在线上购买银泰库存商品,然后在实体店提货。

银泰运营着29家百货商店和17家购物中心,主要分布在中国的一线和二线城市。

阿里巴巴表示:“建议交易反映阿里巴巴集团以其庞大的消费者群体、丰富的大数据及技术帮助常规零售业转型的战略。”该公司表示:“阿里巴巴集团正与线下零售商共同重构传统业态,创新用户消费体验,用实际行动拥抱新零售所带来的长期发展机遇。”

译者/梁艳裳


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