BAT 中國(guó)"網(wǎng)霸"的三國(guó)志

The listing of Alibaba in New York in Septembercreated the world’s second-largest internet companyby market capitalisation, behind Google. This did nothappen by accident. Of the top 10 internetcompanies in the world, ranked by market cap, threeare Chinese, and the rest are from the US.

9月，阿里巴巴(Alibaba)在紐約上市，成為以市值衡量的全球第二大互聯(lián)網(wǎng)公司，僅次于谷歌(Google)。這并非偶然。在市值最高的全球十大互聯(lián)網(wǎng)公司中，3家來(lái)自中國(guó)，其他則來(lái)自美國(guó)。

 

 

Together, Baidu, Alibaba and Tencent form what is know in China as “BAT”. These economicjuggernauts that have come to dominate the internet in China are operating almost along thelines of Japan’s keiretsu, which are alliances of businesses with similar interests or that haveshareholdings in one another. They are also rapidly branching out into offline sectors, such astransport, travel, retail and banking.

在中國(guó)，百度(Baidu)、阿里巴巴和騰訊(Tencent)被合稱為“BAT”。這些巨頭主宰了中國(guó)互聯(lián)網(wǎng)，它們的經(jīng)營(yíng)模式與日本的“經(jīng)連體系”(keiretsu)非常相似，后者是由利益相似或者互相控股的企業(yè)組成的聯(lián)盟。它們還迅速延展到線下行業(yè)，比如交通、旅游、零售和銀行業(yè)。

Whether the rapid growth of the Chinese internet is just a bubble or a stable trend is open toquestion. However, for the time being at least, BAT has become the nucleus of an internetindustry that is starting to rival the US, creating what is essentially a US-China duopoly. Thethree Chinese companies also benefit from what has become known as the “Great Firewall”, asmost of the top US companies, such as Google, Facebook and Twitter, are excluded fromoperating in China.

中國(guó)互聯(lián)網(wǎng)的飛速發(fā)展到底是泡沫，還是一種穩(wěn)定趨勢(shì)，還須拭目以待。然而，至少就目前來(lái)看，BAT已經(jīng)成為了中國(guó)互聯(lián)網(wǎng)行業(yè)的核心，而中國(guó)的互聯(lián)網(wǎng)行業(yè)已經(jīng)開始與美國(guó)相匹敵，基本上形成了一種中美雙頭壟斷的格局。這3家中國(guó)企業(yè)也受益于廣為人知的“長(zhǎng)城防火墻”(Great Firewall)。依靠這個(gè)防火墻，中國(guó)把美國(guó)的多數(shù)領(lǐng)頭企業(yè)，如谷歌、Facebook和Twitter拒之門外。

However, no Chinese internet company has yet made the leap from China to become a globalbrand. For now, it is enough for them be dominant in China, which had 632m internet usersas of June, 527m of whom go online using mobile devices. The potential of the forecastconsumption boom, as China moves from an investment-driven economy to a consumption-driven one, is enough to attract investments such as the $25bn sunk into Alibaba in its initialpublic offering, the largest ever.

然而，目前還沒(méi)有哪家中國(guó)互聯(lián)網(wǎng)企業(yè)跳出中國(guó)，成為一個(gè)全球品牌。目前來(lái)看，它們能在中國(guó)占據(jù)主導(dǎo)地位就足夠了。6月的數(shù)據(jù)顯示，中國(guó)有6.32億網(wǎng)民，其中5.27億網(wǎng)民使用移動(dòng)設(shè)備上網(wǎng)。隨著中國(guó)經(jīng)濟(jì)從投資驅(qū)動(dòng)型轉(zhuǎn)為消費(fèi)驅(qū)動(dòng)型，預(yù)計(jì)將出現(xiàn)的消費(fèi)熱潮蘊(yùn)含的潛力，足以吸引大筆投資，比如阿里巴巴在首次公開募股(IPO)中籌得250億美元，這也是目前規(guī)模最大的一次IPO。

The internet is the most dynamic part of China’s budding private sector, though it remainssolidly under the control of the state. Foreigners hold large shareholdings in Alibaba, Tencentand Baidu and dozens of other internet companies. But these stakes are largely theoretical atbest and owned via “variable interest entities”, or VIEs, which guarantee a payment streamfrom, but not ownership of, the licence-holding vehicles in China. These VIE’s are technicallyillegal, though Chinese courts turn a blind eye to the practice, and owners know their largeholding only exists thanks to the tacit consent of the state.

互聯(lián)網(wǎng)是中國(guó)嶄露頭角的私營(yíng)部門中最活躍的部分，盡管其依然處于國(guó)家的嚴(yán)密控制之下。外國(guó)投資者持有阿里巴巴、騰訊、百度及其他數(shù)十家互聯(lián)網(wǎng)企業(yè)的大量股份。但大體上，這些股份充其量不過(guò)是理論上的，是通過(guò)“可變利益實(shí)體”(variable interest entities, VIE)持有的，這保證持股人從持有許可證的中國(guó)企業(yè)那里得到支付流，但并不保證對(duì)企業(yè)的所有權(quán)。這些VIE理論上是違法的，但中國(guó)的法院對(duì)這種做法睜一只眼閉一只眼，而持股人也知道，他們持有的大量股份全都仰賴政府的默許。

Nimble private internet companies, able to dance circles around the inefficient state-ownedenterprises, have begun impromptu liberalising of whole sectors such as financial services.Alibaba’s fund company Yu’e Bao is China’s biggest online money market fund, with Rmb574bn($93.8bn) worth of assets

私營(yíng)互聯(lián)網(wǎng)企業(yè)非常靈活，能將低效的國(guó)企遠(yuǎn)遠(yuǎn)甩在后面。在并無(wú)事先謀劃的情況下，這些企業(yè)已經(jīng)開始在一些領(lǐng)域掀起整個(gè)行業(yè)的自由化，比如金融服務(wù)業(yè)。阿里巴巴的基金公司余額寶(Yu’e Bao)是中國(guó)最大的在線貨幣市場(chǎng)基金，資產(chǎn)總值達(dá)到5740億元人民幣(合938億美元)。

The internet is a phenomenal wealth generator. Five of the 10 richest men in China are techmoguls, up from none three years ago, according to the Hurun China Rich List, which trackswealthy individuals. In September, Alibaba founder Jack Ma joined the list in first place andbecame one of the wealthiest men in the world, with a 7.8 per cent stake in a $230bn company.

互聯(lián)網(wǎng)也制造了非凡的財(cái)富。根據(jù)追蹤富人的《胡潤(rùn)中國(guó)百富榜》(Hurun China Rich List)，中國(guó)最富有的10人中，5名是IT業(yè)大亨，而3年前他們還未能進(jìn)入榜單。9月，憑借在當(dāng)時(shí)市值2300億美元的公司中7.8%的持股，阿里巴巴創(chuàng)始人馬云(Jack Ma)一躍登上榜單首位，也成為全球最富裕的人之一。

Competition between internet companies is fierce, however. With the entire industry switchingfrom desktop devices to mobile ones, many companies risk being left behind if they don’t have a“killer app” that will act as a gateway for mobile users.

不過(guò)，互聯(lián)網(wǎng)企業(yè)之間的競(jìng)爭(zhēng)非常激烈。隨著整個(gè)互聯(lián)網(wǎng)行業(yè)從桌面設(shè)備轉(zhuǎn)至移動(dòng)設(shè)備，對(duì)許多企業(yè)來(lái)說(shuō)，如果他們沒(méi)有一款“殺手級(jí)應(yīng)用”，作為移動(dòng)用戶接入的通道的話，就有可能落在后面。

Alibaba has been searching for just such a feature to challenge the currently undisputedleadership of Tencent, whose WeChat instant messenger has 350m monthly users. WeChatand Tencent’s other messenger, QQ, are the two most popular mobile apps in China,according to iResearch, a Beijing-based internet research firm.

阿里巴巴一直在尋求推出這樣一款應(yīng)用，來(lái)挑戰(zhàn)目前騰訊無(wú)可爭(zhēng)議的領(lǐng)導(dǎo)地位，騰訊的即時(shí)消息應(yīng)用微信(WeChat)有3.5億月活躍用戶。根據(jù)北京互聯(lián)網(wǎng)咨詢公司艾瑞咨詢(iResearch)的數(shù)據(jù)，微信和騰訊旗下的另一款消息應(yīng)用QQ是中國(guó)最受歡迎的兩款移動(dòng)應(yīng)用。

In June, Alibaba bought UCWeb, a popular mobile browser company, and the two havedeveloped Shenme, a mobile search engine. They are also working with Quixey, a US-basedcompany in which Alibaba has invested, to design a mobile gateway using Quixey’s app searchengine. Francis Bea of PapayaMobile, a Chinese mobile technology company, says Alibaba isattempting to mirror Tencent’s success with WeChat. He says: “In as highly competitive amarket as China, there is potential for the mobile internet to disrupt established internetplayers if they don’t manage the transition from desktop to mobile.”

6月份，阿里巴巴收購(gòu)了人氣頗高的移動(dòng)瀏覽器公司UC優(yōu)視(UCWeb)，兩家公司已聯(lián)手開發(fā)移動(dòng)搜索引擎“神馬”。阿里巴巴還在與所投資的美國(guó)公司Quixey合作，擬利用Quixey的應(yīng)用搜索引擎，設(shè)計(jì)一個(gè)類似的移動(dòng)門戶應(yīng)用。中國(guó)移動(dòng)技術(shù)公司木瓜移動(dòng)(PapayaMobile)的弗朗西斯•貝亞(Francis Bea)表示，阿里巴巴試圖復(fù)制騰訊在微信上取得的成功。他說(shuō)：“在中國(guó)這樣高度競(jìng)爭(zhēng)性的市場(chǎng)，如果當(dāng)前已確立市場(chǎng)地位的互聯(lián)網(wǎng)企業(yè)不能處理好從桌面端到移動(dòng)端的轉(zhuǎn)移，移動(dòng)互聯(lián)網(wǎng)可能使它們陷入困境。”

Alibaba has spent an estimated $6bn-$8bn in the space of a year on full acquisitions of, orinvestments in, companies including mobile providers, chain stores, an internet TV company, amaker of electrical appliances, a movie producer, a digital broadcaster and a professionalChinese football team.

在僅一年之中，據(jù)估計(jì)阿里巴巴已經(jīng)花去60億到80億美元，對(duì)企業(yè)進(jìn)行全資收購(gòu)或者投資。這些企業(yè)包括移動(dòng)運(yùn)營(yíng)商、連鎖店、網(wǎng)絡(luò)電視公司、電子設(shè)備制造商、影視制作公司、數(shù)字電視臺(tái)，甚至還有一支中國(guó)職業(yè)足球隊(duì)。

While attention has focused on Alibaba’s acquisitions, Tencent and Baidu have been on similarspending sprees. Baidu is betting that its stake in Qunar, China’s top travel website by users,and mobile app store 91Wireless.com, will complement its popular search engine to carry itinto the mobile age. Tencent has taken a stake in JD.com, China’s second-largest ecommerceplatform, and mobile-friendly companies such as restaurant review site Dianping and SouthKorea’s CJ Games.

盡管人們的關(guān)注點(diǎn)集中在阿里巴巴的收購(gòu)上，但騰訊和百度也進(jìn)行了類似的大筆支出。百度投資了用戶數(shù)量最多的國(guó)內(nèi)旅行網(wǎng)站去哪兒(Qunar)和移動(dòng)應(yīng)用商店91無(wú)線(91 Wireless.com)，希望二者能與其廣受歡迎的搜索引擎相互補(bǔ)充，將其帶入移動(dòng)時(shí)代。騰訊則入股中國(guó)第二大電商平臺(tái)京東(JD.com)，以及一些適應(yīng)移動(dòng)時(shí)代的企業(yè)，如餐館點(diǎn)評(píng)網(wǎng)站大眾點(diǎn)評(píng)網(wǎng)(Dianping)和韓國(guó)游戲開發(fā)商CJ Games。