阿里巴巴洽談收購餓了麼

Alibaba is in talks to acquire in a deal that could value the online food delivery start-up at up to $9.5bn as China’s tech titans battle it out for dominance of the sector.

阿里巴巴(Alibaba)正在洽談收購“餓了麼”()，對這家在線送餐初創企業的估值可能高達95億美元。目前中國科技巨頭正在爭奪行業主導地位。

Alibaba and rival Tencent, each with an equity value of more than $500bn, have kicked off the year with aggressive buying sprees as they take each other on in ecommerce, payments, food delivery and other services.

進入2018年以來，阿里巴巴和競爭對手騰訊(Tencent)大張旗鼓地掀起收購熱潮。這兩家股權價值均超過5000億美元的巨擘在電子商務、支付、外賣和其他服務方面相互角力。

While they began life with clearly defined turfs — Alibaba in ecommerce and Tencent in social media — both are evolving into tech conglomerates dominating many aspects of life, some of which have been ceded by traditional companies.

儘管它們在起步階段都有明確定位（阿里巴巴開展電子商務，騰訊經營社交媒體），但兩家都在演變爲科技綜合企業集團，主宰人們生活的衆多方面，其中一些方面是傳統企業讓出的。

Food delivery is a case in point. China’s food delivery market was valued at Rmb204.6bn ($32.5bn) in 2017, according to the China Cuisine Association, an industry group.

外賣就是一個典型的例子。根據中國烹飪協會(China Cuisine Association)的數據，2017年中國在線外賣市場規模爲2046億元人民幣（合325億美元）。

Alibaba and its payments affiliate Ant Financial already own 40 per cent of but are looking to buy the remaining 60 per cent from existing investors including Baidu, according to people familiar with the matter.

據知情人士透露，阿里巴巴及其支付關聯公司螞蟻金服(Ant Financial)已經擁有餓了麼40%股份，但正在尋求從百度(Baidu)等現有投資者手中買下其餘的60%股份。

Recent Chinese media reports have suggested a deal could value the food delivery app at up to $9.5bn. was valued at $5.5bn at its last funding round in August 2015, according to CBInsights.

中國媒體近日報道提出，該交易對這款送餐應用的估值可能達到95億美元。CBInsights的數據顯示，餓了麼在2015年8月進行的上一輪融資中的估值爲55億美元。

currently accounts for 48.8 per cent of the online food delivery market in China, closely followed by Meituan with 43.1 per cent, according to Analysys International.

根據易觀國際(Analysys International)的數據，餓了麼目前佔中國在線外賣市場的48.8%，緊隨其後的是美團(Meituan)，佔43.1%。

Should the deal go through, Alibaba would become one of the country’s largest players in food delivery, rivalled only by online-to-offline services platform Meituan-Dianping, which is backed by Tencent. Meituan-Dianping was valued at $30bn in its latest funding round last year.

如果這筆交易完成，阿里巴巴將成爲中國外賣行業最大的提供商之一，只有騰訊支持的線上到線下(O2O)服務平臺美團點評(Meituan-Dianping)能與其爭鋒。美團點評在去年進行的最新一輪融資中估值達到300億美元。

Alibaba and Baidu declined to comment on the negotiations.

阿里巴巴和百度拒絕對相關談判置評。

, a play on the Chinese phrase for “hungry yet?”, has emerged as one of the biggest food delivery players in China since it was founded in 2008.

自2008年成立以來，餓了麼已崛起爲中國最大送餐提供商之一。

For Baidu, the third of China’s big internet players, the deal would mean an exit from another services sector as it focuses on developing emerging technologies in artificial intelligence and autonomous driving.

對百度來說，這筆交易意味着從又一個服務行業退出。這家中國第三大互聯網公司正專注於開發人工智能和自主駕駛領域的新興技術。

While fits into Alibaba’s strategy of “new retail”, fusing the online and offline worlds in retail and services, it is a step into a more capital-intensive arena.

儘管餓了麼契合阿里巴巴的“新零售”戰略，打通零售和服務行業的線上和線下世界，但這起收購也意味着向資本密集度更高的舞臺邁出一步。

Its ecommerce and logistics businesses are typically “asset-lite” — unlike Amazon or Chinese ecommerce rival Alibaba does not own big delivery fleets and chains of warehouses

阿里巴巴的電子商務和物流業務一般是“輕資產”的，與亞馬遜(Amazon)或另一家中國電商京東()不同，阿里巴巴並不擁有大規模送貨團隊和連鎖倉庫。

, which covers 2,000 cities in China, owns its network and its delivery couriers are on its payroll.

覆蓋中國2000個城市的餓了麼擁有自己的網絡，並僱用自己的送貨員。

This stands to complement Alibaba’s latest retail efforts in other areas, such as its Hema supermarkets, which also do fast delivery in small areas — bolstering its “last mile” delivery capability.

這將補充阿里巴巴在其他領域的最新零售策略，比如盒馬鮮生(Hema)超市，這些超市也在小範圍提供快速送貨——增強其“最後一公里”送貨能力。

Tencent and Alibaba have dominated the M&A calendar in the past three months, particularly in retail. Tencent has partnered with Chinese supermarket operator Yonghui and Carrefour of France and has invested in online retailer Vipshop, while most recently Alibaba has taken a stake in Easyhome, a furniture retailer, and Shiji, a data service company focusing on the hotel and travel industry.

騰訊和阿里巴巴在過去3個月裏主導了併購日程表，特別是在零售業。騰訊與中國超市運營商永輝(Yonghui)和法國家樂福(Carrefour)結成合作夥伴關係，並投資了在線零售商唯品會(Vipshop)，而阿里巴巴最近入股了傢俱零售商居然之家(Easyhome)以及專注於酒店和旅遊行業的數據服務公司石基(Shiji)。

Alibaba also has invested significantly in offline retail, started its Hema chain of grocery stores, and has shored up its holdings in Cainiao, the expansive logistics platform that began as a grocery delivery system in which it has a controlling stake.

阿里巴巴還大舉投資於線下零售，推出盒馬鮮生連鎖超市，還增持了菜鳥(Cainiao)股份；菜鳥是一個從送貨系統起步的龐大物流平臺，阿里巴巴持有其控股股權。