文 | 刘旌、陈之琰
「暗涌Waves」独家获悉,原阿里巴巴集团董事会主席兼首席执行官张勇(逍遥子),将加盟晨壹基金,和创始人刘晓丹一起,共同担任管理合伙人。
这是一个意料之外、但又情理之中的消息。
意料之外在于,去年9月,当张勇卸任阿里的一系列管理职务后,人们猜测他会创办一家新基金。但客观来说,投资是一个讲究年份的行业,如今对创立一个新机构来说,或许不能算是最好的时机。
情理之中则在于,从许多方面来看,这几乎是一个可以把张勇的职业履历和投资完美结合的路径。
不同于传统意义上的财务投资基金,自2019年成立之初,晨壹就鲜明旗帜地定义了自己:一家并购基金。
作为这家机构的创始人,刘晓丹最为人所知的,也来自于她在华泰联合展开的大刀阔斧的改革,短短几年就将一个籍籍无名的地方券商,打造为国内的并购领导者。中国内资投行“三中一华”中的“华”,就是指刘晓丹领导下的华泰。她“并购女王”的名号也在此时立下。
投资的本质都是低买高卖。但不同的是,财务投资赚的是估值的价差,而并购赚的是更复杂、也更辛苦的钱。这是因为并购的难点不仅在于交易,而更在于故事的后半段:如何令一家公司变得更好,或者说,实现价值增值。这更接近于创始人、经营者的视角,而非投资人的。
这大概也是张勇和刘晓丹的互补意义。
毕业于上海财经大学的张勇在1995年至2005年间,先后任职于安达信、普华永道两大会计师事务所,而后加入盛大集团任财务总监,其后一路做到CFO:其间他完善了公司的财务与投资体系,延展了盛大的资本想象力。
有盛大当时的高管曾告诉「暗涌Waves」,当年公司接连的投资行为中,作为财务负责人的张勇深入参与了决策、尽调等工作。
2007年8月,张勇在盛大出完当季财报后,正式到陈天桥口中“规模较小的私人公司”阿里巴巴报到,出任淘宝网CFO。2015年5月,张勇接任阿里巴巴集团CEO,并在四年后的2019年9月成为阿里巴巴集团董事会主席,带领这一超大型组织经历了环境的剧烈变化和一系列挑战。
这些经历或许也是张勇选择晨壹的原因。
并购在中国,道阻且长。在过去二十年的国内资本市场,这是一个时常被提及、但又总是差一分火候的概念。究其根本,并购往往是更成熟的资本市场、乃至商业体系的标志和产物。
按照刘晓丹曾经的概括,美国之所以成为一个成熟的并购市场,源于其产业竞争、资本市场、公司治理这三要素都同时出现了。但在2023年3月的一次分享中,她说,第一次感觉到这三要素在中国同时闪现,“并购市场系统性的机会出现了。”
刘晓丹曾说过的一句话:“管理一定是难的,这也是并购基金创造价值的根本”。她和张勇的组合,或许将有助于推动更多的企业以及投资者重新思考并购的价值,激发并购市场的活力。
晨壹基金已完成多笔投资并购案例,最具代表性的包括:2020年3月,入局华兰疫苗,并在之后成功收获基金第一个IPO。同年5月,向比亚迪半导体注资1亿元战略投资。11月,晨壹向动力电池赛道龙头中创新航投资3.44亿,成功收获又一IPO。2021年晨壹携手团队,通过快速并购整合成立瑞辰宠物医院,22年分别获得爱尔医疗和KKR的投资加持。还有今年年初的消息是,迈瑞医疗收购惠泰医疗控股权,完成了科创板首单“A控A”并购,晨壹发挥了独特作用,这被视为中国并购大年启动的风向标。
伴随着过去十年创投行业的狼奔豕突,如今确实有大量的存量资产存在并购和优化重组的机会。
据「暗涌Waves」了解,几乎所有二级投行、一级市场FA,都已经将并购(MA)业务作为了2024年业务重点。同花顺iFinD数据也显示,截至3月18日,年内A股市场共披露430单并购重组,其中63单已完成,367单正在进行。
放眼如今的资本市场,张勇似乎做了一个能够最大化优势的绝妙选择。
值得一提的是,许多接近张勇和刘晓丹的人,对他们二人的评价中都有共同的一点:“是真的低调”。身处一个热闹的行业,相似的精神气质,或许才是合作默契的基石。
祝福他,投资人张勇。
图片来源 |IC photo
排版|郭允骁
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