On the afternoon of August 1, the news that Didi entered into a strategic agreement with Uber Global and the acquisition of Uber China Brand was confirmed. Didi will invest $1 billion in Uber, Uber will acquire a 20% stake in the new company, and the combined company will have a valuation of up to $35 billion.
According to a number of third-party data reports, Didi holds more than 80% of the car share, and Uber China also announced that it owns 30% of the special car market share. Now that the two are combined, there is no doubt that the Chinese car market will have a new one. Big Mac.
After the news was announced, the industry began to question whether the newly born travel giant has already formed a monopoly. In fact, it does not.
|The turnover did not reach the reporting standard, the transaction did not trigger antitrust approvalRegarding the issue of suspected monopoly after the acquisition, Didi's response is worthy of our reference. “We believe that neither DDT nor Uber China is profitable, and Uber China’s turnover did not meet the reporting standard in the previous fiscal year†.
Coincidentally, in early 2015, after the announcement of the merger of Didi and Kuaiyi, Easy Access reported to the Ministry of Commerce and the National Development and Reform Commission that the merger of the two companies was suspected of monopoly and suggested that the relevant agencies ban the merger of the two companies. However, at that time it was precisely because both companies did not meet the reporting threshold for concentration of operators, so there was no need for centralized reporting by operators.
Facts have also proved this point. After the rapid merger, they started a new war and there is no follow-up related to "monopoly."
The “Regulations of the State Council Concerning the Centralized Reporting Standards for Business Operators†issued in 2008 stipulates that if all the operators involved in the concentration in the previous year had a total turnover of more than 2 billion yuan in China, and at least both of them had a turnover in China, More than 400 million yuan, antitrust reporting is required. Or, all the operators participating in the concentration have a total turnover of more than RMB 10 billion in the last fiscal year, and at least two of them have turnover of more than RMB 400 million in China. They also need to declare.
Judging from the currently published data, the merger case between DDT and Uber China has not yet reached the approval standard: In 2015, Dickey's net revenue in China exceeded RMB 6 billion, exceeding the declaration standard of RMB 2 billion for all operators in China; However, Uber China’s net income for fiscal year 2015 was less than RMB 400 million. According to a Uber China financial report issued in July 2015, the company’s 2016 estimated net income is 256 million U.S. dollars, but 2015 is expected to have a negative net income. It is precisely the data of the previous fiscal year for mergers and acquisitions that the concentration of the operator needs to refer to anti-monopoly declarations. It is clear that the merger case between Didi and Uber China does not need to apply for anti-monopoly review.
Tencent Finance said, "Because of the special nature of the special car model, Didi and Uber involved two turnover figures. The amount of water flow, that is, the total cost paid by passengers, the net income, is the amount paid by passengers, and it is really credited to Uber. That part of Dacheng Law Firm's lawyer Deng Zhisong believes that since DDT and Uber only serve as intermediary platforms and do not pay salaries to drivers, drivers are not employees of the company, so in the consideration of anti-monopoly approval, the company’s net income should be measured. Non-flowing amount ."
| Car is not just a subset of the travel market, and the penetration rate in China is far from enoughAfter Didi's acquisition of Uber China, the place where the existence of a monopoly suspect was suspected was mainly due to the market share of both parties. Previously, Didi and Uber respectively claimed their respective market share of more than 80% and 30%. Their market share naturally overlapped. Undoubtedly, they will occupy an absolute leading position in the market after the merger.
But we can't think so. First of all, it's just that the war in the car market hasn't stopped yet. Prior to this, Liu Qing had stated in public that the penetration rate of China's private car was only 1%, while in San Francisco, the United States reached 15%. The Internet special car market is still a blue ocean. For other players in the special car market, there is still huge opportunity.
Taxi subsidies will be reduced and prices will gradually increase. This appears to be another evidence that the two sides have formed monopolies. However, following the acquisition of Uber China by DDT, the special vehicle subsidy war has come to an end and the market is moving towards rational prices and achieving orderly development. This has always been the inevitable law of the development of the industry. In fact, Didi and Uber China still have to face challenges from rivals like Shenzhou and Yizhi. This challenge also determines that the new company does not have the entire pricing power. Consumers can still choose cheaper platform experience services.
More crucially, after Dic's acquisition of Uber China, it has only made a head start in the online booking market. There are still more areas in the travel industry such as renting a car, aftermarket, and finance. Horizontal and vertical spaces have a lot of room for expansion. .
So it may be too early to talk about monopoly, and the entire travel market is far from the time when the dust settled. After buying Duke, it is an opportunity for other players in the market. Just as the original video giants Youku and Tudou merged, they not only failed to successfully implement the monopoly market. Instead, due to the outbreak of mobile video, the video market has since entered the pattern of Iqiyi, Tencent video and Heyi Group.
| It belongs to the era of innovators, the Internet service has no monopoly conceptIn fact, one of the most worthwhile textbook examples of the monopoly on the acquisition of Uber by Dic Drops was the Supreme Court’s decision in the famous 3Q war.
At that time, the court’s decision was: “Although the appellee’s market share in both the PC-end and mobile-end IM services market exceeds 80%, it cannot be concluded whether it is market-dominant based on market share alone. Conclusion: Before and after the accusations of monopolistic behavior, more and more companies with different backgrounds and technologies have entered the field of instant messaging. The competition in this field shows the distinctive features of dynamic competition and innovative competition in the field of instant messaging in mainland China. Many competitors have strong financial and technical conditions, which are enough to have an impact on the appellee's market leadership.†“Several competitors are competing in the market. The existing evidence in this case is not sufficient to prove and confirm the appeal. People have a dominant market position."
The word "monopoly" was actually in the feudal era and was continuously strengthened in the industrial age. Behind the monopoly is more of an imbalance in the distribution of resources caused by administrative power. However, the Internet era is based on "service-oriented market-based monopolies," but it is in stark contrast to this type of administrative monopoly.
Kevin Kelly, founder of Wired magazine, explained the phenomenon of “internet monopoly†as follows:
"Usually, users are more happy with the phenomenon of Internet monopolies, and those unhappy about this are those who monopolize the company's competitors rather than users complaining. Moreover, I think this network's monopoly is based on a free basis. On the other hand, what has users complained about? The services they receive are constantly improving. The only people who complain are competitors, not users."
According to Article 27 of the Anti-Monopoly Law of the People's Republic of China, the anti-monopoly law enforcement agency shall consider the market share and control of the market in addition to the operator’s concentration when the merger is considered as a type of operator concentration. In addition, the impact of mergers (concentration of operators) on market entry and technological progress, the impact on consumers, and the impact on the development of the national economy, as well as other factors affecting market competition that the State Council’s anti-monopoly law enforcement agencies should consider should be considered. and many more.
We recall the merger of the former Internet industry giants, and there are not a few disputes over whether they are suspected of monopoly. Several major Internet giants merged in the past, Didi Quick Merger in February 2015, 58 Merged in April 2015, Merged Public View in 2015 10, and Ctrip in November 2015 merged. In fact, they all saw that these mergers were questioned as "monopolies," but the anti-monopoly department has adopted the default attitude in most cases.
It is easy to understand the reasons behind this, and it is not difficult to understand that the development of the Internet industry is changing rapidly. This industry is full of fierce competition and may at any time face the challenge of subversives with innovative technologies. This kind of challenge often leads to a direct loss of the former’s life. . The most typical example is the smartphone market once dominated Nokia, Nokia has occupied the market share of up to 70%, but with the emergence of the Apple iPhone, the mobile phone giant's final outcome is undoubtedly quite lonely .
Therefore, the so-called "monopoly" of the Internet industry is often only temporary. In this fully competitive market, no company dares to say that it has monopolized this market. In fact, even super giants like Google, Microsoft, and Facebook are full of anxiety.
In industries where the Internet industry and the traditional industries are vastly different from each other, and the disruptive impact of technological progress, it is often difficult to assess. The competition in this market is also different from traditional market competition. After Didi’s acquisition of Uber China, we can only say that the new company has gained advantages in the travel market, but I am afraid there is still a long way to go from “monopolyâ€.
Lei Feng Network (search "Lei Feng Network" public concern) Note: Reprinted, please contact the authorization, and retain the source and author, not to delete the content.
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