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B.A.T: (Baidu, Alibaba, Tencent) An Overview of the Big Three Chinese Internet and E-Commerce Companies. KraneShares is dedicated to raising awareness of opportunities in China’s economy & capital markets among global investors Baidu – Alibaba – Tencent (BAT) • BAT companies generated revenue of $20 billion in 2013 and $7 billion in Q1 2014.¹ • The aggregate market value of the three companies equals $439 billion.² • The companies are internet and e-commerce ecosystems involved in both distinct and competing markets. • The BAT core businesses are distinct: Baidu – search, Tencent – games & instant messaging (IM), Alibaba (e-commerce). • They increasingly compete with one another. • Boutique firms have carved out niches that allow them to compete with BAT or partner with them to leverage their core business’ audience. Alibaba and Baidu logo used with company permission. "Tencent Logo" by Tencent - Tencent. Licensed under Public domain 1.) Source: Companies regulatory filings via Wikimedia Commons - http://commons.wikimedia.org/wiki/ 2.) Source: Tencent and Baidu based on September 18, 2014 market cap from Bloomberg, Alibaba’s market File:Tencent_Logo.svg#mediaviewer/File:Tencent_Logo.svg value based closing price on September 19, 2014 BAT & Beyond Baidu Is The Largest Website In China & Fifth Largest Website Globally. It is the leading Chinese Language Internet Search Provider.¹ Robin Li’s Official Biography² Robin Yanhong Li is co-founder, chairman and chief executive officer of Baidu, and oversees Baidu’s overall strategy and business operations. Mr. Li has been serving as the chairman of the board of directors since the company’s inception in January 2000 and as the chief executive officer since January 2004. Mr. Li served as the president from February 2000 to December 2003. Prior to founding the company, Mr. Li worked as a staff engineer for Infoseek, a pioneer in the internet search engine industry, from July 1997 to December 1999. Mr. Li was a senior consultant for IDD Information Services from May 1994 to June 1997. Mr. Li currently serves as an independent director and chairman of the compensation committee of New Oriental Education & Technology Group Inc., a NYSE-listed company that provides private educational services in China. Mr. Li also acts as the vice chairman of the Internet Society of China (ISC). Mr. Li has also been a vice chairman of All-China Federation of Industry & Commerce since December 2012. Mr. Li received a bachelor’s degree in information science from Peking University in China and a master’s degree in computer science from the State University of New York at Buffalo. Source: ¹ Baidu’s 2013 Annual Report as sourced from Alexa.com as measured by average daily visitors ² Baidu’s 2013 Annual Report Photo Source: ”Robin Atlas http://baike.baidu.com/picture/2375/2375/0/314e251f95cad1c8f698ac317c3e6709c93d5180? Robin Li 李彦宏 fr=lemma&ct=single. Baidu Co-Founder Licensed under Creative Commons Attribution 2.0 via Baike Baidu File:314e251f95cad1c8f698ac317c3e6709c93d5180.gif While search revenue rises, Baidu has historically generated more revenue than its peers China Search Engine Market Revenues Shares of China Major Search Engine Companies Q3 2012 – Q1 2014 By Revenues Q3 2012 – Q1 2014 43.6% 37.2% 35.2% 35.4% 40.7% 48.8% 56.6% 100% 3.0% 3.2% 3.3% 3.3% 3.2% 3.6% 3.7% 13.1% 2.4% -6.6% 25.2% 17.5% 8.3% -1.7% 14.7% 15.1% 14.4% 13.1% 12.4% 12.1% 12.0% 15 80% 11.8 11.6 12 10.9 60% 9.3 9 7.8 7.9 7.4 40% 80.6% 79.7% 80.4% 81.4% 81.4% 80.6% 81.7% 6 20% 3 0 0% Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Baidu Google China Sogou 360 Search Soso Other Revenues (bn Yuan) % Quarter over quarter growth % Year over year growth Note: Revenues of search engine companies refer to the sum of revenues of search engine operators, Note: Revenues of search engine companies refer to the sum of revenues of search engine operators, excluding the revenues of search engine channel agents. excluding the revenues of search engine channel agents. Source: the financial results published by enterprises, interviews with experts and iResearch Source: the financial results published by enterprises, interviews with experts and iResearch statistical model. statistical model. ©Jul. 2014 iResearch Global Inc. www.iresearchchina.com ©Jul. 2014 iResearch Global Inc. www.iresearchchina.com Source: iResearch’s Rapid Development of Mobile Devices Boosts Search Market Growth, July 2014 The Baidu Eco-System Search Entertainment • Baidu Search Engine • IQiyi (online video platform) • Qunar (online travel search and deals) • Baidu Music (digital music service) • Nuomi (entertainment, dining, health, and beauty services) Security Products Social-Networking Products • Baidu Anti-Virus • Baidu Space (a Facebook-like personalized website) • Baidu Album (cloud based photo sharing and storage) Mobile Related Knowledge Products • 91 Wireless (mobile games) • Baidu Know (a Wikipedia-like information sharing) • Baidu Encyclopedia Developers and Webmasters • Baidu Wenku (Similar to Google Drive or Drop Box) • Baidu Open Cloud Location Based Products & Services • Baidu Maps Other • Baidu Navigation • Baidu Wallet (online and mobile payment service • Baidu Travel similar to PayPal) Baidu Has Historically Delivered Strong Results Baidu Revenue & EPS 31.9 29.83 30.02 22.3 18.99 14.5 10.1 7.9 4.5 4.27 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Revenue (RMB billlions) EPS GAAP (RMB) Source: Bloomberg, EPS = Earnings Per Share, GAAP = Generally Accepted Accounting Principles, RMB = China’s Currency Tencent’s Instant Messaging Platforms Have 438 million Users1 Huateng (Pony) Ma’s Official Biography2 Pony Ma, one of the Core Founders, Executive Director, Chairman of the Board and Chief Executive Officer of Tencent. Pony oversees the strategic development, overall direction and management of the Group. Before he founded Tencent in 1998, Pony was in charge of research and development for Internet paging system development at China Motion Telecom Development Limited, a telecommunications services and products provider in China. He has over 20 years of experience in telecommunication and Internet industries. Pony received his Bachelor of Science degree in Computer Science from Shenzhen University in 1993. Source: 1.) Tencent’s 2014 Interim Report as of quarter ended June 2014, 2.) According to Global Web Index Photo Credit ”Ma Atlas”, http://baike.baidu.com/picture/ 2365/2365/0/342ac65c10385343ec31fa119013b07eca808807?fr=lemma&ct=single. Ma Huateng 马化腾 Licensed under Creative Commons Attribution 2.0 via Baike Baidu File: 342ac65c10385343ec31fa119013b07eca808807-1.gif Tencent Core Founder The Tencent Eco-System Social Networks E-Commerce • QQ – PC & Mobile IM • JD.com (Partnership) • Weixin/WeChat – Mobile IM, Voice Message, • Tenpay – PayPal-like service Personal home page • Online to Offline (O2O) • Tencent Microblog • Qzone – Personal home page, Blog, Games Online Games Content & Online Entertainment • Mini Casual Games • Sogou • Advanced Casual Games • Tencent News • Multiplayer Online Games • QQ Music • Web Games • QQ Mail • Mobile Games • Tencent Video Source: Tencent Product List available on Tencent.com/en-us/ir Tencent Has Historically Delivered Strong Results Tencent Revenue & EPS 60.4 43.9 28.5 19.6 12.4 0.57 0.89 1.12 1.39 1.69 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Revenue (RMB billions) EPS GAAP (RMB) Source: Bloomberg, EPS = Earnings Per Share, GAAP = Generally Accepted Accounting Principles, RMB = China’s Currency Beyond BAT – Boutiques Partnering With or Competing Online Travel Email Online Gaming • C-Trip • Netease • YY • Qunar – Baidu Partner • Perfect World • Elong Search • Shanda Games • Qihoo 360 Online Auto Sales Real Estate • Bita News • Soufun • Autohome • Sina • Sohu Job Search E-Commerce • 51 Jobs • JD.com – Tencent Partner Online Videos • Vipshop • Youku - Alibaba Partner Comprehensive Provider • E-Commerce China Dang • V1 Group • 58.com – Tencent Partner • Lightinthebox Anti-Virus Kingsoft – Tencent Partner Source: KraneShares Automotive Sales Have Benefitted From Increased Urbanization New Vehicle Sales: China 2005-13 21.993M Passenger and Commercial Vehicle Sales 21.993M 20M 17.928M Passenger Car Sales 17.93M 15M 10M 5M Urban vs. Rural Population: China 2005 – 13 750 731.110 700 650 629.610 n China Rural Pop. 629.610 600 n China Urban Pop. 731.110 550 2006 2007 2008 2009 2010 2011 2012 2013 CNVSTTL Index (China Automobile Sales Model Type Total) China Urbanization Year ©Bloomberg Finance L.P 18-Sep-2014 Source: Bloomberg, China Automotive Information Net, National Bureau of Statistics China, Sep 2014. Chinese Tourism Is Growing As Evidenced By Airline Travelers Both Domestic & Internationally (Chart In Millions) 35 Airline Passengers In Millions On A Monthly Basis, 30.607 Includes Domestic and International Travel 30 25 20 15 2008 2009 2010 2011 2012 2013 2014 Source: Bloomberg, Sep 2014 Smartphones Are the Primary Source of Entertainment in China China Online Video Revenues Q1 2012–Q4 2013 7 76.3% 47.8% 49.6% 42.7% 51.1% 59.6% 6 27.0% 31.9% 24.6% 12.4% 12.4% 34.8% 5 -5.0% 19.1% 18.7% -16.2% 4 4.42 3 3.72 3.13 2 2.77 2.19 2.46 2.32 1 1.76 0 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Revenues (billion Yuan) %Quarter over quarter growth %Year over year growth Source: iResearch’s China Online Video Revenues Top 5 Billion Yuan, July 28, 2014 Historical Performance: 80%/20% portfolio of KWEB & MSCI Emerging Market Index vs. MSCI Emerging Market Index As of 8/31/2014 Portfolio MSCI EM +/- Adding KWEB
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