原阿裡CEO張勇加入晨壹基金，并購之路繼續逍遙

文 | 劉旌、陳之琰

「暗湧Waves」獨家獲悉，原阿裡巴巴集團董事會主席兼首席執行官張勇（逍遙子），将加盟晨壹基金，和創始人劉曉丹一起，共同擔任管理合夥人。

這是一個意料之外、但又情理之中的消息。

意料之外在于，去年9月，當張勇卸任阿裡的一系列管理職務後，人們猜測他會創辦一家新基金。但客觀來說，投資是一個講究年份的行業，如今對創立一個新機構來說，或許不能算是最好的時機。

情理之中則在于，從許多方面來看，這幾乎是一個可以把張勇的職業履曆和投資完美結合的路徑。

不同于傳統意義上的财務投資基金，自2019年成立之初，晨壹就鮮明旗幟地定義了自己：一家并購基金。

作為這家機構的創始人，劉曉丹最為人所知的，也來自于她在華泰聯合展開的大刀闊斧的改革，短短幾年就将一個籍籍無名的地方券商，打造為國内的并購上司者。中國内資投行“三中一華”中的“華”，就是指劉曉丹上司下的華泰。她“并購女王”的名号也在此時立下。

投資的本質都是低買高賣。但不同的是，财務投資賺的是估值的價差，而并購賺的是更複雜、也更辛苦的錢。這是因為并購的難點不僅在于交易，而更在于故事的後半段：如何令一家公司變得更好，或者說，實作價值增值。這更接近于創始人、經營者的視角，而非投資人的。

這大概也是張勇和劉曉丹的互補意義。

畢業于上海财經大學的張勇在1995年至2005年間，先後任職于安達信、普華永道兩大會計師事務所，而後加入盛大集團任财務總監，其後一路做到CFO：其間他完善了公司的财務與投資體系，延展了盛大的資本想象力。

有盛大當時的高管曾告訴「暗湧Waves」，當年公司接連的投資行為中，作為财務負責人的張勇深入參與了決策、盡調等工作。

2007年8月，張勇在盛大出完當季财報後，正式到陳天橋口中“規模較小的私人公司”阿裡巴巴報到，出任淘寶網CFO。2015年5月，張勇接任阿裡巴巴集團CEO，并在四年後的2019年9月成為阿裡巴巴集團董事會主席，帶領這一超大型組織經曆了環境的劇烈變化和一系列挑戰。

這些經曆或許也是張勇選擇晨壹的原因。

并購在中國，道阻且長。在過去二十年的國内資本市場，這是一個時常被提及、但又總是差一分火候的概念。究其根本，并購往往是更成熟的資本市場、乃至商業體系的标志和産物。

按照劉曉丹曾經的概括，美國之是以成為一個成熟的并購市場，源于其産業競争、資本市場、公司治理這三要素都同時出現了。但在2023年3月的一次分享中，她說，第一次感覺到這三要素在中國同時閃現，“并購市場系統性的機會出現了。”

劉曉丹曾說過的一句話：“管理一定是難的，這也是并購基金創造價值的根本”。她和張勇的組合，或許将有助于推動更多的企業以及投資者重新思考并購的價值，激發并購市場的活力。

晨壹基金已完成多筆投資并購案例，最具代表性的包括：2020年3月，入局華蘭疫苗，并在之後成功收獲基金第一個IPO。同年5月，向比亞迪半導體注資1億元戰略投資。11月，晨壹向動力電池賽道龍頭中創新航投資3.44億，成功收獲又一IPO。2021年晨壹攜手團隊，通過快速并購整合成立瑞辰寵物醫院，22年分别獲得愛爾醫療和KKR的投資加持。還有今年年初的消息是，邁瑞醫療收購惠泰醫療控股權，完成了科創闆首單“A控A”并購，晨壹發揮了獨特作用，這被視為中國并購大年啟動的風向标。

伴随着過去十年創投行業的狼奔豕突，如今确實有大量的存量資産存在并購和優化重組的機會。

據「暗湧Waves」了解，幾乎所有二級投行、一級市場FA，都已經将并購（MA）業務作為了2024年業務重點。同花順iFinD資料也顯示，截至3月18日，年内A股市場共披露430單并購重組，其中63單已完成，367單正在進行。

放眼如今的資本市場，張勇似乎做了一個能夠最大化優勢的絕妙選擇。

值得一提的是，許多接近張勇和劉曉丹的人，對他們二人的評價中都有共同的一點：“是真的低調”。身處一個熱鬧的行業，相似的精神氣質，或許才是合作默契的基石。

祝福他，投資人張勇。

圖檔來源 ｜IC photo

排版｜郭允骁

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