Daniel Zhang, the former CEO of Alibaba, joined Morning One Fund, and the road of mergers and acquisitions continued

Text | Liu Jing, Chen Zhiyan

"Dark Waves" exclusively learned that Daniel Zhang (Xiaoyaozi), former chairman and CEO of Alibaba Group, will join Morning One Fund as a managing partner together with founder Liu Xiaodan.

This is unexpected, but plausible news.

Unexpectedly, when Daniel Zhang stepped down from a series of management positions at Alibaba last September, there was speculation that he would start a new fund. But objectively speaking, investing is a vintage-oriented industry, and now may not be the best time to start a new institution.

It makes sense that, in many ways, this is almost a path that can perfectly combine Daniel Zhang's career experience and investment.

Different from financial investment funds in the traditional sense, since its establishment in 2019, Chenyi has clearly defined itself: an M&A fund.

As the founder of this institution, Liu Xiaodan is best known for her drastic reform in Huatai, which turned an unknown local brokerage firm into a domestic M&A leader in just a few years. The "Hua" in China's domestic investment bank "Three Chinas and One China" refers to Huatai under the leadership of Liu Xiaodan. Her name as the "Queen of M&A" was also established at this time.

The essence of investing is to buy low and sell high. But the difference is that financial investments earn the difference in valuation, while M&A makes more complex and harder money. That's because the difficulty of M&A isn't just about the deal, it's about the second half of the story: how to make a company better, or rather, add value. This is closer to the perspective of the founders and operators than the investors.

This is probably also the complementary meaning of Daniel Zhang and Liu Xiaodan.

From 1995 to 2005, Daniel Zhang, a graduate of Shanghai University of Finance and Economics, worked for Arthur Andersen and PricewaterhouseCoopers, and then joined Shanda Group as financial director, and then became CFO.

A senior executive of Shanda at the time once told "Dark Waves" that Daniel Zhang, as the head of finance, was deeply involved in decision-making and due diligence in the company's successive investment behaviors.

In August 2007, after the grand release of the quarterly financial report, Daniel Zhang officially reported to Alibaba, a "smaller private company" in Chen Tianqiaokou, as the CFO of Taobao. Daniel Zhang took over as CEO of Alibaba Group in May 2015 and became Chairman of Alibaba Group four years later in September 2019, leading the mega-organization through dramatic changes and a series of challenges.

These experiences may also be the reason why Daniel Zhang chose Chenyi.

M&A in China is a long road. In the past two decades, the domestic capital market has been a concept that has been mentioned a lot, but it has always been a little bit worse. At the end of the day, mergers and acquisitions are often the hallmark and product of a more mature capital market or even a business system.

According to Liu Xiaodan's summary, the reason why the United States has become a mature M&A market is because its three elements: industrial competition, capital market, and corporate governance, have all appeared at the same time. But in a sharing in March 2023, she said that for the first time, she felt that all three elements were flashing at the same time in China, and that "systemic opportunities in the M&A market have emerged." ”

Liu Xiaodan once said: "Management must be difficult, which is also the foundation of M&A funds to create value". The combination of her and Daniel Zhang may help push more companies and investors to rethink the value of M&A and stimulate the vitality of the M&A market.

Morning One Fund has completed a number of investment and M&A cases, the most representative of which includes: In March 2020, it entered Hualan Vaccine, and then successfully obtained the fund's first IPO. In May of the same year, it injected 100 million yuan into BYD Semiconductor as a strategic investment. In November, Chenyi invested 344 million yuan in China Innovation Airlines, the leader of the power battery track, and successfully harvested another IPO. In 2021, Chenyi joined hands with the team to establish Ruichen Pet Hospital through rapid mergers and acquisitions, and received investment support from Aier Medical and KKR respectively in 22 years. There is also news at the beginning of this year that Mindray Medical acquired a controlling stake in Huitai Medical and completed the first "A control A" merger and acquisition on the Science and Technology Innovation Board, and Chenyi played a unique role, which is regarded as the vane of China's mergers and acquisitions.

With the rush of the venture capital industry in the past decade, there are indeed a large number of stock assets with opportunities for mergers and acquisitions and optimization and restructuring.

According to "Dark Waves", almost all secondary investment banks and primary market FAs have made mergers and acquisitions (MA) business a business focus in 2024. Flush iFinD data also shows that as of March 18, a total of 430 mergers and acquisitions were disclosed in the A-share market during the year, of which 63 have been completed and 367 are in progress.

Looking at today's capital market, Daniel Zhang seems to have made a wonderful choice that can maximize the advantage.

It is worth mentioning that many people close to Daniel Zhang and Liu Xiaodan have one thing in common in their evaluation: "they are really low-key". Being in a lively industry, a similar spiritual temperament may be the cornerstone of tacit cooperation.

Bless him, investor Daniel Zhang.

图片来源 ｜IC photo

Typesetting|Guo Yunxiao

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