原阿里CEO张勇加入晨壹基金，并购之路继续逍遥

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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