腾讯入股搜狗 仍有三大疑点

昨日晚间，搜狗官宣收到腾讯的初步非约束性收购要约，内容是腾讯将以 9 美元每股 ADS 的价格全资收购搜狗。如果交易完成，搜狗将从纽交所退市，并成为腾讯的全资子公司。

　　受该消息的刺激，搜狗昨日股价暴涨了 48%，以 8.51 美元收盘，股价创下一年来的新高。搜狐作为搜狗的重要股东，也因这一利好刺激，单日股价暴涨 39.96%，股价同样创下年内新高。

　　值得注意的是，搜狗卖身腾讯的消息并未对百度股价产生太大影响，昨日收盘后，百度股价仅微跌 2.66%，Investors Observer 更是在今日撰文称华尔街多位分析师给予了百度买入评级，并将目标股价上调至 148.583 美元。（目前百度股价为 115.86 美元）

　　在长庚君看来，这次表面上多赢的收购，仍存三个疑点。

　　第一个疑点是，这是否意味着腾讯战略的转变？

　　从 3Q 大战至今，腾讯一直执行的是占股不控股的投资战略。

　　2015 年马化腾更是公开对腾讯的这一战略背书，他当时说，”这个产业对我们来说已经够大了。我们能做的是给所有产业提供零配件工具，让他们在和移动互联网结合的浪潮中可以飞得更高、飞得更安全。过去确实有很多不放心，出于本能，很多事情都想自己去做。现在我们真是半条命，我们把另外半条命交给合作伙伴了。”

　　事实上，这也是腾讯与阿里巴巴在投资战略上的最大差异。所以可以看到腾讯扶持了京东、拼多多，以及滴滴、美团。而阿里巴巴在全资收购饿了么之后，亲自下场与美团展开直接较量。

　　直到发出这次收购要约前，把半条命交给合作伙https://social.technet.microsoft.com/Forums/ie/zh-CN/eea709a5-c364-4017-8501-d429fe8ffa28/spajxz8/

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https://social.technet.microsoft.com/Forums/ie/zh-CN/f263158b-16ab-40ea-9819-59cf9b34405c/spablb7/伴的战略也适用于搜狗，因此腾讯放弃了自己的搜索引擎，并将自己在搜索引擎领域的未来全盘交给搜狗。