China’s Tencent is spinning off parts of its empire in a move that will help incentivise the units’ management — but is unlikely to crystallise much value for the $380bn social media giant.

中國的騰訊(Tencent)正在剝離其商業帝國的一部分，此舉將有助于激勵這些業務的管理層，但不太可能為這家3800億美元的社交媒體巨頭變現太大價值。

Tencent, best known for its massively popular WeChat app and mobile payments service, also owns a range of businesses designed to keep users in its ecosystem from the moment they wake up: paying for meals, chatting, booking taxis and gaming.

騰訊以其人氣極高的微信(WeChat) app和移動支付服務而聞名，旗下還有一系列企業旨在讓用戶從醒來的一刻就留在其生態系統里，包括支付就餐費用、聊天、預訂出租車和玩游戲。

So far, it has largely kept its empire under one roof. But in the past month, it has filed plans to spin off online publisher China Literature on the Hong Kong bourse and Sogou, China’s second biggest search engine which it co-owns with Sohu, in the US.

到目前為止，騰訊基本將其帝國留在一個屋檐下。但在過去的一個月里，騰訊提交計劃，擬分拆互聯網出版商閱文集團(China Literature)，將其在港交所上市，另外將分拆其與搜狐(Sohu)共同持有的中國第二大搜索引擎搜狗(Sogou)，將其在美國上市。

Bankers expect it to follow up with the listing of China Music, the world’s third biggest music subscription business. Tencent put the streaming operation together by acquiring two big competitors last year and bolting them on to its home grown QQ Music, giving it a nearly two-thirds market share, according to iiMedia.

銀行家們預計，騰訊將接著進行全球第三大音樂訂閱業務中國音樂集團(China Music Corporation)的上市。騰訊去年收購了兩家大型競爭對手，將其并入騰訊自主發展的QQ音樂(QQ Music)。根據艾媒網(iiMedia)，這使騰訊占有了近三分之二的市場份額。

It also acquired exclusive rights from all the major international record labels, including Universal Music Group, giving it an effective monopoly on streaming of western mainstream music in its home market.

騰訊還取得了所有主要國際唱片公司的獨家權利，其中包括環球音樂集團(Universal Music Group)，這讓騰訊實際上壟斷了西方主流音樂在中國市場的在線播放。

Tencent claims 15m subscribers, meaning it trails only Spotify and AppleMusic in paying customers, and has 600m monthly active users.

騰訊稱其音樂業務擁有1500萬訂閱用戶，這意味著在付費用戶上它僅次于Spotify和Apple Music，而其月活躍用戶達到6億。

That leaves its monetisation record of turning free users into paying subscribers, at 2.5 per cent, lagging well behind Spotify, which has 60m paying customers and over 140m users. While that partly highlights the battle to make music pay, others see the low number as massive potential for growth. “They’ve only started to scratch the surface,” said one Hong Kong-based banker.

這使得其將免費用戶轉為訂閱用戶的商業化記錄為2.5%，遠低于Spotify，該公司擁有6000萬付費用戶和逾1.4億用戶。雖然這在一定程度上突顯了對音樂收費的艱難，但其他人則將這一過低的付費用戶數量視為巨大的增長潛力。一位香港銀行家說：“他們剛開始觸及表面。”

China’s Tencent is spinning off parts of its empire in a move that will help incentivise the units’ management — but is unlikely to crystallise much value for the $380bn social media giant.

中國的騰訊(Tencent)正在剝離其商業帝國的一部分，此舉將有助于激勵這些業務的管理層，但不太可能為這家3800億美元的社交媒體巨頭變現太大價值。

Tencent, best known for its massively popular WeChat app and mobile payments service, also owns a range of businesses designed to keep users in its ecosystem from the moment they wake up: paying for meals, chatting, booking taxis and gaming.

騰訊以其人氣極高的微信(WeChat) app和移動支付服務而聞名，旗下還有一系列企業旨在讓用戶從醒來的一刻就留在其生態系統里，包括支付就餐費用、聊天、預訂出租車和玩游戲。

So far, it has largely kept its empire under one roof. But in the past month, it has filed plans to spin off online publisher China Literature on the Hong Kong bourse and Sogou, China’s second biggest search engine which it co-owns with Sohu, in the US.

到目前為止，騰訊基本將其帝國留在一個屋檐下。但在過去的一個月里，騰訊提交計劃，擬分拆互聯網出版商閱文集團(China Literature)，將其在港交所上市，另外將分拆其與搜狐(Sohu)共同持有的中國第二大搜索引擎搜狗(Sogou)，將其在美國上市。

Bankers expect it to follow up with the listing of China Music, the world’s third biggest music subscription business. Tencent put the streaming operation together by acquiring two big competitors last year and bolting them on to its home grown QQ Music, giving it a nearly two-thirds market share, according to iiMedia.

銀行家們預計，騰訊將接著進行全球第三大音樂訂閱業務中國音樂集團(China Music Corporation)的上市。騰訊去年收購了兩家大型競爭對手，將其并入騰訊自主發展的QQ音樂(QQ Music)。根據艾媒網(iiMedia)，這使騰訊占有了近三分之二的市場份額。

It also acquired exclusive rights from all the major international record labels, including Universal Music Group, giving it an effective monopoly on streaming of western mainstream music in its home market.

騰訊還取得了所有主要國際唱片公司的獨家權利，其中包括環球音樂集團(Universal Music Group)，這讓騰訊實際上壟斷了西方主流音樂在中國市場的在線播放。

Tencent claims 15m subscribers, meaning it trails only Spotify and AppleMusic in paying customers, and has 600m monthly active users.

騰訊稱其音樂業務擁有1500萬訂閱用戶，這意味著在付費用戶上它僅次于Spotify和Apple Music，而其月活躍用戶達到6億。

That leaves its monetisation record of turning free users into paying subscribers, at 2.5 per cent, lagging well behind Spotify, which has 60m paying customers and over 140m users. While that partly highlights the battle to make music pay, others see the low number as massive potential for growth. “They’ve only started to scratch the surface,” said one Hong Kong-based banker.

這使得其將免費用戶轉為訂閱用戶的商業化記錄為2.5%，遠低于Spotify，該公司擁有6000萬付費用戶和逾1.4億用戶。雖然這在一定程度上突顯了對音樂收費的艱難，但其他人則將這一過低的付費用戶數量視為巨大的增長潛力。一位香港銀行家說：“他們剛開始觸及表面。”