????中國兩大在線服務(wù)公司宣布正式合并，預(yù)計(jì)合并后新公司市值150億美元。這是中國初創(chuàng)公司市場由盛轉(zhuǎn)衰的最新跡象。它也表明，那些最明智的企業(yè)正在未雨綢繆，因?yàn)轱L(fēng)投注資規(guī)模創(chuàng)紀(jì)錄的好日子將一去不返。

????美團(tuán)網(wǎng)與大眾點(diǎn)評網(wǎng)是中國頗有規(guī)模的O2O（線上線下）模式公司，這種全方位商業(yè)模式將線上應(yīng)用提供的消費(fèi)渠道和線下的購物活動聯(lián)系在一起。此次兩家公司合并吸引了國內(nèi)外眾多媒體報(bào)道，因?yàn)榻灰纂p方各自的主要投資者——投資美團(tuán)的阿里巴巴集團(tuán)和大眾點(diǎn)評的投資方騰訊控股是競爭對手。不過，在市場行情驟變的情況下，兩位對手選擇攜手合作，這也許是此次合并最沒有話題性的部分。今年稍早，兩大中國科技業(yè)巨頭已經(jīng)有過類似的合作案例：中國頭號出租車打車應(yīng)用滴滴打車與另一打車應(yīng)用快的打車合并成立估值60億美元的公司，前者的一大投資方是騰訊，后者是阿里巴巴參與投資的應(yīng)用。此前，兩家公司為爭奪市場份額向顧客提供折扣，各自都蒙受了上億美元損失。從這樣的先例推測，美團(tuán)與大眾點(diǎn)評聯(lián)姻可能也出于同樣的考慮——要么抱團(tuán)取暖、共度難關(guān)，要么面臨無止境的虧損。

????此次合并的兩家公司主營業(yè)務(wù)截然不同，卻有一個核心的共同點(diǎn)：提供團(tuán)購折扣。美團(tuán)網(wǎng)創(chuàng)始人王興赤裸裸地復(fù)制了團(tuán)購鼻祖Groupon，在該網(wǎng)站問世前，他還在中國成立了效仿Twitter和Facebook的公司。而大眾點(diǎn)評網(wǎng)雖然被稱為“中國的Yelp”，實(shí)際上它比美國的評論網(wǎng)站Yelp誕生得要早。如果注冊會員攜友到被點(diǎn)評的餐館用餐，網(wǎng)站都會給予折扣。

????過去兩年，中國企業(yè)獲得創(chuàng)紀(jì)錄規(guī)模的風(fēng)險(xiǎn)投資，它們大部分集中在O2O領(lǐng)域。為對抗阿里巴巴在網(wǎng)絡(luò)支付領(lǐng)域的霸主地位，騰訊自己也參與了價(jià)值數(shù)億美元的交易，加強(qiáng)在O2O領(lǐng)域的力量。騰訊的用意是，投資的服務(wù)必須引導(dǎo)消費(fèi)者使用本公司旗下類似Paypal的支付系統(tǒng)。

????問題在于，騰訊不是唯一看準(zhǔn)O2O的企業(yè)。大眾點(diǎn)評和美團(tuán)網(wǎng)都遭遇大量同類公司的圍攻，其競爭對手包括另一中國互聯(lián)網(wǎng)巨頭百度旗下團(tuán)購平臺糯米網(wǎng)。今年，此前一直資助眾多中國O2O公司運(yùn)營的風(fēng)險(xiǎn)投資開始縮水。去年，中國境內(nèi)風(fēng)投交易規(guī)模突破了130億美元，遠(yuǎn)超前年的42億美元。而今年第二季度，中國互聯(lián)網(wǎng)公司得到的風(fēng)投減少50%，規(guī)模降至37億美元。據(jù)《華爾街日報(bào)》報(bào)道，美團(tuán)網(wǎng)今年稍早試圖募資，若募資成功，其公司估值將達(dá)到150億美元。但直到此次與大眾點(diǎn)評合并的談判開始進(jìn)行為止，美團(tuán)網(wǎng)都沒能實(shí)現(xiàn)期望的募資。

????美團(tuán)網(wǎng)與大眾點(diǎn)評都未能擺脫募資的壓力。兩家公司至今還沒有扭虧為盈的表現(xiàn)。可如今，他們并沒有陷入三強(qiáng)爭霸的廝殺，為團(tuán)購領(lǐng)域的市場份額打價(jià)格戰(zhàn)，而是合二為一。其背后的“金主”阿里巴巴與騰訊兩家選擇聯(lián)手，對付共同的敵人——百度。

????合并交易讓中國的初創(chuàng)企業(yè)格局變得越來越合理，但之所以這樣做只是因?yàn)樗麄兤炔坏靡眩瑒e無選擇。（財(cái)富中文網(wǎng)）

????譯者：Pessy

????校對：詹妮

????An expected $15 billion tie-up between two of China’s biggest online services firms is the latest evidence that China’s startup market is turning sour and that the smartest companies are preparing for an end to the record venture capital injections.

????Meituan and Dianping are big in the ‘online-to-offline’ industry, a catch-all term for businesses that consumers access via apps (online) to buy stuff (offline). The merger is generating a lot of press coverage in China and elsewhere because the principle investors in each company are rivals Alibaba Group[Inc BABA 2.14% (Meituan) and Tencent Holdings Ltd TCEHY 1.25% (Dianping). But the fact that two rivals can come together in the face of turning market is probably the least interesting part of the deal. Earlier this year, they did the same thing: China’s biggest taxi-hailing apps, Tencent-backed Didi Dache and Alibaba-backed Kuaidi Dache, combined in a $6 billion merger in the face of hundreds of millions of dollars in losses each suffered offering discounts to gain market share. The same logic—tie-up or face endless losses—is likely being employed in the Meituan-Dianping deal.

????While the two companies are quite different, group-discounts are one of their core similarities. Meituan is an unabashed Groupon clone founded by Wang Xing, who previously copied Twitter and Facebook in China, while Dianping, called the Chinese Yelp, was actually founded before its American counterpart, and often gives members discounts if they buy meals at reviewed restaurants with their friends.

????Record venture capital investments over the past two years have been focused in large part on the O2O– industry. Tencent itself has joined deals worth billions to boost its presence in O2O in an attempt to counter Alibaba’s dominance of online payments. Their thinking has been: invest in a bunch of services that people must pay for using our Paypal-like payments system.

????The problem is–Tencent wasn’t alone. Dianping and Meituan are being encroached upon by a bevy of competitors including Baidu-backed BIDU -2.42% Nuomi. And this year the venture funding that has kept many companies afloat is beginning to turn. In 2014, total venture capital deals in China passed $13 billion, up from $4.2 billion the year before. However in the second quarter, venture capital financing for Internet companies in China fell 50%, to $3.7 billion. The WSJ reported that Meituan tried to raise money earlier this year at a $15 billion valuation but couldn’t by the time the merger talks started moving forward.

????Meituan and Dianping aren’t immune to fundraising pressures; they have never showed that they can turn a profit. But now instead of three heavyweights battling each other and discounting for market share in the group buying space, it’s two (Alibaba and Tencent) on one (Baidu).

????China’s startup scene is rationalizing through mergers, but only because they have to.