????中國(guó)兩大在線(xiàn)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(guó)初創(chuàng)公司市場(chǎng)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(píng)網(wǎng)是中國(guó)頗有規(guī)模的O2O（線(xiàn)上線(xiàn)下）模式公司,，這種全方位商業(yè)模式將線(xiàn)上應(yīng)用提供的消費(fèi)渠道和線(xiàn)下的購(gòu)物活動(dòng)聯(lián)系在一起。此次兩家公司合并吸引了國(guó)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(píng)的投資方騰訊控股是競(jìng)爭(zhēng)對(duì)手,。不過(guò)，在市場(chǎng)行情驟變的情況下,，兩位對(duì)手選擇攜手合作,，這也許是此次合并最沒(méi)有話(huà)題性的部分。今年稍早，兩大中國(guó)科技業(yè)巨頭已經(jīng)有過(guò)類(lèi)似的合作案例：中國(guó)頭號(hào)出租車(chē)打車(chē)應(yīng)用滴滴打車(chē)與另一打車(chē)應(yīng)用快的打車(chē)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(zhēng)奪市場(chǎng)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(cè),，美團(tuán)與大眾點(diǎn)評(píng)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(wú)止境的虧損,。

????此次合并的兩家公司主營(yíng)業(yè)務(wù)截然不同,，卻有一個(gè)核心的共同點(diǎn)：提供團(tuán)購(gòu)折扣。美團(tuán)網(wǎng)創(chuàng)始人王興赤裸裸地復(fù)制了團(tuán)購(gòu)鼻祖Groupon,，在該網(wǎng)站問(wèn)世前,，他還在中國(guó)成立了效仿Twitter和Facebook的公司。而大眾點(diǎn)評(píng)網(wǎng)雖然被稱(chēng)為“中國(guó)的Yelp”,，實(shí)際上它比美國(guó)的評(píng)論網(wǎng)站Yelp誕生得要早,。如果注冊(cè)會(huì)員攜友到被點(diǎn)評(píng)的餐館用餐，網(wǎng)站都會(huì)給予折扣,。

????過(guò)去兩年,，中國(guó)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(duì)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(lèi)似Paypal的支付系統(tǒng)。

????問(wèn)題在于,，騰訊不是唯一看準(zhǔn)O2O的企業(yè),。大眾點(diǎn)評(píng)和美團(tuán)網(wǎng)都遭遇大量同類(lèi)公司的圍攻，其競(jìng)爭(zhēng)對(duì)手包括另一中國(guó)互聯(lián)網(wǎng)巨頭百度旗下團(tuán)購(gòu)平臺(tái)糯米網(wǎng),。今年,，此前一直資助眾多中國(guó)O2O公司運(yùn)營(yíng)的風(fēng)險(xiǎn)投資開(kāi)始縮水。去年,，中國(guó)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(guó)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?qǐng)?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(píng)合并的談判開(kāi)始進(jìn)行為止,，美團(tuán)網(wǎng)都沒(méi)能實(shí)現(xiàn)期望的募資,。

????美團(tuán)網(wǎng)與大眾點(diǎn)評(píng)都未能擺脫募資的壓力。兩家公司至今還沒(méi)有扭虧為盈的表現(xiàn),?？扇缃瘢麄儾](méi)有陷入三強(qiáng)爭(zhēng)霸的廝殺,，為團(tuán)購(gòu)領(lǐng)域的市場(chǎng)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(duì)付共同的敵人——百度,。

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

????譯者：Pessy

????校對(duì)：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.