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Two years ago，Neil Shen，head of Sequoia China， attemptedtobrokeramarriagebetweentwooftheinternetcompaniesinwhichewasinvestedmeituan.comanddianpingholdings.hiseffortts boths heyspentheavilytogaincustomersandmarketshareinbusinesseswhichpartiallyoverlapped.atthattime。Mr Shen did not succeed年前，红杉中国(Sequoia China )的掌舵人沈南鹏(Neil Shen )试着爱上了他投资的两个互联网企业美团(Meituan.com)和大众评论(dianna )。那时，两家公司都烧钱，投入大量资金，在部分重叠的业务中与客户争夺市场份额。那时沈南鹏进展不顺利。

This month，however，the war between the two groups，whicharebothinthe businessofdeliveringfoodandofferingdiscountsatrestaurantsamonge 除wascalledoffandmeituananddianping其他业务外，美团和大众评论均享受饮食和饮食优惠服务。The deal，worth up to $20bn， wasjustthelatestinaseriesofmergersbetweenchinesecompetitorswhohavedecidedoftenwiththeforcibleinterventionoftheirinvestorsthatt ngforces .这笔价值200亿美元的交易只是中国竞争对手之间一系列合并方案(往往导致投资者的强力介入)的最近的东西。这些企业意识到合作不会带来更大的利益。沈南鹏说：“inthiscaseoneplusonewillequalthreeorfour，”says Mr Shen .“在这种情况下，一加一等于三或四。

” “consolidationisthebestwaytomaximisereturns，”adds Bao Fan表示， whose Beijing-basedchineserenaissanceadvisoryandbankingboutiqueadvisedbothcompanies .“everythingisafunctionofthesupply最大化报酬“一切都是资本供给的函数。》华兴资本是位于北京的咨询机构和精品投行。thisyearisbecomingthebanneryearformergersinthesector.accordingtomergermarket是there have been 267 chinesetechnologymergersworth。

比较with 338 deals worth $ 26 bnforallof 2014 .根据今年Mergermarket的数据，今年迄今为止，中国再次发生了267家科技企业的合并案，交易额约为320亿美元，2014年astheflowofmoneyintothesecompaniesslows， valuationshaveceasedtheirgravity-defyingascentandinvestorshavebeguntoenforcegreaterdisciplineontheirportfoliocompanies， despiteobjectionsfromsomeofthefoundingentrepreneurs .随着资金流向互联网企业的速度变慢，奇异且不受重力的估值下降，投资者开始对被投资企业施加更严格的制约但这遇到了一些企业创始人的赞成。investmentfirmssuchassequoiaandtigerglobalhavedrasticallyreducedthemoneytheyareputtingintothechineseinternetsectorinrecentmonts iesinwhichtheyinvestthatiftheyaretoogreedytheywillnotbeabletoraisemoneyathighervaluationsinthefuture，People Familiar with the Mate 红杉资本(Sequoia Capital )和老虎全球基金(Tiger Global )等投资机构大幅增加中国互联网行业的投资，并且 boththetrendtowardconsolidationandtheresistancetoitonthepartofmanyentrepreneursreflectanenvironmentthatbearslittleresemblancete evenasmanychineseinternetcompaniesnowchallengetheiramericancounterpartsinvaluationandexceedtheminscale .行业集成趋势，以及许多企业的创始人他指出中国的环境与美国不相似，但许多中国互联网企业现在在评价方面开始挑战美国的同行，在规模上也达到了后者。In the US，start-ups“tendtobeginlifewithoriginalbusinessmodels，the winners tend to emerge early”， saidmrfan.I wheremoststart-upstendtobemodelledonanoverseastemplate，“there are many more players， andconsolidationtakesplaceoverties”他说，在许多初创企业上通常复制海外模板的中国，“参加者更多，随着时间的推移一定会整合到南北”。

butthatmeansegosareatstakeandnegotiationscanbecomepersonal.attimestheill-feelinghasbecomesopronouncedthatinvestorssome retheii nnon-disparagementagreements .但是，这意味着著创始人的虚荣心可能会发作，谈判可能会踏上“向心走去”的分歧。愤怒成为太大的障碍，投资者有时会排斥困难的创业者，签订非置换合同。Ctrip and Qunar，thegreatrivalsintheonlinetravelbusiness，finallyagreedtomergeearlierthisweek，in a $15bn tie-up。

butaslowingofoutsidefundingmaychangethingsnow.analystswidelyexpectonlinetravelcompaniesandautorentalfirmstoeithermergewith othh ed spaces.likelycandidatesincludesearchenginecompaniessuchasbaiduorforthetaxibookingfirmssuchasddisk uai di.thegoalwouldbetopres rent，more value-added business models .但是，现在外部融资的减速可能不会改变局面。分析师广泛预计网上旅行企业和租车公司将彼此分割或与相关行业公司分割。

有分割可能性的企业也包括百度(Baidu )等搜索引擎企业和滴滴慢(Didi Kuaidi )等出租车呼叫企业。目标是留下现金，转向不同增值的更大的商业模式。In addition，businessmodelsinchinatendtobefluid， whichcanmakeforshiftingalliances.whatcouldbeseenasconflictsofinterestelsewhereintheworldoccurwithfrequencyinthemainland .世界其他internetgroupalibabaisboththethird-biggestinvestorinmeituan，whichisprimarilyagroupbuyingsite，and one of its biggest rivals now butthetwowerenotindirectcompetitionatthetimethelargergroupmadeitsinvestment.andtheremaybeevenmorebitterrivalrytocome.mome pland etstothefilmdistributionbusiness.suchastepcouldleadtoaface-offagainstalibaba’salipicture未来可能不会在两者之间再次发生白热化的竞争。美团计划从电影票的销售扩大到电影的发售。

美团将来有可能会和蚂蚁图片发生冲突。Similarly，mrsheninvestedinvipshopwhenitdidn’tcompetewithjd.com，another Sequoia investment. Today，however京东也是红杉中国的投资对象。但现在唯品会和京东又爆发了白热化竞争。

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