Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Equity Bottom-Up

&nbsp;The Wall Street Journal has reported that Tencent is 'near a deal to invest $1 billion in China's biggest online provider of on-demand services, as part of a new fundraising round that could value the startup at $20 billion'.Tencent investor relations has refused to comment on this rumour. We do not think this is a surprise to the market, since MeituanDianping is the key O2O platform for Tencent to compete with Nuomi, owned by Baidu. Tencent already owned a 20% stake in Dianping before Meituan and Dianping's merger, and this further investment will help Tencent to gain further control over Meituan-Dianping.This comes just after the Ctrip-Qunar transaction, in which Baidu became the largest shareholder of Ctrip, the largest online travel agency in China, and in which Qunar merged with Ctrip. We believe the O2O war has just begun, with China's three biggest Internet giants having all launched or acquired relevant platforms and considering O2O as their next key growth driverAnalyst:&nbsp;Michael Wu, CAIA &amp;&nbsp;Daniel Mueller

&nbsp;The Wall Street Journal has reported that Tencent is 'near a deal to invest $1 billion in China's biggest online provider of on-demand services, as part of a new fundraising round that could value the startup at $20 billion'.Tencent investor relations has refused to comment on this rumour. We do not think this is a surprise to the market, since MeituanDianping is the key O2O platform for Tencent to compete with Nuomi, owned by Baidu. Tencent already owned a 20% stake in Dianping before Meituan and Dianping's merger, and this further investment will help Tencent to gain further control over Meituan-Dianping.This comes just after the Ctrip-Qunar transaction, in which Baidu became the largest shareholder of Ctrip, the largest online travel agency in China, and in which Qunar merged with Ctrip. We believe the O2O war has just begun, with China's three biggest Internet giants having all launched or acquired relevant platforms and considering O2O as their next key growth driverAnalyst:&nbsp;Michael Wu, CAIA &amp;&nbsp;Daniel Mueller

Tencent Rumoured to Invest $1 Billion in Newly Merged Meituan-Dianping; the War Has Just Begun