就在一个月前阿里巴巴递交的初版招股书里，还明明白白地写着：阿里巴巴持有 UC 的股份比例是 66%。而现在，UC 转眼间就以创中国互联网历史纪录的作价（据传言在 40 亿-50 亿美元之间）整体并入阿里，成为阿里继电商事业群、云计算大数据事业群之后组建的全新业务集群，UC 董事长兼 CEO 俞永福的名号也换成了“阿里 UC 移动事业群总裁”。

In its first edition of prospectus submitted one month ago, Alibaba indicates that it it holds 66% of UCWeb’s shares. But now, UCWeb is entirely mergered into Alibaba at the highest price in China’s Internet sector (4-5 billion USD as reported), and becomes the new business unit of Alibaba after the e-commerce, cloud computing and big data technology business units; UCWeb’s Chairman & CEO Yu Yongfu is appointed as the President of Alibaba UC Mobile Business Unit.

同样是一个月前的全球移动互联网大会上，俞永福就曾经卖了个关子，说他“做出了一个重要的决定”，从时间点上看指的应该就是与阿里整合这件事情。别忘了再往前一周，被他称作是“UC 下一个十年战略级产品”的神马搜索，就是 UC 整合了阿里巴巴“一搜”后改头换面的产物；还有更早的 UC 浏览器 PC 版，前身也是淘宝浏览器。这些高频率的动作，其实作为这起“中国互联网历史最大整合案”的伏笔已经足够了，为什么还有为数不少的内外人士会觉得“措手不及”？

At the GMIC in last month, Mr. Yu said he had made an important decision to keep the public guessing and now it can be sure that the decision must about the merger. Don’t forget that one week before that, a search engine incorporating Alibaba’s search engine Yisou.com called SM.CN, which Mr. Yu considers as UCWeb’s strategic product in next decade, was launched; additionally, the UC Browser for PC rolled out earlier is actually the former Taobal Browser. There frequent actions in fact, are sufficient to be the foreshadowing for the biggest deal in China’s Internet sector, but why there are many people in and out of the sector are surprised?

对于核心战力几乎全集中在上游的 UC 来说，这桩整合的好处远不只是财务回报那么简单，最为可观的价值可能会体现在他们此前几乎从未染指的领域。因为阿里庞大的下游资源布局和整合能力，是他们即使再努力多年可能也难以企及的。

For UCWeb, of which all core power is almost centered on the upstream, the merger brings not only the financial returns but the most considerable value possibly reflected in the fields it almost never set foot in. Because Alibaba’s capacity to allocate and integrate itsenormous downstream resources is unreachable for UCWeb even after years of effort.

中国互联网格局晋升为“BAT 三巨头时代”之后，阿里的进一步布局也与腾讯、百度继续围绕上游资产（主要是各种互联网、移动互联网入口）展开有所不同，多是往更纵深的下游去延伸：支付、B2C、团购、物流，甚至还有金融、影视、体育、文化这些与电商或互联网看似风马牛不相及的传统业务。

Different from Tencent and Baidu’s continuous focus on upstream assets (mainly a variety of access to Internet and mobile Internet), Alibaba’s further arrangements mostly extend to the downstream assets of the industry chain: payment, B2C, group purchase, logistics and even some traditional business seemingly irrelevant to e-commerce or Internet, like finance, film & TV, sports and culture, since the structure of China Internet evolved to the era of BAT (Baidu, Alibaba, Tencent) three giants.

这些领域的业务逻辑本身与互联网存在着很大差异，甚至连腾讯、百度这样的巨头也很难在短期内有所建树。UC 当然也不可能在短时间达到这种高度，但进入阿里体内，却能让他们立刻得到这种资源支持—— O2O、与线下传统行业深度结合的产品布局，在 UC 的时间线规划上也会大幅提前。

Due to the big difference in business logic between those fields and Internet, even such giants as Tencent and Baidu have difficulties achieving something in the short term. Of course, UC is not likely to reach a height in a short time, either. However, UC has immediately got this resource support once it was merged into Alibaba. O2O and product layout closely combined with offline traditional industries will be scheduled much earlier in UC’s timeline planning.

UC 可能获得的另一种隐性资源是品牌。作为一家平台型的移动互联网企业，UC 的产品都是以链接第三方内容为核心逻辑的。虽然 UC 的品牌仍然独立保留运作，但阿里的介入对于其知名度的加成几乎是肯定的；另一层含义就是背后庞大资源的获取可能性和业务拓展想象空间。

Another latent resource UC may get is the brand. UC is a platform-based mobile Internet enterprise and its products all take links to third-party content as the core logic. UC brand still operates independently, but its involvement in Alibaba certainly will enable it gain more popularity; an additional significance lies in the possibilities of obtaining vast resources behind and the vision of expanding business.

总而言之，从阿里和 UC 的战略诉求角度去看这次整合兼并，可以说是各取所需，利好的特征是很鲜明的。但战略就是战略，大处着眼不难，真正落实到微观层面的协同执行上，应对外界一片迷雾般的产业环境，对于双方来说还有很多挑战要去面对。

All in all, from the point of strategic demands of Alibaba and UC, this integration & merge featuring distinct good news for stocks can be said to be for each to take what he needs. But it’s just a strategy that is not hard to make in the macroscopic view. When actually coming to the coordination implementation at the micro level, they both have many challenges to face to respond to the confusing industrial environment outside.

From: The Huxiu

Translated by Steve & Ashley, CCJK Technologies Co.,Ltd.

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