Buying a third of Tencent today would cost you just shy of $47bn. World conquest – or at the very least, conquering the flickering phone screens of 1.2bn people – does not come cheap. Unless you travelled back in time to 2001.

如今收购腾讯(Tencent)三分之一的股权将需要近470亿美元。征服世界——或者至少说，征服12亿人一闪一闪的手机屏幕——价格不菲。除非你回到2001年。

That is when Naspers bought the stake for $32m. A canny purchase. In just the past five years, Tencent shares have returned 570 per cent. Equity in Naspers, listed in Johannesburg and the owner of media assets worldwide, is up 550 per cent, giving it the largest market value of any African company. That number: $48bn – roughly the value of the Tencent stake.

Naspers就是在2001年以3200万美元入股腾讯。这是一笔精明的投资。仅在过去5年时间里，腾讯股价上涨570%。在约翰内斯堡上市、在世界各地拥有媒体资产的Naspers股价上涨550%，这让其成为非洲市值最大的公司。其480亿美元的市值大约相当于所持腾讯股份的价值。

But Naspers owns a lot of other businesses, too. It is dragging a massive holding company discount behind it. Tencent is an internet conglomerate itself, of course.

但Naspers旗下还有其他许多业务。一家庞大控股公司的股价折扣拖累了它。当然，腾讯本身是一家互联网巨头。Naspers的另一笔投资Mail.ru同样是俄罗斯的一家互联网巨头——Naspers持有其29%股份。投资者从理性出发，可能不愿投资于没有这两笔股份的Naspers，或者宁愿选择自己的资产搭配。

Mail.ru, another investment (Naspers owns 29 per cent), sprawls across the Russian web in the same way. Investors, rationally, might prefer not to invest at two removes, or to choose their own mix of assets.

按照目前的股价折扣，投资者可免费获得Naspers的印刷和付费电视业务。根据昨日报告的2014财年业绩，这些业务分别占Naspers 98亿美元收入的十分之一和三分之一。这令人振奋，不过人们有理由保持谨慎。付费电视业务（覆盖非洲撒哈拉以南地区）的自由现金流低于5年前。

At this discount, investors get Naspers’ print and pay-TV businesses for free. These provided a tenth and a third of Naspers’ $9.8bn revenue, respectively, in fiscal year 2014, as reported yesterday. That is bracing, although some caution is reasonable. Free cash flow from the pay-TV unit, which covers sub-Saharan Africa, is below its levels five years ago.

然而，在Naspers的股价中，电子商务的增长体现在何处？过去一年，腾讯的收入增长三分之二，该公司未来可能会变成一棵摇钱树。Naspers其他电商业务的收入也增长了三分之二。应当承认，这种增长是由并购推动的，从印度的在线巴士车票，到阿联酋的电子零售。过去5年，Naspers在收购方面支出26亿美元。在新兴市场攻城掠地可能有赢有输。但Naspers的价值不仅是腾讯。

Still, where is the growth of ecommerce in Naspers’ share price? Tencent’s revenues grew by two-thirds in the past year, and it may become a cash cow in the future. And revenue at Naspers’ other ecommerce businesses also rose two-thirds. The growth is, admittedly, driven by acquisition – from Indian online bus tickets to UAE e-retail. Naspers has spent $2.6bn on companies in the past five years. The land grab for emerging-market pixels may be hit or miss. But there is more here than Tencent.