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Doug Young
Bottom line: Live streaming gamer DouYu should get relatively strong demand for its $500 million New York IPO, while a smaller listing plan by younger coffee specialist Luckin is likely to die on the vine.
One of the longest runs I can recall for New York IPOs by Chinese firms continues to chug ahead, with two new filings, one by live streaming game operator DouYu and the other by a high-tech Starbucks (Nasdaq: SBUX) challenger called Luckin. This particular IPO window is now rapidly creeping up on its second anniversary and doesn't seem to show too many signs of running out of steam.......
Doug Young

E-COMMERCE: Is Amazon Leaving China, or Not?

Doug Young 04月22日

财新传媒英文部编辑

Bottom line: Amazon's withdrawal from selling domestic goods to local buyers in China was inevitable due to its lack of a standout service and cut-throat competition from Alibaba and the money-losing JD.com.
The e-commerce headlines have been buzzing these last few days with word that global giant Amazon (Nasdaq: AMZN) is abandoning China, representing the latest setback for a western Internet company in the large market. Amazon has come out with some statements clarifying the matter, in a move somewhat akin to what happened when Internet peer Google (Nasdaq: GOOG) made a similar with......
Doug Young

E-COMMERCE: Profit-Seeking JD.com in Overhaul Frenzy

Doug Young 04月10日

财新传媒英文部编辑

Bottom line: A steady stream of layoff and cost-cutting reports around JD.com appear to show it's trying to sharpen its operations to achieve sustained profits starting in the second half of this year. 
What's up with e-commerce giant JD.com (Nasdaq: JD)? That seems to be the question of the moment, amid a recent series of nonstop reports of shakeup at China's perennial No. 2 in the e-commerce world. The company was stuck under a cloud for much of the second half of last year as its founder, Richard Liu, stood accused of rape in the US. That cloud was finally lifted when ......
Doug Young

MEDIA: Qutoutiao in Fund-Raising Frenzy

Doug Young 04月04日

财新传媒英文部编辑

Bottom line: Qutoutiao's recent flurry of fund-raising, including a major  loan from Alibaba, underscores rising confidence in the news aggregator after its lackluster IPO last year.
News aggregator Qutoutiao (Nasdaq: QTT) is making up for lost time following its lackluster IPO last fall that raised far less than its original target. The company has just announced a new share sale that will generate about $30 million in cash, just days after raising another $171 million from e-commerce giant Alibaba (NYSE: BABA).
Investors didn't seem too impressed with the latest cash-r......
Doug Young

INTERNET: Online Education Looks Good in Principle

Doug Young 04月01日

财新传媒英文部编辑

Bottom line: The online education sector is currently in a teething phase that could last for the next two years, but could offer big potential for investors who can separate the wheat from the chaff. 
Today I thought I'd look at some of the major online education stocks to hit the market over the last two years, most turning in a decidedly negative performance that may or may not be justified. The latest of those, Koolearn (HKEx: 1797) stumbled out of the gate late last week with a flat trading debut, and since has posted some minor gains that probably don't mean too much. (......
Doug Young
Bottom line: Apple will continue discounting its iPhones in China to stop its sinking market share, which could slow but not halt its decline in the face of growing competition from the likes of Huawei.
Following a break of a month, I'm returning to my writer's seat with discussion of the China outlook for tech giant Apple (Nasdaq: AAPL), which has turned to a very un-Apple-like strategy of discounting its products in the world's largest smartphone market. China has been a fickle place for Apple, at one point accounting for nearly a quarter of the company's global sales, a......
Doug Young
Bottom line: Alibaba's interest in Metro's China operations is part of its new retail strategy, while the purchase of a British payments company by its Ant Financial unit could give it a strong toehold in the European payments market.
After a period of relative quiet, e-commerce giant Alibaba (NYSE: BABA) is suddenly springing into three relatively major headlines simultaneously on the investment front. Two have a European angle, one involving a major potential investment in German retailer Metro and the other in a British financial services provider by its Ant Financial affiliate......
Doug Young
Bottom line: A slowdown in New York IPOs by Chinese firms at the start of the year was largely caused by the government shutdown, and activity could soon pick up starting with a listing by leading live broadcaster Douyu.
We'll kick off my first post of the Lunar New Year with a look at New York IPO activity in the first part of 2019, or more precisely the lack of activity for Chinese companies. If this were any other year, I would say such a silence is probably normal, since in the past the first quarter has been a difficult period due to the western New Year holiday on Jan. 1 followe......
苑苏文

记者的心结 | 某种渺小

苑苏文 01月12日

财新记者

一枚逆流而上的小浪花,改变不了浪潮的倾覆,搅动不了大海的永寂。
只有小浪花自己在乎自己的路。
——by本文作者

我一度感到绝望,不再接范阿姨的电话。但她没有放弃,换新号不断打给我,当我接通陌生的号码,听到她的声音,我的心脏都会虚脱一下。
她不在乎这些细节,只会在开场白中显露出些许介意。有时她会说:“喂,苑记者,你还记得我是谁吗?”,还有时更加直接:“喂,苑记者,我是你范阿姨”,
但大多数时间她是不自报家门的,但我每次都会辨认出陌生数字后熟悉的她,强行调动情绪,热切地回答:“哎,范阿姨,官司怎么样了?”
2018年12月底的一天,我......
Doug Young
Bottom line: Xiaomi's stock is probably oversold at current levels due to selling at the end of a lockup period, but will remain an underpeformer for at least the next 1-2 years until it can prove its strategy of moving up-market has legs.
It's been a rocky week so far for smartphone wannabe Xiaomi (HKEx: 1810), which is desperately trying to show investors it's more than just a maker of cheap, low-margin products. The company is getting set to unveil a new strategy to show it plans to wean itself from the low-end phones that are its bread-and-butter, with an upcoming announce......
Doug Young
Bottom line: A US prosecutor's decision not to file rape charges against JD.com's founder may bring short-term relief to the stock, but the case still shows the importance of understanding the unusual role Chinese founders play at their companies.
On this day after Christmas I thought I'd play a little catch-up by weighing in on the controversial decision that saw a Minnesota prosecutor decline to press rape charges against JD.com's (Nasdaq: JD) founder and CEO Richard Liu. Following the big announcement at the end of last week, there's been a minor follow-up as anothe......
Doug Young
Bottom line: The US case against Huawei's CFO is likely to end with her release on technical grounds as part of a deal between the US and China, though the company could still face punishment for illegally selling US products to Iran.
It's a few days old by now, but I wanted to begin the new week by sharing some of my thoughts on the recent blow-up involving telecoms equipment giant Huawei's CFO, who was detained in Canada at Washington's request. At this point I mostly want to give my views on the politics behind this story, and also my take on how things are likely ......
Doug Young

SMARTPHONES: Huawei Takes New Look at India

Doug Young 12月03日

财新传媒英文部编辑

Bottom line: Huawei's new push into India looks like a smart and well-timed move to take advantage of the country's emerging middle class, and could help it take the global smartphone crown by the end of next year.
As it creeps up on its goal of becoming the world's largest smartphone maker, the controversial Huawei appears to finally be waking up to the potential of the fast-growing India market. That's the key takeaway from some Indian media reports last week, which quoted a company executive saying Huawei is planning a major push into an India market that it has largely......
Doug Young
Bottom line: A major new campaign calling on Google to abandon its plan to return to China's search market will add pressure on the company to reconsider its decision, but is unlikely to succeed unless the pressure grows significantly stronger.
If Google (Nasdaq: GOOG) CEO Sundar Pichai thought he could quietly launch a new filtered China search engine without any major backlash, he's quickly finding out otherwise. The search giant's controversial plan to return to the world's biggest search market is facing its stiffest resistance to date, in a frontal assault coordinated......
黄姝伦
2016年7月底,我从英国伦敦回国,9月入职财新,由国际新闻转行公共政策新闻,跑城乡发展相关议题。转眼两年,今年6月,我结束北漂生活,调往华南站。
从业两年,总马不停蹄,渴望在专攻领域有所建树,举着新闻专业主义大旗,不问来路,被焦虑情绪困扰是家常便饭。从小在城市长大,工作中的城镇化议题,晦涩而令人心向往之——农村留守妇女抑郁症、河南艾滋病村、凉山困境儿童、耒阳教育城镇化困局、跨国红木贸易溯源……欠缺“火候”是常态,采访时欠了新闻敏感、突破能力、问题意识,写作时缺了认知基础、分析框架、逻辑层次,行文距离简洁、凝练尚远。沮丧之余,只得拾起片片灰心。
新晋驻站记者,四......
Doug Young
Bottom line: China's drive to boost imports will benefit the nation's big e-commerce companies with cross-border trade capabilities, though such purchasing will still be a small fraction of their overall volume.
It may be election day in the US, but here in China the focus is decidedly on imports with the staging this week of a massive import-focused expo in Shanghai. This particular event, officially called the China International Import Expo, has big political overtones, which I've looked at in a bit more depth in my weekly column on doing business in China, for anyone ......
Doug Young
Bottom line: Washington's punishment of a Chinese chipmaker accused of stealing from Micron Technology is part of a savvy targeted approach by the Trump administration aimed at spotlighting illegal business practices by Chinese tech firms.
I thought I'd begin this Monday with a wrap and look at what's ahead for a Chinese chipmaker called Jinhua, which fell squarely in the crosshairs of Donald Trump's trade war with Beijing in a series of breakneck developments last week. This particular case seems to be part of a growing pattern that is seeing Trump pick his battles one at......
Doug Young
Bottom line: Alibaba's vague road map in its latest chairman and CEO annual shareholder letter is too far off to be meaningful, but does chart its aspirations to change from its current form to something more like an IT services company.
Alibaba (NYSE: BABA) founder Jack Ma and his heir apparent Daniel Zhang have just laid out their vision for the e-commerce giant in their latest annual letter to shareholders, and I have to say it's at once very grand while also being quite short on detail. There are some lofty goals revealed inside, headlined by a new plan with some targets for w......
Doug Young

IPOs: No One Comes to Haier’s German Party

Doug Young 10月24日

财新传媒英文部编辑

Bottom line:  Haier's weak IPO under a new German program to internationalize Chinese stocks owes to lack of awareness and thin trading, and reflects challenges the new market will face in its drive for recognition.
What if you threw an IPO and nobody came? That's what seems to be happening for home appliance giant Haier, which has just made the inaugural listing on a new Sino-German stock exchange aimed at internationalizing Chinese companies. The program captured headlines earlier this year when it was first announced that Haier had been selected to make the inaugural listi......
Doug Young

SEARCH: Google Takes Offensive on China Search Return

Doug Young 10月18日

财新传媒英文部编辑

Bottom line: Google's decision to finally talk openly about its plan to return to China looks smart though slightly late, by explaining the desperate need for alternatives in the massive though tightly controlled search market.
After staying mum on the subject for quite some time, Google (Nasdaq: GOOG) is finally speaking out on its controversial decision to return to the China search market. Its CEO Sundar Pichai broke the company's silence on the matter at an event this week sponsored by Wired magazine, going on the offensive to try and defend his company's decision.
It......

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陈酿老久 实朴

原文:还乡琐记:草木叩门 生活继续

吴春波H-R “乡田同井,出入相望,守望互助,疾病相持”,已成追忆。

原文:还乡琐记:草木叩门 生活继续

小胖子真不瘦 风口浪尖上的传奇人物!如果你就这样被打败,那你就真的太失败了,但是我相信你不是这种人,期待你东山再起的那天。

原文:回来吧,贾跃亭

lulud 创业英雄还是欺诈惯犯

原文:回来吧,贾跃亭

zhangmingxiao 川普执政一百多天,初见端倪

原文:商人治国成笑柄

孙越 史上有很多传奇,更有很多英雄,他们的死彰显生命的价值。

原文:对外侦察局的掏心猎手

zhangmingxiao 这个不是一起超售事件,是美联航因为内部员工需要乘坐飞机,旅客满员的情况下利用超售这个工具来达到赶下旅客的目的。

原文:美联航赶乘客下飞机 资深机长告诉你是否违规

郭杰群 在美国,地产开发商将出售资产所得在一定期限内进行类似房产的再投资可以享受一定的免税条款。这在我国当前还不具备,因此在一定程度上制约了地产商的能动性。

原文:REIT的海外发展及启示

Lypsey3543 “据个人了解,中国一线城市住宅投资收益率不会高于3,美国可以达到6。”作者这里说的应是租金收益率。首先,因(特大)人口增长加速,在新兴市场投资房产,主要看资本利得,动态租金收益要会延后实现,静态比较同期没有太大意义。其次,物业年均持有成本,纽约和中国一线城市不可比。第三,纽约和曼哈顿是两个概念。离开曼岛,租金中位数值完全是不是一个档次。而中国一线城市的租金上涨范围更大。因为仍处于成长期。总体而言,虽然在中美两国都投资的是房产,但从收益分布特征和波动率来说,完全可以看作是差别极大的两类资产。就如同高等级债券和蓝筹股票,横比收益没有意义,因为后者大幅超越。归根结底更可能是风险偏好异质性(含Demographic factors)和经济周期所处阶段决定了投资者更偏爱哪一类。

原文:2017年美国房地产市场展望——美国市场、中国视角

王争春 价格和土地供给的问题,我们慢慢谈。市场有垄断市场、寡头市场和竞争市场,定价规则自然有差异。

原文:面对房价,教科书自焚吗?经济规律笑了

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