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王和岩

我的父亲(八)

王和岩 07月24日

财新传媒记者

“反右”期间,父亲平安无事,我一直感到不解。以我对父亲对政治时事的热衷,以我对父亲的了解,他不是那种冷静理性,善于察言观色,能够未雨绸缪的人。直到我最近阅读父亲在不同时期留下的交待材料和思想检查,才恍然大悟。
父亲在“反右”中谨言慎行,“得益”于“三反五反”中组织对他的“处分”。
在1968年8月10日的“交待材料”中,父亲写道:在岷县税务局任副局长期间,由于“工作中主观、骄傲,方法简单,对通知要求过高过严,使一些同志束手束脚,不敢大胆工作,对自己意见很大,严重地影响了相互团结。”
另外,单位同事对父亲的离婚和与母亲的恋......
Doug Young

INTERNET: Baidu Sambas Out of Brazil

Doug Young 07月19日

财新传媒英文部编辑

Bottom line: Baidu's withdrawal from Brazil reflects a broader inability of Chinese companies to succeed overseas due to their different practices and local wariness about their ability to protect user privacy.
In what is probably coming as a surprise to no one, media reports are saying that search leader Baidu (Nasdaq: BIDU) is pulling out of Brazil. This would represent the company's latest failure abroad, and is really part of a broader string of failures not only for the company but China's internet sector in general. This particular group is quite good at milking the Chin......
Doug Young

SMARTPHONES: Xiaomi Takes Big Step Into South Korea

Doug Young 07月18日

财新传媒英文部编辑

Bottom line:  Xiaomi appears to be gaining confidence of investors through moves like its entry into South Korea, but it will take at least another year to prove it really has the savvy to thrive over the longer term.
Newly listed smartphone maker Xiaomi (HKEx: 1810) has kept the world guessing these past two weeks with its on-again-off-again performance both on the Hong Kong stock exchange and now in the real world. The former is a reference to its stock, which did quite poorly in the run-up to its trading debut last Monday but has done a U-turn since then and posted some impressive......
王和岩

“我的父亲”修正补缺(下)

王和岩 07月16日

财新传媒记者

父亲加入地下党的经过
父亲在世时,没跟我们讲过他参加中共地下党的经过,只记得早年间,听父亲说过一次被特务盯上,逃亡的经历,至于他加入地下党的过程,我一无所知。
前不久,弟弟从老家储藏室翻出些父亲的遗物。他欣喜地发现,父亲文革中的交待材料,专门写了这段经历。
两份分别写于1968年7月31日和1969年4月4日的交待材料,父亲详细回忆了参加地下党前后的情况:
1948年2月的一天,在小川镇街上,父亲遇见小学同学郝万杰。他叫上父亲,边走边聊,来到他家对面河边的一棵柳树下,郝万杰对父亲说:“国民党快要完了,咱们这里也快解放了。我随即问:‘咱们这里有共产党没有?’(郝万杰说)‘有!我......
Doug Young

IPOs: Inke Pops in Trading Debut, Xiaomi Bounces Back

Doug Young 07月12日

财新传媒英文部编辑

Bottom line: Live broadcasting specialists Inke and Huya should do well over the next year but could face difficulty after that as popularity of such services fades, while Xiaomi's stock gains over the last two days look like a dead-cat bounce.
Following the unimpressive debut of smartphone maker Xiaomi (HKEx: 1810) earlier this week, live streaming site Inke (HKEx: 3700) is the latest high-tech listing in the headlines with a more impressive debut in Hong Kong. This latest deal follows the US listing for Huya (NYSE: HUYA), China's first live streaming site to make an IPO, which h......
Doug Young

IPOs: Xiaomi Fizzles in Debut, But What’s Next?

Doug Young 07月09日

财新传媒英文部编辑

Bottom line: Xiaomi's stock is likely to be volatile over the next year and could move broadly downward as investors wait to see if the company's comeback has legs and it can move into higher-end products.
Smartphone maker Xiaomi (HKEx: 1810) seems to have become the proverbial lead zepplyn sinking further and further into the mire as it finally made its trading debut in Hong Kong. The company has been dogged by skepticism almost since the get-go of its blockbuster IPO, which ended this morning here in Asia with the stock's official trading debut. The question from here now be......
Doug Young
Bottom line: A court order barring Micron Technology from China and Donald Trump's attempts to keep China Mobile out of the US reflect blurring lines between business and politics in heightening US-China trade tensions.
Two new headlines are showing how trade tensions between the US and China are spilling over into the high-tech realm, while also reflecting a certain amount of confusion and twisting of the facts. Leading the somewhat misleading headlines is an item that has U.S. memory chip giant Micron (Nasdaq: MU) suddenly being shut out of China for a number of its products due to ......
Doug Young

IPOs: Pinduoduo Provides Fresh Face for E-Commerce

Doug Young 07月02日

财新传媒英文部编辑

Bottom line: A new IPO by e-commerce company Pingduoduo could do reasonably well due to its rapid growth and unusual business model, but could suffer from a "flavor of the day" element over the longer term.
After years of basically having just two choices to invest in China's e-commerce market, investors will soon have another new and interesting option with the upcoming listing of a company called Pinduoduo. I'll admit that I was unfamiliar with Pinduoduo before reading about this upcoming listing. But that said, the numbers do point to a potential high-flyer in the mak......
苑苏文

亮马与一个记者

苑苏文 06月30日

财新记者

《亮马与一个记者》
文/苑苏文
以人类的尺度来看,遗憾和阳光一样,没有熄灭的那天。生命消逝在每个时刻,有人自杀,有人杀人,有人戛然死去。
2018年6月21日,夏至,太阳直射北回归线,位于北半球的人类度过了一年中昼最长夜最短的一天。这天北京晴,高温超过35度,日落时刻是19时46分19秒,再过不到15分钟,体育频道开始转播世界杯小组赛,先是两场C组比赛,丹麦对澳大利亚,法国对秘鲁,待时针划过凌晨,6月22日2点,是D组备受瞩目的阿根廷对阵克罗地亚。
这是一周最后两个工作日。前一天,踏着夏至的余晖,亮马从供职的公益组织北京纪安德咨询中心下班,后一天,许多人为阿根廷哭泣,独居的亮马没去上班,没人见到他的最......
Doug Young

TELECOMS: What’s Next After Resolution of ZTE Case?

Doug Young 06月14日

财新传媒英文部编辑

Bottom line: ZTE will experience fallout from its run-in with Washington through much of next year, and could see an even longer-term hit to its global business as international customers start to look for alternate suppliers.
The saga of embattled smartphone and telecoms equipment maker ZTE (HKEx: 763; Shenzhen: 00006) appears to be nearing an end, as trading resumed in the company's stock following an official settlement with Washington over  illegal sales to Iran. The ending to this story certainly came with a big climax, with ZTE shares plunging by 42 percent in Hong Kong on ......
Doug Young
Bottom line: New listing plans by used car platform operator Uxin, EV battery maker Amperex and medical device maker Mindray should all do well, driven by strong growth potential and their leading positions in China.
The latest IPO season for Chinese firms is kicking into high gear on both sides of the Pacific, with announcement of several hot new offerings that each has a slightly different story to tell. At the head of the class is a new listing for used car platform operator Uxin, which is aiming to raise up to $500 million in New York.
That's followed by a listing plan for el......
Doug Young
Bottom line: China Mobile's first-ever drop in 4G subscribers in April owes to the company's early arrival to the space, and reflects the broader market's maturation that is also adding similar pressures to Unicom and China Telecom.
Much ado is being made about new data from the three big telcos that includes a first-ever drop in 4G subscribers for industry heavyweight China Mobile (HKEx: 941; NYSE: CHL). This particular first seems to have been a long time coming, and really shouldn't surprise anyone too much. The fact of the matter is that China's mobile market has b......
Doug Young
Bottom line:  The departure of Lu Qi from Baidu could deal a setback to some of the company's less advanced and more ambitious efforts in artificial intelligence.
Just a year after being named as the man who would lead search leader Baidu (Nasdaq: BIDU) into a future filled with artificial intelligence (AI), Lu Qi has abruptly abandoned his post as the company's COO. Investors were clearly spooked by the move, dumping Baidu's stock on Friday to the tune of a nearly 10 percent drop, the kind of one-day decline not seen since the company became embroiled in an advertising s......
Doug Young
Bottom line: A brouhaha involving Lenovo's branding as unpatriotic for not supporting homegrown technology is likely to blow over quickly, and spotlights China's continued reliance on foreign technology.
In a story that looks like a something from the McCarthy era, embattled PC maker Lenovo (HKEx: 992) has landed at the center of a controversy that's seeing it branded by some as a traitor for choosing foreign technology over a homegrown Chinese alternative. This kind of thing isn't at all that uncommon in China, where politics, business and everyday life mix freely.
W......
Doug Young
Bottom line: China's approval of a small US chip merger shows Beijing is actively reviewing such deals again after a brief pause to show its displeasure over US trade tensions, and bodes well for eventual approval of Qualcomm's purchase of NXP.
Trade tensions between Washington and Beijing have thrown a number of major companies into turmoil, as the two sides spar over the former's attempts to form a new, more balanced bilateral relationship. Telecoms equipment maker ZTE (HKEx: 763;  Shenzhen: 000063) has stolen a lot of the limelight in that regard, as the company's ......
Doug Young
Bottom line: Xiaomi is likely to quietly settle a copyright infringement lawsuit against it by Coolpad, which is opportunistically looking for some hush money before Xiaomi's IPO and can't afford a long drawn-out court battle.
In a move that smells of desperation, down-and-out smartphone maker Coolpad (HKEx: 2369) has filed a lawsuit against the up-and-coming Xiaomi. Anyone with half a brain will know the timing of this lawsuit looks quite suspicious, since Xiaomi is getting ready to make what could be this year's biggest IPO in the next month or so, likely to raise up to $20 ......
Doug Young

PCs: Lenovo Kicked Out of Hang Seng Index

Doug Young 05月07日

财新传媒英文部编辑

Bottom line: Lenovo's ejection from the Hang Seng Index caps its long fall from grace over the last four years, and leaves the company in an increasingly deep hole that may be hard to emerge from.
Capping its long fall from grace, PC giant Lenovo (HKEx: 992) has been officially booted from the Hang Seng Index, in a move that looks highly symbolic but also has some very real ramifications for this former high-flyer. It's probably too early to relegate Lenovo to the history books, but we can certainly say the company is down for the count with this latest blow.
As someone who h......
Doug Young

IPOs: Xiaomi Growth Charms, Losses Alarm

Doug Young 05月04日

财新传媒英文部编辑

Bottom line: Xiaomi is hoping to attract investors to its IPO through its recent strong revenue growth, but it could still be years before it becomes profitable due to heavy reliance on low-end, low-margin products.
Everyone is fawning over the newly released IPO prospectus from Xiaomi, the smartphone maker that is aiming to make what's likely to be the biggest listing of all time by a company from its class. Most eyes seem to be focused on the company's top line, headlined by revenue that grew 67.5 percent last year. But from my perspective, the picture isn't all that attract......
Doug Young

IPOs: China Biotechs Abandon New York for Hong Kong

Doug Young 04月27日

财新传媒英文部编辑

Bottom line: Two biotech firms' abandonment of New York IPOs for Hong Kong is part of a broader trend to make Hong Kong and China more competitive for high-growth startups, and could ultimately boost valuations in all three markets.
We'll take a break from all the trade war talk as we close out the week and instead turn to another major development taking place in Hong Kong, where the local stock exchange has just rolled out some reforms with major implications for high-growth startups. Those reforms have reportedly netted a couple of biotech firms that were originally planning to......
Doug Young
Bottom line: A US investigation of Huawei into possible illegal sales of US-made equipment to Iran is old news, and may be getting dredged up now to give Washington leverage in its ongoing trade frictions with China.
Some might argue that US sanctions against telecoms equipment maker ZTE (HKEx: 763; Shenzhen: 000063) are just the prelude to a much bigger story that could now be sharping up, with word that ZTE's much larger rival Huawei is being probed in a similar case. The subject at the heart of this matter involves sales of American-made equipment to Iran, which would have vio......

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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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