导读：一切皆是轮回。虽然对于佛教并不了解，但里面有两个中心思想对我，以及身边的人触动很深：无我，轮回。小到我们的投资，大到我们的生命，很多事情都是在轮回。自然规律的黑夜和白天，太极中的阴阳交错都是。我们A股的投资，在过去几年也在经历这种轮回。记得在2013和2014年，你和大家一谈基本面，就是输在了起跑线。那时候市场流行的是商业模式，是通过收并购长大的资产证券化，是行业逻辑，是互联网流量思维。那时候企业最好不要赚钱，因为互联网的特征就是免费。到了今天，市场又重新再说估值，说漂亮50，每次聚会如果手里没有茅...

Bottom line: LeEco's debt-for-equity deal with Compal and the looming collapse of its Vizio purchase are welcome developments that show it could quietly jettison some of its newer businesses and eventually emerge from its current cash crunch.

Picture dims on LeEco's Vizio purchase

The unwinding of former online video superstar LeEco (Shenzhen: 300104) continues to unfold, with two major developments that could help to slow the company's rapid decline. The first of those h...

Bottom line: New signals from Qihoo and Wuxi AppTech show they may be getting preferential treatment for A-share listings, as the regulator shifts its policies to favor high-quality private firms for IPOs.

Wuxi AppTech eyes A-share listing

New signals coming from China's stock regulator hint that it's softening its stance towards letting companies formerly listed in the US jump the queue for re-listings at home. That appears to be the message, following a string of new r...

Bottom line: Baidu's opening of a new artificial intelligence lab in Silicon Valley is the latest move in its AI obsession, which is likely to end in failure and a quiet pullback in around two years due to mediocre execution.

Baidu in new Silicon Valley R&D lab

I'm officially dubbing Baidu (Nasdaq: BIDU) chief executive Robin Li the "two-year attention span man", with word that the company is setting up a new Silicon Valley office in the rush to build up its artificial i...

Bottom line: Tencent's online literature unit is likely to make a Hong Kong IPO later this year, and should get a relatively strong reception due to strong backing and its market leading position for a product with stable long-term demand.

Tencent literature unit eyes HK IPO

If you don't succeed the first, second and third times, then try again. That could well be the mantra for the digital literature unit of former online entertainment giant Shanda, which has gone throu...

Bottom line: China Telecom, Unicom and China Broadcasting Network could share the costs of a 5G network to lower costs, while China Mobile is likely to construct a network on its own.

China telcos consider 5G network sharing

As earnings season reaches a crescendo, wireless carrier China Telecom (HKEx: 728; NYSE: CHA) is raising an old theme by saying it might consider sharing resources with someone else in building a next-generation 5G network. This particular topic firs...

想象一下你平时自己在健身房锻炼，这时来了个健身教练说能让你快速减肥，结果非但把你练伤了，还理直气壮地问你拿培训费的时候，你是不是想骂人。没错，这位健身教练就是中国绝大多数的QDII投资经理。过度专注于中概股和美国市场使他们不仅没有为客户合理分散风险，还使基金投资回报跑输指数基准。有海外投资需求的投资者们应该选择指数基金和覆盖多地域特别是其他新兴市场的QDII基金。

金融世界里唯一的免费午餐就是风险分散。虽然全球化使得各国经济的关联性增强，但各国不尽相同的要素特点和经济周期使得跨地区投资的波动性远小于押...

在今年的《政府工作报告》中，国务院总理李克强把影子银行作为金融风险的第三大来源，而以银行理财产品为代表的资管产品，则是影子银行重要的组成部分。按照银监会主席郭树清的说法，资管新规可以提高资管产品的透明度，使所谓的“影子银行去掉影子”。

以银行理财产品为代表的资管产品，规模已达近百万亿。可以说，这股资金流向何处，哪里就会“水漫金山”。比如，2015年末的宝万之争，就与前海人寿发行的资管产品有关系：宝能系的资金主要来自其发行的保险产品，再加上高杠杆，形成并购万科股份的巨额资金，而此种资金来源，是非常危...

Bottom line: Qudian's IPO will get a moderately warm reception in New York, drawing interest due to its status as a major private fintech firm but also wariness owing to many uncertainties in the young sector.

Qudian moves closer to IPO

Anything involving movement of money has always been slightly problematic in China. Be it paying for things online, paying to play computer games, or even borrowing small sums to buy something like a smartphone, nothing has ever been easy...