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RETAIL: Alibaba, Tencent Take Wars to Convenience Stores

阳歌 08月15日

财新传媒英文部编辑

Bottom line: Alibaba's move into unmanned coffee shops could stand a strong chance of success due to its relative simplicity, while WeChat's move into Hong Kong convenience stores should also be relatively well received.
Alibaba samples coffee shops
Convenience stores are shaping up as the next battlefield in the wars for supremacy between Internet titans Alibaba (NYSE: BABA) and Tencent (HKEx: 700), at least based on the latest headlines. One of those has Alibaba preparing to roll out an unmanned coffee store concept in its hometown of Hangzhou, while th......
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FINANCE: Jack Ma’s Yu’ebao Fund Gets Too Fat

阳歌 08月14日

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Bottom line: Yu'ebao's further lowering of investment limits shows the Ant Financial-owned fund is growing too unwieldy, and the company would be better advised to diversify its wealth management product portfolio.
Yu'ebao gets too fat on cash
Alibaba (NYSE: BABA) founder Jack Ma is quickly discovering that his super-aggressive promotional ways can sometimes yield too much success. That's my quick assessment of the bottom line from reports that Yu'ebao, the phenomenally successful fund launched by Alibaba's former financial unit Ant Financial, ......
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SMARTPHONES: Smartisan Gets New Funding, But From Where?

阳歌 08月07日

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Bottom line: Smartisan's new funding and plans to produce 5-6 smartphones a year look like an anomaly in the highly competitive market, and it's unlikely to survive as a standalone entity over the next 5 years.
Smartisan gets new funding
I was a bit surprised to read that a clear second-tier smartphone player, the uppity Smartisan, has received 100 million yuan ($147 million) in new funding, as we begin the latest week of summer. I haven't seen this company's name or many second-tier players like OnePlus in more than half a year, though their collectiv......
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TELECOMS: Unicom Plan Gaining Too Many Partners

阳歌 08月03日

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Bottom line: Unicom's mixed-ownership reform plan could prove a dud if it chooses too many partners, which looks likely based on the latest reports.
Unicom eyes too many cooks for pilot plan
I haven't written for a while about a highly anticipated plan to inject some new life into perennial laggard telco China Unicom (HKEx: 762; NYSE; CHU) through a Beijing-led pilot program, even as reports build that an announcement of the mixed-ownership plan are imminent. Those reports include the latest word that an announcement could finally come later this month.
But wh......
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VIDEO: Xunlei Founder Resigns as CEO, Sale Coming?

阳歌 06月30日

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Bottom line: The resignation of Xunlei's founder as CEO, even as he retains his chairman's title, could indicate a sale is coming soon, with the most likely buyer as Xiaomi.
Big shifts happening in Xunlei boardroom
The incredible shriveling online video company Xunlei (Nasdaq: XNET) is making a tiny splash in the headlines as we head toward the weekend, with word that its founder is relinquishing his position as CEO. The move seems potentially significant, since one of the main obstacles that keeps more companies from being acquired in China is resistance by their ......
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Bottom line: A major altercation between a customer and deliveryman from STO Express underscores the intense competition in the sector, which puts huge pressure on couriers and companies in general.
STO delivers controversy
An incident making the rounds in Chinese media is highlighting just how brutally competitive the parcel delivery business has become -- literally. The incident is quite appalling but not really too surprising, with reports that courier STO Express  (Shenzhen: 002468) has fired a deliveryman who seriously beat a customer who filed a complaint about ......
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INTERNET: JD on the Rise, as Baidu and Weibo Stumble

阳歌 06月26日

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Bottom line: JD.com is likely to pass Baidu this week and become China's third most valuable internet company, while Weibo's stock is likely to enter a period of correction while it awaits an official live broadcasting license.
JD on cusp of overtaking Baidu
The era of the Internet triumvirate of Baidu (Nasdaq: BIDU), Alibaba (NYSE: BABA) and Tencent (HKEx: 700), often called the BAT, is on the cusp of ending, as up-and-comer JD.com (Nasdaq: JD) looks set to pass Baidu in terms of market value. Meantime, I suspect the end of anoth......
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E-COMMERCE: Alibaba’s Tmall Steps Into Southeast Asia

阳歌 06月13日

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Bottom line: Alibaba's launch of its popular Tmall into several markets with large Chinese populations shows it is still looking for a strong overseas formula, underscoring its dependence on China for the foreseeable future.
Tmall marches into Singapore
E-commerce juggernaut Alibaba (NYSE: BABA) is making its latest global expansion noise with word that it will launch a version of its popular B2C Tmall online marketplace targeting overseas buyers in Southeast Asia. I have to admit I'm not completely sure about the significance of the move, since the company al......
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Bottom line: Alibaba may have to tone down its aggressive style of data collection from its business partners following a tiff with SF Express, but its business won't face any major impact.
SF takes on Cainiao in data wars
A conflict involving leading courier SF Express (Shenzhen: 002352) and Alibaba's (NYSE: BABA) Cainiao logistics arm was all over the headlines at the end of last week, in a clash of titans that saw the pair suddenly sever their business relationship. At the center of the issue was data, and Alibaba's near obsession with getting......
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INTERNET: Alibaba Pumps Up Ele.me, Baidu Takeout in Play?

阳歌 05月30日

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Bottom line: Alibaba could take control of Ele.me after the latter's latest fund-raising, and then make a bid for Baidu's take-out dining service, leaving just two major players in the sector as it nears a more sustainable state.
Alibaba set to swallow Ele.me?
The take-out dining wars have taken another interesting twist, with word that one of the oldest players, Ele.me, is on the cusp of raising a fresh $1 billion in new funds. What's interesting about this latest fund raising is that it's being led by Alibaba (NYSE: BABA), which is also trying t......
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INTERNET: Alibaba Works on China’s Railroad

阳歌 05月18日

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Bottom line: Alibaba's potential new partnership with China's rail operator could become a major new business opportunity, and could see the pair sign a strategic equity tie-up within the next year.
Alibaba ties with railway operator
Up until now, I've written about China's mixed-ownership reform program mostly in the context of China Unicom (HKEx: 762; NYSE: CHU), the nation's second largest wireless carrier, which is in the final stages of drafting a plan to sell some of itself to one or more private companies as part of a strategic alliance......
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VIDEO: Toutiao and YY Subsidize, Weibo Rules

阳歌 05月17日

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Bottom line: Stellar earnings by Weibo and new funding for services from Toutiao and YY reflect the rapid rise in live broadcasting and short videos, in the latest boom for China's internet that will end with a bust in around 2 years.
Live streaming sucks up big funds
A trio of stories in the headlines are nicely spotlighting the oh-so-typical Chinese pattern of industries that suddenly become hot, leading people to pump huge amounts of cash into them in a fight for market share. Internet watchers will probably guess that I'm talking about the recent crazes in live broa......
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VIDEO: Youku-Tencent Scuffle Spotlights Video Tensions

阳歌 05月12日

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Bottom line: A tussle that resulted in injuries to a Tencent worker by a Youku peer at an industry event reflects the big tensions that exist in China's online video sector due to years of stiff competition that shows no signs of easing.
Wine glass incident reflects tensions in online video
Stiff competition in a wide range of online industries is pretty much par for the course in China, but a scuffle between employees of Tencent (HKEx: 700) and Youku at an industry event is underscoring just how high tensions can get. This particular case won't real......
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Bottom line: Sesame Credit's new tie-ups with Unicom and a shared phone company are part of a string of deals to aggressively build up its credit rating business, and could add buzz to Ant Financial's future IPO.
Sesame Credit in 2 new deals
Lest anyone think Alipay is the only asset in financial services giant Ant Financial's portfolio, the company's newer Sesame Credit unit is also hankering for headlines these days, with a couple of new deals for its service. The larger of those will see China Unicom (HKEx: 762; NYSE: CHU), the nation'......
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Bottom line: New anti-corruption moves at JD.com and Meituan-Dianping show the cleanup campaign is moving down to the grass-roots level, in a positive development that should help the companies as many seek to go abroad.
Meituan, JD.com in new anti-corruption snares
Anyone unfamiliar with China might find it peculiar and even worrisome that near simultaneous announcements appear to show problematic internal corruption at two of the nation's top Internet companies, e-commerce giant JD.com (Nasdaq: JD) and leading group buying site Meituan-Dianping. While the t......
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FINANCE: Ant Makes Case, No New Offer, For MoneyGram Buy

阳歌 04月07日

财新传媒英文部编辑

Bottom line: Ant Financial's open letter to MoneyGram could hint at a new raised offer coming soon for the company, though rival suitor Euronet is likely to bid equally aggressively and has a slightly better chance of winning the contest.
Ant makes case to MoneyGram workers, US politicians
Three weeks after being surprised by an unsolicited counterbid for US money transferring specialist MoneyGram, China's Ant Financial is finally speaking out on the matter beyond its initial reaction to the rival bid. The former financial unit of e-commerce giant Al......
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Bottom line: China Telecom's aggressive bidding for a government contract highlights its more entrepreneurial style, while Unicom's latest announcement on its private ownership plans reflects it conservative, bureaucratic style.
Unicom mixed ownership program crawls ahead
Two of China's trio of wireless telcos are in the news today, reflecting an effort by Beijing to breathe some life into these laggard state-run behemoths that always seem unable to realize their potential. The first headline has China Telecom (HKex: 728; NYSE: CHA), the smallest of the na......
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IPOs: Wuxi AppTech, Qihoo Move Towards China Listings

阳歌 03月28日

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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 reports saying first software security specialist Qihoo 360 and now drugmaker Wuxi AppT......
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IPOs: Qudian Moves Toward Blockbuster NY Listing

阳歌 03月21日

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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 for Chinese consumers. That's mostly due to the creaky financial system they inherited when the coun......
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E-COMMERCE: Ant Trumped in US, Alibaba Reorganizes Video

阳歌 03月15日

财新传媒英文部编辑

Bottom line: Ant Financial will counter bid for MoneyGram, following a surprise rival bid for the company, while Alibaba Pictures' absorption of the former Youku Tudou looks like a logical consolidation of Alibaba's filmed entertainment assets.
Ant's MoneyGram offer attracts rival bidder
Two of Alibaba (NYSE: BABA) founder Jack Ma's biggest endeavors outside his core e-commerce business are in the headlines, led by a counter bid for a US financial services company his Ant Financial is trying to acquire. That particular deal has a US company c......

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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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