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TELECOMS: Giddy Unicom Picks 14 Mixed-Ownership Partners

阳歌 08月17日

财新传媒英文部编辑

Bottom line: Unicom's choice of 14 partners for a mixed-ownership reform plan involving its Shanghai-listed unit is far too many, and is ultimately likely to fail when those partners become frustrated and sell their shares.
Unicom puts 14 new partners into its mix
What I feared might happen has come to pass in a mixed-ownership reform plan being crafted by China Unicom (HKEx: 762; NYSE: CHU), one of the nation's three telcos that is experimenting with selling some of itself to private investors. That's a reference to reports in early August that the company mig......
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RETAIL: Alibaba, Tencent Take Wars to Convenience Stores

阳歌 08月15日

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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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INTERNET: Tencent – China’s New Opiate of the Masses?

阳歌 08月08日

财新传媒英文部编辑

Bottom line: Tencent could be forced to take more measures to control addictive play of its popular "Honour of Kings" game, which could take a short-term toll on its gaming business.
Military critical of Tencent hit game
Internet juggernaut Tencent (HKEx: 700) has been in nonstop headlines lately for its smash hit game called "Honour of Kings", along with its stock price that keeps reaching new highs. The company must certainly be feeling a bit uneasy from all the publicity, especially since Tencent tends to be quite low-key in line with the style of fo......
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TELECOMS: Unicom Plan Gaining Too Many Partners

阳歌 08月03日

财新传媒英文部编辑

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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IPOs: Sohu to List Sogou, AirMedia Lowers Buyout Offer

阳歌 08月01日

财新传媒英文部编辑

Bottom line: Sohu's plan to list its Sogou search unit has a 50-50 chance of happening this year, while AirMedia's 2-year-old privatization plan is likely to close within that period.
Sohu talks IPO for Sogou -- again
A couple of IPOs are in the headlines as we head into the new week, led by an often-discussed offering by perennial third-place search engine Sogou, which is co-owned by Internet titan Tencent (HKEx: 700) and second-rate portal Sohu (Nasdaq: SOHU). At the same time, another second-rate company, AirMedia (Nasdaq: AMCN), has sla......
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INTERNET: Tencent Limits Gamers, Joins With TCL

阳歌 07月04日

财新传媒英文部编辑

Bottom line: Tencent's roll-out of time playing limits for teenager gamers for a popular new title looks aimed at preventing a regulatory intervention, while its new TCL tie-up could presage a spin-off of its video business.
Tencent limits teenage gamers
Internet titan Tencent (HKEx: 700) is in a couple of headlines as the US observes its Independence Day holiday, starting with word that it's limiting teenagers from playing too much of a very popular new title. The other headline has the company teaming up with TV stalwart TCL (HKEx: 1070; Shenzhen: 00010......
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VIDEO: Xunlei Founder Resigns as CEO, Sale Coming?

阳歌 06月30日

财新传媒英文部编辑

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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INTERNET: Alibaba Pumps Up Ele.me, Baidu Takeout in Play?

阳歌 05月30日

财新传媒英文部编辑

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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Bottom line: Yum's purchase of a high-end take-out delivery service looks smart in targeting a higher margin, niche product in the competitive space, while McDonald's and Starbuck's rapid growth in mobile payments reflects rapid growth of the technology.
Yum buys take-out specialist Sherpa's
Three of the world's top restaurant chain operators are in the China headlines as we head into summer, in different moves that reflect their attempts to tap into the nation's growing love affair with high-tech dining. The most interesting of the headlines has Yu......
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VIDEO: Youku-Tencent Scuffle Spotlights Video Tensions

阳歌 05月12日

财新传媒英文部编辑

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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INTERNET: Tencent Moves Up Value Chain, Opens Seattle Lab

阳歌 05月03日

财新传媒英文部编辑

Bottom line: Tencent's soaring market value reflects its leading position as a developer of social networking products, and its concurrent ability to monetize those products.
Tencent opens A1 lab in Seattle
It seems that Internet titan Tencent (HKEx: 700) can do no wrong these days, at least based on a recent run-up in its share price. Just a couple of weeks after China's Internet wunderkind passed US banking giant Wells Fargo (NYSE: WFC) to become the world's 10th most valuable company, Tencent has just passed another milestone to become officia......
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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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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 through quite a few attempts at an IPO, only to stumble each time. This particular story has quite a ......
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Bottom line: This year is likely to see at least a half dozen privately owned financial services companies make public listings in the U.S., Hong Kong and China, with Lakala and Lufax likely to be among the first.
Lakala files for ChiNext IPO
We're already three months into the new year, and still awaiting the first of what looks set to be a bumper crop of IPOs by a new generation of privately owned financial services firms that are far more dynamic than their state-run peers. Two more of those are in the headlines today, led by China Rapid Finance, a peer-to-peer (P2P......
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GAMES: NetEase Eyes Real Journey to the West

阳歌 03月02日

财新传媒英文部编辑

Bottom line: NetEase's new global expansion could stand a good chance of success due to its strong record with self-developed titles, which could help it pass Baidu in market value over the next 1-2 years.
NetEase holds developer forum in San Francisco
The company that made its name from a series of games based on the famous Chinese novel Journey to the West is trying to turn that story into reality, as NetEase (Nasdaq: NTES) eyes expansion outside its home market. The West contained in NetEase's latest announcement is quite different from the West i......
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MEDIA – LeEco Default Strains China Sports Bubble

阳歌 02月28日

财新传媒英文部编辑

Bottom line: LeSport's reported default on payments for Asian Football Confederation soccer games marks the start of the popping of a bubble for sports broadcasting rights dating back to last year.
LeSports soccer drive on the skids
In what could be the first domino to fall in China's overinflated market for sports broadcasting rights, the sports unit of cash challenged LeEco (Shenzhen: 300104) has reportedly defaulted on payment for one of several high-priced packages it purchased last year. In this case, it appears that fans of Asian Football Confederat......
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INTERNET: Weibo Nets People’s Daily, Passes Twitter

阳歌 02月20日

财新传媒英文部编辑

Bottom line: Weibo's rise from the ashes is likely to be followed by a decline similar to the one after its initial rise, as the current boom in live broadcasting wanes or that part of its business gets stolen by a better product from rival Tencent. 
Weibo links with People's Daily
A turbo-charged Weibo (Nasdaq: WB) is in a couple of headlines as the new week begins, led by a new partnership with Beijing's powerful central media that looks eerily similar to one from about 5 years ago. At the same time, the company is also in headlines for passing its ......
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E-COMMERCE: Wanda’s E-Commerce Foray Running on Empty?

阳歌 02月15日

财新传媒英文部编辑

Bottom line: Wanda will continue to operate its ffan e-commerce site for another year, following the departure of its CEO, but could quietly end the initiative afterwards due to lack of synergies with its brick-and-mortar shopping malls.
Success evades Wanda in e-commerce
The headlines have been buzzing this week about the departure of the chief executive of the e-commerce unit Wanda Group, the real estate-turned-entertainment giant with a voracious appetite for global acquisitions. The big theme from the chatter is that the departure of Li Jinling, the unit's third CE......

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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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