财新传媒
2018年05月16日 11:02

CHIPS: Beijing Approves Microchip Deal, Boding Well for Qualcomm-NXP

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&......

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2018年05月09日 12:32

SMARTPHONES: Struggling Coolpad Sees Moneybags in Xiaomi

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 t......

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2018年05月07日 11:23

PCs: Lenovo Kicked Out of Hang Seng Index

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 someo......

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2018年05月04日 11:23

IPOs: Xiaomi Growth Charms, Losses Alarm

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 a......

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2018年04月27日 11:58

IPOs: China Biotechs Abandon New York for Hong Kong

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 plann......

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2018年04月26日 11:08

TELECOMS: First ZTE, Now Huawei Comes Under US Scrutiny

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 ha......

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2018年04月18日 13:16

TELECOMS: ZTE Slapped with US Sanctions — Again

Bottom line: Washington's new ban on ZTE from buying US-made components is not as political as China is portraying it, and is likely to be resolved within a few weeks after ZTE takes remedial actions related to its violation of an earlier agreement.

An ongoing tiff between Washington and ZTE (HKEx: 763; Shenzhen: 000063) is in the headlines yet again, with word that the US has banned all American companies from selling to the Chinese smartphone and telecoms equipment maker for seven years. This particular story is filled with political overtones due to the anti-China stance of D......

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2018年04月16日 11:19

SMARTPHONES: Foxconn Rises on Apple, Huawei and Xiaomi

Bottom line: Foxconn's taking of the smartphone manufacturing crown from Samsung reflects the resurgence of Apple and rises of Huawei and Xiaomi, and could ultimately force other brands to use such third-party producers.

Today we'll take a step back from the usual name-brand smartphone rankings to look at a new report that shows that Taiwan's Foxconn (HKEx: 2038) is emerging as one of those "industry leaders you never heard of", quietly supporting some of the fastest-growing names. That's the big takeaway from the latest figures from data tracking firm......

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2018年04月09日 11:51

SMARTPHONES: Gionee Treads Water as China Smartphone Sales Plunge

Bottom line: Skidding sales in China's oversaturated smartphone market are long overdue, and could claim Gionee as a first major victim by year-end.

The inevitable is finally happening, and China is showing signs of smartphone burnout. The latest government data is showing that first-quarter smartphone sales in China plunged 26 percent, which is one of the largest drops I can ever recall. In this case we can't really blamed the usual seasonal effect, since this is a quarterly number that includes both January and February -- the two months when Lunar New Year falls.

A......

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2018年04月06日 11:46

INTERNET: Alibaba Devours Ele.me, Meituan Swallows Mobike

Bottom line: Alibaba's purchase of Ele.me and Tencent-backed Meituan's purchase of Mobike underscore the growing rivalry between Alibaba and Tencent, as each uses its deep pockets to try and dominate money-losing emerging sectors.

Trade wars are making all the big headlines these days in US-China news, forcing a couple of mega-mergers that would normally be front-page news into the back pages. Each of the latest deals is quite significant for China's Internet, as both quietly underscore the increasingly intense rivalry between titans Alibaba (NYSE: BABA) and Tencent (HKE......

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2018年04月02日 12:15

TELECOMS: Huawei Feasts on China Market

Bottom line: Huawei's strong revenue and profit growth for 2017 are coming largely on the back of its home China market, which should continue to boost the company as Beijing aggressively pushes upcoming 5G services.

Telecoms giant Huawei is in the headlines as the new week begins, with word that the company has rekindled its profit growth in its latest reporting year. Unlike other companies, Huawei isn't publicly traded and thus isn't required to release any financials, which always means we need to take their numbers with a slight grain of salt. But generally speaking ......

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2018年03月30日 10:32

STOCKS: Lenovo, China Telecom Mull CDR Homecomings

Bottom line:  Hong Kong-listed "Red chip" stocks like Lenovo and China Telecom could eventually make secondary listings in China under a new CDR program, but will be forced to wait behind higher-profile Internet names like Alibaba.

With all of the major IPOs for the week now in the history books, as most of the world takes a vacation for Good Friday, I thought I'd close out the week here in China with yet another angle on the China Depositary Receipt (CDR) program that is creating lots of buzz. Regular readers will know this is a reference to China's planned t......

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2018年03月28日 11:19

IPOs: Greentree Sags in Debut, as iQiyi and Bilibili Line Up

Bottom line: Bilibili and iQiyi are likely to price in the middle of their ranges and debut flat to up slightly when their IPO shares start trading this week in the US.

This week is shaping up as one of the busiest I can recall for New York IPOs by Chinese firms, with at least four major listings set to take place. The first of those sputtered out of the gate on Tuesday, with hotel operator Greentree (NYSE: GHG) dropping 7 percent in its trading debut after pricing weakly and slashing the size of its offering. That less-than-stellar showing comes just days after another non-tech off......

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2018年03月26日 12:44

SMARTPHONES: Apple CEO Caught in Hard Place in US-China Tensions

Bottom line: Apple's Tim Cook and other big global CEOs active in China will need to walk a fine line to avoid being forced to take sides in ongoing US-China trade frictions.

Apple (Nasdaq: AAPL) CEO Tim Cook was in China once again this past weekend, in what seems to be becoming his second home. This time around Cook was one of the few corporate chiefs attending the China Development Forum, a major annual conference sponsored by China's State Council. The event is mostly peopled by academics and government officials, and thus Cook's attendance is both a feather in Beiji......

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2018年03月19日 11:20

IPOs: iQiyi, Bilibili Juice Up Fund-Raising Targets

Bottom line: iQiyi and Bilibili should price near the top of their higher IPO price ranges, as each benefits from strong investor sentiment fueled by their unique offerings and a potential new plan to concurrently list their shares in China. 

Anyone who was worried that a regulatory crackdown on fintechs late last year might dampen broader enthusiasm for Chinese stocks can relax. That's my key takeaway from the latest headlines, which show that two non-fintech Internet firms are experiencing stronger-than-expected demand for their upcoming listings in New York.

Leadi......

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2018年03月15日 12:17

INTERNET: Baidu Rejigs Maps in Face of Competition

Bottom line: Baidu's reorganization of its mapping unit reflects growing competition in the space, and could ultimately end in a shuttering of the service if its usage continues to decline. 

The wheels of restlessness at online search leader Baidu (Nasdaq: BIDU) are grinding into motion once more, with word that the company has made a major shift in its popular mapping division. Company watchers will know the restlessness to which I refer is a direct reference to Baidu's founder Robin Li, who is famous for getting into new businesses, only to tire of and ultimately jett......

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2018年03月07日 11:16

STOCKS: China Eyes Quick Route Home for Offshore-Listed Firms

Bottom line: A new plan allowing offshore listed Chinese firms like Alibaba and Tencent to make secondary listings at home appears to have momentum and could stand a better than 50 percent chance of success.

A mix of politics and business is in the air this week, as the annual National People's Congress takes place in Beijing, including a concurrent gathering of business leaders who advise the nation's legislature. Those leaders include most of the country's leading high-tech CEOs, who are all getting peppered with questions about whether they would re-list at home if gi......

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2018年03月02日 10:57

INTERNET: Didi, Meituan Drive Into Each Others’ Turf in Search of Growth

Bottom line: Didi's foray into takeout delivery and Meituan's into private car services look like moves of desperation to make the companies more attractive as they get pressured to make IPOs by the end of next year.

Two of China's biggest unlisted internet companies are in the headlines as the week winds down, each taking a shot at the other's turf. One headline has the Uber-like Didi Chuxing hiring in preparation to launch a takeout dining service like the one operated by Meituan-Dianping. The other has Meituan-Dianping preparing to roll out its own private car ser......

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2018年02月28日 11:03

E-COMMERCE: Alibaba Salivates at Ele.me in ‘New Retail’ Vision

Bottom line: Alibaba's potential purchase of Ele.me could be the biggest piece yet in its pursuit of a "new retail" model, but could result in a case of indigestion as it tries to make the company profitable.

When it comes to acquisitions, e-commerce giant Alibaba (NYSE: BABA) seems to have an insatiable appetite these days. After investing some 80 billion yuan ($12.7 billion) in brick-and-mortar retailing over the last couple of years, the company is now setting its eyes on take-out dining specialist Ele.me, in a deal that could cost it around another $5 billion.

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2018年02月26日 10:58

IPOs: Redlands Shines Spotlight on Education, Low-Tech IPO Pipeline

Bottom line: New listing plans by education firm Redlands and steel-trading platform Zhaogang point to lower-tech offshore IPOs taking center stage in the first half of the year until the situation for fintech candidates stabilizes.

With fintech offerings in a holding pattern, a stream of lower-tech IPOs are finding their way to market in the first few months of this year. The latest of those is education company Redlands, which has just filed to sell up to $300 million worth of stock in a New York listing. At the same time another lower-tech offering, a steel-trading platform calle......

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