财新传媒
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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2018年02月23日 13:05

CHIPS: US Kills China Deals to Buy Xcerra, Chicago Stock Exchange

Bottom line: Two new vetoes for Chinese purchases of US microchip and financial companies are the latest signals the Donald Trump administration intends to use such vetoes to fight for a more balanced trade relationship.

What started as a trickle of dying cross-border deals involving Chinese buyers of US assets is showing signs of becoming a flood, with two new vetoes hitting the headlines. The latest of those is from the all-too-familiar high-tech chip sector, and has US chip maker Xcerra (Nasdaq: XCRA) saying it is scrapping its plan to be purchased by a Chinese buyer after failin......

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2018年02月22日 08:20

SMARTPHONES: Xiaomi Wins India, Makes First Visit to Top Trade Show

Bottom line: Xiaomi's taking of the India smartphone crown and attendance at a major trade show next week are aimed at boosting its profile in the run-up to its IPO. 

Hype is building in the run-up to what's likely to be one of the largest high-tech IPOs this year, with word that smartphone maker Xiaomi has snatched the India crown from a fading Samsung (Seoul: 005930) and is also making its first visit to the world's top telecoms trade show next week. Both events are important milestones for a resurgent Xiaomi, as it attempts to boost its profile for a public listi......

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2018年02月07日 10:31

TELECOMS: Spurned by US, Huawei Turns to UK

TELECOMS: Spurned by US, Huawei Turns to UK

Bottom line: Huawei's latest big financial commitment to the UK is mostly for show, but Britain could still emerge as a winner over the longer term if Huawei conducts more R&D work in its British labs.

Huawei gives $4.2 billion gift to UK

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2018年02月05日 10:29

MEDIA: DreamWorks Crashes Out of China Animation JV

MEDIA: DreamWorks Crashes Out of China Animation JV

Bottom line: DreamWorks Animation's withdrawal from its China joint venture marks the end of an explosive phase in China-Hollywood tie-ups, with one-off co-production deals the most likely form of cooperation going forward.   

Take-two for DreamWorks Animation China JV......
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2018年02月02日 10:38

FINANCE: Ant Financial Crawls Back into Bed with Alibaba

FINANCE: Ant Financial Crawls Back into Bed with Alibaba

Bottom line: Alibaba's purchase of 33 percent of Ant Financial looks like a shrewd move for both firms, making Ant more attractive in the run-up to an IPO likely to be one of the world's biggest this year.

Alibaba and Ant back together

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2018年01月31日 11:19

INTERNET: Toutiao Sues Baidu Over Search Abuse

INTERNET: Toutiao Sues Baidu Over Search Abuse

Bottom line: Baidu's anti-competitive behavior alleged in a lawsuit by Jinri Toutiao won't have a long-term effect on its stock, but will draw the attention of an increasingly assertive anti-trust regulator.

Toutiao sues Baidu for manipulating search results

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2018年01月26日 22:41

Reporter’s Notebook: One of These Things Is Not Like the Others, But Who Cares?

As my first trip to the World Economic Forum winds down, I thought I would close out this series of reporter’s notebooks with a bit of my own experience as the lone foreigner traveling with an all-Chinese contingent from my current employer, Caixin. My own foreignness in the group didn’t even really occur to me until a low-key but eye-opening experience at the lobby of the hotel where we were staying.

In a scene that harkens back to my college days in the 1980s, Caixin chose a dormitory-like situation for the dozen of us that traveled ......

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2018年01月26日 01:35

Reporters Notebook: Beijing’s Global Song Falls on Reticent Ears

When it comes to going global, China is a land where talk is cheap. The “One Belt, One Road” campaign has created a frenzy for such global talk among Chinese companies over the last couple of years, with just about anything now getting classified as a part of that initiative even if it was in the works well beforehand.

The fact of the matter is that China went global long ago, at least in one sense, since it manufactures huge amounts of goods that ultimately end up being worn, played with and used in foreign lands. But the reality is t......

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2018年01月25日 00:02

Reporter’s Notebook: China Embraces Globalism with Chinese Characteristics

Global is great. Anyone who follows the China business scene probably wouldn’t need too long to guess those words were uttered by Alibaba founder Jack Ma, who was singing the praises of free trade and globalism on the second day of the World Economic Forum this week in Davos, Switzerland. Ma never saw a platform he didn’t like, including the e-commerce platforms that have made him one of the world’s richest men, as well as more figurative platforms like the World Economic Forum.

Ma’s growing embrace of globalism in many way......

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2018年01月24日 04:22

Reporter’s Notebook: China Views Diverge From the Inside, Outside

When it comes to China, the views from the inside and outside sometimes seem worlds apart. That was a key takeaway during the opening day of my first attendance at the World Economic Forum, a pow-wow featuring of some of the world’s leading thinkers, politicians and business people that happens each year in the snowy city of Davos, Switzerland.

As a foreigner living in Beijing, I’m used to getting both sides of the China story. On the one hand there are foreigners outside China, who are increasingly anxious about the nation’s po......

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2018年01月19日 10:51

FINANCE: Alibaba’s Ant Takes a Bite of Hong Kong

FINANCE: Alibaba’s Ant Takes a Bite of Hong Kong

Bottom line: Ant Financial's purchase of 20 percent of Hong Kong restaurant ratings site OpenRice looks like a smart, incremental move to boost its presence in its first major foray to build a local customer base outside China.

Ant Financial buys into HK's OpenRice

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2018年01月18日 11:11

INTERNET: Trump-Ma Honeymoon Ends as Alibaba Lands on US Blacklist

INTERNET: Trump-Ma Honeymoon Ends as Alibaba Lands on US Blacklist

Bottom line: The inclusion of Alibaba's Taobao marketplace on the latest edition of a US blacklist for piracy signals US is taking a tougher line on trade issues.

Alibaba calls itself 'scapegoat' after landing on US blacklist

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