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2018年10月18日 11:26

SEARCH: Google Takes Offensive on China Search Return

Bottom line: Google's decision to finally talk openly about its plan to return to China looks smart though slightly late, by explaining the desperate need for alternatives in the massive though tightly controlled search market.

After staying mum on the subject for quite some time, Google (Nasdaq: GOOG) is finally speaking out on its controversial decision to return to the China search market. Its CEO Sundar Pichai broke the company's silence on the matter at an event this week sponsored by Wired magazine, going on the offensive to try and defend his company's decision.</......

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2018年10月10日 12:27

HARDWARE: Is China Spying on Western Hardware?

Bottom line: A Bloomberg report on Chinese government spying microchips in hardware used by Apple, Amazon and others may be flawed, but highlights the potential for such spying due to China's important place in the global supply chain.

As I return to blogging after a couple weeks absence, I wanted to weigh in on an explosive story that ran last week in Bloomberg about tiny spying chips that had been secretly loaded by China's military onto globally used motherboards. Quite a bit has happened since the original story's publication (English article), which said that tiny c......

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2018年09月21日 13:40

Dangdang Orphaned by Cash-Challenged HNA

Bottom line: The collapse of Dangdang's $1.2 billion sale of itself to HNA shows the deal was most likely fueled by backdoor connections with no grounding in financial reality, and the company will probably be sold ultimately at a much lower price.

It's Friday and I'm quite looking forward to the weekend, so I thought I'd indulge myself with a more gossipy post on the latest troubles of e-commerce has-been Dangdang. Anyone looking for good stock tips with this one will probably be somewhat disappointed, since Dangdang was one ......

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2018年09月19日 12:01

What’s Up With Spikes, Declines for Nio, Qutoutiao?

Bottom line: Big volatility for first-week trading debuts of Nio and Qutoutiao point to problems with pricing and investor indecision in the current market, and could point to more rocky debuts for at least the next few weeks. 

When I previously wrote about low expectation for an IPO last week by new energy startup Nio (NYSE: NIO), I wasn't all that surprised when the company notched a more upbeat New York debut with a 5 percent gain on its first trading day. After all, the company had been so beaten down during the IPO process that this ......

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2018年09月14日 13:32

IPOs: Meituan-Dianping Listing Shows Signs of Life

Bottom line:  Nio stock is likely to give back most of its huge second day gains over the next couple of weeks, while Meituan-Dianping could debut strongly but will likely stagnate for its first two years as a public company.

It seems that perhaps I was a bit premature earlier this week when I wrote the latest listing by electric vehicle (EV) maker Nio showed investors had lost appetite for money-losing Chinese tech firms. Nio's stock has actually done quite well in its first two trading days, after a tepid pre-debut reception. And now we......

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2018年09月12日 14:02

IPOs: EV Maker Nio Sputters Out of the Gate With Weak Pricing

Bottom line: Nio's shares are likely to debut flat to down slightly in a lackluster New York trading debut, capping an IPO process pockmarked by investor skepticism.

Wall Street investors will get a taste of a new flavor of Chinese company very soon, when homegrown electric vehicle maker Nio makes its trading debut on Wednesday. But based on all the signals so far, this offering for a company that some have likened to China's answer to Tesla (Nasdaq: TSLA) could be a major flop. That would be somewhat appropriate given all of the real Tesl......

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2018年09月07日 10:41

IPOs: Meituan-Dianping Heads List of Money-Losing New Listings

Bottom line: Meituan-Dianping's IPO is likely to meet with lukewarm reception due to its big losses in several key areas, but could become more attractive over the medium term as it emerges as industry leader in one or two key areas.
 
As the rest of China continues to fixate on the sex scandal surrounding e-commerce giant JD.com's (Nasdaq: JD) CEO, I thought I would end the week on a less controversial subject with a look at another blockbuster IPO by online-to-offline services giant Meituan-Dianping. The company has officially filed to make a listing ......
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2018年09月03日 12:11

E-COMMERCE: CEO Sex Allegations to Rock JD.com Stock?

Bottom line: The detention of JD.com's CEO on sexual misconduct allegations makes for good headline fodder, but is unlikely to have any extra impact on the company's stock that is already under pressure.

The Chinese media have been buzzing all weekend over reports that e-commerce giant JD.com's founder and CEO Richard Liu was detained by police in the U.S. over sex-based allegations. The story certainly does make for titillating headlines, and will certainly come as a slight embarrassment to JD if and when the company and Liu ever fess up to anything inappropriate.

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2018年08月17日 10:57

INTERNET: Google Feels China Backlash from Own Employees

Bottom line: An internal petition calling on Google to be more transparent about its plans to return to China represents the first major backlash to the move, but is unlikely to dissuade the company from going ahead.

When the news first broke a couple of weeks ago that Google (Nasdaq: GOOG) was planning a return to China's search market, many predicted that western sources would be quick to criticize the plan, even though few voices have actually spoken out so far. Fast forward a couple of weeks, when we are hearing the first sounds of what's likely to become a sea of protes......

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2018年08月15日 12:18

INTERNET: Tencent Slumps Under Government Wrist-Slap

Bottom line: Tencent's sudden pulling of a popular game just days after its release shows no one is exempt from Beijing's recent online entertainment clampdown, which could weigh on stocks of related company for the next few months.

A new statement from leading online game operator Tencent (HKEx: 700) is dripping with contrition, following the sudden yanking of a new hit game from its platform that apparently didn't pass muster with the regulator. This latest Tencent news, combined with some downbeat earnings from live broadcasting specialist Huya (Nasdaq: HUYA) and its ......

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2018年08月10日 15:18

IPOs: BeiGene, China Tower IPOs Fail to Excite in HK

Bottom line: Lackluster debuts for two of this year's largest China IPOs in Hong Kong points to a cresting of the current new listing wave, with sentiment starting to wane as investor appetite for new choices gets satisfied.

Two of the year's biggest China IPOs have formally launched in Hong Kong this week, each with a different story and accompanying moral to tell. The larger of those, and the world's largest IPO in the last two years, has seen state-run cellular tower operator China Tower (HKEx: 0788) raise nearly $8 billion, while the second has seen biotech firm BeiG......

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2018年08月08日 11:54

VIDEO: iQiyi Goes Down LeEco Road with Sports JV

Bottom line: iQiyi's establishment of a new sports joint venture and the venture's subsequent 500 million yuan in funding point to a measured expansion for its premium content business, which will be key to its future success. 

I'm being just a bit coy with today's headline by suggesting that a new sports programming joint venture by online video site iQiyi (Nasdaq: IQ) resembles a similar expansion by disgraced former rival LeEco (Shenzhen: 300104). But the fact of the matter is that these two particular moves do look somewhat similar, even though I have far mo......

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2018年08月02日 11:41

INTERNET: Google Outed on China Search Plan

Bottom line: A new report on Google's plan to launch a new China search engine within the next year looks credible, and underscores the company's decision to put the market's big potential ahead of the negative backlash such a move will bring.

A story in a publication called the Intercept is making big waves in China, saying search giant Google (Nasdaq: GOOG) is preparing a major about-face on its decision to leave the country's large but highly controlled search market. (English article) While I've never heard of this particular publication, the level of detail ......

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2018年08月01日 11:34

SMARTPHONES: Huawei Rolls Past Apple

Bottom line: Huawei could challenge Samsung for the global smartphone crown in as little as a year, though a potential Achilles heel could be the "outing" of its surging Honor brand that most may not associate with the Chinese parent.

Smartphone pioneer Apple (Nasdaq: AAPL) has just reported its latest quarterly results, which means that all the data tracking firms can simultaneously release their own industry data showing the latest trends. Those trends show that Apple's sales were basically flat for in the quarter on a unit basis, even as the bigger story was that th......

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2018年07月27日 12:24

CHIPS: China Kills Qualcomm Mega-Merger With Silent Treatment

Bottom line: China used its traditional silent treatment approach to kill Qualcomm's bid to buy NXP, quite possibly to show its displeasure with recent US trade tensions, but resulting global pressure could forced it to be more transparent in the future.

We'll close out the week with my own quick-and-dirty post mortem of the collapsed deal that would have seen telecoms chip maker Qualcomm (Nasdaq: QCOM) purchase Dutch rival NXP (Nasdaq: NXPI) for $44 billion. Put simply, this deal appears to have been killed by China's classic approach of "kill them with silenc......

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2018年07月25日 12:19

INTERNET: Facebook, Google in New China Steps

Bottom line: Facebook and Google's latest micro-moves into China reflect their longer term efforts to get permission to launch major services in the market, though it's unclear if they will get such a green-light anytime soon.

You have to give China-challenged Internet giants Facebook (Nasdaq: FB) and Google (Nasdaq: GOOG) an "e" for effort. Both companies have popped into the China headlines over the last two weeks for micro-moves into the world's largest Internet market, including the latest news that Facebook plans to set up a company in Hangzhou that will b......

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2018年07月19日 12:22

INTERNET: Baidu Sambas Out of Brazil

Bottom line: Baidu's withdrawal from Brazil reflects a broader inability of Chinese companies to succeed overseas due to their different practices and local wariness about their ability to protect user privacy.

In what is probably coming as a surprise to no one, media reports are saying that search leader Baidu (Nasdaq: BIDU) is pulling out of Brazil. This would represent the company's latest failure abroad, and is really part of a broader string of failures not only for the company but China's internet sector in general. This particular group is quite good at milking th......

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2018年07月18日 11:49

SMARTPHONES: Xiaomi Takes Big Step Into South Korea

Bottom line:  Xiaomi appears to be gaining confidence of investors through moves like its entry into South Korea, but it will take at least another year to prove it really has the savvy to thrive over the longer term.

Newly listed smartphone maker Xiaomi (HKEx: 1810) has kept the world guessing these past two weeks with its on-again-off-again performance both on the Hong Kong stock exchange and now in the real world. The former is a reference to its stock, which did quite poorly in the run-up to its trading debut last Monday but has done a U-turn since then and posted some impr......

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2018年07月13日 14:06

GAMES: Tencent Takes Gaming Act Abroad

Bottom line: Tencent's WeGame could stand a 50-50 chance of success in moving abroad, since the company already has a proven track record in games and will face relatively low privacy pr......

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2018年07月12日 11:06

IPOs: Inke Pops in Trading Debut, Xiaomi Bounces Back

Bottom line: Live broadcasting specialists Inke and Huya should do well over the next year but could face difficulty after that as popularity of such services fades, while Xiaomi's stock gains over the last two days look like a dead-cat bounce.

Following the unimpressive debut of smartphone maker Xiaomi (HKEx: 1810) earlier this week, live streaming site Inke (HKEx: 3700) is the latest high-tech listing in the headlines with a more impressive debut in Hong Kong. This latest deal follows the US listing for Huya (NYSE: HUYA), China's first live streaming site to make an IPO, w......

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