Journalist China

Business news from China By Doug Young.
Doug Young, journalist, has lived and worked in China for 20 years, much of that as a journalist, writing about publicly listed Chinese companies.

He is based in Shanghai where, in addition to his role as editor of Young’s China Business Blog, he teaches financial journalism at Fudan University, one of China’s top journalism programs.
He contributes regularly to a wide range of publications in both China and the west, including Forbes, CNN, Seeking Alpha and Reuters, as well as Asia-based publications including the South China Morning Post, Global Times, Shanghai Daily and Shanghai Observer

Boring Games, Video Drain Drag Down Shanda

By on

Shanda Interactive (Nasdaq: SNDA) has just reported some of its most unimpressive results ever, with a core video game business that looks like a zombie and an online video unit that looks even scarier. The bottom line is that Shanda saw its second-quarter profit plunge 95 percent amid stiff competition and few  compelling offerings in two of its core business, its online game unit operated by Shanda Games (Nasdaq: GAME) and its struggling video sharing business operated by Ku6 Media (Nasdaq: KUTV). (results announcement) Shanda said its game business, accounting for about two-thirds of its total revenue, grew just 5 percent in the second quarter from the first, and was up only a slightly better 19 percent year on year. Meantime, Ku6, which has been in a state of near chaos since Shanda Chairman Chen Tianqiao forced out its chief executive earlier this year (previous post), posted a massive net loss of $21.6 million, double the loss from the previous quarter. (company announcement) Strangely enough, Shanda shares rose a bit after the results came out, but gave back the gains in after-hours trade. Perhaps people are excited about the company’s upcoming plans to spin off its online literature unit, Cloudary, which is the lone positive spot in the company’s portfolio of otherwise unimpressive business units. (previous post) Or perhaps they suspect that Ku6 could soon become a takeover target, as evidenced by the recent talk of nearly all the major players, including Baidu (Nasdaq: BIDU), Tencent (HKEx: 700) and most recently Sina (Nasdaq: SINA) wanting to get into the video space. (previous post) Regardless, Shanda to me still looks like a long-term dud, and will probably stay that way as long as Chen remains at the head of the company — in other words for a long time!

Bottom line: Shanda Interactive’s latest results reveal a company in need of new leadership.

Related postings 相关文章:

◙ Shanda Cloudary Returns to Market, Worth a Look

◙ Sina Taps On Back Door Into Tudou 新浪可能收购土豆

◙ Tencent Sends Out Mixed Video Signals 腾讯若持股优酷 有助进军视频业

China Makes Up Its Mind: Penalty Reform 中国终于下决心:改革惩罚制度

By on

It’s quite a slow news day as we head into the final days of summer before the new school year begins, so I thought I’d dust off my “China Makes Up Its Mind” column with a discussion of much-needed reform of China’s penality system for companies that break the law. Not surprisingly, the calls for reform, while still somewhat muted, are coming in response to violations by a foreign company, in this case US oil giant ConocoPhillips (NYSE: COP), whose leaking oil wells are causing potentially devastating damage in the Bohai Bay off the coast of Shandong province. Under the current system, ConocoPhillips will face maximum fine of 200,000 yuan, or a mere $31,000, for this environmental nightmare that has caused much more damage to the environment and people’s livelihoods. (English article) Maximum penalties for other violations, such as y copyright violation, causing business disruptions and libel, are all also ridiculously low, effectively giving a green light for companies to engage in any of these practices with little fear of serious consequences. The reason for the lightweight penalties owes to the fact that most were created when nearly all companies were state-owned, so leaders in Beijing didn’t want to burden their own companies with big fines for bad business practices. But as private companies have multiplied, there are growing calls for reform, which is sorely needed to make sure that companies — both private and state-run — behave responsibly or face serious financial consequences. At this point it’s far from clear that Beijing has the will to make this kind of needed reform, as any higher penalties would not only affect private companies like ConocoPhillips, but also their state-run partners, in this case oil giant CNOOC (NYSE: CEO; HKEx: 883). But if China really wants to develop an orderly business environment that fosters healthy competition, it needs to move forward soon with such reform, and this Bohai Bay case may provide just the impetus to move forward on this front.

Bottom line: The ConocoPhillips oil spill in the Bohai Bay could finally prompt Beijing to overhaul its outdated penalty system that levels ridiculously low fines against companies that break the law.

NOTE: “China Makes Up Its Mind,” an occasional mini-column where I look at one of Beijing’s latest macro industrial policies, its chances for success and the potential impact on industry players.

暑假即将结束，新学年即将开始，近期新闻异常清淡。所以我就拍拍案上的灰尘，重新拾起了尘封了一段时间的“中国决心已定”系列专栏。今天就来讨论一下中国亟需的对企业违规违法的惩罚体制。毫无意外，近期的改革呼吁源于外企出事，虽然声音并不大。此次具体的案例就是康菲石油(COP.O)渤海湾漏油事件。基于现行惩罚制度，康菲带来如此严重的环境灾难，对民众生活造成如此影响，但最高只需缴纳20万元人民币罚金。此外，盗版等其他违法行为的惩罚也轻得令人难以置信，实际上是为企业的此类做法开绿灯。大棒高高举起轻轻落下的原因就在大多出事企业都是国企，政府不愿让自家企业背负重罚。但是随着私企的不断增多，惩罚体制改革呼声渐起。目前远不清楚北京是否有决心来推行此类迫切需要的改革。因为重罚是会罚到康菲等类私营企业，但也会累及它们的中方合作夥伴，在本案例中就是中海油(0883.HK; CEO.N)。但是如果中国确实希望发展健康有序的经营环境，就必须推动此类改革，而康菲渤海湾漏油事件可能正好帮了一把。

一句话：康菲渤海湾漏油事件可能终于促使北京下定决定，整顿过于落後、量刑过轻的企业违法惩罚机制。

Related postings 相关文章:

◙ CNOOC Woes Spotlight Environmental Perils

◙ Bohai Spill: A Slippery Mess for CNOOC 中海油的漏油危机

◙ Qihoo Loses Yet Another Lawsuit, But No One Cares 奇虎败诉不足为戒

Tax Evasion Report: Trouble Brewing in Group Buying? 团购被曝逃税 行业整顿或在即

By on

The unruly and ultra-competitive group buying space could soon add tax evasion to its growing list of woes, with a new report saying the turbulent sector may owe more than 500 million yuan, or $77 million, in unpaid taxes. (Chinese article) The report cites Analysys International, a fairly respected Internet research house, as the source of the report, but clearly this kind of figure came directly from tax officials or was derived using data they supplied, as there’s no way Analysys could get access to this kind of data from the companies themselves. As such, the report looks particularly worrisome for the already-turbulent sector, hinting at a pending crackdown by tax officials which could see the closure of many smaller players in a space which has seen explosive growth in the last two years. The sector already received a blow earlier this month when a leading player, 55tuan, was rebuffed in its search for a  Western investment bank to sponsor a planned New York IPO, after several banks it approached reportedly worried about the accounting of its numerous acquisitions over the last two years. (previous post) Gaopeng, the group buying joint venture between Tencent (HKEx: 700) and Groupon, has also been laying off hundreds of staff, leading many to question the company’s future. Three of the sector’s leading players, 55tuan, along with Lashou and Dianping, raised a collective $500 million combined earlier this year, as domestic and international investors clamored for a piece of a future Chinese Groupon. This latest wrinkle on the tax evasion front looks like a major clean-up could be coming soon, potentially hitting even some of the big players. Investors should watch for some interesting times ahead, as China’s overinflated Internet bubble looks set to burst in the not-too-distant future.

Bottom line: A new report on tax evasion by online group-buying sites is the latest sign that this unruly, ultra-competitive sector is due for a clean-up in the near future.

团购行业麻烦不断，或即将再添逃税一项。最新报导称，团购行业每年逃税或逾5亿元。媒体报导援引的是研究机构易观国际（Analysys International）的说法，但此类数据显然直接来自税务官员，或从他们提供的数据推测得出，因为易观国际无法从团购企业获得税务信息。所以，对于本来就很混乱的团购行业来说，这一报导尤其令人不安，预示着税务官员或将整顿团购行业，许多规模较小的团购企业或因此倒闭。过去两年，团购行业呈现爆发式增长。本月稍早窝窝团拟赴美上市，但其接触的各大投行均对其过去两年多起收购的会计问题表示担忧，因而拒绝为窝窝团融资。腾讯(0700.HK)和Groupon合资成立的高朋网也裁员数百人，令众人质疑该公司的未来。今年早些时候，由于国内外投资者希望在中国团购行业分得一杯羹，目前该领域的三大领先企业–窝窝团、拉手网和大众点评网共募集到5亿美元风险投资。这次团购逃税风波或预示行业整顿在即，甚至一些大型团购公司也可能受到冲击。投资者应关注这一前景，因为中国互联网泡沫似乎在不远的将来即将破灭。

一句话：有关团购网逃税的最新报导表明，这一混乱且竞争激烈的行业可能即将面临整顿。

Related postings 相关文章:

◙ Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

◙ Gaopeng Lay-Offs Auger Ad Spending Downturn 1高朋裁员预示网络广告支出或大幅下降

◙ Trouble Lurks in China Group Buying, as Gaopeng Drops Baidu 高朋停止百度的广告投放 团购行业初露窘相

Growth-Hungry McDonalds Explores Risky Franchising Route

By on

Fast food giant McDonald’s (NYSE: MCD), clearly worried about its perennial second-place status in China to Yum Brands’ (NYSE: YUM) KFC, looks set to launch a major new drive on the franchising front, a move fraught with risk that could easily do more harm than good in this immature market. McDonalds managers are most likely frustrated by the fact that despite entering the market just a few years after Yum, they now have just 1,300 stores in China, all self-owned, compared with nearly 3 times that amount, or 3,200 stores, for Yum. In an effort to accelerate their growth, the company is stepping up its franchising program by turning over its 11 self-owned stores in southwest Yunnan province to a local franchise partner, Kunming Northstar Enterprise Co, which will also be allowed to open new stores on its own under a franchise license. (English article) That would mark a major expansion of its experimental franchise program in China, which has seen it open just 6 franchised restaurants with 3 partners over the last 6 years. People who follow McDonalds know that the vast majority of its restaurants in its home US market are owned and operated by franchisees, giving the company more flexibility to focus on its core business of product development and marketing while letting franchisees run the day-to-day show. But while this model works great in developed markets like the US, I would be very worried about using it in China, where managers are famous for cutting corners. I can just imagine a franchised store selling french fries or hamburgers that are no longer hot, in violation of company policy, being reluctant to waste food even if itl ultimately leaves customers with a bad impression when they get served cold food. If it’s not very careful, this new program could seriously harm its image in China, hurting rather than helping its expansion hopes.

Bottom line: McDonalds’ plans to boost its franchise program in China to accelerate growth is a high-risk proposition that could easily harm its prospects more than it helps.

Related postings 相关文章:

◙ Coke’s China Formula: A Pulpy and a Smile 可口可乐入乡随俗显成效

◙ Yum Feasts on China, Still Eying Little Sheep 百胜依然觊觎小肥羊

◙ McDonald’s Revs Up for China Drive-Thru 麦当劳寄望“得来速”汽车餐厅拓宽中国市场

Sina Taps On Back Door Into Tudou 新浪可能收购土豆

By on

After a few weeks of talk, leading Web portal Sina (Nasdaq: SINA) has come out and told the world through a public filing that it now owns 9 percent of Tudou (Nasdaq: TUDO), in what looks to me like a potential prelude to a future takeover of the newly listed online video site. Sina disclosed that it first acquired a 4.2 percent stake in Tudou for $31.2 million at the time of its listing, and then swooped in a short time later after the company’s shares sank on its debut to boost its holdings to 9 percent for an additional $35.2 million investment. (English article) While Tudou founder and chairman Gary Wang insists the investment is purely financial, it looks to me like Sina is testing the waters for a potential future takeover of the company. Similar takeovers have proven difficult in the past as the founders of such takeover targets are often major stakeholders in their companies, often controlling a majority of shares with the ability to quash any approaches. But in this case, Wang only holds 8.6 percent of Tudou shares, and is clearly under continued pressure to raise cash, as evidenced by his determination to go ahead with this IPO despite negative market sentiment. Many will recall that Sina has a poor record with major M&A, failing to close its purchase of Focus Media (Nasdaq: FMCN) several years ago and also fending off a hostile takeover bid by Shanda Interactive (Nasdaq: SNDA) before that. This Tudou purchase could be a more careful attempt to see how the markets react before making an outright offer for the company. Given the sudden interest in video sharing by nearly every major Internet company, including Tencent (HKEx: 700), which is reportedly in talks for a stake in industry leader Youku (NYSE: YOKU) (previous post), I wouldn’t be surprised to see Sina launch a takeover attempt for Tudou by the end of this year, with an aim to turning it into a profitable, well-run online video site.

Bottom line: Sina’s purchase of a 9 percent stake of Tudou looks like a prelude to a future attempt to take over the company, with an offer possible as soon as the end of this year.

经过数周洽谈，中国第一大门户网站新浪(SINA.O)通过一份向监管机构提交的报告对世界宣布，新浪目前已经持有中国第二大在线视频网站——土豆网(TUDO.O)大约9%的股份。我认为此举可能为新浪未来收购土豆网拉开序幕。新浪透露在土豆网上市期间，首先投资3,120万美元购得土豆4.2%股份，土豆上市首秀股价大跌後，又追加投资3,520万美元，持股份额增至9%。虽然土豆创始人兼董事长王微坚称新浪目的仅在投资，但在我看来，新浪应该是在试水，看未来是否有可能收购土豆。以往此类收购通常比较困难，因为收购目标的创始人往往拥有多数股权，可以抵挡可能的收购意向。但在土豆网一例中，王微持股仅占8.6%，而且显然仍有筹资压力，在市场情绪下如此消极仍然继续IPO就是明证。很多人都应该记得新浪在重大并购案例中表现都比较差，比如，多年前并购分众媒体(FMCN.O)的失败之举，在此之前，盛大互动(SNDA.O)还曾企图敌意竞购新浪。新浪此次如有意收购土豆，可能会更加细心谨慎，直接向土豆报价前先看市场如何反应。中国几乎每一家主要互联网企业均突然对视频分享网站感兴趣，其中包括近来传洽谈购优酷股份的腾讯在内。考虑到这层因素，我认为新浪今年年底前有可能发起对土豆网的收购，并努力实现土豆网扭亏为盈，运转良好。

一句话：新浪持有土豆网9%股份看起来是未来收购土豆的序幕，新浪今年年底前可能就开始对土豆展开收购。

Related postings 相关文章:

◙ Tencent Sends Out Mixed Video Signals 腾讯若持股优酷 有助进军视频业

◙ Sina, Tencent Pose Threat in SNS, E-Commerce 新浪腾讯攻城掠地

◙ Video Sharing: Let the Tie-Ups Begin

Tidbits: UMPay, Giant Interactive, China Telecom

By on

Today marks the launch of a new item consisting of occasional tidbits that aren’t big enough for individual articles but look interesting nonetheless, along with a thought or two on what it all means.

— UMPay: Chinese media are reporting that this joint venture between industry powerhouses China Mobile (HKEx: 941; NYSE: CHL) is applying for a license to provide electronic payment services. (English article) Given the two venture partners’ dominant position in both of their spaces, such a venture could quickly become a major player, threatening smaller e-payments companies as well as bigger ones like Alibaba’s Alipay.

— Giant Interactive (NYSE: GA): The company has announced a payout date of September 9 for its massive one-time dividend of $3 per share, which amounts to a whopping 36 percent of its latest closing share price. (company announcement) Its stock has risen about 50 cents a share since it announced the dividend early this month, clearly far less than the size of the dividend. I’ll be watching closely to see how the shares trade on September 12, after the dividend is paid.

— China Telecom (HKEx: 728; NYSE: CHA): Chinese media report the company recently launched a tender for more than 3 million set-top boxes — the clearest sign yet that China’s leading fixed-line carrier is close to a major launch for a video-on-demand type service that it has long talked about but has yet to appear. (English article) Such a service could provide a major source of new income, as the company struggles with steady declines for its fixed-line phone business.

News Digest: August 31, 2011

By on

The following press releases and media reports about Chinese companies were carried on August 31. To view a full article or story, click on the link next to the headline.

══════════════════════════════════════════════════════

◙ UnionPay, China Mobile‘s (HKEx: 941) UMPay Aims For Payment License by 2011 (English article)

◙ Sina (Nasdaq: SINA) Buys $66.4 Million Tudou (Nasdaq: TUDO) Stake (English article)

◙ ZTE (HKEx: 763) Records 21.52% Increase in Revenue to RMB37.3 Bln in H1 (Businesswire)

◙ Giant Interactive (NYSE: GA) Announces Date of Sept 12 for Special Cash Dividend (PRNewswire)

◙ Group Buying Sites Evading More Than 500 Mln Yuan in Taxes – Report (Chinese article)

LG Display Mulls China LCD Shift

By on

Interesting reports coming out of Korea hint that LG Display (Seoul: 034220) may be having second thoughts about building a state-of-the-art LCD plant in China, despite years of lobbying for just such a move, in what could actually be a good development for China’s tech sector. Media are reporting that LG Display, which together with hometown rival Samsung Electronics (Seoul: 005930) and Taiwan’s AU Optronics (Taipei: 2409) received permission to operate cutting edge LCD plants in China early this year, has now put its hard-won approval on hold, believing that global capacity for LCDs may be sufficient and peaking as the technology matures. (English article) I must say that I quite agree with this view, as large LCD screen products could well be headed into a permanent downcycle as rival products based on more power-efficient LED technology gain momentum with larger and larger screens boasting higher resolution hitting the market. The power consumption argument is critical especially for portable devices, as LED-based tablet and notebook computers get significantly more battery life using than LCD-based products. The rise of LEDs could make the looming LCD downturn even more painful with the addition of major new capacity in China being built not only by Samsung and AU, but also a major new plant operated by domestic player TCL (Shenzhen: 000100), which counts Samsung among its investors. If the Korean reports are true, and I suspect they are, I wouldn’t be surprised to see Samsung, AU Optronics, and Taiwan’s Chimei Innolux (Taipei: 3481), which also has China aspirations, make similar adjustments to their China strategy. While China would lose out in the short term as investment dollars for LCD projects are scrapped, it would actually benefit in the longer term by largely skipping the LCD chapter of the video screen story, and instead jumping directly to next-generation LEDs.

Bottom line: LG Display’s potential scrapping of its China LCD plans are an early indicator that China could become a global leader in next-generation LED production.

Related postings 相关文章:

◙ AU Plays Catch-Up With China Panel Plan 台湾友达在大陆LCD面板争夺战中占得先机

◙ TCL on the Comeback Trail With Samsung Tie-Up TCL与三星结盟 重振旗鼓

◙ TCL Comeback Gains Momentum with Italy Deals TCL牵手意大利 复苏之势获动力

Potent Partners Lift SAIC in Wobbly Times 动荡时期 合作夥伴撑起上汽的业绩

By on

Leading Chinese car maker SAIC Motor (Shanghai: 600104) has just posted its latest results that look quite impressive, underscoring that having strong foreign partners is critical in the highly competitive auto industry as it heads into a major slowdown. SAIC said its profit in the first six months of the year cruised ahead at a rapid 46 percent clip to 8.58 billion yuan, or about $1.3 billion — not bad for a market where growth has slowed dramatically this year and is only expected to reach 5-10 percent following the end of government incentives to boost sales during the global financial crisis. (English article) SAIC’s powerful joint ventures with China’s top two foreign car makers, General Motors (NYSE: GM) and Volkswagen (Frankfurt: VOWG) are clearly a critical part of its continued success, as many of its domestic rivals face a more bleak future with their less-known brands and weaker reputations for quality and after-sales support. Last week former domestic high-flyer BYD (HKEx: 1211), backed by US billionaire investor Warren Buffett, posted a 98 percent plunge in its latest profit (English article), while somewhat stronger domestic rival Geely (HKEx: 165), which made headlines last year with its landmark purchase of Volvo, also posted a modest 17 percent gain in first-half profit. (English article) SAIC should continue to outperform the rest of the market in terms of profit growth for at least the next couple of years, though it too could see its bottom line come under pressure amid growing price wars as companies vie for customers in a cooling market. In the latest development on that front, a GM executive told foreign media that GM’s SAIC-GM-Wuling has recently slashed prices of its low-cost minivans to offset slowing sales, though he added the promotions will be short-lived. (English article) We’ll see.

Bottom line: SAIC’s tie-ups with GM and VW will help it outperform the auto sector during  its latest downturn, but a building price war will also pressure its profits.

中国最大汽车制造商–上海汽车集团股份有限公司(600104.SS)最新财报业绩靓丽，突出在竞争高度激烈、且增长放缓的汽车行业，拥有强大的海外合作夥伴至关重要。上汽业绩报告称，上半年实现归属于上市公司股东的净利润85.76亿元人民币（13亿美元），同比增长46.09%，鉴于今年中国车市增速大幅下滑，这样的业绩已经相当不错了。上汽与中国市场中的两大海外汽车厂商–通用汽车GM.O、大众汽车(VOWG.DE: 行情)建立的合资企业显然是上汽持续成功的一个关键因素。相比之下，国内很多竞争对手因为品牌知名度低、质量声誉一般，售後服务不过硬等，所面临的前景要黯淡很多。上周，国内另一家汽车厂商比亚迪(1211.HK; 002594.SZ)近期利润同比跌幅高达98%，另外一家汽车厂商吉利(0165.HK)中期净利按年不过增长17%。至少在未来数年内，上汽利润表现仍应优于整体市场状况，不过随着中国车市逐步降温，汽车行业价格战渐行渐近，未来上汽利润可能承压。一名通用汽车高管告诉海外媒体，上汽通用五菱近日已经降价销售低价小货车，以提振低迷销量。不过他并指出促销活动不会太长。今後到底如何？我们将拭目以待。

一句话：上汽与通用汽车和大众联合，有助于上汽业绩在最近的车市颓势中鹤立鸡群，但越来越近的价格战也会对其利润造成压力。

Related postings 相关文章:

◙ Geely-Volvo: Good First Year, But Fork in the Road Ahead

◙  Nissan Jumps on China Expansion Bandwagon, Overcapacity Ahead 日产加入中国市场扩张潮 未来料产能过剩

◙ Ford Comments Signal Accelerating Price Pressure 福特暗示中国车市价格压力加剧

 

Tencent Sends Out Mixed Video Signals 腾讯若持股优酷 有助进军视频业

By on

As I glanced over today’s headlines, I couldn’t help wondering what is going on with Chinese Internet leader Tencent (HKEx: 700), which is sending out mixed signals about its intent in the hot online video sharing space. A top company executive told Chinese media that Tencent has spent some 100 million yuan, or more than $15 million, in recent months to build up its video sharing infrastructure (English article), following word earlier this year that it had budgeted $100 million to enter a space dominated by industry leaders Youku (NYSE: YOKU) and Tudou (Nasdaq: TUDO). (previous post) That’s all fine and good, except that just two weeks ago reports emerged that Tencent was in talks to take an equity stake in Youku itself. (previous post) Tencent clearly wants to get into the video space, and I applaud this decision as online video fits in well with its demographic base, made up of young people, mostly 25 years old and younger, who are the main users for its wildly popular QQ instant messaging service and online games. But it needs to make up its mind soon on which direction it will take, or end up spending lots of unnecessary cash and upsetting potential allies in the market, including members of a video alliance it helped to establish earlier this year. (previous post). My personal choice would be for a tie-up with Youku, preferably through a major equity stake, as this well-managed company is making lots of smart moves lately in its road to profitability, which could come by the end of the year. In the latest of those moves, the company announced a deal giving it first-of-its-kind online video rights to Dreamworks Animation’s (NYSE: DWA) “KungFu Panda” series, which has been hugely popular in China. That deal follows similar recent ones with Warner Brothers (NYSE: TWX) and Philips Electronics (Amsterdam: PHG) (previous post), and shows that Youku is clearly looking for a road to sustainable profits.

Bottom line: Tencent’s move into video is a smart one, catering to its demographic base, but it needs to quickly decide which path it will take, with a Youku equity tie-up looking most attractive.

我浏览了一下今天的头条新闻，不禁猜想腾讯(0700.HK)会有何动作，腾讯对其进军视频分享领域的意图发出不同信号。该公司一名高管告诉中国媒体，腾讯近几个月斥资约一亿元，打造视频分享基础设施，而今年早些时候有传言称，腾讯拨出预算1亿美元，进军优酷网(YOKU.N)和土豆网主导的视频分享领域。这些消息都还不错，除了两周前有报导称，腾讯正在谈判持股优酷网。腾讯显然想进入视频行业，我很赞赏这一决定，因为该服务与腾讯用户结构契合度很好，该公司的QQ即时通讯和在线游戏用户多为25岁以下的年轻人。但腾讯应尽快决定发展方向，以停止耗费大量不必要的资金，令潜在的市场盟友失望，包括今年稍早协助成立的视频版权联盟。我个人观点是腾讯应与优酷网结盟，最好是成为优酷网较大股东的方式，因为优酷网近期采取多项明智之举，年底前即有望实现盈利。优酷网最新举措是，宣布与美国梦工厂(DWA.O)签署《功夫熊猫》系列版权协议。此前，优酷还与华纳兄弟(TWX.N)和飞利浦(PHG.AS)签署类似协议，这表明，优酷显然正在探索持续盈利的途径。

一句话：腾讯进军视频业是明智之举，适合其较年轻的用户结构，但腾讯需迅速决定发展方向，以持股优酷网的方式与其结盟看似最具吸引力。

Related postings 相关文章:

◙ Video Sharing: Let the Tie-Ups Begin

◙ Youku’s New Formula: Sponsored Programs 优酷“新配方”：赞助项目

◙ Tencent Takes Serious Shot at Video 腾讯重拳出击视频业务

News Digest: August 30, 2011

By on

The following press releases and media reports about Chinese companies were carried on August 30. To view a full article or story, click on the link next to the headline.

══════════════════════════════════════════════════════

◙ SAIC (Shanghai: 600104) Profit Beats Estimates After GM, VW China Sales Climb (English article)

◙ Bank of America to Sell 13.1 Bln China Construction Bank (HKEx: 939) Shares (Businesswire)

◙ Youku (NYSE: YOKU), DreamWorks Animation In “Kungfu Panda” China Distribution Deal (PRNewswire)

◙ LDK Solar (NYSE: LDK) Reports Q2 Financial Results (PRNewswire)

◙ Tencent (HKEx: 700) Video Invests Over RMB 100 Mln on Infrastructure (English article)