Everyone has their own favorite tales about taking taxis in China, and I’m certainly no different from the rest. Some tales are funny and involve colorful cab drivers, but more often the talk these days involves frustration at hailing a taxi in major Chinese cities, especially during peak hours. Now the Chinese Academy of Social Sciences has done a formal survey of major cities on taxi satisfaction, and not surprisingly Shanghai ranks near the top of the list for its relatively reliable service.
ICBC Dips Toe in Brazil 工行巴西分行获准成立
After years of focusing on the domestic market, leading Chinese bank ICBC (HKEx: 1398; Shanghai: 601398) is suddenly embarking on a rapid global expansion, this time with the announcement that it has received the necessary approvals to open a Brazilian unit. This latest move would follow a rapid series of new initiatives over the last 2 years, including new entries into South America, the Middle East and US.
China Mobile, Tencent Spar Over WeChat 中国移动与腾讯就微信展开口水战
It seems that Sina (Nasdaq: SINA) Weibo isn’t the only company worried about the rapid rise of WeChat, the wildly popular mobile social networking service (SNS) operated by leading Internet company Tencent (HKEx: 700). That’s my interpretation of the situation, following a recent war of words that has broken out between Tencent and China Mobile (HKEx: 941; NYSE: CHL), China’s dominant mobile carrier. But in this new tussle, Tencent needs to move very carefully since China Mobile is not only a competitor but is also in the powerful position of being able to limit or even completely cut off its more than 700 million mobile subscribers from access to WeChat, more commonly known by its Chinese name of Weixin.
Phoenix New Media Clips VP 凤凰新媒体执行副总裁离职
Web portal Phoenix New Media (NYSE: FENG) appears to be going through a behind-the-scenes reshuffle, with word that a top executive has left the company as it continues to struggle with fallout from a national advertising slowdown. It’s hard to know what exactly is going on behind the scenes at Phoenix, which once wowed investors with triple-digit gains in its core advertising business following its 2011 IPO on the New York Stock Exchange. But its most recent financial reports have clearly shown the company is having a much harder time than many of its larger peers in coping with China’s recent advertising slowdown, which I suspect is a major reason for the newly announced resignation of vice president Wang Yulin. (Chinese article)
Jiumei, Dianping Eye Investors, Mobile 酒美网和大众点评网为上市蓄势
On this day before Christmas, I’ll take a look at 2 of China’s more interesting privately held Internet plays, online wine seller Jiumei and restaurant ratings site Dianping, which are making innovative new moves that could make them attractive investments when they make eventual public offerings. In Jiumei’s case, the company is forming an interesting tie-up with European banking giant Rothschild to create a product for Chinese who want to invest in wine. Meantime at Dianping, founder and CEO Zhang Tao has given a rare interview in which he reveals his company is making big investments in the mobile Internet in a bid to translate its current desktop PC dominance to the fast-growing mobile space.
Weibo, WeChat Set For 2013 Showdown 微博、微信将于2013年决战
An epic battle on the Chinese Internet is shaping up for the New Year, pitting dominant social networking site (SNS) Sina (Nasdaq: SINA) Weibo against up-and-coming challenger WeChat, also known by its Chinese name Weixin. The looming battle in many ways reflects the rapid rise in China of the mobile Internet, where WeChat has found an eager new audience that likes to use SNS all the time instead of only at desktop computers where Sina Weibo dominates.
News Digest: December 22-24 报摘： 2012年12月22-24日
The following press releases and media reports about Chinese companies were carried on December 22-24. To view a full article or story, click on the link next to the headline.
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- Alibaba Outbids Tencent, Baidu to Invest in Sina (Nasdaq: SINA) Microblog – Source (English article)
- China Probes Safety of Yum Brands’ (NYSE: YUM) KFC Chicken Products (English article)
- Amazon (Nasdaq: AMZN) Web Services (AWS) China Site Goes Live (Chinese article)
- Phoenix New Media (NYSE: FENG) Vice President Wang Yulin Resigns (Chinese article)
- Online Wine Seller Jiumei Launches Financial Product With Rothschild (Chinese article)
Xiaomi, Nokia In New Web Tie-Ups 小米和诺基亚触网或只是营销噱头
A couple of tie-ups from the hot smartphone space are making headlines these last few days, with up-and-comer Xiaomi and fast-fading global giant Nokia (Helsinki: NOK1V) both looking to Internet partners to boost their prospects. The first of the tie-ups will see Xioami partner with leading Internet portal Sina (Nasdaq: SINA) to sell Xiaomi’s second-generation smartphones online. Meantime, Nokia is tying up with Jingdong Mall, China’s second largest e-commerce firm, in a bid to reverse its downward slide in the world’s largest mobile market.
Focus Media Move Caps Tough Year For China 分众传媒为中国艰难的一年画上句号
This year will go down as one that most US-listed Chinese companies would like to forget, and now outdoor advertising specialist Focus Media (Nasdaq: FMCN) is giving a suitable send-off for 2012 with word that its plan to privatize and de-list is nearing completion. This latest development followed earlier word that one of the investors planning to provide $200 million to help fund Focus Media’s plan had backed out of the deal due to concerns about inadequate returns. (previous post) Now media are reporting that Focus has just signed the last agreement it will need to complete the deal, which will formally be carried out by a company called Giovanna Acquisition Ltd. (Chinese article)
News Digest: December 21 报摘： 2012年12月21日
The following press releases and media reports about Chinese companies were carried on December 21. To view a full article or story, click on the link next to the headline.
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- Amazon (Nasdaq: AMZN): Kindle Store Is First China Step, To Strictly Follow Laws (Chinese article)
- Focus Media (Nasdaq: FMCN) Reaches Final Deal For Privatization, To Complete In Q2 (Chinese article)
- Qihoo 360 (NYSE: QIHU) to Begin Monetizing Search in January – Ad Agency (English article)
- Tencent (HKEx: 700 Fined for Infringing Music Content (English article)
- AMD (NYSE: AMD) Greater China President Resigns, New President Named (Chinese article)
Yahoo: Preparing For China Exit? 雅虎关闭在华音乐搜索服务 全面撤离即将来临？
The headlines have been buzzing this week with word that tarnished former Internet titan Yahoo (Nasdaq: YHOO) will shutter its Chinese Internet music service, with many pointing out the move reflects a broader reshuffling in the online music space. But from my perspective, the much more intriguing question is whether this move represents the first small step before Yahoo withdraws from the market completely — a step that seems increasingly likely as it focuses on turning around its core US search business.
