The following press releases and media reports about Chinese companies were carried on August 24. To view a full article or story, click on the link next to the headline. ══════════════════════════════════════════════════════
Bank of China (HKEx: 3988) Posts Weakest Quarterly Profits Growth in 3 Years (English article)
The first in-depth, authoritative discussion of the role of the press in China and the way the Chinese government uses the media to shape public opinion
China’s 1.3 billion population may make the country the world’s largest, but the vast majority of Chinese share remarkably similar views on these and a wide array of other issues, thanks to the unified message they get from tightly controlled state-run media. Official views are formed at the top in organizations like the Xinhua News Agency and China Central Television and allowed to trickle down to regional and local media, giving the appearance of many voices with a single message that is reinforced at every level. As a result, the Chinese are remarkably like-minded on a wide range of issues both domestic and foreign.
Takes readers beyond China’s economic miracle to show how the nation’s massive state-run media complex not only influences public opinion but creates it
Explores an array of issues, from Tibet and Taiwan to the environment and US trade relations, as seen through the lens of the Xinhua News Agency
Tells the story of the official Xinhua News Agency along with its history and reporting over the years, as the foundation for telling the story
For questions, or to obtain promotional copies for reviews or set up interviews, please send email to partyline@@youngchinabiz.com.
About the Author
Doug Young is an associate professor in the Journalism Department at China’s Fudan University in Shanghai. He has worked in the media for nearly two decades, half of that in China, where he has witnessed the massive changes that have taken place in the country since the earliest days of the reform era in the 1980s. Most recently he worked for Reuters from 2000 to 2010 covering the China story out of the Shanghai, Hong Kong and Taipei bureaus. He is a native of Washington, D.C., and received his bachelor’s degree in geology from Yale University and a master’s degree in Asian studies from Columbia University. In addition to his current jobs as teacher and author, he also comments on the latest China company news and industry trends on his personal blog, Young’s China Business Blog.
Less than 2 weeks after HiSoft (Nasdaq: HSFT) and VanceInfo (NYSE: VIT) announced their landmark merger agreement, we’re getting word of another significant acquisition in the IT outsourcing space with a new purchase plan by China-listed Beyondsoft (Shenzhen: 002649). The rapid announcement of 2 such major deals could indicate that much-needed consolidation is finally coming to this lucrative but highly fragmented industry, which holds the potential to produce major companies that could someday rival big Indian outsourcing firms like Infosys (Mumbai: INFY).
The proposed marriage between Youku (NYSE: YOKU) and Tudou (Nasdaq: TUDO) looks like a done deal, with shareholders of both companies approving the union at separate meetings on the same day. (Youku announcement; Tudou announcement) So now the question becomes: what does the union mean for the longer term development of the new company, Youku Tudou, and also what does the formation of this new industry leader mean for other major players? In a nutshell, I honestly don’t think the future looks very bright for anyone, due to both individual company issues and broader industry issues as well.
The following press releases and media reports about Chinese companies were carried on August 21. To view a full article or story, click on the link next to the headline. ══════════════════════════════════════════════════════
Youku (NYSE: YOKU) Announces Shareholder Approval for Tudou Merger (PRNewswire)
MIIT Signals Approval for TD-LTE Development (English article)
Beyondsoft (Shenzhen: 002649) to Acquire Achievo Subsidiaries for $56 Mln (English article)
Camelot Information Systems (NYSE: CIS) Announces Unaudited Q2 Results (PRNewswire)
Vancl Cuts Back Ad Spending As Online Apparel Sellers Suffer (Chinese article)
The colorful love-hate relationship between Beijing and Google (Nasdaq: GOOG) never seems to stop evolving, flaring up this time with extensive coverage in state-run media over big China layoffs at Google’s recently acquired Motorola cellphone unit. In all fairness, Motorola’s decision to lay off 1,400 China employees is certainly big news by itself, with the China reductions accounting for more than a third of a recently announced round of 4,000 global job cuts by Motorola. But that said, I have little doubt that domestic media are being quietly encouraged to report extensively on the cuts by Beijing leaders who still feel stung by Google’s 2010 high-profile decision to withdraw from the China online search market.
The past 2 weeks have seen solar energy pioneer Suntech (NYSE: STP) plunge into a downward spiral after revelations of questionable accounting, leaving the firm on the edge of financial collapse and its fate largely in the hands of Beijing. But rather than come to Suntech’s rescue, Beijing should let the company collapse to send a high-profile message that it won’t support companies that engage in such financial shenanigans.
Domestic car makers Chery and Great Wall Motor (HKEx: 2333) have hit a first major speed bump in their recent export drive, spotlighting the uphill road China’s big domestic brands will face as they look overseas to offset sputtering sales at home. Media are reporting that both companies have launched recalls for most of their cars sold in Australia after asbestos, a well-known carcinogen, was found in the engines and exhaust systems of some vehicles. (English article)
The following press releases and media reports about Chinese companies were carried on August 18-20. To view a full article or story, click on the link next to the headline. ══════════════════════════════════════════════════════
I’ll end out this peak week of second-quarter earnings season with a couple of telecoms items, starting with comments from dominant wireless carrier China Mobile (HKEx: 941; NYSE: CHL) that indicate it may finally be preparing for a much-needed offensive to breathe new life into its flagging 3G network. While China Mobile struggles under its own massive weight, separate news bites indicate the up-and-coming Xioami, a maker of low-cost, high performance smartphones, may be running into its first troubles after a strong debut for its first product last summer.
Less than 2 weeks after HiSoft (Nasdaq: HSFT) and VanceInfo (NYSE: VIT) announced their landmark merger agreement, we’re getting word of another significant acquisition in the IT outsourcing space with a new purchase plan by China-listed Beyondsoft (Shenzhen: 002649). The rapid announcement of 2 such major deals could indicate that much-needed consolidation is finally coming to this lucrative but highly fragmented industry, which holds the potential to produce major companies that could someday rival big Indian outsourcing firms like Infosys (Mumbai: INFY).
The colorful love-hate relationship between Beijing and Google (Nasdaq: GOOG) never seems to stop evolving, flaring up this time with extensive coverage in state-run media over big China layoffs at Google’s recently acquired Motorola cellphone unit. In all fairness, Motorola’s decision to lay off 1,400 China employees is certainly big news by itself, with the China reductions accounting for more than a third of a recently announced round of 4,000 global job cuts by Motorola. But that said, I have little doubt that domestic media are being quietly encouraged to report extensively on the cuts by Beijing leaders who still feel stung by Google’s 2010 high-profile decision to withdraw from the China online search market.
The past 2 weeks have seen solar energy pioneer Suntech (NYSE: STP) plunge into a downward spiral after revelations of questionable accounting, leaving the firm on the edge of financial collapse and its fate largely in the hands of Beijing. But rather than come to Suntech’s rescue, Beijing should let the company collapse to send a high-profile message that it won’t support companies that engage in such financial shenanigans.
Domestic car makers Chery and Great Wall Motor (HKEx: 2333) have hit a first major speed bump in their recent export drive, spotlighting the uphill road China’s big domestic brands will face as they look overseas to offset sputtering sales at home. Media are reporting that both companies have launched recalls for most of their cars sold in Australia after asbestos, a well-known carcinogen, was found in the engines and exhaust systems of some vehicles. (
I’ll end out this peak week of second-quarter earnings season with a couple of telecoms items, starting with comments from dominant wireless carrier China Mobile (HKEx: 941; NYSE: CHL) that indicate it may finally be preparing for a much-needed offensive to breathe new life into its flagging 3G network. While China Mobile struggles under its own massive weight, separate news bites indicate the up-and-coming Xioami, a maker of low-cost, high performance smartphones, may be running into its first troubles after a strong debut for its first product last summer.
