Cars: Nissan Drives, Saab Gets Reprieve 汽车：尼桑设新厂，萨博暂时获救

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I’ll wrap up this week with a couple of items from the car world, one of which has Japan’s Nissan (Tokyo: 7201) adding fuel to China’s looming auto glut while the other has yet another Chinese buyer helping forestall the long and tortured death of Sweden’s bankrupt Saab. My personal favorite among these 2 stories is Saab, as it’s quite a colorful saga; but Nissan is clearly the bigger of the items, so I’ll start with a look at the news that the Japanese automaker is planning to build a $785 million new plant in the northeastern port city of Dalian. (English article) The new plant is part of a broader plan to invest 30 billion yuan in China by 2015 previously announced by Nissan, China’s second biggest car brand and the most aggressive of Japan’s 3 major automakers in China. The new plant, being built together with Nissan’s China partner Dongfeng Motor (HKEx: 489), will initially have capacity to build 25,000 cars per year when it opens in 2015, but will expand rapidly to a a hefty 240,000 vehicles by 2017, according to a foreign media report, citing an unnamed source. This kind of rapid expansion, despite a recent cool-down in China’s auto market, is being seen throughout China’s auto industry, with most of the big foreign automakers including Ford (NYSE: F), BMW (Frankfurt: BMWG) and General Motors (NYSE: GM), all announcing major new initiatives over the last couple of years. I have no doubt that market growth will eventually accelerate again, and recent signs from Beijing indicate that could happen soon as it considers new incentives to boost sales. But the addition of new capacity for another 1 million or more vehicles looks a bit big to me for a market unlikely to sell more than 10 million vehicles this year; that means we could see lots of idle capacity in the next few years, forcing some weaker players, especially the domestic brands, to leave the market. Meantime, Saab, which is now in bankruptcy and hasn’t produced any cars since last year, is being sold to a Sino-Japanese partnership that plans to turn the brand into an electric car specialist. (English article) I’ve never heard of either the Chinese company, a Hong Kong-based firm called National Modern Energy Holdings, or the Japanese partner, Sun Investment. But I expect this pair are looking to buy the Saab name and perhaps some of its technology if the deal actually gets completed, and then they would probably shut down Saab’s money-losing Swedish operations completely. A more likely scenario would see this latest agreement collapse, just like an earlier rescue package that saw 2 other Chinese firms try and fail to buy the company. (previous post) Regardless of the final outcome, it does seem like the Saab brand may be destined to live on in China — an ironic development since the name is virtually unknown in the market.

Bottom line: Nissan’s latest plan for a massive new plant in northeast China marks the latest sign of a supply glut building for China’s auto sector.

Related postings 相关文章:

◙ Dwindling Demand Fuels Car Inventory Build-Up 中国汽车库存增加或引发价格战

◙ Luxury Cars Headed for Overheating 豪华车市场步入过热

◙ China Puts the Brakes on Luxury Cars 中国公务车拟告别豪华车

Silcon Valley Bank Forges Into China 美国矽谷银行与浦发成立合资银行

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I’ve previously written about a low-key second wave of financial service companies quietly coming into China after a pull-back of earlier arriving big names like Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C), with US tech-focused lender Silicon Valley Bank the latest name to join this trend. What’s equally interesting in this latest news is the rapid speed with which the government has approved the joint venture between Silicon Valley Bank and Shanghai-based Pudong Development Bank (Shanghai: 600000), indicating Beijing may be keen to bring in more foreign expertise from these smaller names as it looks to build up a viable private sector banking industry that operates outside the traditional realm of big state-owned lenders. Let’s look at the latest reports, which have an executive from California-based Silicon Valley Bank saying he was surprised at the rapid speed with which his bank’s joint venture was approved following its announcement last October, and that new joint venture bank will aims to open by September. (English article) Silicon Valley Bank’s pairing comes just months after Citibank sold a 3 percent stake it had held in Pudong Development Bank for several years, mirroring a recent trend that has seen many major western banks sell off investments they made nearly a decade ago in Chinese lenders. (previous post) While the western lenders made many of those sales to raise cash to bolster their shaky balance sheets, observers also noted that many were disappointed that their investments never led to strategic partnerships to help them tap the fast-growing China market for financial services. This new tie-up between Silicon Valley Bank and Pudong Development Bank looks like a clearly focused initiative to help service the growing semiconductor chip sector, anchored by leading chip maker SMIC (HKEx: 981; NYSE: SMI), and a growing field of LCD and LED makers emerging in the Yangtze River delta area. Whereas many of the earlier tie-ups between the big western banks and their Chinese counterparts contained lofty dreams that were never really realized, this more recent round of new initiatives by smaller players looks much more targeted and modest in its ambitions, seeing foreign companies pair with smaller local players in highly-focused moves with specific aims. As such, I would give them a much better chance for success than the previous tie-ups. Other recent lower-profile tie-ups in the financial services sector have included moves by money transferring specialist MoneyGram (NYSE: MGI), which recently expanded its tie-up with Bank of China (HKEx: 3988; Shanghai: 601988); and American Express, which has invested in an electronic payments firm called Lianlain. (previous post) Beijing is probably quietly encouraging these kinds of tie-ups to more rapidly propel its financial services sector to world-class status, especially as it faces its own internal banking crisis that is largely the result of older practices still seen at many banks that behave more like policy-based institutions than true market-oriented lenders. Accordingly, look for a growing number of these kinds of new tie-ups involving mid-tier western players in the months ahead.

Bottom line: The rapid approval of Silicon Valley’s new joint venture bank indicates Beijing wants to bring in more niche-oriented foreign firms to bolster its financial services sector.

Related postings 相关文章:

◙ AmEx Chases E-Payments With Lianlian Link 美国运通联手中国连连集团

◙ MoneyGram In Latest Financial Services Move 速汇金携手中行 提供汇款服务

◙ Goldman Flees ICBC as Bank Crisis Looms 中国银行业危机隐现 高盛迅速转让工行股票

Telecoms: More of the Same for Huawei, ZTE 美国对华为和中兴展开新的调查

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There are a few interesting telecoms tidbits out today, led by what seems to be an increasingly redundant refrain of the latest woes being faced by quickly fading telecoms equipment superstars Huawei and ZTE (HKEx: 763; Shenzhen: 000063), who are now the subject of a new security probe by US politicians. ZTE is also in the headlines for its own announcement of an interesting new tie-up in the teleconferencing space, which is part of its ongoing drive to diversify into less controversial products beyond its core networking equipment business. And last but not least, Apple (Nasdaq: AAPL) is flexing its muscles in China by getting local Internet search leader Baidu (Nasdaq: BIDU) to agree to an unusual revenue-sharing agreement in exchange for inclusion of Baidu’s search engine in a new China-friendly iPhone. Let’s start with the Huawei and ZTE news, which has the US House of Representatives questioning the pair about how they do business in a bid to determine what, if any, security risk their network equipment might pose to unsuspecting buyers. (English article) I almost didn’t even notice this report as it looks so similar to a steady stream of similar ones that have come out in recent weeks, all about Western governments probing Huawei and ZTE for not only for security risks, but also for unfair subsidies from Beijing. Adding to the woes, a couple of employees from both companies were found guilty earlier this week of bribery in an Algerian court, casting further doubt on their business practices. (previous post) In response to all the scrutiny, both companies have been trying to diversify from their traditional networking equipment into smartphones and other less controversial products, which leads to my second news bit, which has ZTE pairing with US company Vidtel to offer videoconferencing services in North America. (company announcement) The tie-up will pair equipment from ZTE with services offered by Vidtel, in what looks like an interesting effort to provide a lower-cost alternative to products and services now offered by companies like networking equipment giant Cisco (Nasdaq: CSCO) and videoconferencing equipment makers Tandberg and Polycom (Nasdaq: PLCM). This move looks smart for ZTE, which has been particularly aggressive in developing its smartphone business in the last 2 years, though at a big cost to its profit margins. If this new tie-up can provide a reliable product, then this tie-up could provide some serious competition for existing players not only in North America, but perhaps in other western markets as well. Lastly there’s Apple, whose tie-up with Baidu was initially reported last week and is part of a broader drive that will see the US tech giant load more China-friendly features into a new iPhone for the China market. (previous post) What’s new in this latest news bit is the revenue sharing agreement. Hardware makers rarely have the clout to demand such agreements with service providers, but Apple’s iPhones are so popular that it can often demand such concessions in exchange for giving access to its phones. Look for more such revenue sharing agreements by Chinese firms looking for space on the new China-friendly iPhone, helping Apple but making such tie-ups less profitable for its China service partners.

Bottom line: A new US security probe against Huawei and ZTE shows the pair’s telecoms equipment may never gain broad acceptance in the west, and they should focus on other products instead.

Related postings 相关文章:

◙ Huawei, ZTE Suffer New Image Setback 华为和中兴改善形象的努力受挫

◙ Huawei Layoff Reports: Growth Days Over? 华为裁员消息：增长时代终结？

◙ West Launches New Attack on Huawei, ZTE 西方对华为和中兴通讯发起新攻击

News Digest: June 15, 2012 报摘： 2012年6月15日

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The following press releases and media reports about Chinese companies were carried on June 15. To view a full article or story, click on the link next to the headline.

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◙ Baidu (Nasdaq: BIDU) to Share Revenue With Apple (Nasdaq: AAPL) on iPhone Deal (English article)

◙ US Lawmakers Probe China Telecoms Firms Huawei, ZTE For Ties, Contracts (English article)

◙ Nissan Plans $785 Mln North China Plant, to Challenge VW, Toyota: Source (English article)

◙ Jack Ma to Step Back from Alibaba Daily Management – Source (English article)

◙ Silicon Valley Bank Gears Up China Venture (English article)

IKEA Leads New China Solar Charge 宜家引领新的中国太阳能发电

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I haven’t written for a while about the embattled solar sector, but a press release about a new solar plan by Swedish furniture giant IKEA caught my attention and looks worth a mention as a possible new bright spot for this otherwise struggling industry. In fact, I was originally going to just ignore the announcement, which will see IKEA install solar panels at its China locations to supply 10-15 of the power needs for its stores and 100 percent of needs for its distribution centers. (company announcement) After all, such installations are insignificant in terms of sales for big solar panel makers, and are largely a public relations exercise for companies that want to show off their green credentials. But then I got to thinking and asked myself: What would happen if suddenly all major companies in China started taking similar initiatives, especially massive state-run firms, from banks to steelmakers and phone companies, which collectively make up one of the nation’s biggest energy consumers. In any other market this kind of massive adoption of a new, uneconomical form of energy like solar would never happen, as such energy is more expensive than traditional power sources and would also require companies to set up new divisions to operate their power generation. But this isn’t any other country. This is China, a place where major companies — both state-run and private — are always keen to follow the latest directives from Beijing to please central government leaders promoting their latest economic priorities. That said, I could easily see a large number of companies soon following with moves similar to IKEA’s, setting up a patchwork of solar power generation stations at their various major facilities throughout the country to curry favor with a central government that has already indicated it wants to help a promising but struggling homegrown sector that now makes more than half of the world’s solar cells. Those who follow the industry know that same sector has been struggling for more than a year now due to a global supply glut that has sent prices tumbling, sending all manufacturers into the red and some now tottering on the brink of insolvency. US anti-dumping tariffs against Chinese manufacturers and the potential for similar tariffs in Europe have further hurt the sector, with little relief in sight. China, which itself derives very little power from solar, has previously said it wants to significantly boost its solar power capacity but has yet to announce many major new projects to achieve that target. (previous post) Pressuring major companies to install their own solar capacity, especially heavy users like Baosteel (Shanghai: 600019), could help Beijing more quickly reach its objectives by not only promoting the solar sector, but also taking pressure over its over-burdened power grid. Accordingly, I wouldn’t be surprised to see more companies making similar announcements to IKEA’s in the months ahead, perhaps providing some much needed relief to panel makers, especially the stronger ones.

Bottom line: Major companies in China could soon embark on a solar spending spree to achieve Beijing’s objective of producing more solar energy, providing some relief to the embattled sector.

Related postings 相关文章:

◙ Solar Shares: De-listings Ahead? 太阳能股票：未来会退市？

◙ Solar Storm Heats Up in US, China 中美太阳能产品征税之争升温

◙ Solar Comments: Consolidation Chinese Style? 太阳能行业：中国式整合

News Digest: June 14, 2012 报摘： 2012年6月14日

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The following press releases and media reports about Chinese companies were carried on June 14. To view a full article or story, click on the link next to the headline.

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◙ Jingdong Mall Has $1 Bln Cash, to Go On Buying Spree in Second Half of 2012 – CEO (Chinese article)

◙ Vidtel, ZTE (HKEx: 763) in Videoconferencing Partnership for North America (PRNewswire)

◙ Ctrip (Nasdaq: CTRP) Announces Up to US$300 Million Share Repurchase Program (PRNewswire)

◙ Sabre Forms Alliance with China’s TravelSky (Businesswire)

◙ Saab Auto Sold to China-Japan Group in Electric-Car Push (English article)

Alibaba Feels the E-Commerce Pinch 阿里巴巴感受电子商务竞争

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Alibaba appears to be feeling the pinch that has hit most of its major rivals over the last year as they engage in a nonstop game of cutthroat competition, with news that China’s e-commerce leader is doing the once unthinkable: offering discounts. At the same time, media are reporting the company has also become the latest entrant to the online book-selling business, again reflecting the overheated competition that has gripped the market as everyone battles with everyone else in just about every major product category. To understand the significance of this latest news, we need to look first at Alibaba’s e-commerce model, which is quite different from that of its major rivals like Jingdong Mall, which also goes by the name of 360Buy, and Dangdang (NYSE: DANG). Whereas nearly all of its major rivals directly sell their merchandise to consumers, Alibaba uses a model that see it acting as middleman for other online retailers by letting them set up shops on its online TMall platform, formerly known as Taobao Mall. That means that Alibaba, as a middleman platform operator, has largely avoided the recent price wars infecting most of its rivals, whose margins have plummeted as they offered steep discounts to maintain their market position. Now it appears that Alibaba is also feeling some of this price-war pain, as the company reportedly prepares to help the merchants on its TMall platform by providing $47 million in rebates for sales of their various electronics, from cellphones to televisions and air conditioners. (English article) That figure doesn’t look all that big for a company of Alibaba’s size, but it probably reflects the fact that many of the merchants who sell things on TMall are feeling the effects of the price wars that have driven nearly all major e-commerce companies deeply into the loss column, including Dangdang, the only publicly traded company in the space. (previous post) Alibaba likes to boast that it is one of the few e-commerce companies that has remained profitable throughout the price wars, but clearly it’s starting to feel some pressure as many of the merchants who sell items on TMall are being forced to do so at a loss and perhaps even closing up shop. I wouldn’t expect TMall to start losing money anytime soon, though it will clearly feel more pain as the overheated e-commerce sector undergoes a much-needed consolidation that could result in the closure or merger of one or more major players. (previous post) Meantime, Alibaba is copying a tendency by most of its rivals to encroach on each others’ product areas with the latest news that it is boosting its online book-selling business, according to media reports. (English article) That move would following another high-profile entry into the online book business by Jingdong Mall, which made headlines earlier this year when it entered a business dominated by Dangdang and Amazon’s (Nasdaq: AMZN) China site. Despite its late entry to the space, Alibaba will probably gain at least some market share in online books simply because of its size. But from a broader perspective, this move just underscores that the rampant competition in China’s e-commerce space is continuing, with consolidation sorely needed to set the sector on a more solid footing for long-term profitability.

Bottom line: Alibaba’s offer of financial support to its online merchants is the latest sign of rampant competition that has pushed most Chinese e-commerce companies into the red.

Related postings 相关文章:

◙ Alibaba: Let’s Get the Roadshow Rolling　　阿里巴巴：我们开始路演吧

◙ Jingdong Mall on IPO Fast-Track 京东商城IPO提速

◙ China: Room for How Many Amazons? 中国电商市场到底有多大？

Shanda Cloudary IPO Glides Ahead 盛大文学推进IPO计划

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The literature unit of online game giant Shanda Interactive seems determined to move forward with its plan for a New York IPO despite a weak investor climate, landing $15 million in new funds from venture investor Orbis as it forges ahead. This kind of late-stage investment is clearly designed to generate some buzz for an offering that looks slightly interesting to me, but may still have limited appeal for the average Wall Street investor worried about recent volatility in US-listed China stocks after a series of accounting scandals last year. This latest investment also seems aimed at setting a valuation for the unit, Shanda Cloudary, again as Shanda Interactive looks to raise as much cash as possible to help pay down its big debt from its own recent privatization. (previous post) Let’s have a look at the actual news, which has Orbis taking a 1.875 percent stake in Cloudary for its $15 million investment, valuing the company at a relatively modest $800 million. (Chinese article) That’s far less than Shanda Interactive was worth when it delisted earlier this year. It’s also about two-thirds of the value of Shanda’s only other listed unit, Shanda Games (Nasdaq: GAME), reflecting the fact that this literature unit may have big potential as a supplier of online literature even though it generates significantly less revenue than Shanda’s core online gaming business. Shanda filed to list Cloudary last year but had to withdraw the plan when market sentiment plummeted. It refiled the plan earlier this year (previous post), reflecting its urgent need for new cash even as broader market sentiment remained weak. The only major Chinese company to make a New York listing so far this year, discount online retailer Vipshop (NYSE: VIPS), was a major failure, and lingering negative sentiment forced one of the year’s only other China IPO candidates, auto rental firm China Auto, to withdraw its offering just before the final pricing last month. (previous post) From my perspective, I’ve always thought the Cloudary IPO looked like an interesting proposition, as online literature is clearly a big growth market as rapidly growing numbers of Chinese mobile Internet users look for interesting things to read on their tablet PCs and smartphones. As an early entrant to this market, Cloudary looked well positioned to become a major player in the space. What’s more, the company surprised the market last month when it announced its first-ever modest profit of about 3 million yuan for the first quarter of this year. Profitability has been rare among the stream of Chinese Internet companies to make IPOs over the last 2 years, so that fact could help ease investor concerns, even though Cloudary’s sudden move into the profit column, while not surprising based on recent trends, also may have been assisted by some accounting maneuvers. Regardless of that, I still do think the company’s potential, its relatively strong income statement and relatively modest valuation could mean it may actually succeed in becoming only the second Chinese Internet company this year to make a New York IPO, providing an interesting investment opportunity for anyone who likes this emerging growth area.

Bottom line: A new round of fund-raising indicates Shanda is moving ahead with the IPO for its Cloudary online literature unit, which could receive moderate investor interest.

Related postings 相关文章:

◙ Shanda Cloudary Wows Investors With Profit 盛大文学利润令投资者惊叹

◙ China Auto IPO Crashes 神州租车的IPO之梦告吹

◙ China IPO Winter Goes On as Vipshop Flops 唯品会大跌，中国IPO冬季持续

China iPhones: Apple Ties Up With Youku 中国型iPhone：苹果与优酷合作

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Smartphone powerhouse Apple (Nasdaq: AAPL) is finally waking up to the importance of the China market, forging a new tie-up with leading online video site Youku (NYSE: YOUK) in bid to incorporate more China-friendly features into its wildly popular iPhones. This latest deal follows the even bigger unconfirmed news last week that Apple was in talks to integrate software from leading Chinese search engine Baidu (Nasdaq: BIDU) into its next generation iPhone, in another major nod to the importance of a market that now accounts for a fifth of Apple’s global sales, second behind only the US. (previous post) What we see here is a growing trend for Apple to integrate leading Chinese Internet software into its next-generation iPhones, which should result in some smart new models when Apple rolls out its latest smartphone later this year. Executives speaking at a developer conference in the US have already touted the fact that the next generation iPhone will have better Chinese input and Mandarin voice recognition capabilities, and I wouldn’t be surprised if we see some more news leaks and announcements in the days ahead for tie-ups with other Chinese Internet leaders like e-commerce giants Alibaba or Jingdong Mall, and microblogging sensation Sina (Nasdaq: SINA) Weibo. Let’s look at this latest announcement, which has Youku saying its video site software will be integrated into the newest versions of Apple’s desktop and mobile operating systems, set for release later this year. (company announcement) The integration should provide a nice boost for Youku, which will solidify its place as the country’s leading online video site with its pending merger with the second largest player, Tudou (Nasdaq: TUDO). Youku-Tudou will control a combined 40 percent of China’s online video market, and the addition of their platforms on the next-generation iPhones and Apple notebook computers could help them to further consolidate their dominance and perhaps even push them to their elusive goal of sustained profitability by year end. iPhones have become a must-have product for gadget lovers in big Chinese cities, with the smartphones now offered in plans by 2 of China’s top telcos, China Telecom (HKEx: 728; NYSE: CHA) and China Unicom (HKEx: 762; NYSE: CHU). This new drive to create a China-friendly iPhone also hints that Apple could be near one of its biggest objectives for the market, namely the signing of an iPhone deal with China Mobile (HKEx: 941; NYSE: CHL), China’s biggest wireless carrier with two-thirds of the market. Such a deal has been repeatedly delayed due to technological reasons, but this rapid and sudden push to develop a China-friendly iPhone leads me to believe we could also see a China Mobile iPhone deal by the time the newest China iPhone comes out later this year.

Bottom line: Apple’s new tie-up with top online video site Youku is the latest step in its plans to make a China friendly iPhone, which could soon also include a long-awaited deal with China Mobile.

Related postings 相关文章:

◙ Baidu, Sina in Smart Cellphone Tie-Ups 百度、新浪在智能手机领域的合作

◙ China Telecom iPhone Debut Looks Strong 中国电信iPhone初次发售，势头强劲

◙ Apple CEO Cook Stirs Up Guessing Firestorm 苹果CEO库克低调访华意欲何为？

News Digest: June 13, 2012 报摘： 2012年6月13日

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The following press releases and media reports about Chinese companies were carried on June 13. To view a full article or story, click on the link next to the headline.

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◙ E-commerce Giant Alibaba Ventures Into Online Book Retailing (English article)

◙ Apple iOS 6, OS X Mountain Lion to Integrate Youku (NYSE: YOKU) Services (PRNewswire)

◙ Shanda Cloudary Wins $15 Mln from Orbis, Valuing Company at $800 Mln (Chinese article)

◙ Wal-Mart (NYSE: WMT) Bribery Review Includes Brazil, China (English article)

◙ JetBlue (NYSE: JBLU), Air China (HKEx: 753) Announce Plans to Partner (Businesswire)

Lenovo: China’s Newest Telco? 联想涉足电信服务

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I’ll admit that I don’t always have the kindest words for PC giant Lenovo (HKEx: 992), which too often to me looks like a follower rather than a leader, even as it tries to steal the global PC crown from Hewlett-Packard (NYSE: HPQ) in what would certainly be a huge accomplishment for a Chinese company. But that said, I’m happy to say that for once I’m quite intrigued by the latest news that Lenovo is charging into what looks like an unexplored territory for a PC company by teaming with an operator of cloud computing services to offer broadband services specifically linked to its new series of recently launched ThinkPad computers. (English article; Chinese article) The innovative deal, which has Lenovo pairing with a cloud services operator called Macheen, allows users of many new ThinkPad computers to surf the web in the US and most major Western European markets on a plan provided directly by Lenovo. Furthermore, the plan doesn’t require any long-term contracts, meaning users can access the service whenever they want for a flat fee of about $2 per half hour or $9 per day. This kind of model looks interesting to me, as it targets a group of more budget-conscious PC users who might want to occasionally surf the web on their portable computers but wouldn’t want to pay for a separate data plan from a regular mobile wireless carrier. By partnering with another company for the plan, Lenovo is essentially entering the telecoms services sector in a relatively risk-free way, as the telecoms company, in this case Macheen, will be taking most of the risk in terms of providing all mobile Internet services. At the same time, this partnership will allow Lenovo to gain some valuable experience in the telecoms services sector, which it could potentially use in future products including not only new PCs, but also in smartphones, gaming consoles and smart TVs — all areas that Lenovo has entered in the last couple of years and areas that could become important parts of its business in the years ahead. As far as I can see, the biggest risks to the plan lie in many of the usual places, namely in execution and product design. Lenovo isn’t exactly known for its innovative product designs, so if consumers could easily ignore this new product if the new broadband plans aren’t easy to activate and use, and if the ThinkPads themselves don’t integrate the software well. What’s more, it’s also unclear to me if the market is really very big for this kind of broadband mobile plan that appears to target budget-conscious consumers who might not want to sign up for more traditional 3G or 4G data plans. For all these reasons, I would probably only peg this new initiative’s chances of success at less than 50 percent. But regardless of how this individual plan works out, I still have to commend Lenovo for trying something innovative to promote and popularize its products as it chases its ultimate goal of becoming the world’s largest maker of computing devices. At the very least, the plan will also provide it with some experience in telecoms services, which could also become an important area for hardware makers in the future.

Bottom line: Lenovo’s move into telecoms services through a broadband product marks an important step towards more innovation, even though the actual initiative is likely to fail.

Related postings 相关文章:

◙ Lenovo Results: Second Time the Charm? 联想在日德的收购会重蹈覆辙？

◙ Lenovo’s TV Gamble: Failure Ahead? 联想电视赌注：未来会失败吗？

◙ NEC China Cellphones: New Lenovo Tie-Up? NEC计划重回中国手机市场 或与联想联姻