Post Office Delivers Attractive IPO 中邮速递推进IPO 或将受热捧

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After months of seeing a steady stream of lackluster IPOs go to market, often with lukewarm or  disastrous receptions, I’m finally happy to report the year’s first truly exciting new offering coming from the courier unit of China’s post office, which could be followed later in the year by another exciting listing for UnionPay, operator of the nation’s dominant electronic money transferring network. Let’s look first at the upcoming offering for China Postal Express, the package delivery unit of China Post, which has filed for a Shanghai listing to raise up to $1.6 billion. (English article) Reports of this offering first came out late last year, which looks like a smart way for investors to buy into China’s booming e-commerce story. (previous post) Financial details in China Postal Express’ IPO prospectus are few, but the broader industry data show China’s e-commerce market is now worth around $100 billion annually, translating to more than 1 billion small packages that must be shipped each year to buyers scattered around the country. As China’s biggest delivery service with a network covering the entire country, China Post is in a great position to capture a big portion of this e-commerce delivery business, and I suspect its own courier business is now highly profitable. Key risks are the cutthroat competition in the space that has driven many smaller couriers into the red, as well as China Posts’ own history as a state-owned entity that means it may lack many of the entrepreneurial instincts needed to become China’s next equivalent of UPS (NYSE: UPS) or FedEx (NYSE: FDX). But despite those risks, this certainly looks like the most exciting IPO we’ve seen so far this year, and I would expect demand to be high. Meantime, media are reporting that UnionPay, operator of an electronic money transfer network similar to Visa’s (NYSE: V) Plus network, is gearing up for its own big drive into the e-commerce space, with plans to launch a rewards system aimed at getting more people to use its online payments service over rivals like Alibaba’s AliPay or eBay’s (Nasdaq: EBAY) Paypal. (Chinese article) News of this plan is just the latest high profile move by UnionPay, which has the enviable advantage of counting most of the nation’s major banks as its shareholders. In previous months, we’ve seen UnionPay announce a string of other strategic moves and information, including an aggressive campaign to expand its network overseas and the recent release of some operating numbers which show its profit has exploded in recent years. (previous post) What’s more, there’s every reason to believe that UnionPay’s big bank shareholders would like to cash out some of their investment in the near future as part of their bid to strengthen their capital bases weakened by several years of binge lending under China’s economic stimulus plan of 2009 and 2010. All those factors lead me to strongly suspect that UnionPay is moving towards its own IPO, most likely a dual listing in Hong Kong and Shanghai, which could come sometime in the second half of the year. If and when that happens, look for the offering to spark even more excitement than this Post Office one, as it offers a solid window into China’s financial services industry without many of the traditional risks of investing in the country’s state-owned banks.

Bottom line: The upcoming IPO by the courier arm of China’s post office should get strong demand as a good e-commerce play, while UnionPay also looks to be moving closer to another exciting IPO.

Related postings 相关文章:

◙ Post Office: A Good E-Commerce Play 中国邮政分拆速递物流可谓电子商务”妙招

◙ UnionPay Stirs IPO Pot With Big Numbers 银联有望上市

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

China Telecoms Regulator Plays 3G Target Games 工信部制定3G目标

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China’s telecoms regulator has just announced an ambitious new 3G target for the country’s three major wireless carriers, continuing a dangerous tradition of pressuring big State-run firms by challenging them with difficult and often unattainable targets set by Beijing. While planning and setting targets are part of any good business practice, such activities should be left to the companies themselves rather than central government officials. The Ministry of Industry and Information Technology (MIIT) announced last week it wanted the nation’s three major mobile companies to sign up more than 450 million 3G subscribers over the next three years, with users of these state-of-the-art networks to account for 36 percent of the nation’s total mobile subscribers by that time. (Chinese article) These targets continue a tradition begun in 1949 when the nation’s economy was centrally planned and officials in Beijing set specific numeric targets for a range of industries under macroeconomic plans created every five years. But such plans have become anathema to today’s more market-oriented economy, and this latest one for 3G will place great pressure on the nation’s three mobile carriers, China Mobile (HKEx: 941; NYSE: CHL), China Unicom (HKEx: 762; NYSE: CHU) and China Telecom (HKEx: 728; NYSE: CHA). Setting overly-ambitious targets could actually prove counterproductive if it prompts the three carriers to resort to cutthroat competition and the signing up of fake subscribers. Since starting to build their newest networks in 2009, the three carriers have signed up about 150 million 3G service subscribers, accounting for about 14 percent of the nation’s total mobile subscribers. That means the number of 3G subscribers must triple between now and 2015 to meet the new target, a growth rate that is certainly attainable, but quite ambitious. In the past, Beijing has set similarly challenging goals for many of China’s biggest industries, often with undesirable results. In one of the most glaring cases, the nation’s banking sector was pressured to boost lending after Beijing announced a 4 trillion yuan economic stimulus plan to spur domestic consumption at the height of the global financial crisis. As a result, most of the nation’s banks are now dangerously undercapitalized and facing a potential glut in bad loans, many made to local governments for unneeded infrastructure projects. There are already signs that China’s three wireless carriers may be getting reckless in their zeal to ink more 3G subscribers. Many believe that China Mobile is inflating its 3G figures, possibly by selling large numbers of subscriptions to corporations that don’t really use the service. Meanwhile, China Telecom’s earnings suffered in its latest reporting quarter due to its aggressive 3G marketing strategy. Rather than set numbers for the three operators, the regulator should offer broader guidance and policy support to the companies and let them set their own targets. Otherwise, it could discover the carriers have met their ambitious targets only with the help of inflated figures and at the cost of rampant competition.

Bottom line: The telecoms regulator’s new ambitious 3G targets could force China’s 3 telcos into cutthroat competition and user inflation to meet those goals.

Related postings 相关文章:

◙ China Telecom Turns Up Volume in 3G Drive 中国电信计划一鼓作气 3G市场欲再下一城

◙ China Telcos In New Drives at Home, Abroad 中国三大电信运营商海内外发力

◙ New China Mobile Chief Sends Bad Signals 中国移动新任领导传递糟糕迹象

News Digest: May 5-7, 2012 报摘： 2012年5月5-7日

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The following press releases and media reports about Chinese companies were carried on May 5-7. To view a full article or story, click on the link next to the headline.

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◙ China Postal Express Plans IPO to Raise $1.6 Billion (English article)

◙ Alibaba Several Weeks From Stake Buyback Deal With Yahoo (Nasdaq: YHOO) – Source (Chinese article)

◙ Telecoms Regulator Targets More Than 450 Mln 3G Users in 12th Five-Year Plan (Chinese article)

◙ UnionPay Preparing B2C E-Payments Drive With “Panbi” Rewards System (Chinese article)

◙ Sohu’s (Nasdaq: SOHU) Sogou Unveils Strategy to Steal Baidu Market Share (English article)

◙ Latest calendar for Q1 earnings reports (Earnings calendar)

Alibaba’s Tianmao Takes on Electronics 天猫发力家电市场

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The e-commerce space keeps getting hotter and hotter, this time with word that sector leader Alibaba is gearing up to get into the ultra crowded market for home electronics. Its latest initiative will see Tianmao, Alibaba’s online business-to-consumer (B2C) shopping site formerly known as Taobao Mall, joining hands with many top brands to open a section specifically dedicated to household electronics, according to local media reports. (Chinese article) Its entry will come as a direct challenge to a number of major players already fighting for control of the space, including private equity-backed 360Buy, as well as publicly listed Suning (Shenzhen: 002024) and Gome (Hong Kong: 493). 360Buy actually began its life as an online electronics seller but later diversified into a wide range of other consumer goods, while Suning is better known as a brick-and-mortar electronics retailer that has aggressively expanded into e-commerce in the last 2 years. Gome is a relative latercomer to e-commerce, but recently made headlines when it signed a deal to team with Dangdang (NYSE: DANG) that would essentially see China’s largest publicly listed e-commerce site operate Gome’s online presence. (previous post) Alibaba clearly knows it will face stiff competition as such a late entrant to this part of the market; but as the clear leader of China’s broader e-commerce sector, with about a third of the market, the company clearly has the resources to make a serious bid for the space. The media reports are saying Tianmao has already signed up many major electronics makers for its new initiative, including names like Phlips (Amsterdam: PHG), Lenovo (HKEx: 992) and LG Electronics (Seoul: 066570) all set to offer their products on the new platform. The addition of such a major new player into the space will only turn up the already stiff competition, meaning many of these e-commerce companies, most of which are already operating in the red, could lose even more money. (previous post) Unfortunately for the competition, Tianmao is one of the few big e-commerce players that is still earning a profit, meaning it has more resources and time to spend on this initiative and less concerns about quickly turning a profit. That means we can expect another brutal war to erupt soon in this online space, pushing all participants further into the red.

Bottom line: Alibaba’s entry into the home electronics e-commerce will further heat up an already overheated space, prolonging losses in the market for at least another year.

Related postings 相关文章:

◙ E-Commerce: Dangdang CFO Goes, Suning’s New Trip 当当网首席财务官请辞 苏宁进军在线旅游业

◙ Dangdang and Gome: Marriage Ahead? 当当和国美：联姻前夕？

◙ Dangdang Loss Balloons In E-Commerce Wars 当当网在电子商务大战中亏损严重

Bright Food: China’s First Big Consumer Brand? 光明食品：中国第一大消费品牌？

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Shanghai’s Bright Food (Shanghai: 600597), a maker of popular milk and biscuit brands, is moving forward in its recent global acquisition spree , this time eating up a controlling share of well-known British cereal maker Weetabix in its march to become China’s first major consumer brand. The deal, which will see Bright buy 60 percent of Weetabix from a private equity firm, is part of an interesting but also risky strategy that the Shanghai-based company hopes could eventually propel it into the ranks of major names like Kraft Foods (NYSE: KFT) and Procter & Gamble (NYSE: PG). This particular deal is Bright’s biggest to date, valuing Weetabix, the maker of Alpen and Ready Brek breakfast cereals, at about $1.9 billion, implying Bright will be paying more than $1 billion for its stake. (English article) The purchase follows Bright’s acquisition last year of 75 percent of Australia’s Manassen Foods for $382 million, and its 2010 purchase of New Zealand milk producer Synlait Milk for $58 million. (previous post) The company also says it is in talks to buy a French wine maker, which should produce another deal in the next 2 months. I should applaud Bright for being one of the few Chinese firms that can actually close this kind of deal, as many Chinese firms love to talk about their global acquisition strategies but then often fail to sign many deals due to their lack of experience. That said, Bright’s particular acquisition strategy looks good for its focus, though also a bit risky because of its diverse geography and big scale relative to Bright’s own size. In terms of focus, I like the fact that Bright seems to be concentrating on well-known western brands in businesses close to its own expertise, with all of its acquisitions in the related cereals and beverages areas. But from a scale perspective, these acquisitions — which could cost nearly $2 billion combined — are quite large for a company that itself only earned $12.2 billion in revenue last year. The diverse geography, with 2 acquisitions in Europe and 2 in Australia and New Zealand, could also be a challenge for a company that has little or no experience operating abroad. Still, I do like Bright in general as it seems like a well-run company. Accordingly, I’ll be watching closely to see how well it manages these acquisitions. If it does well, which looks like a 50-50 bet, the future could indeed look bright for this company, which could achieve its aim of becoming a major global food brand in the next 5-10 years.

Bottom line: Bright Food is embarking on a risky but potentially rewarding global acquisition strategy, with a 50-50 chance of becoming China’s first major consumer brand.

Related postings 相关文章:

◙ Gree, Bright Food, Fosun in New Global Moves 格力电器、光明食品和复星集团全球新动向

◙ Bright Finally Finds Tasty M&A in Australia’s Manassen 光明食品终於觅得“佳偶”

◙ Nestle, Bright Food Cross-Border M&A Look Sweet 雀巢、光明食品跨境并购前景看好

 

News Digest: May 4, 2012 报摘： 2012年5月4日

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The following press releases and media reports about Chinese companies were carried on May 4. To view a full article or story, click on the link next to the headline.

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◙ Alibaba’s Tianmao Enters Household Appliance Market, Signs Up 800 Merchants (Chinese article)

◙ Bright Food Buys 60% of U.K. Cereal-Maker Weetabix (English article)

◙ China’s Q1 Group Buy Transaction Volume Up 234% YoY (English article)

◙ Spreadtrum Communications (Nasdaq: SPRD) Announces Q1 Results (PRNewswire)

◙ Smartphone Start-up Xiaomi Says Monthly Revenue Passed 1 Bln Yuan (Chinese article)

◙ Latest calendar for Q1 earnings reports (Earnings calendar)

Alibaba’s Yahoo Buyback: Deal Finally Near? 阿里巴巴回购雅虎所持股权可能为期不远

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I haven’t written for a while about Alibaba’s endless quest to buy back the 40 percent of its shares held by faded US search giant Yahoo (Nasdaq: YHOO), so now seems like a good time to revisit the subject yet again following reports that China’s e-commerce leader is near finalizing a $3 billion bank loan it will need to complete the buy-back. (English article) Of course the main problem with this deal has never been the financing, though news of this loan could mean a deal may be near for this tortured buy-out that began with the firing of former Yahoo CEO Carol Bartz last September and has now dragged on for 8 months. According to the latest reports, Alibaba expects to finalize the loan by the end of this month, which will be a syndicated deal involving a large number of mostly foreign banks including Credit Suisse (Switzerland: CSGN) and Morgan Stanley (NYSE: MS). Both Alibaba and Yahoo have shown that they want to complete a deal, so clearly there’s determination on both sides. Alibaba wants to reclaim the stake  so it can sell it to other investors in the run-up to an eventual IPO, while Yahoo wants to get rid of a stake it considers a valuable but unneeded distraction as it struggles to turn around its core US-based search business. Neither company has commented on the major stumbling blocks that have kept them from signing a deal, but based on what I’ve seen the major obstacle seems to be unrealistic expectations from both sides, including Yahoo’s desire to structure the deal in a way that will allow it to avoid paying taxes on the $10 billion or more in gains it will make through the sale. Reports in early February indicated the 2 sides were restarting discussions for the buy-out with more realistic expectations, after a previous round of talks faltered and stalled out late last year. (previous post) Neither side has commented since then, but this latest news that Alibaba is close to finalizing the $3 billion loan may indicate that the deal is finally moving forward and we could actually see an announcement in the next 2-3 weeks. Of course, hopes were high for a deal to be finalized last year after Yahoo’s big leadership change, even though those talks eventually failed, leaving everyone in limbo. The big difference this time is that new Yahoo CEO Scott Thompson has been in his job for 5 months now, during which time he has started his overhaul plan which included announcement of mass layoffs. The Alibaba stake clearly has no part in Thompson’s future vision for Yahoo, and thus he probably feels that now would be a good time to get rid of this distraction. Accordingly, he will be willing to make compromises, most likely with strong backing from the Yahoo board, to finally reach a deal. Personally speaking, I can’t wait for that day to come so this troubled marriage can finally end in divorce and both Alibaba and Yahoo can move on to more important matters.

Bottom line: Word that Alibaba is close to finalizing a $3 billion loan to buy back the 40 percent of its shares held by Yahoo indicates a deal in this drawn-out process may finally be near.

Related postings 相关文章:

◙ Alibaba: Let’s Get This Show Finished 阿里巴巴和雅虎赶紧“离婚”吧

◙ Yahoo, Alibaba Dance Nears Finale　　雅虎应与阿里巴巴撇清干系

◙ Alibaba Scrambles to Prove High Valuation 阿里巴巴高估值或将作茧自缚

Advice to SMIC: Stay Away From Elpida 中芯国际应远离尔必达

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I’ll admit that I secretly am cheering for a successful turnaround at SMIC (HKEx: 981; NYSE: SMI), a perennial underdog to its better-run Taiwanese rivals, which is why I’m a bit disappointed at the latest reports that say that China’s top chipmaker is considering a bid to buy some operations from bankrupt Japanese DRAM maker Elpida. Of course there’s a chance that the news, which was reported in Japanese media, isn’t true, which would be a relief as this purchase makes little or no sense in my view. But I suspect there may be some truth to the news, which would be a big mistake for SMIC if it succeeded in such a purchase. Let’s take a look at the actual news, which says that Hony Capital, a major Chinese high-tech private equity firm, wants to buy the bankrupt Elpida, and then would sell one of Elpida’s DRAM plants in Hisroshima to SMIC. (English article; Chinese article) The report also says one other plan being discussed would have SMIC come in and simply operate the plant, while Hony would presumably remain the owner. This latest report follows another one last month, when Japanese media first broke the news that Hony and US private equity firm TPG were teaming up to make a bid for Elpida, which declared bankruptcy earlier this year following years of losses in the ultra competitive global memory chip market. (previous post) What’s new in this latest report is the inclusion of SMIC in this potential buyout plan. For those who don’t follow SMIC that closely, the company was launched more than a decade ago with big hopes for challenging Taiwanese leaders TSMC (Taipei: 2330; NYSE: TSM) and UMC (Taipei: 2303; NYSE: UMC) for a share of the lucrative global market for made-to-order microchips that power everything from LCD televisions to cellphones. Those hopes were never quite realized, largely due to poor management that led SMIC to report a steady stream of losses for most of its life as a publicly traded company. Things finally appeared to be improving after a change in top management nearly 2 years ago, but then the company stumbled again following an internal power struggle last summer. (previous post) That struggle was finally resolved and the company again seemed to be making progress on a turnaround, which, in my view, could now seriously be jeopardized if SMIC buys or tries to operate some of Elpida’s assets. Such assets would be a huge distraction for SMIC, which has no experience operating outside its home China market. Furthermore, the DRAM sector is already super competitive, which is what drove Elpida into bankruptcy in the first place, and I have little confidence that SMIC could succeed in turning around this company, which probably suffered from high costs due to its location in Japan. Obviously no deal has been reached yet, but I still fear that SMIC may be pursuing such a purchase as new CEO Tzu-Yin Chiu, who assumed his position last August, tries to chart a new course for the company. But an Elpida purchase is not the correct route back to profits, and in fact could actually prolong SMIC’s turnaround, leaving it in the red for many years to come.

Bottom line: SMIC should stay away from Elpida, or risk prolonging its losses for years to come if it actually buys or takes over some operations from the bankrupt Japanese firm.

Related postings 相关文章:

◙ SMIC: Still Tethered to the State 中芯国际：仍然依赖国家

◙ SMIC Puts Turmoil Behind It — Again 中芯国际又走出内讧

◙ Chip Merger Near, More Consolidation Ahead? 华虹NEC和宏力半导体合并预示未来或有更多整合

Singapore Votes For ICBC 新加坡看好中国工商银行

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After scooping up a steady stream of Chinese bank shares being dumped by other major institutional investors over the past year, the Singapore government appears to be placing its bets on China’s biggest lender, ICBC (HKEx: 1398; Shanghai: 601398), based on its latest move. Before I get into the details behind the lmove by Temasek, Singapore’s big sovereign wealth fund, I should say that I agree that ICBC looks like the most attractive of China’s big bank stocks, both due to its traditional position as a business lender in the domestic market and also for its smart foreign expansion strategy focusing on developing markets. Now let’s take a look at the actual news, which has Temasek confirming that it is selling $2.4 billion worth of shares of 2 other top Chinese lenders, Bank of China (HKEx: 3988; Shanghai: 601398) and China Construction Bank (HKEx: 939; Shanghai: 601939). (English article) That sale comes just weeks after Temasek purchased around $2.5 billion worth of ICBC shares from Goldman Sachs (NYSE: GS), which joined other major global banks including Bank of America (NYSE: BAC) and Royal Bank of Scotland (London: RBS) in selling off big stakes they purchased in China’s major lenders 5-6 years ago. (previous post) Throughout the sell-off, Temasek has been one of the few cash-rich investors that has continued to show an interest in the Chinese bank shares, which many investors have avoided over concerns they may be on the brink of a long downturn if and when many of the questionable loans they made under Beijing’s economic stimulus plan during the global financial crisis start to sour. Now Temasek is finally realizing it may not be too smart to invest so much money in this particular sector, and is trimming its holdings to focus on ICBC, which it sees as the strongest player in the group. As I said above, I personally agree with Temasek since ICBC is probably the best positioned to suffer the least in the coming downturn for China’s banking sector. As a lender to businesses, ICBC should have less exposure to the real estate sector, which is expected to drop sharply in the next 2 years as Beijing shows a steadfast determination to cool the country’s overheated property market. On the global front, ICBC has made a steady stream of targeted investments in emerging markets in Latin America, Africa and Southeast Asia, seeking to leverage its expertise in those kinds of markets to diversify from its strong dependence on China. Last year the bank’s profits from overseas operations rose 18 percent, trailing its 37 percent rise in overall profits that year. But as profit growth from domestic operations slows or even contracts in the months ahead, steadiness in the international business will help ICBC to outperform many of its peers.

Bottom line: Singapore’s focus on ICBC reflects the bank’s relatively strong position compared with its peers as the broader Chinese banking sector heads into a downturn.

Related postings 相关文章:

◙ Bank of China Results: Downturn Ahead 中行业绩黯淡 或预示银行业将迎来低迷期

◙ ICBC, Huawei: It’s Cold Out There 工商银行、华为：国外市场冷清

◙ 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

News Digest: May3, 2012 报摘： 2012年5月3日

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The following press releases and media reports about Chinese companies were carried on May 3. To view a full article or story, click on the link next to the headline.

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◙ Temasek Selling $2.4 Billion in BOC (HKEx: 3988), China Construction Bank (HKEx: 939) (English article)

◙ Hony Capital May Sell Elpida (Tokyo: 6665) DRAM Plant to SMIC (HKEx: 981) – Report (English article)

◙ People’s Daily Website (Shanghai: 603000) Up 90% in First 2 Trading Days (Chinese article)

◙ Wal-Mart (NYSE: WMT) Says Last Two Employees in Pork Scandal Released (English article)

◙ Huawei to Build $1.5 Bln Logistics Center in Hungary (Chinese article)

◙ Latest calendar for Q1 earnings reports (Earnings calendar)

Tencent Shakes Up Search, Group Buying 腾讯搜搜、高朋网巨

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Layoffs and resignations are the main story at Tencent (HKEx: 700) these days, with the head of the company’s group buying joint venture reportedly resigning as China’s Internet leader also makes large job cuts at its Soso search engine. Both of these developments should come as a surprise to no one, and reflect an ongoing consolidation gripping the overheated group buying space in the former case, and a rapidly slowing advertising market in the latter. Let’s look at the group buying situation first, which has reportedly seen the CEO resign at Gaopeng, the 1-year-old group buying joint venture between Tencent and global sector pioneer Groupon (Nasdaq: GRPN). (English article) In fact, Gaopeng has struggled almost from the start due to its relatively late arrival to China’s group buying space, which is now in the midst of a painful consolidation. Reports of mass layoffs at the company began to emerge as early as last summer, and rumors that the company may actually close or merge with another partner continue to bubble up from frequently, with one such report emerging just weeks ago. (previous post) Gaopeng is hardly alone in this sector-wide crisis, which has started to hit even the industry’s largest players. Late last week reports emerged that a number of top managers had resigned at LaShou, in the latest sign of trouble for the industry’s leader that is facing a major cash crunch. (previous post) Others that have shown signs of major distress include 55tuan, as well as Groupon.cn, a homegrown Chinese player that is no relation to the US Groupon. Meantime, Tencent also appears to be scaling back its plans for Soso, its search engine that it hoped would compete with industry titan Baidu (Nasdaq: BIDU) for a share of China’s lucrative market. (English article) The reports are relatively vague, saying simply that Tencent was wavering on whether to sharply reduce the size of the 6-year-old Soso, which employs about 1,300, or to simply close it altogether. In the end it decided on the cutbacks, which will begin when people returned from the May Day holiday, according to the reports, citing an unnamed industry source. This latest move spotlights not only the strong grip that Baidu has on China’s online search market, with more than 70 percent share, but also the fact that the online search sector is also on the cusp of a major slowdown, fueled in part by the loss of advertising revenue from struggling companies like Gaopeng. The advertising slowdown led Baidu to report disappointing results last week, and earlier this week Sohu (Nasdaq: SOHU) also reported a sharp slowdown in the growth of its own online search site, Sogou. (previous post) Look for the painful retrenchment to continue in the group buying space, and for the advertising slowdown to sharply hit the top line of search engines and other companies that depend on such revenues in the months ahead. As the situation deteriorates, I wouldn’t be surprised to see Tencent shutter either Gaopeng or Soso, or possibly both, by the end of the year and quite perhaps much sooner.

Bottom line: Shakeups at Tencent’s online search and group buying units reflect broader industry malaise for both, with one or both units set for potential closure by the end of the year.

Related postings 相关文章:

◙ LaShou: On the Cusp of Implosion? 拉手网或已面临生死抉择

◙ 55Tuan + Ganji: Group Buying Clean-Up Acclerates 窝窝团携手赶集网：团购洗牌加速

◙ Apple Feasts on China, Baidu Burps 苹果在华享受盛宴，百度盛宴停顿