News Digest: August 4

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

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◙ China Telecom (HKEx: 728), Apple (Nasdaq: AAPL) In Preliminary iPhone Deal – Source (English article)

◙ Tudou Plans to Raise $120 Mln in US IPO This Week – Source (Chinese article)

◙ Elavon (NYSE: USB) and China UnionPay Reach Processing Agreement (Businesswire)

◙ Sina Corp (Nasdaq: SINA) to Report Q2 Financial Results on August 17 (PRNewswire)

◙ Dangdang (NYSE: DANG) to Report Q2 Financial Results on August 16 (PRNewswire)

China’s Solar Plan: Get Ready for Big New Spending

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After months of talk, China has finally come out with some concrete details of how it plans to support its struggling solar panel makers, rolling out a new set of state-set electricity rates designed to make solar power generation economically attractive. Under the new rates announced earlier this week, solar power producers will be able to charge 1.15 yuan per kilowatt hour for their electricity, according to Chinese media reports. (Chinese article) Shares of major names like Trina Solar (NYSE: TSL), Suntech (NYSE: STP) and Yingli (NYSE: YGE) briefly surged on the news, but then gave back most of their gains after investors and industry watchers did some number crunching and realized the new rates were far from ground-breaking. One industry source told me that under the new rates, a relatively well-planned and managed power producer might expect to earn an annual return of 2-3 percent — not very exciting when other options are available at much lower risk levels. In order for this plan to work, local governments will have to step in and offer their own incentives for building new solar power plants — something that will probably happen on a much more piecemeal basis. Following the central government’s announcement, I would expect to see a string of announcements of new projects in the months ahead as local governments and big state-controlled power producers like Huaneng (HKEx: 902) fall into step with the central government’s policies. Industry leaders with strong government connections, such as Hong Kong-listed GCL Poly Energy (HKEx: 3800), could be some of the biggest beneficiaries of a new round of China construction that could see the nation install as much as 10 gigawatts of new capacity by 2015 and 50 gigawatts by 2020. (previous post) The new policy should also receive general public support because of its green nature, making it less prone to potential cuts under a likely new wave of cutbacks in major new government programs sparked by Beijing’s desire to cool the economy.

Bottom line: Beijing’s announcement of new tariffs for solar power projects presages a series of new solar power projects in the coming months to support the struggling solar panel sector.

Related postings 相关文章:

◙ More Solar Woes at Trina, Renesola 昱辉阳光、天合光能：旧伤未去，新伤又来

◙ Latest Solar Audit Resignation Hints at Major Issues Ahead 中国太阳能行业再现审计人员辞职：昭示问题还在前方

◙ China Backs Solar Firms With Europe Financing 中国继续支持国内太阳能企业

 

Sofun’s New Strategy: Dividend Wave Ahead? 搜房网新策略：中国概念股派息潮即将来临？

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Several US-listed China firms have launched recent share buybacks to boost stock prices hit by the ongoing confidence crisis (previous post), but real estate services leader Soufun (NYSE: SFUN) is taking a different and interesting approach by offering a dividend, in what could be a sign of things to come. (company announcement) Soufun said it will pay a dividend of $1 per share under its new plan, equating to a generous return of nearly 5 percent based on the company’s share price when the plan was announced. Despite rising as much as 5 percent on Monday after the announcement, Soufun shares ended the day down 2 percent, reflecting both investor skepticism about China stocks as well as Soufun’s own prospects due to a pending correction in China’s overinflated real estate market. The tepid response aside, this kind of move looks much smarter to me than previous buybacks launched by the likes of Spreadtrum (Nasdaq: SPRD) and Dangdang (NYSE: DANG), as it provides some concrete rewards for investors compared with the less tangible rewards from a share buyback. Many of the larger New York-listed Chinese firms are sitting on huge cash piles already that they don’t know what to do with, and this kind of return of money to investors — especially if Soufun decides to make its dividend an annual event — could be just the kind of reassurance investors would like to see to give them at least a little protection against economic and accounting concerns. While initial response to the dividend seems a bit disappointing, I’d look to see how Soufun’s shares fare over the next week or two before passing final judgment. If the stock outperforms the market, which seems like a strong bet, I wouldn’t be surprised to see some of the other major US-listed Chinese firms with big cash reserves launch their own dividend plans, in an effort to win back skeptical investors with similar cash returns.

Bottom line: Soufun’s new dividend plan, providing an immediate 5 percent return to investors, could lead to a new round of similar dividends from US-listed Chinese firms looking to prop up their shares.

多家在美上市的中国企业纷纷回购股票，以提振遭信任危机重创的公司股价。但中国房地产服务领头羊搜房网<SFUN.N>采取的策略与众不同，很有意思：派息。搜房网宣布现金派息计划，决定每股普通股派发一美元股息，按照计划宣布时公司的股价，此举相当於近5%的收益。尽管派息计划宣布後，搜房网股价周一上扬5%，但当天其股价收跌2%，既反映出投资者对於中国概念股的忧虑，也反映出对於搜房网前景的怀疑。尽管市场反应不温不火，我认为这种策略要比之前展讯通信<SPRD.O>和当当网<DANG.N>等企业的回购做法聪明得多。因为派息对投资者的回报更为直接，而股票回购则没有那麽明显。很多在纽约上市的中国较大企业根本不差钱，而且不知道钱怎麽花。而这种回馈方式可能正是投资者所需的一种安慰，在经济与会计忧虑中至少对投资者起到一点保护作用。虽然市场对派息的初步反映有些令人失望，但我会密切关注未来一到两周搜房网的股价表现，然後再做定论。如果搜房网跑赢大盘，一些其他在美上市的中国企业也推派息计划，让疑虑重重的投资者重拾一些信心，我不会感到意外。

一句话：搜房网的派息计划可能会令其他在美上市的中国企业跟进，掀起一股派息潮。（

Related postings 相关文章:

◙ 55tuan Scraps Listing Plan After Banks Get Cold Feet 各投行临阵退缩 “窝窝团”放弃赴美上市

◙ China NY Stocks on Cusp of Comeback? 中国赴美上市公司股票即将触底反弹？

◙ China Confidence Crisis Separates Wheat from Chaff 中国企业信任危机 对不同公司各有利弊

News Digest: August 3

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

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◙ Haier Electronics (HKEx: 1169) Issues HK$1 Bln In Convertible Bonds to Carlyle (Chinese article)

◙ Ctrip Reports Q2 Financial Results (PRNewswire)

◙ SouFun (NYSE: SFUN) Declares Cash Dividends to Shareholders (Businesswire)

◙ Trina Solar (NYSE: TSL) Updates Q2 Guidance (PRNewswire)

◙ China Mobile (HKEx: 941) and Taiwan’s Chunghwa Telecom Offer Wi-Fi Roaming (Chinese article)

China Mobile: New iPhone Steps as Wang Exit Moves Closer 中移动与苹果接近达成协议

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After years of stagnanation under charismatic but otherwise uninspired longtime Chairman Wang Jianzhou, China Mobile (HKEx: 941; NYSE: CHL) seems to finally be regaining some of its long-lost excitement with buzz of Wang’s imminent departure and the signing of a new deal to sell Apple’s (Nasdaq: AAPL) popular iPhone. In the latest development on the Apple front, Chinese media are reporting that China Mobile’s Beijing subsidiary has quietly added the iPhone 4 to the list of models it will support for international roaming plans. (Chinese article) While use of unauthorized iPhones on China Mobile’s 2G network has been common ever since the iPhone first debuted, this official support for Apple could indicate that China Mobile may be very close to striking a deal to offer official iPhone service that can run on its 3G network using homegrown Chinese technology. The company announced last year it was in such talks with Apple, and a low-key visit to its headquarters in June by Apple COO Tim Cook fueled speculation that a deal could be near. (previous post) The talk alone has helped China Mobile’s languishing stock to regain some of the momentum it has lost over the last few years to more nimble rivals China Telecom (HKEx: 728; NYSE: CHA) and China Unicom (HKEx: 762; NYSE: CHU), which also have the advantage of using better technology in their 3G networks. Adding to the growing excitement around China Mobile’s “rebirth”, Chinese media are reporting that Xi Guohua, who recently took over the role of secretary of China Mobile’s state-run parent from Wang Jianzhou (previous post), has now assumed the title of vice chairman at the listed company as well. (Chinese article) Xi’s rapid rise, coupled with last year’s elevation of another up-and-comer, Li Yue, to president of the listed China Mobile, seem to indicate that Wang’s departure from the company could be imminent, bringing in much-needed new blood and fresh ideas to the top of this cash-rich but otherwise stagnant telecoms giant.

Bottom line: China Mobile’s imminent arrival of top new leadership and an iPhone deal will breath new life into the company’s business and also its stock, following years of stagnation.

中国移动<0941.HK> <CHL.N>在经历了多年发展迟滞後似乎终於将出现一些可喜的变化，有传言称，王建宙即将离任，且中移动将与苹果<AAPL.O>签署销售iPhone手机的协议。关於中移动与苹果的最新合作进展，据中国媒体报导，北京移动悄然将iPhone 4列入了促销活动范围。尽管自iPhone上市以来，在中移动2G网络上使用未被授权的iPhone手机相当普遍，但这种对苹果手机的正式支持或许意味着，中移动与苹果可能接近达成协议，在其3G网络上提供iPhone服务。中移动去年曾宣布，公司正与苹果公司就相关合作进行谈判，而苹果首席运营官库克(Tim Cook)6月份低调访问中移动总部的消息也加剧了这一传闻。仅传言本身就帮助中移动疲软的股价重获动力，中移动在过去几年的增长势头不及中国联通< 0762.HK><CHU.N>和中国电信<0728.HK><CHA.N>。另外，据中国媒体报导，刚接任中移动母公司党组书记不久的奚国华已被任命为中移动上市公司副董事长。奚国华的快速晋升以及去年升任中移动上市公司总裁李跃的提升似乎说明，王建宙可能即将离任，这将为中移动高层带来亟需的新鲜血液和想法。

一句话：经过数年的发展迟滞後，中移动即将出现的高层变动以及与苹果的协议将为该公司业务和股价带来新的活力。

Related postings 相关文章:

◙ Apple’s COO Comes Calling on China Mobile 苹果首席运营官造访中移动

◙ China Mobile: Chairman Wang Preparing to Leave? 中国移动：王建宙董事长要退休？

◙ Apple on a China Roll, Ambushing Nokia, Lenovo 苹果伏击诺基亚和联想 在华发展势如破竹

ZTE’s US Back Door, Huawei’s Foreign Hire 中兴通讯的美国後门 华为的海外招贤

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The relentless drive by telecoms equipment giants Huawei and ZTE (HKEx: 763; Shenzhen: 000063) to break into the US continues, with the pair taking decidedly different approaches in their quest to be first to make big bucks in the world’s most lucrative telecoms market. First ZTE. While everyone has focused on ZTE’s frustrations in the US selling networking equipment, most notably its failure to win a big contract earlier this year from Sprint (NYSE: S) (previous post), the company has quietly become a major force in the much lower profile but still quite lucrative US cellphone market selling its low-cost smartphones. One of my company sources tells me that ZTE is currently on track to sell $600 million worth of cellphones in the US this year, or double its volume from 2010, as it focuses on a product where it has done well and, equally important, which is far less sensitive than networking equipment that tends to raise security concerns. While $600 million isn’t huge for a company like ZTE, it’s still around 6 percent of the company’s forecast revenue for this year, which is still significant and could easily become more so if it can continue the strong growth with its low-cost smartphones. For Huawei, Chinese media are reporting the company has hired John Suffolk, former chief information officer of the British government, as the company’s new global cyber security officer. (English article) This move looks quite brilliant, as Huawei clearly has landed someone with strong Western government connections and telecoms security background to play a dual role in not only advising it on how to make its equipment more secure against cyber attacks, but also to ease government concerns in the US and Western Europe that Huawei’s equipment might somehow pose a risk of spying by the Chinese government. Huawei’s step is only the latest in a long series of moves aimed at solidifying its long-term position in the global telecoms market, and at this rate I wouldn’t be surprised  to see it not only score its first big US sale in the next year, but also to take over the spot as the world’s top mobile networking equipment maker from Sweden’s Ericsson (Stockholm: ERICb) in that time frame.

Bottom line: ZTE could broach the $1 billion sales mark in the US next year through its fast-growing cellphone business, while Huawei’s latest hire should help it enter the US in the next year.

中国两大电信设备提供商–中兴通讯<00063. SZ><0763.HK>与华为<HWT.UL>继续努力打入美国市场，但是策略迥异。先说中兴通讯。当人人还都在念着中兴通讯向美国市场出售网络设备上的挫折，特别是今年稍早未能赢得Sprint<S.N>一项巨大合约时，这家公司已经悄悄成为了美国手机市场的一支重要力量，在这里销售其平价的智能手机。一名公司消息人士告诉我，中兴正推动今年在美国手机销售达6亿美元，较2010年翻番。中兴在手机领域表现不错，而且这块市场不像电信设备那麽敏感。6亿美元对中兴不算太大，但仍然占到了公司今年财测的6%左右，这相当不错，而且如果其低成本智能手机销售强劲势头继续，那麽中兴手机业务将会占据更重要的分量。再说华为。据中国媒体报导，华为已聘请英国政府前首席信息官约翰•萨福克（John Suffolk）担任全球网络安全官。此举看起来非常聪明。华为显然是请到了既有很强西方政府关系、又有电信安全背景的人来发挥双重作用：萨福克不仅可以建议华为面对网络袭击如何增强设备的安全性，还可缓解美国与西欧等政府的安全忧虑。华为意欲巩固其在全球电信市场的长期地位，此举只是一系列朝向这个目标的举措之一。以目前的速度来看，华为如果明年锁定首笔在美的重大销售交易、且超过爱立信<ERICb.ST><ERICb.ST>成全球头号移动网络设备制造商，我不会感到意外。

一句话：明年，中兴通讯借助手机业务的快速增长，明年有可能在美国市场的销售突破10亿美元大关。而华为此次招贤则应会帮助它明年踏入美国市场。

Related postings 相关文章:

◙ Huawei, ZTE Ratchet Up Western PR Offensives 华为和中兴加紧西方公关战

◙ Huawei Hunting for Good Will in Canada Tie-Up 华为在美成立研发中心

◙ Huawei on PR, Spending Blitzes to Shore Up Global Prospects 华为砸钱大打公关战 打造国际形象

News Digest: August 2

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The following press releases and media reports about Chinese companies were carried on August 2. To view a full article or story, click on the link next to the headline.

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◙ Sohu.com (Nasdaq: SOHU) Reports Q2 Unaudited Financial Results (PRNewswire)

◙ Huawei Appoints Global Cyber Security Officer (English article)

◙ Lenovo’s ThinkPad Tablet PC US Debut Set for Aug 23, Priced at $479.99 (Chinese article)

◙ Canadian Solar Expands into India With 33 MW Sale to Cirus Solar(PRNewswire)

◙ Alibaba.com (HKEx: 1688) Rises After Parent Alipay Settlement With Yahoo, Softbank (English article)

Haier Takes Strong SE Asia Step With Sanyo Buy 海尔购三洋白电业务

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Home appliance maker Haier (HKEx: 1169), a former rising star among Chinese exporters that has gone quiet in recent years, has re-entered the spotlight with its pending purchase of the Southeast Asian refrigerator and washing machine business of Japan’s Sanyo Electronics. (company announcement) This deal could provide a nice boost for Haier, which was already working with Sanyo in some of the markets included in this deal, but strong execution will be critical — something Haier may or may not be able of doing. Sanyo says it is selling the business to Haier as part of a broader reorganization to eliminate overlap with its parent, Panasonic (Tokyo: 6752), which purchased a majority stake in Sanyo in late 2009.  I have no doubt that this is true, but it’s also true that Sanyo lost money in its last fiscal year, and I wouldn’t be surprised if its home appliance division contributed to those losses. Part of those losses no doubt come from any of Sanyo’s costs structures in expensive Japan that Haier would inherit as part of this deal. Haier would presumably move any such operations to cheaper locations to make the business profitable. Working to Haier’s advantage, the business it is buying is also relatively modest, with revenue of around $1 billion. Haier also brings a few strong points to this deal, including its previous joint ownership of the Sanyo Thailand refrigerator business. Overall, given the relatively small scale of the business Haier is acquiring, combined with Haier’s own experience working in developing markets like its own home China market, this purchase looks like a relatively safe one for Haier and should ultimately contribute to its bottom line if it can successfully integrate the business into its own global network.

Bottom line: Haier’s plan to purchase Sanyo’s Southeast Asia white goods business looks like a smart and manageable move for Haier in its quest to become a global brand.

中国家电制造商海尔集团<1169.HK>重新进入人们的视野，公司将购入日本三洋电机在东南亚的洗衣机和冰箱业务。这项交易可对海尔起到很好的提振作用，但关键是执行，海尔在这方面的能力还不是很好说。三洋电机称向海尔出售业务属整体重组的一部分，目的是砍掉与母公司松下<6752.T>重叠的业务。我认为这种说法不假，但还有一点也不假：三洋上财年亏损，如果家电业务对其亏损有一定“贡献”，我不感意外。毫无疑问，部分亏损源於三洋在日本的成本结构，其中部分可能也会转嫁到海尔身上。海尔估计会让此类业务转入成本较低的地点，以实现盈利。海尔所购业务规模不算大，营收大约10亿美元，这点对海尔有利。总体而言，由於海尔所购业务规模不大，加上海尔自身在新兴市场的丰富经验，此桩交易对海尔似乎相对保险，而且最终应会增加海尔的净利，但前提是海尔能将收购的业务成功融入其全球网络中。

一句话：在海尔努力成就全球品牌地位之际，公司购三洋在东南亚白电业务看起来比较明智、可控。

Related postings 相关文章:

◙ Philips Taps Electric Rice Bowl With Shanghai Deal 飞利浦收购奔腾 进军中国电饭煲市场

◙ Lenovo-NEC: Let the Defections Begin 联想与NEC结盟注定失败

 

Alibaba in Alipay Deal: Jack Ma Wins Again 支付宝股权纷争尘埃落定 马云公关赚钱两不误

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After months of wrangling, Alibaba Group Chairman Jack Ma has finally reached a settlement of his dispute with stakeholders Softbank (Tokyo: 9984) and Yahoo (Nasdaq: YHOO) over the spin-off of the company’s Alipay electronic payments service, in what looks to be both a PR and monetary victory for Ma himself. (company announcement) It’s hard to say too much without knowing more about the financial structure of Alibaba, but the fact that the company will only get 37.5 percent of any proceeds from a future Alipay IPO, as stipulated in the terms of the agreement, looks like Alibaba — which counts Yahoo and Softbank as its controlling stakeholders — is getting surprisingly little from this investment that it once presumably owned completely. Terms of the deal say the parties expect Alipay to be valued at anywhere from $2 billion to $6 billion by the time an IPO or other “liquidity event” occurs, which means that Alibaba Group will get as little as little as $750 million from this asset by the time it goes public, which one might expect in the next 2-3 years. Despite an official announcement filled with lots of happy quotes from all three parties, including Softbank’s waxing on the importance of trust, this deal seems to hint of more conflict ahead as undoubtedly both Yahoo and Softbank will constantly worry that Jack Ma is trying to take advantage of them again in the years ahead. In this version of events that has just been announced, Jack Ma seems to come out the winner most ways you look at it, taking control of Alipay by only giving a third of the company to his partners, and also looking reasonable to the world after his childish behavior throughout this drawn-out conflict. If I were Yahoo or Softbank, I would try to get out of my Alibaba investment sooner rather than later, and I wouldn’t be surprised to see one or both of these companies try to sell their stake in this troubled company by the end of this year.

Bottom line: Jack Ma has won a PR and financial victory in his new Alipay settlement with Yahoo and Softbank, with more stormy relations between these 3 partners likely in the months ahead.

经过数月的争吵，阿里巴巴集团董事长马云终於就其与两大股东软银<9984.T>和雅虎<YHOO.O>就支付宝股权转让事件达成协议，对马云来说，似乎是公关和财富双赢。在对阿里巴巴财务结构所知甚少的情况下，我们很难就此事过多评论，但事实是，根据协议条款，阿里巴巴只能获得支付宝上市收益的37.5%，阿里巴巴似乎从这笔投资中所获甚少。预计支付宝将在未来两三年上市。尽管正式声明中充满了三方的友好表示，但该协议似乎暗示着未来会出现更多冲突，因雅虎和软银无疑都担心，马云未来几年会再次试图占他们的便宜。马云似乎怎麽看都是此次事件的最大赢家：首先，只把三分之一的公司出让给合作夥伴便掌控了支付宝；其次，通过这一旷日持久的纷争，协议的达成对世人也是个合理交待。如果我是雅虎或软银，我会努力尽早撤出对阿里巴巴的投资。如果在今年年底前看到两公司或其中之一试图出售阿里巴巴的股份，我一点也不会感到意外。

一句话：在此次与雅虎、软银就支付宝股权转让的纷争中，马云公关赚钱两不误，而三方未来数月的关系料不会一帆风顺。

Related postings 相关文章:

◙ Alibaba’s Ma In Unusual Defensive Posture 阿里巴巴马云的防守战

◙ Alipay Spin-Off: End in Sight for Yahoo? 阿里巴巴与雅虎缘分已尽？

◙ Alibaba, eBay Lovefest Over as eBay Rethinks China 阿里巴巴和eBay的蜜月期结束

News Digest: July 30-August 1

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The following press releases and media reports about Chinese companies were carried on July 30-August 1. To view a full article or story, click on the link next to the headline.

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◙ Alibaba Group, Yahoo (Nasdaq: YHOO), and SoftBank Reach Agreement on Alipay (Businesswire)

◙ China’s HNA Said to Be in Exclusive Talks for GE (NYSE: GE) SeaCo Unit (English article)

◙ China Regulator Said to Tell Banks Provisions for Bad Loans Are Inadequate (English article)

◙ SouFun (NYSE: SFUN) to Report Q2 Financial Results on August 11 (Businesswire)

◙ China Mobile (HKEx: 941) to Lower Int’l Roaming Fees by Avg 38.6 Pct Next Month (Chinese article)

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

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Competition appears to be getting stiff in the Chinese group buying space, with word that Groupon-invested Gaopeng is dumping its paid search spend on both Baidu (Nasdaq: BIDU) and Google (Nasdaq: GOOG) because they have simply become two expensive. (English article) The reports cite unnamed sources, but if true, the news is significant because it marks the lightest sign of trouble in the vibrant group buying space. It could also be an early warning sign for Baidu, which is trying to squeeze more money out of its advertisers as growth in the new sign-ups for its advertising services slows. (previous post) Regular readers will recall that group buying sites were all the rage among venture capitalists earlier this year, with three sites, Dianping, 55Tuan and Lashou raising $500 million combined, as global leader Groupon also entered the China market by forming Gaopeng together with Tencent (HKEx: 700). 55Tuan became the first company to show signs of trouble when reports emerged earlier this week that at least 3 major investment banks were refusing to underwrite its planned IPO due to accounting concerns. (previous post) This latest report on Gaopeng would seem to reinforce that group buying is not quite as big in China yet as all the hype, with Gaopeng itself only generating a relatively modest 30 million yuan per month in revenue. I wouldn’t be surprised to see one or two of these group buying sites combine within the next year as competition remains intense. Meantime, Gaopeng’s dumping of Baidu could also be an early warning sign for China’s search leader, which could start to see similar defections as companies balk at paying Baidu’s higher ad rates. Baidu said earlier this week that spending from individual customers grew by more than 50 percent in the second quarter (previous post), and clearly some customers like Gaopeng are not happy with those big increases and are looking for more cost effective ways to advertise.

Bottom line: Gaopeng’s dropping of Baidu’s paid search services reflects both intense competition in the group buying space, and also a coming wave of defections by cost-conscious Baidu advertisers.

中国团购行业的竞购看似日益激烈，有传言称，Groupon投资的高朋网因费用太高已停止在百度<BIDU.O>和谷歌<GOOG.O>的广告投放。报导援引了匿名消息人士的说法，但若真有此事，这则消息可谓重磅，因这意味着中国如火如荼的团购行业初露窘相。这可能也是对百度的一个早期预警，百度正试图向其广告客户收取更高的费用，因其广告业务的新签订单步伐放缓。经常看我博客的读者应该还记得，团购网站今年早些时候可谓风行一时，大众点评网、窝窝团和拉手网三家网站共募得5亿美元风险资金，与此同时，美国团购网站Groupon携手腾讯<0700.HK>成立了高朋网，进军中国市场。窝窝团是首家显露困境的团购网站，本周早些时候有报导称，至少三家国际投行因担心会计问题而拒绝代理其上市业务。这则关於高朋网的最新报导似乎再次说明，团购在中国的发展并非像炒作的那般声势浩大，高朋网一个月的营收也仅有3,000万元。随着竞争的白热化，倘若未来一年内有一两家团购网站合并重组，我将不会感到意外。同时，高朋放弃在百度投放广告也为百度提了个醒儿，面对百度不断上涨的广告费用，很多公司犹豫不决，百度或将开始看到类似的“倒戈”会不断出现。百度本周早些时候表示，第二季度个人客户的广告费用增加逾50%，很明显，高朋网这样的一些客户对百度大幅增加广告费用的举动很不高兴，并正寻求性价比更高的途径进行广告宣传。

一句话：高朋网放弃在百度投放广告不仅反映出团购行业的激烈竞争，而且也说明百度或面临一波广告客户“倒戈”风潮。

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◙ Baidu’s One-Dimensional Growth Story Continues 百度亮丽财报难掩前景不确定性

◙ China Groupon Wannabes in Fund-Raising Frenzy 中国团购网站掀起融资狂潮