Media are awash with talk of a potential major leadership shake-up at SMIC (HKEx: 981; NYSE: SMI), China’s top microchip maker, following the death earlier this week of the company’s chairman from cancer. (English article) SMIC shares were suspended from trading on Thursday at the company’s request, and one report says that David Wang, who was brought in a year and a half ago to rescue the struggling company, was voted off the company’s board after holders of 58 percent of SMIC’s stock voted against him at the company’s annual general meeting. (English article) Since a majority of SMIC stock is held by various Chinese government entities, this sounds very much like a vote of no confidence by SMIC’s major shareholders and could foreshadow Wang’s imminent departure. Chinese media are also reporting that if Wang goes, then many of his top management team could leave with him, throwing the company into further turmoil. (Chinese article) The whole upheaval would come as quite a surprise to me, as the low-key Wang seemed to be doing a good job of turning SMIC around, closing unprofitable facilities and focusing on its core business to post its first profits in four years. Perhaps he lost an important ally when Chairman Jiang Shangzhou died earlier this week. Whatever the case, this kind of management shake-up, if it happens, is likely to spell turmoil for SMIC in the months ahead, just as it seemed to be regaining its footing and starting to realize some of its potential.

Bottom line: Look for big volatility in SMIC stock when trading resumes, due to uncertainty over its future direction if the current CEO and architect of its turn-around leaves.

中芯国际董事长江上舟因病去世後，众多媒体在猜测中芯国际<SMI.N>可能出现的领导层变动情况。周四中芯国际股票停盘，有报导称，一年半前加入该公司的首席执行长(CEO)王宁国未能当选进入董事会，因反对票数达58%。因中芯国际大部分股权由中国政府部门掌握，这个消息看起来像是中芯国际的股东对王宁国没有信心，也可能预示着王宁国会离职。中国媒体也报导称，如果王宁国离职，他的高层管理团队也可能随他离开，让公司陷入更大的困境。我对整件事感到相当吃惊，因为低调的王宁国帮助中芯国际走出困境，他关闭不赢利的部门，让公司专注于其核心业务，实现了四年来的首次盈利。也许江上舟去世後，他失去了一个重要的盟友。无论怎样，这次领导层地震可能预示着中芯国际未来几个月会面临更大的动荡。

一句话：如果现任CEO离职，中芯国际未来发展方向将面临不确定性，估计中芯国际开盘後股价会有大幅波动。

Related postings 相关文章:

◙ SMIC: Forging a Better Future?

◙ Micron Nods to China’s Gadget Clout 美光科技押宝中国电子器件市场

◙ Intel’s Move Nods to China Gadget Clout, Smells Slightly of Desperation 英特尔人事调动突显中国市场影响力

As a former specialist reporter in high-tech companies, I just had to take time for a quick look at the latest rumblings around Tom Group (HKEx: 2383), the one-time high-flying media company backed by Hong Kong billionaire Li Ka-shing, whose online unit appears to have entered a massive downward spiral. Most people stopped following Tom Online several years ago when the Beijing-based company officially de-listed from the Nasdaq and was re-integrated with its parent, which thought that investors were unfairly undervaluing the unit’s shares. Chinese media are now reporting that the former Tom Online has just implemented a round of major layoffs, gutting its online sports division, which follows another recent round of big layoffs. (English article) Frankly speaking, I’m not sure what — if any — of Tom Online’s units are doing well these days, as it’s rarely mentioned anymore as a serious player in any of China’s major Internet spaces. The company shot to fame on the back of its value-added services for mobile phone users, but crackdowns by the mobile carriers, in their quest to fight spam, have killed that source of business over the last few years for most companies, not only Tom but also for the likes of Sina (Nasdaq: SINA) and Linktone (Nasdaq: LTON). Tom Online’s other major claim to fame was its joint venture with eBay (Nasdaq: EBAY), formed five years ago to operate eBay’s online auction site that once dominated the market but later struggling due to pressure from Taobao. My sources tell me that eBay is likely to cut  its ties with Tom at the end of this year when an exclusivity agreement ends, dealing yet another blow to the company. If it fails to turn things around very soon, Tom Online sounds like it could very well be in the midst of a death spiral.

Bottom line: Tom Group’s online unit is struggling for direction, and could be in the midst of a death spiral unless it can quickly revitalize its business.

因为以前做记者时曾负责跑科技企业，因此对於Tom集团<2383.HK>的动向总是会习惯性地浏览一下。这家媒体公司一度在李嘉诚的支持下雄心勃勃，但其在线部门现在似乎每况愈下。大多数人在该公司几年前以其股价被市场过度低估为由正式撤出纳斯达克、重新融入母公司後，就已不再关心Tom在线了。中国媒体现在报导，前Tom在线公司又要大规模裁员，体育频道是重灾区。坦白说，我不确定Tom在线近来还有哪个频道表现良好，中国互联网业界已经很少有人把Tom在线作为重要企业提及了。该公司靠为手机用户提供增值服务成名，但手机运营商过去几年中打击垃圾邮件的工作扼杀了很多公司的业务来源，除Tom之外还有新浪<SINA.O>、掌上灵通<LTON.O>等公司都深受冲击。Tom在线另外一个重要的成名举措就是五年前与 eBay<EBAY.0>建合资企业，运营eBay的网上商城。曾几何时该商城主导了中国市场，但後来难敌淘宝的竞争而举步维艰。消息人士告诉我，今年年底专营协议到期後，eBay可能切断与Tom的关系，从而将令Tom再遭重创。如果无法很快扭转颓势，Tom在线恐将时日无多。

一句话：Tom集团在线部门正在苦苦寻找航向，而如果无法迅速扭转业务，公司可能就距死期不远了。

Related postings 相关文章:

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

◙ Taobao Split: Separating Wheat From the Chaff 淘宝一分为三 如何取其精华

◙ Unicom Builds Legitimacy with Sina Tie-Up 中国联通联手新浪

The top brass at cellphone chip maker Spreadtrum (Nasdaq: SPRD) are clearly in a state of high nervousness after a major short-seller put out a negative report about the company, citing high inventory issues as a major concern. (English article) In addition to explaining the inventory surge by attributing it to new product launches, Spreadtrum has also taken the unusual step of scheduling an investor call (company announcement) to try and ease any lingering concerns about the issues raised in the Muddy Waters report this week. The company has good reason to be worried, as negative reports from Muddy Waters have wreaked havoc on a number of company stocks, most recently Sino-Forecst (Toronto: TRE), whose shares have tumbled 85 percent since Muddy Waters issued an early June report questioning its timber holdings. I haven’t examined the numbers as closely as Muddy Waters, but at least so far in this case Spreadtrum seems to be doing some good damage control. The stock actually rose 10 percent in Wednesday trading in New York, and was up slightly after hours putting it actually ahead of where it was before the Muddy Waters report came out. I’ve been relatively bullish on this company, which has shown a number of good initiatives in recent months as it seeks to regain the momentum it captured in 2009 when its stock staged a huge rally under a then-new chief executive. I’m guessing that Muddy Waters saw Spreadtrum shares’ 450 percent rally in 2009 as a bit overblown, even though shares are down 30 percent this year, and was trying to capitalize on concerns about Chinese accounting to try and knock the stock down a few points. But in this case the approach seems to be having little impact.

Bottom line: Spreadtrum has avoided a direct assault on its shares by a major short seller, easing investor concerns that it’s facing a worrisome inventory build-up.

展讯<SPRD.O>高层肯定很紧张，因为此前有卖空方公布了一份对该公司不利的报告，将展讯存货量高视为严重问题。展讯除了解释库存多是因为推出了新产品外，还不同寻常地安排了一次投资者电话会议，以试图回应浑水公司（Muddy Waters）本周报告提出的问题。展讯感到紧张并不奇怪，因为浑水公司的报告曾把众多中国概念股拉下马，例如自6月初浑水公司公布一份质疑嘉汉林业<TRE.TO>林业资产值的报告以来，该股股价大跌85%。我没有像浑水公司那样仔细地检查过有关数字，但至少在这件事上，展讯迄今的损失控制工作还是做得不错的。展讯股价周三在纽约收升10%，盘後交易也略有上涨，目前股价甚至比浑水公司报告发布前更高。我相对还是比较看好这家公司的，近几个月该公司拿出了一些不错的动作，试图重拾2009年新首席执行官上任带来的股价大涨势头。我猜浑水可能觉得展讯在 2009年股价大涨450%是有点过头了，于是就利用人们对中国概念股审计方面的担忧，试图把该公司股价再压低一点，尽管它今年已经下跌30%。但这一次，这种方法似乎未能奏效。

一句话：展讯躲开了卖空大户对其股票的直接袭击，缓解了投资者对公司库存的疑虑。

Related postings 相关文章:

◙ NY Sell-Off Hits Spreadtrum, Dangdang, Xunlei 纽约股市大跌 展讯、当当网和迅雷受创

◙ Spreadtrum Steps Up Smart Drive 展讯通信向智能手机市场迈出精明一步

◙ Spreadtrum Tries Getting Smart to Reignite Growth 展讯进军智能手机市场是明智之举

It’s not often that there’s a good chance to write about the Chinese spirits market, which could get a nice and much-needed shake-up as European giant Diageo (London: DGE) prepares to take control of a decidedly mid-tier Chinese brand of baijiu — the most common form of Chinese liquor — called Suijingfang. (English article) This deal will see Diageo, which already owned a stake in the spirits’ maker, publicly listed Sichuan Chengdu Quanxing Group, take majority control of the company in a bid to take it onto the national stage. In my view, China is a market that’s really ready for a good, solid mid-tier brand, which is what Diageo specializes in through its stable of solid mid-range brands like Johnnie Walker and Smirnoff. The market is already home to a handful of super high-end brands, most notably Maotai and Wuliangye, which sell for ridiculously high prices of hundreds of dollars per bottle, and are usually pulled out when a host wants to impress his guests at a banquet but are seldom used when friends go out drinking because they’re simply too expensive. After those brands, the market is highly fragmented, with local names usually commanding most of the mid-end market. If Diageo plays its cards right, it should be lining up Shuijingfang, which is already attractively packaged and has some name recognition, as a brand of choice for white-collar Chinese when they go out for a night of drinking. If that works, I could even see Diageo eventually exporting this liquor as an exotic brand for foreigner tipplers looking for a fiery taste of China without having to pay hundreds of dollars for it.

Bottom line: Diageo could use its experience as a savvy seller of mid-tier spirits to take a big slice of the fragmented China market with its new purchase of one such brand.

对我来说，好好写写中国白酒市场的机会并不常有。现在有消息说，英国帝亚吉欧洋酒集团<DGE.L>即将成功入主中国中端白酒品牌水井坊<600779.SS>，这可能会给中国白酒市场带来一次有益和必要的冲击。帝亚吉欧已经持有水井坊第一大股东全兴集团49%的股份，现在中国商务部已批准帝亚吉欧进一步收购全兴集团4%的股权，从而使帝亚吉欧成为全兴的控股股东，并间接成为水井坊的第一大股东。在我看来，中国的中端白酒市场实在需要一个叫得响的品牌，而拥有Johnnie Walker和Smirnoff等中端名酒品牌的帝亚吉欧正好是这个领域的专家。虽然中国市场上已有一些高端白酒品牌，如天价的茅台<600519.SS>和五粮液<000858.SZ>，但这些酒在平常朋友聚会的场合很少喝，因为太贵了。除了这些高档酒之外，中国的白酒市场其实非常零碎，各地的中端市场通常被本地品牌占据。帝亚吉欧公司如果策略得当，就有望把已经拥有精美包装和一定知名度的水井坊打造成中国白领晚间聚饮的白酒首选。若果真如此，那麽水井坊甚至有可能出口，让外国人不必花大价钱就可以品味火辣的中国白酒。

一句话：帝亚吉欧公司可以利用自己在中档酒类市场的经验和此次收购，在中国白酒市场打出一番天下。

Related postings 相关文章:

◙  YUM and Little Sheep – A Sweet Match If China Approves 美国百胜购小肥羊：甜蜜姻缘还靠中国政府成全

◙ Starbucks, Maxim’s Divorce: Bitter Ending or Sweet Times Ahead? 星巴克与美心闹“离婚”

◙ Unilever Helps China See the Light Behind Free Markets 联合利华帮助中国向市场经济迈进

Since being set free earlier this year by its parent Sina (Nasdaq: SINA), Weibo, China’s equivalent of Twitter, has taken a frenzy of initiatives to leverage its wildly popular service to become a viable stand-alone business and eventually make an IPO. I’m a big fan of Weibo, which in its short 2-year life has become a household word among Chinese youth, but I have my doubts about a new plan to launch its service in Japan with a local partner. (English article; Chinese article) This latest initiative sounds like too many previous ones by Chinese companies, which have all found mostly disappointment in the tough Japanese market. The list of China net firms that have tried and largely failed in Japan is long and includes such big names as Baidu (Nasdaq: BIDU), Alibaba.com (HKEx: 1688) and Ctrip (Nasdaq: CTRP), just to name a few. While both are Asian markets, the closed nature of Japan’s market in general and the differing tastes between Chinese and Japanese have made cross-border media tie-ups very difficult to execute successfully. Even China’s online game operators, which should theoretically have lots to offer in a  big gaming market like Japan, have found little or no success in their limited forays into that market. But perhaps even more important, Weibo will have to compete with the real Twitter in Japan, as well as any other homegrown players in the market — a strong contrast to its protected home market where the real Twitter is blocked and there is no competition from global players. I don’t know how much of its resources Weibo is spending on its first expansion abroad, but I hope it’s not too much as this effort is almost 100 percent guaranteed to fail and could become a big distraction as Weibo tries to earn its first profits.

Bottom line: Weibo’s first foreign foray into Japan is a bad call, and is bound to drain resources and end in disappointment in the company’s drive towards profitability.

自今年早些时候从新浪<SINA.O>独立出来後，新浪微博采取了一系列积极举措，欲借助其受欢迎度成为一家独立的公司，最终能进行首次公开募股（IPO）。短短两年内，新浪微博就让中国年轻人耳熟能详，我也很喜欢新浪微博。但我个人对其与日本当地企业合作计划存有疑虑。许多中国公司之前都有类似举措，但大多都在严酷的日本市场折戟沉沙。试图进军日本市场但基本以失败告终的中国网络公司包括百度<BIDU.O>、阿里巴巴<1688.HK>和携程<CTRP.O>，而这只不过是我列出来的几家而已。中国和日本同属亚洲，但日本市场整体闭塞的性质及中日民众不同的口味，使得中日媒体合作难以成功。甚至连中国网络游戏运营商打入日本市场的有限努力也鲜有成功案例，虽然在理论上，日本这一规模庞大的游戏市场应不乏商机。而可能更重要的一点是，新浪微博将在日本与正版Twitter和其它本土品牌短兵相接。这与中国国内市场情况截然不同，因为 Twitter在中国被屏蔽，新浪微博在国内不用面对海外同行的竞争。我不知道新浪微博这次首次迈出国门会动用多少资源，但我希望不会太多，因为这一努力几乎注定会失败，并可能成为其争取首次录得盈利道路上的巨大阻碍。

一句话：新浪微博把进军日本作为拓展海外市场的先声并非明智之举，势将浪费许多资源并以失败告终，同时影响公司的盈利计划。

Related postings 相关文章:

◙ Weibo in Smart Telecom Tie-up, Silly English Move 微博与中国电信合作实属明智之举 推英文版纯属浪费时间

◙ Sina’s Latest Weibo Move Looks Like SNS 新浪似要发展社交网站

◙ New Weibo Makes First M&A Move 新浪微博并购忙

After years of criticizing the US for its cultural hegemony, China seems to be finally realizing that it can use Hollywood’s clout to its advantage as we’re seeing in a couple of newly announced deals that could also mean good news for Hollywood executives who have been trying to figure out for years how to make money in China. In the more significant of the two deals, video sharing site Youku (NYSE: YOKU) has announced a tie-up with Warner Bros. (NYSE: TWX) that will see it offer up to 450 Warner movie titles to subscribers to Youku’s premium service. (company announcement) This deal is clearly part of the broader drive by Youku and other video sharing sites like those operated by Tudou, Xunlei and Tencent (HKEx: 700) to offer legitimate programs and movies as Beijing tries to wean them off the pirated material they have offered up until now. This migration is similar to what happened in the US about a decade ago, and I wouldn’t be surprised to see lots of similar deals between other video sharing sites and content producers in the future. (previous post) Separately, TCL (Shenzhen: 000100; HKEx: 1070) has announced a smaller but equally interesting deal that will see it promote its TVs globally with Paramount Pictures (NYSE: VIAb) in connection with the release of the studio’s latest “Transformers” film. (company announcement) This move looks like a smart one to me, as young consumers who will flock to see this film are the same kind of customers that might consider TCL’s less-pricey but still good quality LCD televisions. As I’ve said before, I think that TCL is executing well in the last year after its previous slip-ups, and this marketing tie-up looks like just the kind of approach it should be taking to build itself into China’s first truly global electronics brand.

Bottom line: New Hollywood tie-ups by Youku and TCL look like smart moves for both companies, who are realizing the marketing potential of tie-ups with big-name films.

多少年来中国一直批评美国文化霸权，但随着近日几项新合同的签署，似乎它已终於意识到也可以将好莱坞的影响力为我所用。新合同对好莱坞高管也是好事，因为多年来他们一直在探索如何赚中国市场的钱。其中比较重要的一个合同是：优酷<YOKU.N>宣布与华纳兄弟<TWX.N>合作，由优酷通过视频付费点播服务提供450部华纳影片。该项合作显然属於优酷、土豆、迅雷与腾讯<0700.HK>等视频分享网站努力按照政府指示、多多提供正版节目的举措之一。这一动向大约与美国十年前的情况类似，所以未来如听到更多视频分享网站与内容产出方合作的消息，我不会感到意外。另外，TCL集团<000100.SZ> <1070.HK>也与派拉蒙影业<VIAb.N>展开合作，协议规模虽然相对小一些，但同样有意思。根据合约，TCL将成为派拉蒙新片《变形金刚3》的国际推广电视品牌。我认为此举非常聪明，因为该片观众与TCL平价高质LCD彩电的目标客户为同一群体。正如我以前所说，TCL 经过先前的失误後，过去一年中经营得很不错，而此次市场结盟看来正是TCL打造中国第一家真正全球性电子品牌所需要的策略。

一句话：优酷、TCL与好莱坞结盟看来都属明智之举，他们意识到了与知名制片公司结盟的市场潜力。

Related postings 相关文章:

◙ TV Programers Dial Up Success on Internet 电视电影制片商迎来网络商机

◙ Youku’s Luxurious Dream 优酷网的奢侈品梦想

◙ TCL Comeback Gains Momentum with Italy Deals TCL牵手意大利 复苏之势获动力

There’s been a flurry of reports in the Chinese media recently about Baidu’s (Nasdaq: BIDU) plans to roll out a mobile operating system later this year, with some saying the OS will make its debut very soon (Chinese article) and others saying it will be closer to year-end (Chinese article). Reports that China’s leading search engine was developing such a system first emerged earlier this year (previous post), and my response to all the buzz now is similar to what I said before: Does the world really need another mobile OS? But first things first and let’s discuss this new OS. Most intriguingly, some of the reports say that Baidu’s new OS will be based on Android, the wildly popular open-source smartphone mobile operating system developed by Google (Nasdaq: GOOG). If those reports are true, which seems quite possible as I doubt Baidu would develop a new system completely on its own, then this new system would see the two companies, which have a complex history of cooperation and competition, coming together to create a potent mix in the mobile OS market. Most will recall that Google pulled out of the China search market last year after a high-profile dispute with Beijing over censorship, so this could provide yet another back-door for Google to get back into the market, which it is already doing through similar Android tie-ups with most of China’s major cellphone makers. But my main question is this: Since most domestic and foreign cellphone makers that sell into China already use their own variations of Android in many of their smartphones, who exactly would want to drop their own designs in favor of a Baidu-developed OS, which might come with additional licensing fees and force the cellphone maker to work with Baidu? The answer is few will be interested, with the result that Baidu’s mobile OS is likely to fail, like many of its other recent initiatives.

Bottom line: Baidu’s new plans for a mobile OS, possibly based on Google’s Android system, are set to fail because no cellphone makers will want to use it.

中国媒体近来广泛报导百度<BIDU.O>计划於今年推出一款手机操作系统，一些报导称该系统很快会亮相，而另外一些报导说将在今年年底前推出。有关百度推手机操作系统的报导最早出现在今年早些时候，我当时也写过一篇博文。我这次的反应与以前类似：世界真需要一个新的手机操作系统吗？不过首先还是先说一下这个新操作系统什麽样。最有意思的是，一些报导称百度的新操作系统是以谷歌<GOOG.O> Android开源智能手机操作系统为基础的。如果报导属实（相当有可能，因为我觉得百度不大可能完全从头开发一套新系统），那麽新系统将见证这两家关系复杂的企业在手机操作系统市场创造出一个潜力巨大的混血产品。很多人都应记得谷歌去年撤离了中国搜索市场，而这次与百度的潜在合作有可能成为谷歌回归中国的又一道後门。但我的主要问题是：因为多数中外手机制造商本来就在使用各种版本的Android系统，谁会想要放弃自己的设计，去支持另一个由百度开发的操作系统，而且有可能需要交额外的许可证费用，还不得不与百度合作呢？答案是有兴趣者将寥寥，结果可能会是百度手机操作系统夭折，落得与该公司近来其他举措一样的下场。

一句话：百度手机操作系统计划前景堪忧，因为大概没有哪家手机制造商愿意使用。

Related postings 相关文章:

◙ Baidu-Powered Cellphones? I Don’t Think So 百度也想做手机？恐怕没戏

◙ Baidu’s Takes a $300 Mln Spin on Travel Market 百度斥资3亿美元进军旅游市场

◙ Baidu’s Latest Botch: Microblogging 百度“微博”的倒掉

The following press releases and media reports about Chinese companies were carried on June 29. To view a full article or story, click on the link next to the headline.

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◙ Sina (Nasdaq: SINA) Weibo Signs Local Partner for Japan Expansion (English article)

◙ TCL (HKEx: 1070) & Paramount Pictures Team Up in “Transformers: Dark of the Moon” (Businesswire)

◙ Group Buy Site Manzuo Wins USD 50 Mln in Second-Round Funding (English article)

◙ Muddy Waters is Shorting China’s Spreadtrum (Nasdaq: SPRD) (English article)

◙ Youku (NYSE: YOKU) Premium Officially Launches Deal With Warner Bros. (PRNewswire)

China’s drive to consolidate its cable industry is designed in part to spur development of state-of-the-art digital delivery networks that will someday offer Chinese consumers the wide variety of programming and other services now available through fast-developing on-demand networks in the West. But that digital dream is still very much just a distant wish, at least based on the latest transaction to make the local headlines. Chinese media are reporting that Shanghai Automotive has put its 19 percent stake in SiTV, the digital TV operator under Shanghai Media Group, China’s second largest media conglomerate, up for sale for a mere 25 million yuan, or just $3.7 million. (English article) Some quick math will show that the price — if Shanghai Automotive finds a buyer — would translate to a valuation of just under $20 million for SiTV, which was launched with much fanfare around 5 years ago as digital platform of the future. Anyhow who believes that China will hum with digital delivery networks in anytime soon should go ahead and buy up this stake, which would represent a huge bargain as it represents the dominant player in the country’s second biggest media market. But my guess is that Shanghai Automotive is selling this stake largely because it sees the investment going nowhere, at least in the near term, and it’s unlikely to find many buyers in the market. I’ve said in previous posts that China’s latest drive to consolidate its cable TV networks and create a giant with the resources to forge a national digital network seems to be gaining momentum, and could now stand a 50 percent chance of success. (previous post) But such consolidation could still be at least 5 years off or even more. In the meantime, local digital networks like SiTV are likely to languish, and perhaps even be overtaken as video Internet companies like Youku (NYSE: YOKU) and Xunlei, and fixed-line telcos like China Telecom (HKEx: 728) take the lead in digital delivery systems.

Bottom line: The low valuation for Shanghai’s leading digital cable network operator based on a recent sale reflects the poor state of such networks in China.

中国推动有线电视业发展的努力，其中部分在於推动先进的数字传输网络的发展，後者终有一天会向中国消费者提供目前已在西方推广的按需点播的电视节目和其他服务。但中国的这一数字梦想现在还只是一个遥远的期待，至少我们从媒体报导的一项最新交易中可见一斑。中国媒体报导称，上海汽车信息产业投资有限公司转让其持有的上海文广传媒集团旗下的上海文广互动电视有限公司19%的股权，挂牌价只有2,500万元(370万美元)。简单算一下你会发现，如果上汽真的以这一价格找到买家，意味着上海文广互动的估值不过2000万美元。任何认为中国会很快启用数字电视传输网络的人都应该立刻行动，成全这笔性价比很高的买卖，因上海文广互动是中国第二大媒体市场的佼佼者。但我认为，上汽出售这些股权，主要是因为它认为这笔投资看不到出路，至少短期是这样，而且他们也不太可能在市场上找到很多买家。我在之前的博客中曾说过，中国近期加强有线电视网络的工作，以及整合各种资源打造一个全国性数字网络的传媒巨头的努力似乎正蓄势待发，且现在可能有50%的成功机率。但这种整合可能至少还要五年或更长时间。同时，上海文广互动等区域数字网络很可能被冷落，甚者可能被优酷<YOKU.N>、迅雷等视频网络公司和中国电信<CHA.N>等固网电信运营商超越，因为後者在数字传输系统中处於领先地位。

一句话：低价出售上海文广股权反映出中国类似数字电视网络的可悲境遇。

Related postings 相关文章:

◙ TV Programers Dial Up Success on Internet 电视电影制片商迎来网络商机

◙ Cable Consolidation Crosses Provincial Lines 中国广电行业跨省并购案

◙ China Makes Up Its Mind: Cable Consolidation 中国终於下决心：有线电视行业整合