Tag Archives: 中国公司股票新闻， China company stock news

Baidu Mobile OS, Homepage Revamp Look Like Dicey Bets 百度新举措旨在冒险一搏

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I don’t know whether to call Baidu’s (Nasdaq: BIDU) latest series of initiatives smart or desperate, as we’re not getting quite enough information just yet to make an informed decision about upcoming plans to launch its own mobile operating system (English article) and revamp its online homepage. (English article) In my view, both of these major new initiatives, which have the potential to greatly help or harm Baidu, are driven at least partly by its realization that Beijing anti-trust regulators are watching it closely, and that it needs to quickly find some new businesses in case those regulators ever decide to take anti-trust action against it. That said, both of these new initiatives are fraught with risk, and Baidu’s past record of poor execution outside its core search area makes me think both are more likely to fail than succeed. From what I’ve read in media reports, Baidu’s home page revamp looks aimed at getting more users to register on the site, allowing Baidu to sell them a range of new products it is trying to develop to diversify beyond search. In announcing the revamp, Baidu chief Robin Li openly admitted the changes may drive some Web surfers to its competitors, and perhaps he’s even hoping some of the lower-quality users may leave to make his company look less like a monopoly. As to the new mobile operating system, this looks like Baidu trying to imitate much larger global rival Google (Nasdaq: GOOG), whose Android has quickly risen to become the world’s top smartphone OS. On this topic, Baidu seems to be a bit late coming to the game, but could perhaps be helped by Google’s recent plan to buy cellphone maker Motorola Mobility (NYSE: MMI), which seems to be alienating many other Android smartphone makers that believe Google will give special  treatment to Motorola. That development may offer an oppurtunity for Baidu, which could find potential interest for its mobile OS especially among domestic smartphone makers like ZTE (HKEx: 763; Shenzhen: 000063) and Huawei. But I wouldn’t bet money on success for either the new OS or Baidu’s new homepage.

Bottom line: Baidu’s new homepage and mobile OS initiatives are its latest attempts to divert attention from its near monopoly status in online search, and both stand a good chance of failure.

百度(BIDU.O)计划推出手机操作系统，并对网站主页进行改版。因为了解到的信息不足，我不知道应该把百度近期的这些举动称为明智之举还是绝望中抓稻草。这两项重大举措或许让百度获益匪浅，也有可能让百度遭受重大冲击。不过，我认为至少部分可归因于百度已经意识到，政府反垄断监管机构正密切关注其业务，公司需要迅速开发新业务，以规避监管机构决定对其采取不利行动的风险。也就是说，百度两大新举措都伴有风险。鉴于百度此前在核心搜索业务以外的业务表现欠佳，我认为这两项新尝试失败的机率较大。我看到的媒体报导称，百度主页改版旨在吸引更多用户注册，从而推销除搜索以外的一系列新产品，实乃对业务多元化的尝试。百度董事长李彦宏在宣布网页改版时公开承认，改版或将一些用户推向竞争对手，他甚至希望，一些低质量的用户能因此离去，从而让百度看起来不那麽像垄断企业。至于新的手机操作系统，百度似乎想模仿谷歌(GOOG.O)，谷歌的Android系统已经迅速成长为全球顶级智能手机操作系统。在这方面，百度似乎有些後知後觉，但谷歌近期收购摩托罗拉移动(MMI.N)可能会对百度有利。谷歌的收购行动可能令其它Android手机厂商认为，谷歌将为摩托罗拉提供特别优惠，因此疏远谷歌。中兴通讯(000063.SZ; 0763.HK)和华为等本土智能手机制造商或对百度的移动操作系统感兴趣。然而，我还是不敢保证，百度新推出的手机操作系统和主页改版一定会成功。

一句话：百度主页改版，以及推出手机操作系统，是百度转移监管机构对其垄断地位关注的最新尝试，两项举措最终失败的可能性都很大。

Related postings 相关文章:

◙ Baidu Comes Under Government Fire 政府“修理”百度

◙ Baidu Comes Under Government Fire 政府“修理”百度

◙ Baidu Seeks Diversification in Tudou Talks 百度求购土豆，寻求多元化

 

Solar Buzz at German Show on New Tech, M&A

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My headline for this item may be a little misleading, as I’m sitting here having my morning coffee in Shanghai writing it while speculating on what will happen at one of the world’s top solar energy shows that kicks off today in Germany. All the big Chinese names, including Suntech (NYSE: STP), Trina (NYSE: TSL), Yingli (NYSE: YGE) and many others, are attending the show this week in Hamburg, in a rare event that will bring together many of the sector’s top executives in a single place at a single time. (event homepage) Event materials and the flood of company press releases coming out this week are filled with upbeat talk of improving technology, which is helping the sector gain momentum, especially in markets with strong government incentives. What’s receiving little or no mention, however, is the industry’s current state of malaise, as it suffers through its worst-ever downturn amid slumping demand and overcapacity that has seen many weaker industry players, such as LDK (NYSE: LDK), sink into the red. While technology is indeed improving and will be widely discussed in public forums at the Hamburg event, I have no doubt that M&A will also be a regular topic of discussion between top company executives in more private venues and over drinks and other meetings out of public view. Renesola (NYSE: SOL), a mid-sized player in reasonably good health, already alerted the markets that it’s open to being acquired when it adopted a so-called “poison pill” plan last month to prevent a hostile takeover. (previous post) Other mid-sized players, such as JA Solar (Nasdaq: JASO), could also look like good acquisition targets, as the entire sector suffers from a stock market sell-off that has pushed share prices to very attractive levels. With so many executives in one place at one time, this event is the perfect starting place for talks on much-needed consolidation, and I wouldn’t be surprised to see announcements of the first round of M&A coming by the end of this year.

Bottom line: M&A is likely to be a common theme at a major solar event this week in Germany, with the first round of resulting deals likely to be announced by year-end.

Related postings 相关文章:

◙ Suntech: Separating Good Solar from Bad

◙ LDK: An Exploding Star for a Sector in Turmoil

◙ Renesola Rights Plan: Consolidation Coming

 

Beijing Sends Mixed EV Signals 中国应推进电动车基础设施建设和宣传

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The central government was sending mixed signals about its future plans for electric vehicles (EVs) at an auto event over the weekend, on the one hand tightening current incentives for EV sales but at the same time saying it is studying more measures to boost the struggling program. What this tells me is that China’s ambitious program to put 1 million EVs on the road by 2015 is in a state of disarray, with few such vehicles on the road today despite lots of government talk. Let’s review the latest developments, which saw one Finance Ministry official at the event in Tianjin saying fuel efficiency standards were being raised for EVs to qualify for a government subsidy of 3,000 yuan per vehicle, meaning less cars will now qualify in the program. (English article) At the same time, other officials at the event said Beijing is studying other ways to boost the struggling EV sector through means like lowering taxes on vehicles and key components. My response to all this is that Beijing needs to step back and look at the real reason why China’s EV makers have made so little progress to date: a lack of infrastructure for vehicle charging and maintenance, and lack of an education campaign to tell the public about these vehicles and ease their concerns over operational and charging issues. If Beijing really wants this program to succeed, it should work with local governments to offer incentives for big names like PetroChina (HKEx: 857; Shanghai: 601857; NYSE: PTR) and Sinopec (HKEx: 386; NYSE: SNP) to add charging stations to many of their urban traditional petrol stations. It should also join hands with EV makers like BYD (HKEx: 1211) and SAIC (Shanghai: 600104) and create a national campaign to educate the public about their vehicles, including information on buying incentives, maintenance and charging, and the environmental advantages of such vehicles. Only through these kinds of coordinated, national efforts, led by Beijing working with local governments and industry, will China’s grand EV plans stand any chance of success.

Bottom line: China’s grand EV dreams are in a state of disarray, with stronger leadership needed from Beijing to foster infrastructure development and education.

中国政府在周末车展上对电动车发展计划发出不同的信号，一方面表示将收紧现有电动车销售刺激政策，另一方面却称，正在研究制定更多措施，促进电动车项目发展。我的感觉是，中国希望2015年有100万辆电动车上路的计划处于混乱状态，尽管政府一再谈论该项目，迄今国内鲜有电动车上路。回顾一下该项目的最新进展，中国财政部一名官员在天津车展上称，正在对享有政府补助资格的电动车提高节能标准，这意味着目前符合补贴标准的电动车将减少。政府对每辆电动车补贴3,000元。与此同时，另有官员在车展上称，政府正在研究包括对电动车和关键零部件减税在内的其它方案，以推动电动车产业发展。我的看法是，中国政府需要退後一步，审视一下中国电动车制造迄今进展缓慢的真正原因：缺少充电站和维修站等基础设施，面向公众的电动车宣传不够，未能缓解公众对电动车操作和充电问题的疑虑。如果中国政府确实希望电动车项目取得成功，就应该与地方政府一道，向中石油(601857.SS; 0857.HK; PTR.N)、中石化(0386.HK; SNP.N)等大公司提供补贴，在传统市内加油站基础上，增设充电站。政府还应与比亚迪(1211.HK)和上汽(600104.SS)等电动车制造商联手，在全国进行电动车宣传活动，让公众了解电动车购置补贴、维护和充电及环保等方面的信息。只有通过中央政府牵头，地方政府和行业在全国的配合，中国宏伟的电动车计划才有望成功。

一句话：中国电动车计划陷入混乱状态，应在中央政府带领下，推进基础设施建设和宣传教育活动。

Related postings 相关文章:

◙ Hertz, GE Give Jolt to BYD Electric Cars 赫兹新项目为比亚迪“加油

◙ BYD Toots Electric Horn in Shenzhen 比亚迪在深圳奏响电动汽车号角

◙ Shanghai Support to Boost SAIC’s EV Hopes 政府支持有助上汽新能源车战略

China Internet Bubble Sees Vancl Dressing Down 中国互联网泡沫见证凡客裁员

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It seems that group buying Internet site Gaopeng isn’t the only one laying off staff as China’s Internet bubble shows early signs of bursting. In the latest indication of trouble, Chinese media are reporting that Vancl, the high-flying online clothing seller, is in the process of cutting 5 percent of its workforce as management tries to “right-size” the company in the run-up to a probable fourth-quarter IPO. (Chinese article) Vancl’s CEO was understandably unwilling to comment on the reports, which cited a number of leaked company e-mails and word of mouth from lower-level company employees. But the reports seem to be credible, and would certainly not be surprising following similar signs of distress from Gaopeng, the Groupon and Tencent (HKEx: 700) invested group buying site now laying off big chunks of its staff, as well as social networking site and IPO candidate Kaixin, which last month warned that the days of rapid Internet growth may be over. (previous post) I have to admit that Vancl’s layoffs did surprise me a little, as just last month I speculated that clothing sellers, due to their more niche-oriented position, may be more immune to the looming Internet bubble than more broadly-focused companies such as group buying sites like Gaopeng and general merchandise sellers like 360Buy. (previous post) But at the end of the day, the bottom line is that China’s Internet space has become way too crowded and overheated, with billions of dollars in new investment entering the market in the last year chasing consumer demand that, while growing, is still far too small to support all those new players. Look for more layoffs in the next few months, as many of the smaller, revenue-poor companies seek to delay their inevitable closure or sale to larger rivals.

Bottom line: Vancl’s recent layoff of 5 percent of its workforce marks the latest chapter in the early stages of a burst for China’s overinflated Internet bubble, with much more to come.

中国互联网泡沫呈现初期破裂迹象，高朋网看来不是唯一一个裁员的团购网站。团购领域又现新麻烦，据中国媒体报导，服饰网络零售品牌凡客诚品正在裁员，规模大约有5%。管理层希望确保公司“合适规模”，以筹备四季度IPO计划。凡客CEO陈年不愿对裁员报导置评。相关文章主要引述了多封公司内部泄漏的邮件与公司低层员工的说法，内容看似可靠。美国团购网站Groupon与腾讯(0700.HK)联手投资的团购网站–高朋网之前已大举裁员，另外准备上市的社交网络开心网也在裁员。不得不承认，凡客裁员有些令我意外。因为就在上个月，我还估计相对于高朋、京东商城等市场定位宽泛的网站，服装零售商因为特殊市场定位，对于互联网泡沫的免疫力可能更好一些。但说到底，实际情况是中国互联网市场已经过于拥挤、投资过热，过去一年已经有数以十亿计美元新投资进入这一市场，押注中国网上购物需求将会大增。这一市场尽管在增长，但还是远远不够支撑那麽多新加入的企业。未来数月，随着很多低营收小企业竭力延迟关张或被对手吞食命运，应该还会出现更多企业跟着裁员。

一句话：凡客近来裁员5%，是中国过度膨胀的互联网泡沫初步破裂的最新事件，未来还会有更多企业跟进类似举措。

Related postings 相关文章:

◙ Tax Evasion Report: Trouble Brewing in Group Buying? 团购被曝逃税 行业整顿或在即

◙ 360Buy Cuts Off Alipay As China Internet Froth Builds 京东停用支付宝印证中国互联网泡沫

◙ Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

 

Hulu Makes First Global Stop in Japan, China Next?

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And the winner is … Japan. That’s the word coming from Hulu, the popular video streaming site backed by 3 top Hollywood studios, which has just announced that Japan will be the first stop in its international expansion. (company announcement) The fact that China wasn’t chosen isn’t all that surprising, as Japan and most of Western Europe boast far wealthier consumers to buy the mostly paid programming services offered by Hulu, whose primary backers include Disney (NYSE: DIS), News Corp (Nasdaq: NWS) and Comcast’s (Nasdaq: CMCSA) NBC Universal. But what’s interesting for China watchers is the language towards the bottom of the announcement, where Hulu describes itself as a company with offices in “Los Angeles, New York, Chicago, Seattle, Tokyo and Beijing.” That’s the exact wording, with Tokyo and Beijing listed as Hulu’s only offices outside the US, in that order. Does that mean that China will be the next stop on Hulu’s global expansion? I would say there’s a good chance the answer is “yes”, given the recent flurry of Hollywood deals to provide content to the growing number of Chinese video and music sites under growing pressure from Beijing to delete illegal content and offer legal material instead. Top online video site Youku (NYSE: YOKU) has been a leader in the recent trend, signing deals with Warner Brothers (NYSE: TWX) and Philips Electronics (Amsterdam: PHG) (previous post), while leading search site Baidu (Nasdaq: BIDU) also recently signed a deal with several major record labels to offer legal copies of their music. (previous post) The timing also looks particularly good for Hulu, as it could offer its programs not only over the Internet, but also potentially over a state-of-the-art digital home cable network being rolled out soon by China Telecom (HKEx: 728; NYSE: CHA) or via a future similar network being created through an ongoing national cable TV consolidation plan. If the Japan roll-out goes smoothly, I’d look for a Hulu announcement in China possibly as early as the end of this year, but more likely in 2012.

Bottom line: Hulu’s move to Japan presages a move into China for the second stop on its global expansion, most likely in 2012.

Related postings 相关文章:

◙ Youku’s New Formula: Sponsored Programs 优酷“新配方”：赞助项目

◙ After Years, Baidu Does the Right Thing 百度多年来的一个正确之举

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

 

ICBC Discovers China’s Latest Low-Cost Export: Currency 工行将从非洲人民币结算业务中获益

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Cheap manufactured goods have been the mainstay of China’s exporting machine for years, but now leading bank ICBC (HKEx: 1398; Shanghai: 601398) looks poised to ride an equally lucrative new wave by shipping huge bundles of China’s currency, the yuan, to Africa. That’s the message I get from a report in today’s China Daily, citing an executive of South Africa’s Standard Bank, ICBC’s chief partner in Africa, talking about the huge growth potential for yuan services in Africa. Standard Bank’s China head Craig Bond says at least 40 percent of Africa’s trade with China, or about $100 billion worth, will be settled in the Chinese currency by 2015, adding at least $10 billion of Chinese investment in Africa will be denominated in yuan over the same period. While Bond never mentions ICBC by name, industry watchers know the two share a strong alliance through ICBC’s ownership of 20 percent of Africa’s biggest lender, and that the pair are strengthening their tie-up with ICBC’s recent plans to purchase 80 percent of Standard Bank’s Argentine unit. (previous post) China is currently using Hong Kong as its main base to explore internationalizing the yuan, but Africa is a logical extension for that policy, as China is one of the largest buyers of natural resources from the continent, and the market isn’t dominated by the dollar or the euro to the extent that more developed Western markets are. I’ve said before that I really like ICBC’s tie-up with Standard Bank, which gives it great access to developing markets in Africa and Latin America where ICBC has the potential to leverage its expertise as China’s largest bank. If even half of Standard Bank’s prediction comes true, it will mark a huge opportunity for ICBC, which, working with Standard Bank, most likely would become the major provider of yuan currency services to Africa, providing a huge new growth opportunity in its international expansion.

Bottom line: ICBC, working with African partner Standard Bank, looks set to reap big rewards from an expected explosion in demand for yuan services in Africa.

多年来，廉价的工业制品一直是中国的出口引擎，但现在看起来，中国工商银行(601398.SS; 1398.HK)找到了另外一条同样利润丰厚的道路：向非洲“输出”大量人民币。这是我从《中国日报》今天一篇报导得出的信息，该报称，工行在非洲的主要合作夥伴–南非标准银行一名高管称，非洲的人民币结算业务增长潜力巨大。南非标银中国首席执行官庞凯歌（Craig Bond）称，到2015年，至少有40%的中非贸易（约1,000亿美元）将以人民币结算，届时至少有100亿美元中国对非投资也将以人民币结算。尽管庞凯歌没有提及工行，但业内观察者知道，工行持有南非标银20%股份，两者合作关系紧密，而工行近期计划收购南非标银阿根廷分公司80%股权，将进一步巩固工行和南非标银的关系。中国大陆目前正以香港为人民币国际化的主要试点，但非洲是这一政策的合理拓展方向，原因是中国是非洲自然资源的最大买方之一，美元和欧元在非洲市场的主导程度不及西方发达国家。我此前说过，我非常欣赏工行与南非标银的联手，工行作为中国最大的商业银行，有望借此进入非洲和拉美的发展中国家市场，充分施展其专长。即使届时只实现南非标准银行预测值的一半，也将为工行创造巨大商机，工行与标准银行合作，很可能将成为非洲人民币结算业务的主要提供方，为工行海外拓展提供了巨大增长机遇。

一句话：人民币结算业务料将在非洲呈爆发性增长，工行通过与南非标准银行的合作，势将获益匪浅。

Related postings 相关文章:

◙ Record Profits Bolster Banks as Storm Looms 创纪录利润有助银行抵御楼市低迷隐忧

◙ ICBC Sees Potential in Argentina 中国工商银行：阿根廷市场有潜力

◙ CCB Explores Overseas Step to Indonesia

News Digest: September 2, 2011

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

══════════════════════════════════════════════════════

◙ Canadian Solar (Nasdaq: CSIQ), Trina (NYSE: TSL), Suntech (NYSE: STP) to Attend German Solar Show

◙ Google’s (Nasdaq: GOOG) Ex-China Head Kai-fu Lee Raises $180 Mln for Tech Fund (English article)

◙ Lenovo (HKEx: 992) Gets Glam with Three New Fashion-Forward Ultraportable Laptops (Businesswire)

◙ Paypal (Nasdaq: EBAY) China Applies for Third-Party Payment License (English article)

◙ Nokia (Helsinki: NOK1V) in Massive China Layoffs, Some Question Legality (Chinese article)

Ericsson, ZTE Spat May be Near Resolution 爱立信与中兴的官司尘埃落定？

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Eight months after the news first broke, we’re finally getting a little more color on the potentially devastating lawsuit filed against telecoms equipment and cellphone maker ZTE (HKEx: 763; Shenzhen: 000063) by global rival Ericsson (Stockholm: ERICb), and things don’t look as bad as they did initially. Few details were given when Ericsson filed the suit in Britain back in April, but the action had the potential to halt ZTE’s sales in major European markets. (previous post) ZTE fired back with a meaningless lawsuit filed in China a short time later, but both companies have been largely mute on the subject since then. But now Chinese media are reporting an Ericsson executive attending an event in Beijing made some brief remarks on the matter in response to a question, and it looks like this whole issue is simply a question of money. (English article) That’s quite an important distinction, as companies that file such lawsuits usually do so with one of two objectives in mind. Companies like Apple (Nasdaq: AAPL) usually file their IP lawsuits to force a competitor to stop making a product altogether. But in many other instances, which appears to be the case with Ericsson vs ZTE, the company filing suit simply wants another company to pay royalties by forcing the offending company to legally license its technology. If that’s the case here, then I would expect a resolution of this dispute in the near future. Of course, any new licensing deal will hurt ZTE, whose low costs are one of its chief advantages, by driving up those costs. But in the longer term, ZTE will be able to continue selling its products in Europe and elsewhere without interruption, and the company can return to competing against Ericsson in the marketplace rather than in the courtroom.

Bottom line: New remarks from Ericsson suggest its lawsuit against ZTE is all about licensing and money, and a resolution could soon be forthcoming.

从纠纷一开始到现在已有八个月之久，现在我们终于对此事有了多一些了解。电信设备商爱立信(ERICb.ST)此前在欧洲一纸诉状将中兴通讯(0763.HK; 000063.SZ)告上法庭，该诉讼看起来可能给中兴致命重创，不过目前状况看起来并没有当初那麽差。4月份，爱立信在英国起诉中兴通讯，外界对相关细节知之甚少。但诉讼有可能阻止中兴通讯在主要欧洲市场的销售。中兴通讯很快就予以回敬，在中国对爱立信提起诉讼。此後，两家公司在这个问题上双方基本沉默不语。但是中国媒体近期报导，一名在北京参加活动的爱立信高管在回答提问时此事做了简短的评论，看起来整个事情仅仅是钱的问题。这是一个非常重要的分界线。企业提起此类诉讼时，除了钱的目的外，往往希望一箭双雕。苹果(AAPL.O)等公司发起专利诉讼通常是为了迫使竞争对手停止产品生产。但更多情况下，一家企业提起诉讼通常是为了迫使另一家企业购买技术许可，支付专利费，爱立信与中兴通讯的纠纷似乎就属这种情况。如果事实确实如此，我预计近期两家公司应该就能解决纠纷。当然，任何新的许可协议都有损中兴通讯，因低成本是它的主要优势之一。但从长远一些来看，中兴通讯可以在欧洲等地继续产品销售工作，继续与爱立信同台竞争，而非仅仅局限于法庭之上。

一句话：爱立信高管最近的表态暗示，爱立信与中兴通讯的官司仅仅属于授权许可与钱的问题，纠纷不久应该就能尘埃落定。

Related postings 相关文章:

◙ ZTE Pressures Ericsson With China Suit — NOT 中兴反诉爱立信

◙ Huawei, ZTE Spat Heats Up 华为中兴之争升级

◙ ZTE Gambles With Smartphone Share Grab 中兴通讯押注智能手机业务

Boring Games, Video Drain Drag Down Shanda

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Shanda Interactive (Nasdaq: SNDA) has just reported some of its most unimpressive results ever, with a core video game business that looks like a zombie and an online video unit that looks even scarier. The bottom line is that Shanda saw its second-quarter profit plunge 95 percent amid stiff competition and few  compelling offerings in two of its core business, its online game unit operated by Shanda Games (Nasdaq: GAME) and its struggling video sharing business operated by Ku6 Media (Nasdaq: KUTV). (results announcement) Shanda said its game business, accounting for about two-thirds of its total revenue, grew just 5 percent in the second quarter from the first, and was up only a slightly better 19 percent year on year. Meantime, Ku6, which has been in a state of near chaos since Shanda Chairman Chen Tianqiao forced out its chief executive earlier this year (previous post), posted a massive net loss of $21.6 million, double the loss from the previous quarter. (company announcement) Strangely enough, Shanda shares rose a bit after the results came out, but gave back the gains in after-hours trade. Perhaps people are excited about the company’s upcoming plans to spin off its online literature unit, Cloudary, which is the lone positive spot in the company’s portfolio of otherwise unimpressive business units. (previous post) Or perhaps they suspect that Ku6 could soon become a takeover target, as evidenced by the recent talk of nearly all the major players, including Baidu (Nasdaq: BIDU), Tencent (HKEx: 700) and most recently Sina (Nasdaq: SINA) wanting to get into the video space. (previous post) Regardless, Shanda to me still looks like a long-term dud, and will probably stay that way as long as Chen remains at the head of the company — in other words for a long time!

Bottom line: Shanda Interactive’s latest results reveal a company in need of new leadership.

Related postings 相关文章:

◙ Shanda Cloudary Returns to Market, Worth a Look

◙ Sina Taps On Back Door Into Tudou 新浪可能收购土豆

◙ Tencent Sends Out Mixed Video Signals 腾讯若持股优酷 有助进军视频业

China Makes Up Its Mind: Penalty Reform 中国终于下决心:改革惩罚制度

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It’s quite a slow news day as we head into the final days of summer before the new school year begins, so I thought I’d dust off my “China Makes Up Its Mind” column with a discussion of much-needed reform of China’s penality system for companies that break the law. Not surprisingly, the calls for reform, while still somewhat muted, are coming in response to violations by a foreign company, in this case US oil giant ConocoPhillips (NYSE: COP), whose leaking oil wells are causing potentially devastating damage in the Bohai Bay off the coast of Shandong province. Under the current system, ConocoPhillips will face maximum fine of 200,000 yuan, or a mere $31,000, for this environmental nightmare that has caused much more damage to the environment and people’s livelihoods. (English article) Maximum penalties for other violations, such as y copyright violation, causing business disruptions and libel, are all also ridiculously low, effectively giving a green light for companies to engage in any of these practices with little fear of serious consequences. The reason for the lightweight penalties owes to the fact that most were created when nearly all companies were state-owned, so leaders in Beijing didn’t want to burden their own companies with big fines for bad business practices. But as private companies have multiplied, there are growing calls for reform, which is sorely needed to make sure that companies — both private and state-run — behave responsibly or face serious financial consequences. At this point it’s far from clear that Beijing has the will to make this kind of needed reform, as any higher penalties would not only affect private companies like ConocoPhillips, but also their state-run partners, in this case oil giant CNOOC (NYSE: CEO; HKEx: 883). But if China really wants to develop an orderly business environment that fosters healthy competition, it needs to move forward soon with such reform, and this Bohai Bay case may provide just the impetus to move forward on this front.

Bottom line: The ConocoPhillips oil spill in the Bohai Bay could finally prompt Beijing to overhaul its outdated penalty system that levels ridiculously low fines against companies that break the law.

NOTE: “China Makes Up Its Mind,” an occasional mini-column where I look at one of Beijing’s latest macro industrial policies, its chances for success and the potential impact on industry players.

暑假即将结束，新学年即将开始，近期新闻异常清淡。所以我就拍拍案上的灰尘，重新拾起了尘封了一段时间的“中国决心已定”系列专栏。今天就来讨论一下中国亟需的对企业违规违法的惩罚体制。毫无意外，近期的改革呼吁源于外企出事，虽然声音并不大。此次具体的案例就是康菲石油(COP.O)渤海湾漏油事件。基于现行惩罚制度，康菲带来如此严重的环境灾难，对民众生活造成如此影响，但最高只需缴纳20万元人民币罚金。此外，盗版等其他违法行为的惩罚也轻得令人难以置信，实际上是为企业的此类做法开绿灯。大棒高高举起轻轻落下的原因就在大多出事企业都是国企，政府不愿让自家企业背负重罚。但是随着私企的不断增多，惩罚体制改革呼声渐起。目前远不清楚北京是否有决心来推行此类迫切需要的改革。因为重罚是会罚到康菲等类私营企业，但也会累及它们的中方合作夥伴，在本案例中就是中海油(0883.HK; CEO.N)。但是如果中国确实希望发展健康有序的经营环境，就必须推动此类改革，而康菲渤海湾漏油事件可能正好帮了一把。

一句话：康菲渤海湾漏油事件可能终于促使北京下定决定，整顿过于落後、量刑过轻的企业违法惩罚机制。

Related postings 相关文章:

◙ CNOOC Woes Spotlight Environmental Perils

◙ Bohai Spill: A Slippery Mess for CNOOC 中海油的漏油危机

◙ Qihoo Loses Yet Another Lawsuit, But No One Cares 奇虎败诉不足为戒

Tax Evasion Report: Trouble Brewing in Group Buying? 团购被曝逃税 行业整顿或在即

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The unruly and ultra-competitive group buying space could soon add tax evasion to its growing list of woes, with a new report saying the turbulent sector may owe more than 500 million yuan, or $77 million, in unpaid taxes. (Chinese article) The report cites Analysys International, a fairly respected Internet research house, as the source of the report, but clearly this kind of figure came directly from tax officials or was derived using data they supplied, as there’s no way Analysys could get access to this kind of data from the companies themselves. As such, the report looks particularly worrisome for the already-turbulent sector, hinting at a pending crackdown by tax officials which could see the closure of many smaller players in a space which has seen explosive growth in the last two years. The sector already received a blow earlier this month when a leading player, 55tuan, was rebuffed in its search for a  Western investment bank to sponsor a planned New York IPO, after several banks it approached reportedly worried about the accounting of its numerous acquisitions over the last two years. (previous post) Gaopeng, the group buying joint venture between Tencent (HKEx: 700) and Groupon, has also been laying off hundreds of staff, leading many to question the company’s future. Three of the sector’s leading players, 55tuan, along with Lashou and Dianping, raised a collective $500 million combined earlier this year, as domestic and international investors clamored for a piece of a future Chinese Groupon. This latest wrinkle on the tax evasion front looks like a major clean-up could be coming soon, potentially hitting even some of the big players. Investors should watch for some interesting times ahead, as China’s overinflated Internet bubble looks set to burst in the not-too-distant future.

Bottom line: A new report on tax evasion by online group-buying sites is the latest sign that this unruly, ultra-competitive sector is due for a clean-up in the near future.

团购行业麻烦不断，或即将再添逃税一项。最新报导称，团购行业每年逃税或逾5亿元。媒体报导援引的是研究机构易观国际（Analysys International）的说法，但此类数据显然直接来自税务官员，或从他们提供的数据推测得出，因为易观国际无法从团购企业获得税务信息。所以，对于本来就很混乱的团购行业来说，这一报导尤其令人不安，预示着税务官员或将整顿团购行业，许多规模较小的团购企业或因此倒闭。过去两年，团购行业呈现爆发式增长。本月稍早窝窝团拟赴美上市，但其接触的各大投行均对其过去两年多起收购的会计问题表示担忧，因而拒绝为窝窝团融资。腾讯(0700.HK)和Groupon合资成立的高朋网也裁员数百人，令众人质疑该公司的未来。今年早些时候，由于国内外投资者希望在中国团购行业分得一杯羹，目前该领域的三大领先企业–窝窝团、拉手网和大众点评网共募集到5亿美元风险投资。这次团购逃税风波或预示行业整顿在即，甚至一些大型团购公司也可能受到冲击。投资者应关注这一前景，因为中国互联网泡沫似乎在不远的将来即将破灭。

一句话：有关团购网逃税的最新报导表明，这一混乱且竞争激烈的行业可能即将面临整顿。

Related postings 相关文章:

◙ Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

◙ Gaopeng Lay-Offs Auger Ad Spending Downturn 1高朋裁员预示网络广告支出或大幅下降

◙ 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