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

News Digest: September 24-26, 2011

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The following press releases and media reports about Chinese companies were carried on September 24-26. To view a full article or story, click on the link next to the headline.

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◙ China Communications Construction eyes $3.1 billion Shanghai IPO (English article)

◙ Lenovo (HKEx: 992) Lowers Price on A1 Tablet PC to 1,000 Yuan, May Start Price War (Chinese article)

◙ Dangdang (NYSE: DANG) Announces Fulfillment Developments, New Head of Technology (PRNewswire)

◙ ZTE (HKEx: 763; Shenzhen: 000063) Officially Launches Skate 4.3-Inch Smartphone Globally (Businesswire)

◙ Silvercorp (NYSE: SVM) Sues Chinastockwatch.com Alleging Attempt to Drive Down Shares (English article)

More Internet Froth in Alibaba Valuation, Dangdang Price War 阿里巴巴估值奇高凸显网络泡沫

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The latest signs of froth in China’s bulging Internet bubble are popping up in several places this week, with new investors in e-commerce leader Alibaba Group boasting a ridiculously high valuation for the company, while the latest price war by Dangdang (NYSE: DANG) underscores the overheated competition. And in perhaps the most revealing of the new developments, even state-owned dinosaur CCTV is jumping on the e-commerce bandwagon, with the launch of its CNTV Mall. (English article) Let’s begin with Alibaba, which has received new investment from a group of blue-chip investors including Singapore’s Temasek, private equity firm Silver Lake Partners and Russia’s Digital Sky Technologies (DST), which are boasting their investment values the company at as much as $32 billion. (English article) This sounds ridiculous for a company that analysts were estimating was worth around $10 billion just months ago, and is reminiscent of DST’s estimate earlier this year shortly after it and others invested $1.5 billion in e-commerce site 360Buy that that company was worth up to $10 billion. (previous post) I wouldn’t be surprised if DST was the one giving the $32 billion figure for Alibaba, and would advise DST’s chief Yuri Milner to take a course in remedial finance before throwing out more such overinflated numbers in the future. In terms of Dangdang, the company is reportedly pressuring consumer electronics companies that sell on its site to lower their prices below those of comparable products on 360Buy, in a campaign that a Dangdang insider says has been named “operation decapitation”. (English article) The name of the campaign itself reflects the hyper competition that has appeared in China’s e-commerce space following the infusion of billions of dollars in new investment over the past year. But the biggest sign of a bubble in my view is the arrival of China Central Television, better known as CCTV, to the market. You know that when a slow-moving dinosaur like CCTV finally joins the game, the party is almost over.

Bottom line: A sky-high new valuation for Alibaba Group and the latest cut-throat campaign from Dangdang are the latest signs of a looming burst for China’s Internet bubble.

本周种种迹象表明，中国互联网泡沫正在成形。阿里巴巴市值被投资者吹捧到高得离谱，当当网(DANG.N)近期打响价格战凸显行业竞争白热化。最能说明问题的莫过于CCTV也进军电子商务领域，推出中国网络电视台商城（CNTV Mall）。首先，来谈谈阿里巴巴。该集团近期获得多家蓝筹投资机构投资，包括新加坡淡马锡控股、私募公司Silver Lake Partners及俄罗斯风投公司数字天空科技（DST）。这些机构称，他们对阿里巴巴的投资，促使该公司市值高达320亿美元。这听起来十分荒谬，因为仅在数月前，分析师估算的阿里巴巴市值仅为100亿美元左右。这不禁让人想起今年早些时候，DST与沃尔玛和百度向京东商城投资15亿美元后不久，就对京东商城估值100亿美元。如果是DST提供阿里巴巴市值320亿美元的数据，我一点也不会感到惊讶，我会建议，DST执行长米尔纳（Yuri Milner）以後夸大这类数据前，应先学会补齐财务知识。有报导称，当当网正向其消费电子产品供应商施压，要求其售价应低于京东商城同类产品，当当网内部人士透露，此举被命名为“斩首行动”。这一名字本身就反映了中国电子商务行业竞争白热化的现状。该领域过去一年来获得了数十亿计美元的新注资。但我认为，中国互联网泡沫的最大迹象是CCTV进军该市场。要知道，像CCTV这样行动缓慢的庞然大物加入时，游戏就基本结束了。

一句话：对阿里巴巴集团估值过高，当当网启动“斩首行动”，这些都是中国互联网泡沫破裂的最新迹象。

Related postings 相关文章:

◙ Muddy Waters, Taobao Mall Wake Up to China E-commerce Hype

◙ 360Buy IPO: Let the Delays Begin 京东商城放缓IPO进程

◙ Wal-Mart Finds Bargain in China’s Internet Bubble

Unicom’s Sputtering 3G: Blame It On the Handsets 联通幡然醒悟 借低价手机扩张3G市场

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Despite receiving numerous advantages from Beijing in China’s fledgling 3G market, China Unicom (HKEx: 762; HKEx: CHU) has shown disappointingly slow progress in boosting its share in the space and now we may know why: a shortage of low-cost handsets. That’s what domestic media are reporting, with Unicom preparing to buy up to 8 million smartphones costing under 1,000 yuan, or about $150 each, in a bid to boost its share in the market. (Chinese article) A quick look at the numbers shows that Unicom has made little or no progress in terms of boosting its 3G market share in the last 4 months. It owned 30 percent of the market in April, compared to 45 percent for the nation’s dominant carrier China Mobile (HKEx: 941; NYSE: CHL) and 25 percent for China Telecom (HKEx: 728; NYSE: CHA). (previous post) Fast forward to August, when Unicom’s share remained stuck at 30 percent, while China Mobile’s dropped 2 percentage points to 43 percent, all of which was picked up by China Telecom, whose share rose to 27 percent. (English article) In my view, blaming its lack of progress on lack of low-cost handsets is a lame excuse. Unicom’s 3G network is technically superior to both of its rivals’, supported by a much wider array of handsets than those available to 3G subscribers of China Mobile or China Telecom. The fact that Unicom chose to focus on high-end customers in its 3G campaign, relying especially heavily on Apple’s (Nasdaq: AAPL) trendy but costly iPhone, shows a clear lack of foresight by the company, which should have realized that the vast majority of Chinese living outside the wealthiest cities like Beijing and Shanghai may not want to spend 3,000 yuan or more for 3G handsets. I applaud Unicom for finally realizing its mistake and moving to rectify it with a mass purchase of lower-cost phones. But such a fundamental miscalculation looks a bit worrisome, especially as Unicom’s technological advantage could end as soon as next year as China Mobile trials and prepares for the commercial launch of a solid 4G product and China Telecom continues its aggressive 3G promotion.

Bottom line: Unicom’s failure to anticipate demand for low-cost 3G handsets reflects a lack of vision, which will undermine the company’s longer term prospects.

在中国刚刚起步的3G市场，中国联通(0762.HK; CHU.N)从政府那儿得到数不清的好处，但它在提高市场份额方面却显出令人失望的迟缓，现在，我们或许已经知道其中缘由了：缺乏低成本手机。根据国内媒体报导，为扩大市场份额，联通准备采购800万部千元以下的智能手机。光看这一数字就知道，联通在过去四个月中几乎未能在抢占3G市场份额方面取得任何进展。今年4月，联通占有30%的3G市场份额，中国移动(0941.HK; CHL.N)和中国电信(CHA.N)分别为45%和25%。到了8月份，联通的市场份额未变，中国移动则下滑两个百分点，至43%，中国电信则升至27%。在我看来，将进展迟缓归咎于缺乏低成本手机是个非常蹩脚的借口。联通的3G网络在技术上要优于竞争对手，相比中国移动或中国电信的3G用户，联通提供了更多样化的手机选择。但联通选择把高端客户，特别是依赖苹果iPhone手机的人，作为其扩张3G市场的重点，这个事实只能说明联通缺乏远见。联通本应意识到，那些不在北京、上海等一线城市生活的广大中国民众或许不愿花3,000多块钱买个3G手机。联通总算能意识到错误，并通过大量采购低成本手机的亡羊补牢之举，令我感到庆幸。但这麽低级的一个判断失误着实令人担心，尤其考虑到联通的技术优势可能会最早在明年终结，届时中国移动或在明年尝试并准备推出商业化的4G产品，中国电信也会继续其3G网络的推广。

一句话：中国联通未能预见到低成本3G手机的巨大需求，说明缺乏远见，而这一缺陷将有损联通的长远前景。

Related postings 相关文章:

◙ China Mobile Turns Up 3G With New Handset Push 中国移动3G再发力

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

◙  Unicom, China Telecom Come Nipping at China Mobile’s 3G Heels 中国联通和中国电信紧盯中国移动3G市场

Two Generals Team Up in Latest EV Drive

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There’s been a flurry of news on the electric vehicle (EV) front these last 2 days, as China enlists US heavyweights General Motors (NYSE: GM) and General Electric (NYSE: GE) to try and jumpstart the country’s sputtering drive to environmentally friendly cars. But despite the hype, the two latest initiatives look largely symbolic to me, and it’s hard to tell if either will have much impact. One deal will see GM and Chinese partner SAIC (Shanghai: 600104) step up their EV development, with GM making vague promises to transfer more of its cutting-edge EV technology to China as it prepares to import its state-of-the-art Chevy Volt on a trial basis. (English article) The second deal will see the two Generals, GM and GE, install charging stations in Shanghai on a very limited basis at GM’s China headquarters and in the pilot district of Jiading. (English article) The pair of announcements follow a similar, more interesting one last month, in which GE teamed up with US rental car giant Hertz and Chinese EV maker BYD (HKEx: 1211) in a drive to make EVs available on a rental basis with GE supplying necessary charging infrastructure and BYD supplying cars. (previous post) I applaud China for its steadfast determination push ahead with its EV drive, which it is trying to do by offering buying incentives and by coaxing big names like GE, GM and Hertz to provide the necessary infrastructure. But it’s clear from the reserved nature of all these announcements that the biggest piece of the equation — consumer demand — is still missing. The rental car concept being rolled out by Hertz is good, as it will allow consumers to test out EVs and feel more comfortable with them before making a purchase. Beijing needs to make more moves like this, including a broader public education program, to build up the necessary consumer confidence that even the most aggressive infrastructure-building program can’t provide. Without such confidence, China’s EV drive could sputter and die before it even gets started.

Bottom line: China’s latest EV initiatives involving GE and GM look largely symbolic, and instead Beijing should focus on building the necessary consumer confidence to make its EV program work.

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

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

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

News Digest: September 23, 2011

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The following press releases and media reports about Chinese companies were carried on September 23. To view a full article or story, click on the link next to the headline.

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◙ Unicom (HKEx: 762) Buys 8 Mln 3G Smartphones to Ease Supply Shortage (Chinese article)

◙ Alibaba Said to Be Valued at $32 Billion as Temasek, DST Invest in Company (English article)

◙ Ctrip (Nasdaq: CTRP) Announces Plan to Repurchase Up to $15 Million in Shares (PRNewswire)

◙ SMG, Endemol Partner on TV Content Production (English article)

◙ Deadline Announced for Lead Plaintiffs in the Class Action Suit Against SinoTech Energy (Businesswire)

Acer Trips, Lenovo Next? 联想应避免重蹈宏基覆辙

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The folks at Lenovo (HKEx: 992) are surely celebrating, after the latest numbers showed it zoomed past sputtering Taiwanese PC maker Acer (Taipei: 2353) to take the spot as the world’s third largest PC seller in the second quarter. (Chinese article) But before they celebrate too much, I would advise Lenovo’s leaders to take a good look at what happened to Acer to avoid a similar fate of the former high-flyer. First let’s look at the numbers. According to iSuppli, Lenovo’s PC shipments soared 23 percent in the second quarter from a year earlier, giving it 12 percent of the world’s PC market. That was more than enough to lift it past Acer, whose shipments plummeted 20 percent to give it just over 10 percent of the global PC market. Acer’s story is relatively well known, as its low-price strategy to grab share in tough Western markets from better run rivals Dell (Nasdaq: DELL) and Hewlett Packard (NYSE: HPQ) ultimately backfired and drove the company’s bottom line into the red. Lenovo has seen its sales soar in large part due to its earlier decision to focus on emerging markets, drawing on expertise gained in its home in China where it controls more than a quarter of the market. But it has shown a worrisome tendency recently to buy dying Western computer makers, picking up Germany’s Medion (previous post) and taking over NEC’s (Tokyo: 6701) PC business in Japan (previous post), much the way Acer took over the dying Gateway brand in the US in 2007. Recent signals from Lenovo’s acquisition-happy Chairman Liu Chuanzhi indicated he was strongly considering a bid for HP’s PC business, which HP is trying to sel. But Liu later backed off and said Lenovo wouldn’t enter the race. If true, that would be a smart move for Lenovo, which should focus on integrating its Japanese and German acquisitions and building its emerging markets business to avoid following in Acer’s footsteps.

Bottom line: Lenovo needs to study the case of Acer and avoid overly aggressive ambitions in Western markets to avoid repeating Acer’s recent rapid fall from grace.

联想(0992.HK)员工一定在庆祝，公司第二季度超过宏基(2353.TW)成为全球第三大个人电脑（PC）厂商。但他们最好不要高兴过头，我建议，联想领导层应仔细审视宏基的经历，避免遭遇相同的命运。首先，来看看最新数据。市场研究公司iSuppli称，联想第二季度PC发货量同比增长23%，其全球市场份额增至12%。这使联想远远超过宏基，後者第二季度PC发货量下滑20%，全球市场份额仅略高于10%。宏基的故事相对广为人知。凭借低价策略，宏基从戴尔(DELL.O)和惠普(HPQ.N)手中抢得西方市场份额，但最终适得其反，导致宏基出现亏损。联想PC销量大涨，主要归因于早先侧重新兴市场的决策，并充分利用在国内积累的专业经验。联想占据国内PC市场逾四分之一份额。但联想收购德国Medion和日本NEC(6701.T)PC业务，这一趋势令人担忧，做法很像宏基2007年在美国收购濒临破产的Gateway。联想董事长柳传志稍早的讲话表明，有意竞购惠普打算出售的PC业务，但近期却打退堂鼓，称联想不会参与竞购。如果情况属实，可谓明智之举。联想应致力于整合上述两起并购，发展新兴市场业务，避免重蹈宏基的覆辙。

一句话：联想应以宏基为鉴，避免在西方市场过度扩张，再现宏基近期迅速下滑一幕。

Related postings 相关文章:

◙ Lenovo Sets Sights on Russia, Style 联想进军俄罗斯市场，研发时尚型PC

◙ Lenovo Considers Dangerous HP Computer Bid 联想应慎购惠普PC业务

◙ Lenovo Discovers the Right Formula a Little Too Late 联想再次“晚一步”

Qihoo Goes to War With Mobile Browsers 奇虎360加强移动互联网布局

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I’ll be direct and say I don’t particularly like computer security software firm Qihoo 360 (NYSE: QIHU) due to its often questionable business practices and its guerrilla-style marketing tactics, which China’s weak legal system seems to encourage through lack of meaningful penalties. That said, market watchers might want to keep any eye on the company’s new plan to put the mobile Internet at the center of its strategy going forward. Qihoo has just launched a new suite of mobile browsers (company announcement), and its CEO Qi Xiangdong says the company is devoting big resources to development of its mobile Internet business. (Chinese article) I don’t know if these new browsers are good or not. But that probably won’t matter, as Qihoo, using its guerrilla-style tactics, will find a way to get these products onto the mobile phones of most Chinese consumers in the next year or 2 whether they want them or not, much the way it has done with its Web security products. Qihoo products, once on a person’s computer or mobile phone, are also very difficult to delete, and the company often designs in features to crowd out competing products. For older folks out there, Qihoo’s tactics are reminiscent of the kinds of things AOL did in the 1990s to become the leading US Internet service provider, before its rapid fall from grace when the Internet moved from dial-up phone service to broadband. The only difference is that AOL at least acted legally, while Qihoo has the added option of illegally sabotaging rival products to help propel its new mobile browsers to prominence. If I were an investor and didn’t have any qualms about ethics, I would say that Qihoo 360 shares could look like a good bet in the future, as the mobile Internet is clearly a strong growth area and Qihoo seems to have the right stuff to be a leader in the space. But then there’s always the chance that Beijing regulators or Chinese courts may some day sit up and try to rein in this unruly company.

Bottom line: Qihoo 360 guerrilla marketing tactics will give its new mobile Internet initiative a good chance of success.

开门见山地说，我不太喜欢计算机安全软件公司奇虎360<QIHU.N>，因为这家公司的商业行为经常令人质疑，采用游击式营销战术，而中国法律体制不够健全，惩罚力度不足，在某种意义上纵容了此类行为。不过，这家公司日前把移动互联网放到公司未来发展的战略中心位置，市场观察人士不妨关注一下。奇虎360刚刚推出一套新的移动浏览器，该公司总裁齐向东称360将投入最大的精力去发展移动互联网。我不知道新浏览器怎麽样。不过浏览器好不好可能无所谓，因为无论消费者想不想要，可能未来一两年内，奇虎都会利用游击战术把新的浏览器加入到中国用户手机上，重演360互联网安全产品的推广过程。奇虎产品一旦安装到电脑或者手机上就很难删除，而且其产品设计往往有排挤竞争产品的特点。对於年龄稍大的人而言，奇虎战术有点美国因特网服务提供商AOL上世纪90年代的影子。唯一的区别是，至少AOL没有违法，但是奇虎却可能利用不当手段，排挤竞争产品，以推动其新的移动浏览器占据显着地位。如果我是一名不太考虑道德规范的投资者，那我会说未来奇虎360股票是一个不错的选择，因为移动互联网显然将增长强劲，而奇虎又具备成为该领域领袖的潜质。不过话说回来，难说中国监管层或中国法院哪天突然决定管教一下这匹脱缰的马。

一句话：凭借游击营销战术，奇虎360移动互联网新计划胜算颇高。

Related postings 相关文章:

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

◙ Qihoo: A Strange Tiger, Indeed 奇虎：真的是头怪虎！

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

Investors Punish Sina for Slow Weibo Progress

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Leading Web portal Sina (Nasdaq: SINA) is discovering there’s nothing like a good rumor to hammer one’s stock. The company’s shares are down nearly 18 percent over the last two days, including a 15 percent tumble on Tuesday, apparently on concerns that Beijing is preparing to license all microblogging siites, and that Sina’s sector leading Weibo service is not among 4 companies set to receive licenses. (Chinese article) Beijing has certainly shown a recent tendency to want to license things on the Internet, first requiring electronic payments firms to register with the government and later making similar requirements for online mapping companies. But in both instances, the government has shown little or no inclination to severely limit the number of licenses, and instead these mandates look more like efforts to provide more government oversight to ensure orderly development. That said, we’ve heard little or no indication so far that Beijing wants to regulate other areas like search, music, video or online games by forcing all participants to get government licenses. In this case, I suspect the sell-off reflects investor fatigue over the near non-stop hype surrounding Weibo since Sina spun it off into a standalone unit earlier this year (previous post) in preparation for a separate listing as soon as next year if the unit can find a way to turn its vast user base of 200 million into a profit center. Even after the sell-off, Sina’s price to earnings ratio for the next year is quite high at 125, though that probably doesn’t include any contribution from Weibo. Inn that light, this sell-off seems to be a call by investors for Sina to tone down the Weibo hype and instead to show some profits for this asset that looks attractive for its user base but has yet to show any contribution to Sina’s bottom line. Given Sina’s strong record at execution, I would say that Weibo should finally be able to show investors some money as soon the end of next year.

Bottom line: A sell-off of Sina shares reflects investor impatience over development of its Weibo microblogging site, which could turn a profit as soon as the second half of next year.

Related postings 相关文章:

◙ Sina, Tencent Pose Threat in SNS, E-Commerce 新浪腾讯攻城掠地

◙ Sina’s Weibo Steps Outside China 新浪微博进军日本市场

◙ 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

News Digest: September 22, 2011

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The following press releases and media reports about Chinese companies were carried on September 22. To view a full article or story, click on the link next to the headline.

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◙ Dangdang (NYSE: DANG) Plans 3C Price War Against 360Buy – Source (English article)

◙ Lenovo (HKEx: 992) Passes Acer (Taipei: 2353) As World’s Third Biggest PC Seller (Chinese article)

◙ Sino Agro Food Clears SEC Comments on its Form 10 Registration Statement (Businesswire)

◙ Baidu (Nasdaq: BIDU) Invests in Group Buying Cosmetics Site 36tuan – Source (Chinese article)

◙ Shanda’s (Nasdaq: SNDA) Ku6 Media (Nasdaq: KUTV) Quits Video, Tries SNS (Chinese article)

Apple Prepares to Bring Anti-Android Drive to China 苹果计划在华反击Android

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Apple (Nasdaq: AAPL) has taken the interesting step of getting 40 new patents in China, in what looks like an opening move that could ultimately see it target the growing number of Chinese cellphone makers that use Google’s (Nasdaq: GOOG) popular Android cellphone operating system. (English article) The report in the China Daily focuses on the more obvious potential aims of the patents, such as closing a slew of bogus Apple stores that have sprung up in China as Apple’s sales have soared to surpass those of leading PC maker Lenovo (HKEx: 992). (previous post) But the article points out the new patents also cover Apple’s popular user-friendly smartphone operating system (OS), which has been largely responsible for the huge boom in its iPhone and smartphone sales in general over the last 3 years. Apple has argued that Google’s free Android OS, which has been embraced by many of the world’s top cellphone makers, is a copycat of its own OS, and has successfully sued to halt the sale of popular Android-based smartphones and tablet PCs from Taiwan’s HTC (Taipei: 2498) and Korea’s Samsung (Seoul: 005930). Based on that behavior, this new round of patent filings in China looks like Apple is preparing to sue Chinese smartphone makers like ZTE (HKEx: 763; Shenzhen: 000063), Lenovo and TCL Communications (HKEx: 2618; Shenzhen: 000100), which all use Android. ZTE in particular could be at big risk, as its recent drive to become a global leader in smartphones costing as little as $100 each (previous post) relies heavily on Android. If Apple does file such a lawsuit, it will be interesting to see how China’s courts react as obviously any ruling in Apple’s favor could deal a big blow to the domestic industry. But anyone industry watchers should also note that Chinese courts don’t appear to have any power to make temporary rulings like judges do in the US, meaning any enforcement action can only occur after a judge makes a final decision — a process that could take months or even a year. Still, considering Apple’s success so far in the US against giants like Samsung and HTC, Chinese smartphone makers would be well advised to start drawing up plans for new Android alternatives if and when Apple moves its anti-Android battle to China.

Bottom line: Apple’s new round of patents in China look like the prelude to lawsuits against domestic smartphone makers like ZTE, which rely heavily on Google’s free Android operating system.

苹果(AAPL.O)在华成功申请了40项新专利，其终极目标看似是对采用谷歌(GOOG.O)Android系统的中国手机商亮剑的第一步。《中国日报》的报导侧重苹果旨在专利维权的一面，例如关闭苹果山寨零售店等。由于苹果电脑在华销量大涨，超过PC领军企业联想(0992.HK)，苹果山寨店如雨後春笋般涌现。但文章指出，苹果新申请的专利还包括其界面友好的智能手机操作系统(OS)，这一操作系统是过去三年推动iPhone和智能手机销量整体上升的重要原因。苹果辩称，全球许多顶级手机商采用的谷歌免费提供的Android系统，是抄袭苹果OS系统的设计。苹果还在宏达电(HTC)(2498.TW)和三星(005930.KS)专利侵权案中胜诉，成功迫使两家公司的Android智能手机和平板电脑暂停销售。鉴于此举，苹果在华新一轮的专利申请，看似将准备起诉使用Android系统的中国智能手机制造商，例如中兴通讯(000063.SZ; 0763.HK)、联想和TCL通讯(2618.HK)。中兴通讯面临的风险尤其大，因为其近期力争成为售价低至100美元的智能手机的全球领军企业，该公司的这一计划严重依赖Anroid系统。如果苹果提出侵权诉讼，中国法院如何回应是件有趣的事情，因为任何明显有利于苹果的判决，都将重创中国手机产业。但业内观察者也指出，中国法庭进行终裁後才会有执行举措，而法庭裁判过程往往耗时数月甚至一年。话说回来，考虑到苹果在美胜诉三星和宏达电侵权，中国智能手机商最好早做打算，制定替代Android的新计划，以防苹果万一在华打响反击Android战役。

一句话：苹果在华新一轮专利申请，看似是起诉中兴通讯等中国智能手机商的前奏，这些本土企业严重依赖谷歌免费提供的Android操作系统。

Related postings 相关文章:

◙ Low-Cost Apple iPhone to Bite ZTE, Lenovo 苹果推低端iPhone 冲击中兴和联想

◙ 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

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

China Carmakers Lose a BRIC in Export Drive 中国汽车厂商的出口机会将逐步缩窄

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Chinese car makers looking to exports to offset slowing sales at home have received a setback, after an alarmed Brazil sharply raised car import tariffs in a move that appears to be aimed at a sudden spike in Chinese imports. (English article) According to a domestic media report, Brazil rushed through the new rates, which will raise tariffs by 30 percentage points, after imports of Chinese cars zoomed from zero last year to 43,000 vehicles in the first eight months of this year, accounting for 3.3 percent of the market. The increase will deal a blow to car makers like Chery and Dongfeng Motor (HKEx: 489), as they look to foreign markets to help offset slowing domestic sales. China’s car makers saw their sales jump by healthy double-digit rates in 2009 and 2010, as their market, with the help of rising incomes and buying  incentives from Beijing, zoomed past the US to become the world’s largest by unit sales. But the growth has come skidding to a halt this year as incentives expired, prompting some of the more innovative companies to look abroad to offset the slowdown. Most   domestic firms’ cars are too low in quality to compete in developed western markets, leading some to target developing markets like the BRICS. This latest move by Brazil spotlights the risks for that road, as developing markets aren’t likely to welcome a flood of imported vehicles that could hurt their own domestic automakers, and will thus resort to this kind of tax to encourage investment in their domestic industries. Indeed, China itself uses just such tactics, imposing high tariffs on imported autos that have encouraged foreign giants like GM (NYSE: GM) and Volkswagen (Frankfurt: VOWG) to invest heavily in the Chinese domestic industry. Chery has already detailed plans to invest $400 million in a Brazilian manufacturing plant, and this latest move by Brazil is likely to spark more similar moves for companies that have the cash to invest.

Bottom line: Brazil’s tax increase on imported cars will put the brakes on Chinese exports to the market, and spotlights the difficulties they will face exporting to developing markets in general.

巴西大幅提高汽车进口关税，似乎在遏制中国产品进口的骤然增长。这令中国汽车厂商寻求以出口增长抵消内需放缓的努力遭遇挫折。根据巴西媒体报导，巴西今年前八个月进口中国汽车4.3万辆，占到巴西市场的3.3%，而去年进口还是零，这促使巴西政府匆忙出台新关税税率，大幅提高30个百分点。该举措将给奇瑞、东风集团等中国汽车厂商沉重一击，他们原以为可以借助国际市场抵消国内销售放缓的冲击。2009年和2010年，中国汽车厂商销量均以两位数增幅上升，在民众收入提高和中国政府鼓励政策支撑下，中国汽车市场以销量计算已经超过美国，成为全球之首。但是，随着购车刺激政策到期，今年销量增长陷于停滞，促使一些更具创新性的公司开始瞄准海外市场，寻求以此抵消国内市场放缓的影响。多数国产汽车质量太差，无法参与发达国家市场竞争，部分企业于是转向包括金砖国家在内的发展中国家市场。巴西最近开始的关税行动给中国厂商敲响了警钟，发展中国家市场也不大可能容忍进口汽车泛滥，并伤害到本国企业，于是终将拿起关税武器，鼓励外商投资于本国的汽车产业。实际上，中国自己实行的也是这种策略，对进口车徵收高关税，鼓励通用汽车(GM.N)和大众汽车(VOWG.DE)等行业巨头大量投资于中国汽车工业。奇瑞已经制定了详细计划，拟投资4亿美元在巴西建制造厂。巴西提高关税的举动很可能是希望刺激更多有投资能力的企业仿效吉利。

一句话：巴西对进口汽车提高征税标准将遏制中国对巴西汽车出口，也凸显了中国汽车厂商对发展中国家市场出口面临的困难。

Related postings 相关文章:

◙ Chery: A Good Bite With Subaru But A Lemon With Venezuela 奇瑞汽车喜忧参半

◙ China Buses: Cheap But Stuck in China 金龙：别开得太快

◙ Autos: a Desperate Capital Grab for Jianghuai, and Dongfeng’s Silly South Africa Plans 汽车业：江淮增发东风出口