Tag Archives: Tencent

Tencent latest Business & Financial news from Doug Young, the Expert on Chinese High Tech Market, (former Journalist and Chief editor at Reuters)

News Digest: November 1, 2011

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

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◙ Sohu.com (Nasdaq: SOHU) Reports Q3 Unaudited Financial Results (PRNewswire)

◙ China Online Sales Seen Tripling Driving Warehouse Surge: Retail (English article)

◙ Tencent (HKEx: 700) Confirms Strategic Investment in Kaixin (Chinese article)

◙ Baofeng Selects Underwriters for 2012 US IPO (English article)

◙ Sina Corp (Nasdaq: SINA) to Report Q3 2011 Results on November 8 (PRNewswire)

Kaixin Raises Profile in Renewed IPO March 开心网一改低调有意再次赴美上市

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The normally low-key Kaixin, China’s second largest social networking system (SNS), has suddenly raised its profile with a stream of headline-making announcements, in what looks like a bid to drum up publicity in the run-up to a revival for its US listing plan that got shelved earlier this year. In two separate pieces of news, domestic media are citing unnamed sources saying that Kaixin has agreed to form a social gaming joint venture with Shanda (Nasdaq: GAME), one of China’s leading leading online game operators (English article); and the company itself has made a relatively ho-hum announcement of another tie-up with a US company called Message Systems to strengthen the messaging platforms on its site. (company announcement) Those two news bits come just a week after media reported, and the company partially confirmed, that leading Internet firm Tencent (HKEx: 700) had taken a stake in Kaixin, joining a group of previous investors that included Sina (Nasdaq: SINA). (previous post) The recent flurry of news also follows a rare press conference led by media-shy Kaixin founder Cheng Binghao in August, where he addressed reports that the company’s business was slowing. (previous post) The company had previously been in a race with Renren (NYSE: RENN), China’s biggest SNS operator, to make an IPO earlier this year, but lost out in that contest. Reports indicated Kaixin was ready to finally go public during the summer, but may have temporarily shelved the plan amid a broader wave of negative sentiment towards China stocks due to concerns over accounting practices. Now that the negative sentiment seems to have faded and is more neutral, this recent flurry of activity mentioning big-name players like Shanda and Tencent, looks like Kaixin is trying to drum up excitement in preparation to relaunch its IPO bid. Pending any unforeseen changes in the market, the timing actually looks quite good, and an offering in the next month would probably do well. It certainly couldn’t do worse than money-losing Renren, whose shares initially after their May debut, but are now down nearly 60 percent from their offer price, caught up in the negative China sentiment.

Bottom line: A recent flurry of activity indicates Kaixin is gearing up to relaunch its delayed IPO, which should do well as negative sentiment towards China stocks subsides.

Related postings 相关文章:

◙ Kaxin Buys Time With Tencent Tie-Up 开心网与腾讯合作堪称一箭双雕

◙ Renren Discovers Microblogging Too Late

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

Kaxin Buys Time With Tencent Tie-Up 开心网与腾讯合作堪称一箭双雕

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Kaixin, one of China’s top social networking service (SNS) sites, has discovered that Wall Street doesn’t necessarily like money-losing companies and has turned instead to Internet titan Tencent (HKEx: 700) for a cash infusion that looks like a shrewd move as China’s Internet bubble shows signs of correcting. A company spokesman has confirmed receiving the investment, though he wouldn’t elaborate on the size or nature of the tie-up. (English article) From my perspective, this is exactly the kind of investment that all money-losing Chinese web firms should be seeking, rather than rushing to make IPOs that simply tell the world how much money they are losing and forcing them to focus more on becoming profitable rather than building their business. The new tie-up with Tencent comes after another Chinese Internet leader, top web portal Sina (Nasdaq: SINA), has already invested in the company, giving Kaixin two very potent partners to help it build up its SNS business, whose growth founder Cheng Binghao previously said is starting to slow. (previous post) Like many of its Internet peers, Kaixin was previously gearing up to make a New York IPO, even though it was still losing money; but this Tencent investment appears to signal it has shelved those plans for the moment in favor of building up its business and waiting for sustained profitability before going public. Kaixin’s main rival, Renren (NYSE: RENN), was among a group of money-losing China web companies that went public starting late last year when their shares were in big demand from investors keen to buy into the China Internet growth story. Since then, however, sentiment has cooled considerably to all US-listed China firms, partly due to realization that China’s Internet was a bit overhyped. After jumping 30 percent on its trading debut in May, Renren’s shares have moved steadily downward and are now trading 60 percent below their IPO price. By bringing in Tencent as a new investor, Kaixin is not only giving itself more time to become profitable, but once it does go public should also avoid the kind of volatility that Renren has seen.

Bottom line: Kaixin’s new investment from Tencent looks like a good tie-up, and will give it more time to become profitable and avoid an unfriendly IPO market for China Internet stocks.

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

◙ Renren Results: A Mixed Bag for Everyone 人人网业绩：苦乐参半

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

Group Buying Turmoil Grows With 55tuan Layoffs 窝窝团撤站裁员 团购业整合在即

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After a week or two of relative quiet, trouble in the group buying space has come bursting back into the headlines with the latest report of mass layoffs at one of the industry’s biggest players, 55tuan. (Chinese article) According to a report in the Chinese media, the company, which was having trouble finding an investment bank in July in its bid to raise new cash with an IPO (previous post), has been forced to close some of its regional offices and lay off 1,500 employees in a number of cities, including Shenzhen, Tianjin and Chongqing. The report also cited one consumer in the Guangdong city of Shaoguan saying he couldn’t use one of his group buying coupons issued by the company, and worrying that all of 55tuan’s coupons might become worthless. A company spokesman confirmed that some smaller outposts had been closed, but insisted that it was business as usual for 55tuan’s group buying website and that unsatisfied buyers could return their coupons for refunds. (Chinese article) Word of the layoffs actually first emerged last month, though the company denied any mass job reductions at that time. (previous post) The woes at 55tuan follow similar mass layoffs earlier this year at Gaopeng, the group buying joint venture between US giant Groupon and Tencent (HKEx: 700), and come as Lashou, another top group buying site, struggles to launch an IPO as it too grapples with fierce competition and a looming cash crunch. (previous post) One source told me earlier this week that 55tuan has finally managed to find an investment bank, though he declined to name the bank, leading me to believe that it’s not a major player. Regardless, the fact that most or all of China’s group buying sites are losing big money will make IPOs by Lashou or 55tuan highly unattractive to investors, who would rightly fear the companies could easily go out of business. Accordingly, I doubt we will see any IPOs by Chinese group buying sites either this year or in 2012, and more likely we’ll see a major market consolidation that will force many players either to combine or close before 2 or 3 large, profitable companies finally emerge.

Bottom line: Mass layoffs by 55tuan are the latest sign of distress in China’s group buying market, with IPO bids by Lashou and 55tuan likely to fail as the sector undergoes a major consolidation.

Related postings 相关文章:

◙ Lashou Ropes in Small Potatoes For US IPO 拉手网聘二流承销商赴美上市

◙ 55tuan Layoff Rumors Mark Latest Group Buying Distress Call 传窝窝团大裁员 团购业前景黯淡

◙ 360Buy $5 Bln IPO Plan Looks Like Desperation 京东商城50亿美元上市计划凸显绝望

 

 

HK Woes Point to Shanghai Sell-Off Next Week 港股跌宕起伏沪深後市堪忧

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China’s struggling stock markets are taking a much-needed weeklong break for the National Day holiday, but weak sentiment has continued unabated in Hong Kong, where the stock market tanked earlier in the week and shares of premier brokerage Citic Securities (HKEx: 6030) stumbled badly in their first trading debut outside China. The Hong Kong board started off the week in free-fall, shedding 7.6 percent on Monday and Tuesday before staging a rally on Thursday. But it was still down 2.4 percent at the start of the Friday trading day, and the volatility clearly reflects investor angst over what will happen when trading resumes in Shanghai and Shenzhen next Monday, with more sell-offs likely. In the midst of the chaos, shares of Citic Securities (Shanghai: 600030), the first in a string of high-profile listings of major state-connected firms aimed at propping up the markets, stumbled out of the gate, losing as much as 10.5 percent from their IPO price on their first trading day before finishing the day unchanged, even as the broader market rallied 5.7 percent. (English article) The weak debut, which came after Citic Securities already scaled back the offering and priced its shares at the low end of their range, bodes poorly for a number of other major state-run firms lining up to go public, including Sany Heavy Industries (Shanghai: 600031), which is also planning a listing in Hong Kong, and China Communications Construction, which is planning a Shanghai listing. (previous post). Meantime, the weakness has led two premier Hong Kong-listed China Internet names, Tencent (HKEx: 700) and Alibaba.com (HKEx: 1668), to do the once unthinkable and actually buy back their shares (Tencent article; Alibaba article). They join a list of peers that has so far included many mid-sized US-listed China tech firms like Ctrip (Nasdaq: CTRP) and Renren (NYSE: RENN) but has yet to see the likes of top names like Baidu (Nasdaq: BIDU) and Sina (Nasdaq: SINA) resort to such buy-backs. But if the current sell-off continues, we might even see these big names join the buy-back frenzy, showing just how low sentiment has sunk towards China plays, especially Internet stocks.

Bottom line: China’s stock markets will fall when trading resumes next week, extending sell-offs in Hong Kong and New York while Chinese markets were closed for the October 1 holiday.

Related postings 相关文章:

◙ Beijing IPO Campaign to Boost Markets Falls Flat 大宗IPO提振中国股市或成泡影

◙ China Offers Up Premier IPOs to Revive Markets 大企业沪港上市 政府借机重燃沪港生机

◙ CITIC Securities $2 Bln IPO Looks Good, With Potential to Jumpstart HK 中信证券香港IPO值得期待

Lashou Ropes in Small Potatoes For US IPO 拉手网聘二流承销商赴美上市

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Turmoil and discord continue to plague the online group buying space, with industry leader Lashou taking a dubious step in its struggle to make an IPO before the market collapses by hiring a couple of second-tier investment banks to underwrite the offering. Reuters is reporting the company has hired leading Chinese investment bank CICC and top Japanese investment bank Nomura to lead the New York offering to raise $100-$200 million (Chinese article). The hire  comes after Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) abruptly resigned from the case last month due to concerns over accounting records at some of Lashou’s recent acquisitions, and after another leading group buying site, 55tuan, reportedly failed to find an underwriter for its planned IPO for similar reasons. (previous post) I applaud Lashou for its tenacity in making an IPO; but it’s also painfully apparent the company had to resort to CICC and Nomura after the first-tier US and European investment banks all shunned the deal. Neither CICC  nor Nomura has particularly strong ties to US investors, which means that Lashou’s IPO, if it really goes ahead, will face an uphill battle attracting investors to this offer from a sector in crisis. The turmoil first surfaced earlier this year when Gaopeng, the group buying joint venture between US group buying pioneer Groupon and Tencent (HKEx: 700) launched mass layoffs. Groupon.cn, a China competitor unrelated to US-based Groupon, has also reportedly laid off many employees (Chinese article); and 55tuan itself has also started some layoffs, though the company has denied gossipy reports that it was laying off up to 70 percent of its staff. (English article) A sector in so much turmoil will hardly be attractive to US investors, who are already wary of Chinese companies due to several recent high-profile accounting scandals. That said, and considering the weakness of Nomura and CICC in this space, I would look for Lashou’s IPO to price at the low end of its range and ultimately raise less than the minimum $100 million it is targeting, as investors avoid this highly problematic offering — if it even makes it to market at all.

Bottom line: Lashou’s upcoming New York IPO is likely to attract little or no investor demand due to weak underwriters and turmoil in China’s ultra-competition group buying space.

Related postings 相关文章:

◙ Lashou Begs for an IPO Banking Partner 拉手网拼命寻找上市承销商

◙ 55tuan Layoff Rumors Mark Latest Group Buying Distress Call 传窝窝团大裁员 团购业前景黯淡

◙ Group Buying Sites: The First to Fall? 团购网或将在互联网泡沫破灭时应声而倒？

News Digest: September 30, 2011

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

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◙ China Internet Stocks Fall in New York on U.S. Investigation (English article)

◙ 55tuan Denies Rumors of 70% Workforce Cut (English article)

◙ Ctrip (Nasdaq: CTRP) Announces Up to $100 Million Share Repurchase Program (PRNewswire)

◙ Renren (NYSE: RENN) Announces US$150 Million Share Repurchase Program (PRNewswire)

◙ Court Upholds Verdict Against Qihoo 360 (NYSE: QIHU) in Tencent (HKEx: 700) Suit (Chinese article)

55tuan Layoff Rumors Mark Latest Group Buying Distress Call 传窝窝团大裁员 团购业前景黯淡

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I’m usually reluctant to report on rumors, but a posting on Sina’s (Nasdaq: SINA) Weibo late yesterday that group buying giant 55tuan was launching massive layoffs seemed too big to ignore, reflecting troubles at both the company and in the money-losing group buying space. Sina itself followed up on the Weibo post by contacting the  poster, who reiterated that 55tuan had cut 22 of the 31 people in the local markets division where he works, or about 70 percent of the division. (Chinese article) I suspect we’ll see domestic media follow up on this rumor today, and clearly you can’t extrapolate big cuts in a small regional division to an entire company. But at the very least, assuming this worker is really from 55tuan, this kind of a big cut in a single division probably points to major adjustments being made at 55tuan, which in July had to abandon plans for a US IPO after several investment banks refused to handle the deal over concerns about accounting records at some of its recently acquired assets. (previous post) Rival Lashou, China’s biggest group buying site, was racing to find an investment bank for its own IPO earlier this month, after Goldman Sachs and Morgan Stanley reportedly resigned from the case over similar concerns. (previous post) Both 55tuan and Lashou raised $100 million or more earlier this year amid a boom in China’s group buying sector that resulted in fierce competition, drawing the field of money-losing players deeper into the red. The layoffs at 55tuan, if true, would be the most significant in the sector so far, following major cuts at Gaopeng, the group buying joint venture between US giant Groupon and China Internet leader Tencent (HKEx: 700) earlier this year. Investors look unlikely to pour more funds into these money-losing companies anytime soon, which means that unless they can raise money some other way most are likely to go into a “cash preservation” mode by implementing severe spending cuts including layoffs and reduced marketing activities. When that happens, look for a ripple effect to hit other web firms like Baidu (Nasdaq: BIDU) and Sina, that rely heavily on ad revenues for their income.

Bottom line: Rumors of layoffs at group buying site 55tuan, if true, would mark the most significant sign to date of distress in the overheated sector, which is poised for a major shake-up.

我通常不愿探讨传言，但昨晚新浪(SINA.O)微博上称窝窝团将大规模裁员，这则消息实在不容忽视，它反映了该公司以及整个团购行业面临的困境。新浪後来与微博作者取得联系，对方称其曾在窝窝团工作的部门大幅裁员。我估计今天国内媒体会就此追踪报导，当然我们不能基于一个部门的裁员来推测整个公司。但我们至少可以这麽想，若一个部门大幅裁员，可能意味着公司正进行重大调整。窝窝团此前曾打算赴美上市，後来因多家投行对其收购的一些资产的会计记录存在顾虑，拒绝接手其上市事宜，导致窝窝团7月放弃赴美上市。另一团购网站–拉手网本月早些时候也苦苦寻找投行安排上市事宜，此前摩根士丹利(MS.N)和高盛(GS.N)出于类似顾虑，退出拉手网上市案。今年早些时候，中国团购业如火如荼之际，窝窝团和拉手网均曾筹资至少1亿美元，但後来行业竞争加剧，团购网站亏损严重。如果窝窝团大幅裁员消息属实，则将是高朋网今年大规模裁员後，团购业最轰动事件。短期内投资者不太可能再向这些亏损公司投入更多资金，这意味着它们除非能有别的筹资渠道，否则就不得不保存现金，通过裁员和减少营销活动等途径削减支出。一旦出现这样的局面，势必波及百度(BIDU.O)和新浪等严重依赖广告收入的网络公司。

一句话：窝窝团裁员传言若属实，则是团购业陷入困境的最明确信号，意味着该行业将出现重大调整。

Related postings 相关文章:

◙ Lashou Begs for an IPO Banking Partner 拉手网拼命寻找上市承销商

◙ Group Buying Sites: The First to Fall? 团购网或将在互联网泡沫破灭时应声而倒？

◙ 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

 

Renren Finds Video Bargain in China Web Bubble 人人网低价收购56网 凸显中国互联网困境

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Renren (NYSE: RENN), often called the Facebook of China, appears to have purchased up-and-coming video sharing site 56.com for a bargain price in its first major M&A, casting a spotlight on the growing pressure that young Chinese web firms are facing in the current Internet bubble. The Renren news, which saw it buy money-losing 56.com for a modest $80 million, is just the latest sign of a Chinese Internet under duress, with media reporting new mass layoffs at two additional firms, B2B marketplace operator DHGate and group buying site Groupon.cn, which is no relation to US industry leader Groupon. Let’s take a look at 56.com first. (company announcement) According to industry data, 56.com has about 66 million unique visitors and nearly 1 billion page views a month. Video sharing leader Youku (NYSE: YOKU) has about twice as many unique visitors, and 4 times as many page views. And yet even after the latest market sell-off, Yoku still has a market cap of $2.3 billion, or nearly 30 times what Renren paid for 56.com. Obviously traffic alone isn’t the only way to determine a company’s value, but in the Internet world it’s one of the best measures of its potential. Combine that with the fact that 56.com lost a relatively modest $500,000 in the second quarter, and this looks like a very good deal for Renren. Now let’s look at the latest layoffs, which again point to the incredible pressure that money-losing web firms are facing to quickly turn a profit or risk being forced to close or sell themselves at bargain prices to companies like Renren. Domestic media are citing a company employee in saying that DHGate, has laid off more than half of its technology and marketing staff, reportedly under pressure from major investor Kleiner Perkins Caufield & Byers which has cut off additional funding until the company can show some better financials. (English article) That news comes as domestic media are also reporting that Gaopeng.cn has laid off more than half of its staff (Chinese article), not long after Gaopeng, the group buying joint venture between US-based Groupon and China Internet leader Tencent (HKEx: 700) made similar layoffs. Look for more of these mass layoffs, plus some sales of promising but money-losing web firms like 56.com at bargain prices in the months ahead as China’s Internet bubble works its way through a painful correction.

Bottom line: Renren’s purchase of a solid video sharing site at a bargain price, coupled with mass layoffs at two other web firms, are the latest signs of distress in China’s Internet bubble.

人人网(RENN.N)似已低价收购视频分享网站56网，这是人人网第一笔大规模并购案，凸显中国年轻的网络公司在目前互联网泡沫时代所面临的压力。人人网斥资8,000万美元，收购目前亏损的56网，是中国互联网业承压的最新迹象。另有媒体报导，B2B小额外贸批发平台敦煌网（DHGate）和团购网团宝网（Groupon.cn）将进行新一轮大规模裁员，後者与美国Groupon并无关联。我们先来看看56网。行业数据显示，56网约有6,600万名独立访客，每月页面浏览量近10亿次。视频分享领军企业优酷网(YOKU.O)这两个数据约为 56网的两倍和四倍。即使经历了近期的市场抛售，优酷网市值仍有23亿美元，是人人网收购56网价格的近30倍。流量显然不是决定公司价值的唯一依据，但 在互联网领域，这是衡量一个公司潜力的最佳标准之一。再加上56网第二季度亏损50万美元，收购56网对人人网来说是一笔不错的交易。再看看近期的裁员事件。这再次表明，亏损的网络公司面临诸多压力，要麽迅速实现盈利或被迫倒闭，要麽以低价出售给人人网等公司。国内媒体援引一名企业雇员 的说法称，敦煌网技术和营销部裁员逾半，原因是主要投资方Kleiner Perkins Caufield & Byers（KPCB）削减额外资金，除非敦煌网财务状况有所改善。国内媒体还报导称，继高朋网裁员不久後，团宝网也裁员逾50%。随着中国互联网业经历 痛苦修正，预计未来数月还将有更多大规模裁员，以及前景看好但目前亏损的企业被出售。

一句话：人人网低价购买视频分享网站56网，敦煌网和团宝网大规模裁员，这些都是中国互联网陷入困境的最新迹象。

Related postings 相关文章:

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

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

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

Alibaba.com Blows Smoke With HiChina Spin-Off Plan 阿里巴巴网络分拆万网放烟幕弹

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Alibaba.com’s (HKEx: 1688) new announcement that it may spin off HiChina, its Internet infrastructure service provider that it acquired just 2 years ago, has all the signs of valuation envy from an industry leader that feels unappreciated by investors. (English article) That’s the only reason I can give for the strange timing of this announcement, coming at the height of one of the worst IPO markets in the last 2 years and at a time when US-listed China companies are particularly out of favor. Let’s look at the numbers: Alibaba.com, easily China’s biggest B2B e-commerce site, purchased HiChina in 2009 for a price that gave it a valuation at that time of around $100 million. Now, an unnamed source being quoted by the Wall Street Journal is saying the IPO could value the company at up to $500 million, or 5 times what Alibaba.com paid for it. I’m sure Alibaba has brought some synergies to the company since the purchase and also invested more money in it, but a 400 percent increase in value in just 2 years seems a bit too rich to me. More likely, Alibaba.com is feeling underappreciated by investors, who have dumped its shares in recent months causing it to lose nearly half its value since July, with a current market cap of around $4 billion. That’s easily the lowest market cap for any category leader in China’s Internet space. Leading web portal Sina (Nasdaq: SINA) has a current market cap of $5.4 billion, while Baidu (Nasdaq: BIDU) and Tencent (HKEx: 700), the leading search engine and online game operator, boast sky-high valuations of $43 billion and $37 billion, respectively. Alibaba.com’s parent company, Alibaba Group, is also no doubt feeling some pressure to show stronger valuations from its units after investors purchased a stake in the parent company last week that valued it at a whopping $32 billion. (previous post) Considering that Alibaba.com is probably the parent group’s most valuable asset and worth just $4 billion, I’m not sure where the other $28 billion of that sky-high valuation is coming from. All that said, this HiChina spin-off plan looks like mostly a distraction to divert attention away from Alibaba’s industry-lagging valuations.

Bottom line: Alibaba.com’s plan to spin off its HiChina infrastructure services unit is a ploy to generate excitement to boost its own industry-trailing valuation.

阿里巴巴网络有限公司（Alibaba.com）(1688.HK)日前发布公告称，公司拟分拆两年前收购的互联网基础设施服务提供商万网（HiChina），後者将赴美上市，其估值颇令人眼红。这是我能想到此时发布公告的唯一原因。目前是两年来首次公开募股（IPO）市场最糟时刻之一，赴美上市的中国企业尤其不受投资者青睐。让我们来看看相关数据。Alibaba.com是中国最大的B2B电子商务网站，2009年以5.4亿元收购万网股权。《华尔街日报》援引一名消息人士的说法称，万网上市时的市值或高达5亿美元，是阿里巴巴网络收购价的五倍。我相信，收购万网後，阿里巴巴为其带来了一些协同效应，也对其投入了更多资金，但仅两年价值就增长4倍，我认为，这样的涨幅有点过高。更可能的情况是，阿里巴巴网络觉得不被投资者看好。投资者近几个月抛售其股票，致使该公司市值自7月来缩水近一半，目前约为40亿美元。在中国互联网领域，对于一个领军企业来说，这样的市值非常低。门户网站新浪(SINA.O)目前市值为54亿美元，百度(BIDU.O)及腾讯(0700.HK)的市值分别为430亿美元和370亿美元。阿里巴巴网络母公司–阿里巴巴集团也面临压力。多家投资机构上周投资阿里巴巴集团，促使其市值高达320亿美元。考虑到阿里巴巴网络可能是该集团最有价值的资产，但其市值仅为40亿美元，我不知道阿里巴巴集团高得离谱的市值从何而来。总而言之，分拆万网的计划看似多半是为了转移投资者对阿里巴巴网络估值的关注。

一句话：阿里巴巴网络有限公司计划分拆万网，目的是为了提升公司落後于行业的估值。

Related postings 相关文章:

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

◙ Taobao Mall Drums Up Hype in IPO Run-Up 淘宝商城开放或为IPO造势

◙ Yahoo: A Good Time to Break From Alibaba? 雅虎与阿里巴巴分手时机还不成熟

Tidbits: Sany Heavy, Yingli, WineNice

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There are quite a few too good stories out there today, so here are some quick takes on a few that didn’t make the headlines but look interesting nonetheless.

— Sany Heavy Industries (Shanghai: 600031): China’s largest maker of construction machinery is moving ahead with a Hong Kong IPO to raise up to $3.3 billion despite a frosty market. This one looks interesting, coming just days after leading brokerage CITIC Securities, another attractive blue-chip, announced a similar plan. These two deals coming so close together look like Beijing may be at work behind the scenes to try to revive China’s struggling stock markets. (English article)

— Yingli Green Energy (NYSE: YGE): The company announced the resignation of one of its independent directors, who also happens to be a member of its audit committee and the CEO of China’s biggest Internet company Tencent (HKEx: 700). This announcement looks strikingly similar to ones in July from Trina (NYSE: TSL) and LDK (NYSE: LDK), and indicates these companies may be getting a tad too creative with their accounting. (company announcement)

— WineNice: Chinese media are reporting this online wine seller has raised a sweet $80 million in first round venture capital funding. This deal shows that major new investment is still flowing into Chinese Internet firms, although at a slower speed than earlier this year. This wine seller looks like an interesting niche player that could potentially survive the looming Chinese Internet bubble, drawing on appetite from a new generation of Chinese yuppies for wine. (Chinese article)