investment

2015年5月29日星期五

yahoo japan + alibaba

Yahoo Japan, a subsidiary of U.S. Web portal Yahoo (NASDAQ:YHOO), is considering an e-commerce partnership with China giant Alibaba Group (NYSE:BABA) that could start this summer, according to a media report on Friday.

The two sides are discussing teaming up to help Japanese firms sell household goods, cosmetics and baby products on Alibaba's Tmall and Tmall Global sites, according to Bloomberg. The alliance would offer support and lower fees for Japanese e-commerce companies looking to list on the popular online shopping destinations.

The rising popularity of Japanese goods in China is creating a potential expansion boom for Japanese merchants, according to a statement from Yahoo Japan, Bloomberg said.

Yahoo and Japanese multinational SoftBank are major shareholders in Yahoo Japan. Yahoo Japan was created as a joint venture with SoftBank in 1996. Yahoo owns 35% of Yahoo Japan.

During Yahoo's Q1 earnings conference call with analysts in April, Yahoo CEO Marissa Mayer announced that the company would not include its Yahoo Japan operations in its previously announced, larger tax-free spinoff of its 15% stake in China e-commerce leader Alibaba Group and Yahoo Small Business. That deal is expected to be completed in Q4.

On the earnings call, Mayer said that Yahoo has instead retained advisors "to determine the most promising opportunities to maximize value" of its Yahoo Japan holdings, adding that "it is currently a key priority to explore those options thoroughly."

Alibaba Worries about Counterfeiting Once Again

Alibaba faces another counterfeit lawsuit

A lawsuit has been filed against Alibaba (BABA) for selling fake goods on its platform. According to a May 17 report from the Wall Street Journal, Kering, a Paris-based luxury goods maker, sued Alibaba, the largest e-commerce player in China (MCHI), for encouraging counterfeiting on its online platforms.

Kering owns famous luxury brands such as Gucci, Yves Saint Laurent, and Puma. In the lawsuit, Kering accuses Alibaba of allowing merchants to use Taobao to sell wholesale quantities of fake Gucci products.

The allegations against Alibaba also include charges of fraud email campaigns and favouring vendors that sell counterfeit products with priority billing. The same luxury brand owner filed a similar lawsuit against Alibaba in July 2014. It withdrew this suit the same month with a mutually agreed-upon resolution plan.

Snapchat now valued at $16 billion

Snapchat brass has been making headlines all week, what with co-founder and CEO Evan Spiegel’s rare profile in Bloomberg Business and his admission that the Venice, California, startup is eyeing an IPO during his keynote conversation at the Code Conference. Meanwhile, the company is in the midst of another nine-figure raise that values the company at $16 billion, reported CNBC.

Sources told the news organization that Snapchat is in the process of raising $650 million in equity and has earmarked $112 million in stock for a later sale. The company’s new investors include Alibaba, Fidelity, York Capital and Glade Brook Capital.

Snapchat last raised $200 million from Alibaba in a round in March that valued the company at $15 billion. The company has amassed $848 million so far, according to CrunchBase.

Alibaba courts more China bad debt managers for online auctions

Fri, May 29, 2015, 2:15pm EDT - US Markets close in 1 hr and 45 mins

HANGZHOU, China/BEIJING, May 29 (Reuters) - Huarong Asset Management Co Ltd is poised to become the second Chinese bad loan firm to auction soured loans online amid a push by the government to settle these debts as the economy slows, an executive at e-commerce giant Alibaba Group Holding Ltd said.

Huarong is China's biggest bad loans firm by assets and one of four companies the government set up about a decade ago. China Cinda Asset Management Co, the second largest, earlier this year launched online auctions, selling some 24 million yuan of bad debts on Alibaba's online marketplace Taobao.

Lu Weixing, who manages auctions on Taobao, said Huarong had also signed an auction agreement, and that the platform was also in talks with the other two asset managers - Orient Asset Management Co and Great Wall Asset Management Co.

"The market for asset management is booming," Lu told Reuters.

China's economy is set to grow at its slowest pace in a quarter of a century, heightening the government's concern about bad debts especially in the banking sector, where non-performing loans are rising at their fastest rate since 2004, data from the China Banking Regulatory Commission shows.

Commercial banks and asset management companies are "under huge pressure" to settle the debt pile, Lu said. On Thursday, Cinda offered nearly $7 billion in soured loans to investors in its largest ever public sale.

At least 14 financial institutions, including China Merchants Bank Co , China Minsheng Banking Corp and Tianjin Financial Assets Exchange use Taobao to sell cars, real estate, wineries, factories, corporate shareholding, and land, the website shows.

Courts and local authorities are also using the platform to sell assets: this month, the Shaanxi provincial government sold 171 cars confiscated in a nationwide corruption crackdown for just under 9 million yuan. The sale attracted nearly 7,000 bids.

Earlier this month, Taobao also put up for auction a 16-century Italian castle and 103 apartments in Milan as part of a joint-effort between Alibaba and the Italian government.

"The Chinese always like to buy real estate overseas," said Lu, adding Taobao was targeting more global auctions this year. ($1 = 6.2002 Chinese yuan renminbi) (Additional reporting by Paul Carsten in BEIJING; Editing by Miral Fahmy)

2015年5月28日星期四

北京瘋炒泡沫救國企　外資續撤

【拆局】
出於政治原因，內地媒體極少對中國股市作負面評論，尤其《人民日報》4月21日發出「4000點才是A股牛市的開端」這種帶有明顯政治暗示之下，輿論更是只唱好。財經學術界縱有微言質疑，但在官方強大影響力下，也只能失聲或「小罵大幫忙」。

股民掏錢為國企紓困

但西方媒體並不客氣，美國《華爾街日報》和專業財經通訊社彭博社都指，中國的此輪股市行情背後有官方的政策支持，北京藉股市泡沫救下滑的經濟，阻資金外流，變相讓股民掏錢為地方政府、上市企業特別是國企紓困還債。
報道指，截至去年第三季度末，中國總債務（包括企業、政府和家庭）達國內生產總值的220%，其中最大負債者是國企，負債已達總資產65%（理想不應超過50%），要降到這個水平就需要15萬億元資金來填洞。股市上漲這些國企可借機圈錢還債和籌劃發展。
英國《金融時報》指，儘管中國股市瘋漲，但外資並不賣賬繼續撤離，各式中國股票基金今年前3個月持續失血，資金流出近20億美元。一向看好中國股市的摩根士丹利則調降中國股市投資評等，為2008年11月以來首見，理由是企業獲利2009年以來最差，股市估值過高。
法國巴黎銀行已出售部份H股，理由是中國融資融券交易暴增，中國經濟成長大幅放緩，股市卻不合理猛漲。巴黎銀行亞太股票部門主管鄺樂天指：「中國股市瘋漲成這樣，沒有引起投資人注意，這是很不好的徵兆。」
《蘋果》記者

北京谷股市招數

‧大力宣傳改革紅利，禁媒體唱衰經濟，鼓勵人民對前景樂觀
‧出台國家戰略性佈局，如成立中國主導的亞投行、推出「一路一帶」戰略
‧發展城市群，繼珠三角、長三角、環渤海經濟群後，又批准長江中游城市群規劃
‧擴大自貿區，包括上海自貿區、新推出廣東、福建、天津三個自貿區
‧開通股市「滬港通」，名為雙向流通，實質主力吸納境外資金
‧央行分別於2014年11月、2015年3月和5月先後三次降息「放水」
‧官方喉舌媒體《人民日報》公開刊文為股市打氣：「4000點才是A股牛市的開始！」
‧准許保險資金增加進入股市比例
‧傳習近平視察杭州時出口術：「炒股好呀，很快就到一萬點了！」
資料來源：《蘋果》資料室

2015年5月26日星期二

【B1頭條】A股突納入富時指數

富時出其不意納入A股，勢牽動五千億資金！在A股瘋狂炒上並挑戰五千大關前夕，英國指數公司富時昨突宣佈新成立兩隻新興市場指數，並納入5%比重A股，適時對接現有新興市場指數。新安排隨時牽動規模達5,000億的指數基金。有基金經理指，大量資金追蹤過渡性指數的機會不大，但行動變相逼使A股加快開放步伐，象徵意義更勝於實際。

記者：林靜

中港落實兩地基金互認後A股連日爆升，滬綜指昨成功突破4900關，報4910點，升2%，有直撲5000點關口之勢，深成指更飆3.4%，深圳成交更首次突破萬億元人民幣，兩市成交合共2.15萬億元人民幣。

收市後好消息續來，富時昨在亞洲交易時段後宣佈一個納入A股的過渡性安排，公佈將會發行兩隻新的新興市場指數，初步A股比重有5%，未來新指數內的權重會掛鈎合格境外機構投資者及人民幣合格境外機構投資者（QFII及RQFII）額度而調整，倘國際投資者可全面進入A股市場，比重可達32%，連同其他中國股票如H股及紅籌股等，中國市場比重可高達50%。集團表示，當內地市場完全滿足標準時，才會考慮將指數對接現有新興市場指數。

富時與MSCI為全球兩大指數公司，每次成份股的換馬行動均會牽動數以億計資金的買賣，現有的新興市場指數成份股多達790隻大中型股份，總市值達7.61萬億美元，涵蓋22個新興市場。

究竟會有多少資金追蹤新指數，目前仍為未知數，但有推算指全球追蹤富時指數的基金規模多逾12萬億元，單計環球13隻追蹤富時新興市場指數的ETF（指數買賣基金）規模已近4,200億元，另港上市的安碩A50（2823）及南方A50（2822）亦是追蹤富時指數，合共規模875億元。根據彭博數字，富時新興市場指數總資產達59.4萬億元，以5%比例計，意味A股佔指數將達3萬億元。

霸菱資產管理中國精選基金首席基金經理方偉昌亦指，追蹤富時指數的基金不及MSCI多，富時納入A股的影響力未及MSCI，但行動是環球受關注一步。摩根資產管理副總裁兼環球市場策略師譚慧敏表示，富時的行動沒有牽涉現有指數，並只是過渡性安排，對A股的直接實質性影響不大，「臨時性產品好難即時就受歡迎，但關鍵係內地可唔可以更容許到更多資金流出入，配合番呢個政策」，並估計未來數月將會見到內地有更多開放政策出現。

事實上，市場亦關注富時的做法，會否成為下月公佈檢討結果的MSCI一個參考，高盛早前估計機會率有50%，明年機會率更達100%，大摩亦估計倘成事將會吸引120億美元（約936億港元）資金進入A股市場。

2015年5月23日星期六

黃表、白表有乜分別？

appledaily

2006年12月04日

認購新股時，有白表及黃表供散戶選擇，兩種表格各有不同：
白表：申請股份以個人名義登記，申請人要自己填寫表格及準備本票或個人支票，在截止認購日前交到銀行收集箱。成功認購股票或部份不獲接納認購申請的退款支票，將由股份過戶處直接郵寄予申請人。散戶欲沽出股票時，須先於銀行或股票行開股票戶口。用白表申請的好處是不收手續費，壞處是較遲收到股票及退票，並須承受郵遞風險。
黃表：透過銀行或股票行以代理人身份認購，申請人須先開股票戶口。成功獲分配的股票將於上市首天前由銀行或股票行直接存入申請人的股票戶口，至於不獲接納認購申請的退款支票，若是透過銀行抽新股，則會在退款日直接存入申請人銀行戶口，若經股票行抽新股，就會直接寄予申請人。用黃表申請獲分配的股份亦可於上市首天沽出。

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2015年5月29日 星期五

2015年5月28日 星期四