According to iResearch Consulting upcoming "China's mobile Internet industry, 2008-2009 Development Report," research shows that network convergence, terminal integration and technology evolution is driving the rapid development of mobile Internet. Combination of mobile Internet market development, through in-depth analysis of mobile Internet in the field and industry expert interviews, iResearch Consulting Looking development trend of mobile Internet:
Trend 1: mobile Internet users increase the size stage
IResearch Consulting of view, WAP mobile Internet users is the composition of the main user groups. Operators reduced tariff WAP mobile Internet users increase the frequency and time, enhance the user experience on the Internet will. At the same time, more support terminal manufacturers release of new mobile phone WAP2.0, WAP site to optimize the user interface and provide a rich application services, promote the use of mobile browsers are largely enhanced mobile Internet user experience. Moreover, with mobile operators to increase access and scope of the concept of propaganda, to provide more preferential tariff packages, mobile Internet more user attention and response. Due to mobile phone hardware and connection speed limit, for most users, access to WAP sites for mobile Internet experience as its initial choice.
IResearch Consulting study found that, from voice to data services in transition to enable operators to focus on the development of mobile Internet. WAP and other mobile operators to launch value-added services for mobile Internet users increase awareness of mobile phone users surfing habits and culture play an important role. In the narrow-band mobile Internet time, the user primarily through GPRS / EDGE 2.5G mobile communication technology to access other WAP sites for information services. In addition to pay-mode users outside Monternet,
Free WAP Web site to provide users with the rapid development of a more diversified choice for the user scale growth.
3G commercial open mobile Internet narrowband to broadband by the evolution of the development process. 3G market is currently training period, 3G network coverage and end-user price is based on the scale of growth. 3G network coverage is low, the terminal expensive and tariff standards for higher scale factors constrained the development of the user. Limited user can not form the scale of business to promote the rapid development of 3G user base. Nevertheless, operators take proactive marketing strategy for the future broadband mobile Internet fully prepared for the competition: on the one hand and adjust the charges by the scale of promotion, market competition for 3G users, on the other hand to guide the user a smooth transition from the 2G to 3G.
As mobile bandwidth restrictions, high tariff to reduce the user experience of 3G networks will. With 3G
LTE's evolution and development, the base station increases bandwidth capacity and carrying capacity increase will lead to a substantial decline in tariff, which reduces the sensitivity of user charges. Course, whether or not restrictions on traffic and affordable monthly rates depends entirely on the operator's marketing strategy. Mobile Internet environment continued to improve and further promote the rapid development of mobile Internet business. Rich, high-quality applications in turn promote the growth of user scale, creating a virtuous cycle of industrial development. Based on 3G
LTE will promote the realization of mobile Internet users increase the size of a breakthrough.
Future 4G mobile broadband will achieve the change the order of magnitude, leading the broadband mobile Internet industry development. Intensification of the network integration, diversification of access methods, terminal integration and business integration will provide users with seamless information services. User-centered model of innovation and a rich application services, will play for mobile Internet users increase the size important role.
Trends: User-centered development of mobile Internet
IResearch Consulting study found that changes in the telecommunications industry through the Internet, IP-based communications technology evolution impact and result of the interaction. The establishment of managed IP network and form the core of the industry value chain control is the operator the direction of long practice. The face of market competition, operators implemented by the voice data services to the strategic restructuring will become the operator of mobile Internet the focus of competition. Mobile Internet is going through a closed to an open process that will develop into the future mobile Internet can provide voice, data and multimedia services, open network. In this process of change, the operator Shang recognize not only provide access to services, more importantly, requires services to meet the demands of users with and continued to create value for the user. This kind of user needs and experience as the core driving force, changing the light service operator re-operation of the old model, remodeling of the operator's business philosophy and values.
The face of the enormous potential value of mobile Internet space, terminal manufacturers and information service providers began actively layout of the mobile Internet. Accurate grasp of user needs and user-centric service innovation, is to promote the terminal vendors and information service providers a key factor in rapid growth. And terminal manufacturers and service providers, operators have to provide users with the advantages of integrated services, including customized terminals, voice and data services, billing and other integrated services to meet customers diverse, individual needs. Open concept development and effective integration of integrated services, determine the application of operators in the mobile Internet services in expression.
Trend 3: Mobile Internet to form three competing patterns
With the evolution of mobile communication technology, mobile Internet value chain continue to evolve. In the past, carriers occupy the entire mobile industry value chain. Into the 2G era, bandwidth and terminal based on mobile enhancements, mobile value-added services bring the mobile Internet. 3G provides users with the arrival of richer mobile Internet services, mobile Internet industry chain is moving in market segments, differentiated competition and personalized service direction. Content service provider, software service providers, chip vendors and more new entrants, split the original operators in the value chain system monopoly.
The face of mobile communications and Internet integration of the enormous value of space, Nokia, Apple, Microsoft, Google, Tencent, etc., and information service providers, terminal manufacturers, the strategic plan into the mobile Internet and market position has already begun. These non-traditional competitors in the telecom industry's traditional core of the carrier status of the formation of a strong challenge.
IResearch Consulting analysis, in the past benefited from the rapid development of the telecommunications industry operators throughout the industry value chain, the absolute control. The integration of mobile communications and Internet trends, forcing operators to the value chain, in response to intense competition ready. After rapid growth in their respective fields, new competitors has become the most dynamic and competitive leader. Strong brand influence, large-scale users, efficient product development capabilities, attention to user experience and enhanced understanding of customer needs a new competitor competition.
Operators, terminal manufacturers and information service providers formed the three major forces Game Three competing patterns of mobile Internet. One should include the network operators, terminal and service all areas, including competition, on the other hand in the application services, expanding channels for a wide range of industries in such areas as cooperation.
End-market competition is the competition for future business in fact high ground. More and more terminal manufacturers competitors, Google, Apple and other information service providers and consumer electronics manufacturers have been aggressively entering the terminal market. Mobile phone chip and handset operating systems are the core areas of market competition.
With VoIP, search, e-mail, Web2.0 applications such as the successful practice of rich, flexible business model and the scale of this huge pool of users and other competitive advantages, Internet companies have entered the mobile Internet field, on the one hand an extension of brand influence, and the other the one hand, cross-platform expansion.
Trend 4: revenue sharing to become the mainstream mode of cooperation Mobile Internet
Monternet China Mobile to implement revenue sharing best practice policy. Revenue sharing for connecting the operators, service providers and content providers the value of three common bond. Revenue sharing are mainly embodied in the operational build flat open platform service access platform, products and services produced by the specialized agencies to complete, thus ensuring high quality and low cost products and services. Through revenue sharing incentives, business practitioners to provide quality services to fully mobilize the enthusiasm, enhanced service providers, platform operators involved in the initiative.
In addition to other operators, information service providers are actively exploring revenue-sharing cooperation. Operators and information service providers from the main revenue: user fees and corporate pay. After many years of business operations and customer accumulation, Google, Baidu and other information service providers have a wealth of resources for advertisers and advertising service experience. Based on consumer demand and accurate grasp advertising marketing, information service providers, operators and terminal manufacturers and users of resources and advertisers to effectively integrate resources, revenue sharing and cooperation to achieve win-win.
October 3, 2010
Morgan Stanley in talks with the real investment in the media? This news spread like wildfire, had one of "documentary," The new look of traditional cultural patterns; the same popular vote there by the wind power of this new media form of paper books. The industry believes it can achieve the multiple sale of traditional cultural content, in order to achieve value-added.
In "Cultural Industry" fried for a longer hot today, these concerns had not sub-sector has become increasingly popular to attract the attention of capital.
Documentary:
Rise by Product and Broadcast opportunities
Real media culture born out of the original Shanghai Media Group's documentary channel. Since the Product and Broadcast has been set up alone would make some real Media Limited. As the first and only documentary profit professional channels, the former Documentary Channel in 2008 was 130 million profit.
Although the partners do not want to disclose specific information to be blind, but the real general manager told the media: There is indeed a lot of inside and outside the investment banks and media companies are interested, and in the negotiation and cooperation; "Danzhe round of capital to more from the perspective of sound management, "to be blind," said the company's long-term goal is to stock, and finally the public. "
As a documentary film industry veteran worked hard for 20 years, should be blind that has a unique documentary value of investments. One is: the copyright of the value of the documentary can often last a long time, generally recognized as 5-10 years, some excellent works can last 20 years, or even appreciation; for investors, as long as the subject to judge accurately, a more risky investment small. Second, the documentary regional broader market space is relatively large; Third, China's most underdeveloped documentary is the time of investment.
"Despite the documentary's business model is not mature, but the Product and Broadcast is an opportunity." Frankly should be blind. Homegrown models do not, it is difficult to recover costs, not enough to achieve its investment value. With Product and Broadcast, real media to their own programs to build China's largest documentary class content providers and operators.
Concerned about the cultural industries, a long-term venture, told reporters that that is because it is true the media, is still relying on the Documentary Channel's broadcast platform, and market mechanisms to achieve the Product and Broadcast reform initiative, have strength profitable breakthroughs. However, the current view of the documentary market, industry concentration is not high, more independent producers during project operations, investors need care.
Electric paper books:
Private investment in warm-optimistic
In addition to traditional documentaries attention, to extend the value of traditional culture, the contents of the new media industry, carriers have increasingly recognized by the market and investors. Liu Yingjian Hanwang chairman, said in an interview, its monthly electronic paper book has sold over 10 million, second only to the Amazon to become the second largest vendor. Similarly, the international president of Stern Gang Su also said that the constitution is extremely bullish on electric paper books, that it would become the film, television, computer, cell phone screen after the fifth, the total influence the audience's reading habits.
Su Gang, said the constitution, in today's market competition situation fully under very, very electronic paper book value of investments; and therefore combined with other private equity funds want to invest. Su Gang, said the constitution, electricity and paper books are not beyond the technical threshold of a leap forward in the future, who have better content integration capabilities, will be able to occupy the market.
For this, the start has been made in technological superiority of the Kingship is actively preparing for. December 25, Ying Liu Jian and the Shanghai Century Publishing Group, Shanghai Literature and Art Publishing House and a number of publishers gathered in Zhangjiang copyright cooperation. Prior to this, Kingship has expressed China Publishing Group and other "28 into" the cooperation intention, and with the Chinese line, grand literature, Peking University library partnerships; In addition, the Kingship was also applied to the Press and Publication Administration Internet publishing qualification, is currently being processed. All of these purpose is to cultivate audience with rich content consumption habits, market-share advance to Hanwang absolute advantage.
But there are also investors concern that the strong tradition of publishing group shot digital publishing and terminal development, do not share the contents of the electronic paper book will be integrated in or out of business; In addition, the income of the terminal platform, will face the copyright owner and operators The split pressure.
Su Gang, said the Constitution: the future of 3G will also operate in the power of paper books, to create added value will be higher. Before the industrial pattern forming, private investment has been preheated.
October 1, 2010
Successful listing of the focus of technology and seven provincial and municipal governments to guide the Fund's focus on industrial launch, already led to a new melee, also brought new opportunities
"Finance" special on Wen Lan
Alibaba CEO Jack Ma said, "I learn to die," did not think he's loyal "fans" Shen Jinhua not only did not die, but live more moisture.
December 9, the focus of science and technology (00 231.
SZ) landing in Shenzhen SME Board, become the Alibaba, HC International, Global Sources, NetSun after the fifth visit of the local capital market B2B companies, the date of the opening price as high as 78.55 yuan. Jinhua Shen, head of Focus Technology worth more than 2.9 billion yuan in one fell swoop, this figure even more than Jack Ma (Alibaba listing, Ma only holds 189 million shares to the offer price ceiling prices of about 2.27 billion).
Shen Jinhua harvest not only generous, successful listing of the focus of technology, but also to the domestic industry's first to guide the Fund to bear the fruit.
August 2007, options to change the focus of technology companies, the Shengquan Ji Jin Jiang Su Xinquan venture capital funding on behalf of 4 million yuan, holding 0.8%, while the Shengquan Ji Jin from Suzhou Industrial Park, Jiang Su Xinquan leading venture capital funds and joint ventures set up, the total size of 2.2 billion, of which as a government to guide the Fund's Suzhou Industrial Park, fund of funds holding 23%.
In its first fruit will be born on the eve of the October 30, the National Development and Reform Commission (NDRC), Ministry of Finance in Beijing, Shanghai, Chongqing, Hunan, Anhui, Jilin, Shenzhen and other cities just seven joint set up 20 sub-funds with a total size of more than 9 billion yuan. Widely distributed in the investment industry, medicine, new materials, new energy, integrated circuits, electronic technology, environmental protection, bio-engineering and many other new industries.
"This is the first market to guide the operation of government funds, fund pilot projects to be revealed mature operation mechanism, a large number of fund will be established throughout the follow-up, the next two to three years the total number may reach 200 Fund, fund-raising to more than 100 billion element. "Zhang Xiaoqiang, deputy director of National Development and Reform Commission said.
Government Property guide the Fund launched a large-scale centralized, so that VC are just around the corner. "The government's money who does not get hold of white." Who requested anonymity VC (venture capitalists) partner, told reporters gave away the secret.
Multi-Game
"The government's money not only easy to get, not easy to get. As long as the GP (manager) professional, fund strength, a certain record of performance, getting the money is easy, but most of the GP can not take government money, worried about the local can not find enough, enough good projects. "
Venture investors DFJ Dragon Fund partner Miss King Kai told reporters.
Policies and regulations based on the current reality, the Government Property Fund guide to comply with the principle of diversification, in a sub-fund can invest up to 30% of its total amount. For example, if a local government fund of funds industry and jointly set up a sub-VC fund size of 1.2 billion, of which, the Government Property guide the fund can invest only up to 36 million yuan, less than the rest of Bufen must You VC self. After the sub-fund money into GP then the specific enterprise.
, The Government Fund and the VC industry together to guide the composition of LP (the investor) team, and through the GP market professional teams, the money put into concrete enterprises.
In fact, as a member of the LP industry guide of government funds, and the simple folk LP in nature, namely, that of the GP "control" are very strict, but precisely because of strict control, resulting in the Fund and the Government Property guide VC civil background differences are already beginning in the cooperation started.
Government to guide the Fund's theme of "guidance" to support local economic development as the goal, and VC are always the subject of "profit" to "return" as the ultimate goal, where there are good projects, they go bad.
In the investment stage, the Government hopes to guide the Fund to invest more in early stage companies, aims to support; the VC is more hope in the latter part of the mature investment company, aims to facilitate short-term cash.
In the investment sector, industry, local governments have different policies, such as Xi'an support aerospace-related industries, requires a large proportion of investment fund related projects; while VC requires closely follow the world trend, the most profitable investment in the industry.
Also in the interests of the two demands are essentially different. Government guidance funds not for profit, in order to secure the main principal. To this end, to guide the Fund in terms of fund investments, tend to management fees, performance incentives on the principal amount of back pay after. The GP's management fee for its survival unwilling to compromise, often leading to the two sides finally broke up.
In reality, the Chinese fund management structure and features of the game are often the result of the decision: LP strong intervention, GP accommodate compromise. Although the LP is not involved in the project in principle, specific management, but most folk LP is the business owner himself, has many years of business experience, they tend to be more trust themselves. Therefore, investments, LP hope more involved in GP is responsible for the investment management projects, and even required to have veto power.
With the Government Property guide fund start another boom, the future co-operation with the VC will be more and more closely, together with the Fund have been expanding, GP will not only face the problem of difficulties in financing, will face a "get rich quick," the pressure, so that the Government Property to guide the Fund's long-term investment philosophy will also face challenges. Therefore, the Government guide the fund industry and VC, GP and civil LP, infighting and game will be carried out from a clear delineation of "Chu milky world" is still long way to go.
Administrative detention is still concentrated
As of now, around the size of government to guide the Fund's total nearly 20 billion yuan, in theory, the funds can be leveraging more than 60 billion, could support about 30 medium-yuan fund.
The Oct. 30 debut in Beijing Diaoyutai State Guesthouse of 20 sub-group funds claim to be a country first "market" of the operation of government guidance funds: on the one hand, the Government will no longer, as the Fund's decision-making and operation of the main square, but only as an equity investor (LP) of all funds entrusted to professional investment team (GP) management.
"This is the first time in China. Means that the government guidance funds Youxiang market a step forward that will help guide the policies of government funds and-leveraging, help foster new economic growth point, the development of new strategic industries. "National Development and Reform Commission Zhang Xiaoqiang, deputy director has publicly commented.
In the local industry fund of funds, most funds invest still have a strong administrative color, especially in regions rich colors, they obviously do not want their money is take the matter to other people to lay eggs.
However, the local industry to guide the Fund's administrative constraints, but also restricted its growth and development of sub-funds. Because oral VC and LP fear government restrictions on industry to guide the Fund's administrative and industrial restrictions in particular regions, will artificially increase their investment risk, and therefore not to invest.
Prior to 2007, Suzhou Industrial Park Venture Fund of Funds has with Softbank China and Jiang Su Xinquan VC venture capital and other co-established the five yuan sub-funds, the scale of about 500 million yuan respectively. Among them, the Suzhou Industrial Park to guide the Fund had invested 100 million yuan, the rest of the VC self. Taken in the operation, "a fund + a fund management company," the structure and break Suzhou local area investment restrictions, the government created a domestic market fund industry to guide the operation of precedent.
After that, with the development of market operation, binding upon the government's detention of industry leading fund already has signs of loosening. It is reported that in March this year, the Anhui provincial government, industry and guide the establishment of the Fund, has allowed its investment sub-fund will invest 50% of the capital of Anhui Province outside.
Now, with the focus on the success of technology industries listed and seven provincial and municipal governments to guide the Fund's focus on launching and get rid of the government and industry to guide the operation of administrative detention fund investment the best opportunity in the offing.
September 25, 2010
Following up after the morning venture, a limited partnership has missed the GEM.
December 25, Beijing blue cursor Brand Management Corp. (the blue cursor) released the "IPO and listing on the GEM prospectus (draft report)" (the "draft declaration").
"Draft declaration" shows that a company named Tianjin with the creation of investment Centre (Tianjin Genesis) of the partnership that involved one body.
According to "draft declaration", in June 2008, the blue cursor replenishment of 43.5 million yuan to 9.6667 yuan / share, including Tianjin, to the Genesis account of four venture capitalists additional 450 million shares.
January 2009, Tianjin Genesis can not be due to partnership registration in the securities clearing house, then has 75 million shares held by the blue cursor to the other six original transfer to limited partners: Maximization clear, Wuchuan Qing, Guo Huilin, Hu Xing, Chen Fang Asia, Chou Hongchang.
"Securities Act" Section 166 provides: "Investors apply for opening an account, you must hold citizenship or prove that the Chinese legal person status in China's legal documents. State except as otherwise provided."
Meanwhile, the "Securities Depository and Clearing Regulations" Article 19 provides that: "Investors should be opening a securities account to the securities registration and settlement institution to apply."
In fact, the nature of venture capital companies Company mine has a precedent in the GEM.
ChinaNetCenter (300017.SZ) listed on the eve of up to morning venture capital limited partnership owned up to the morning of wealth, will be held ChinaNetCenter 4.209% 285 million dollars over the morning transfer to the Brothers, financial intelligence.
This time, venture capital and owned up to the morning up the morning the letter also invested in financial blue cursor, together hold 5.75% stake, however, the two companies are the corporate shareholders.
Although Genesis and Tianjin over the nature of the morning had to venture capital for companies transfer their ownership, however, A-share market have also been many "exceptions."
Western Mining (601168.SH) prior to listing, there is more than funds, including more than a limited partnership investment; limited partnership Shanghai NewMargin Venture Capital Enterprises has held Goldwind (002202.SZ) 175 million; Invengo 192.4 million shares held, but did not affect the company's sale.
"This should have special trading arrangements to circumvent the law." Vote in the Group Research Manager, Wang Xiaopeng think.
However, on November 20 this year, the Commission has made changes "means the securities registration and settlement management" decisions, and on December 21 shall come into force. Among them, Article 19 is added as the second paragraph: "The term investors, including Chinese citizens, Chinese legal person, partnership and Chinese laws, administrative regulations, rules and regulations of China Securities Regulatory Commission and other investors."
This means that partnership in the securities registration and settlement centers of the account as possible, but not against the law.
"Venture capital company in the form of generally three types: corporate, partnership and trust system in the United States, about 80% of the venture capital firm for the partnership, and China there are 89 percent of corporate venture capital companies, mainly the law may be inadequate, unable to smooth out, the law was amended, then open up the partnership business within the exit channel, a big positive. "Wang Xiaopeng think.
September 24, 2010
Despite the financial turmoil sweeping the world severely affected, making a number of solar photovoltaic production enterprises have to take shrinkage and cut approach to overcome the temporary difficulties, but the solar PV industry will certainly survive this crisis is the industry's fastest . It was predicted that the second quarter of 2009 will see the industry's full recovery.
China's production of solar cells and modules and applications began in the early 70 century, but behind its production, manufacturing costs are high, coupled with higher conversion efficiency reasons, in addition to apply some special environment it was hard to promote to the civilian area. Since entering the 21st century, a number of studies students returned, bringing back foreign advanced technology and management, have created a more professional in the country, but also relatively large scale of the company, making China the production of solar cells and modules, whether the quality of on the number or both to a new level. Which was founded in 2001, after years and Suzhou Artus Suntech is very typical. Particularly successful in 2005, Suntech listed on NYSE in the U.S., and more than 400,000,000 U.S. dollars a financing can be said that solar photovoltaic industry in China is a breaking news. Then have another dozen solar companies listed overseas, the financial return billions of dollars of funds is huge, which greatly expand the strength of China's PV industry.
I think the beginning of this century, China's solar cells and modules to the sustainable development of high-speed four main reasons: First, the global fossil energy prices and the continuing rapid deterioration of the Earth's environment to accelerate, driven by governments and peoples of renewable energy eagerly look forward to; two solar photovoltaic technology itself is the tremendous progress made in the laboratory to achieve the original conversion efficiency, is now in mass production can be achieved; Third, financial and stock investors have on the solar PV industry enough confidence to make photovoltaic industry have sufficient financial support; Fourth, the reform and opening up, China has become the world's investment in processing industry park, leading many returnees to return to the smooth development of entrepreneurship.
In recent years, China's solar photovoltaic industry to make the world wonder of the double speed rapid development, in 2006, China's solar cell output was only 380 MW in 2007 to more than 1,000 megawatts, accounting for the global 1 / 4 also , and this is almost the global output in 2004 rather, and will thus become the world's largest solar cell producer. This makes the solar energy industry in China is not only a world first solar thermal products, and optoelectronic products also ranks first in the world. We should be proud of and proud. I said, the solar energy industry is a glorious and light industries, it glorious, because it not only provide energy for mankind, but also provide much environmental value of clean energy; it light, this business is the development of some extremely good future, perhaps in another 23 years, it is the main human sources of energy.
At present, even though we face the global financial turmoil sweeping the serious impact which some solar manufacturers have to take shrinkage and cut approach to overcome the temporary difficulties, I have always believed that solar PV industry will certainly be the fastest the industry through this crisis. It was predicted that the second quarter of 2009 will see the industry's full recovery. Because so far, national economic recovery plan announced by the Government regard the saving and environmental protection on a very important position, the solar energy industry in the spring will soon come, I believe that.
The development of China's solar PV industry is at a critical time, we still have a lot to do.
First of all, we are faced with the problem the grave shortage of high-end, almost all of the PV companies lack a strong R & D team, in the PV industry chain and all links in a large number of technical difficulties, need to tackle key problems, such as how to make silicon do more thin, more economical high-purity silicon material; how to make the battery more than 20% conversion efficiency; how to further improve the service life of components and so on. These things only by a company is difficult to do because it takes a lot of money and a lot of manpower, more important is the need for a leader in high-end talent. So I suggest that the domestic relevant departments come forward to organize robust domestic solar PV Technology Research Institute jointly established companies, which can not only carry out solar energy development and utilization of high-tech research, but also training a number of high-tech talent, that on the sustainable development of China's solar energy industry will be crucial.
Second, in all aspects of PV industry chain, such as high-purity polysilicon, wafers, cells, components of the key production equipment also need to import, the localization of these devices is not high level, also need to put in the necessary financial and human must be developed.
Finally, China's PV market with our photovoltaic manufacturing world is very disproportionate compared to 2007, China produced more than 1,000 megawatts of photovoltaic products, 99% are sold abroad, our own use less than 1%. Therefore, our application of PV products in the promotion of the Government and the public need to redouble our efforts.
In recent years, we are pleased to see that many of our leading solar photovoltaic companies have put forward a clear goal: Suntech made, three to five years, so that the cost of solar power to 1 yuan / kwh; Suzhou Art Williams said that in the next three decades, so that solar energy into millions of households; LDK asked to be world's largest solar wafers, to best quality, lowest cost. If these objectives can be achieved, we will truly become the world on a world full of sunshine.
September 7, 2010
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