Tag: Finance
Information on January 4 iResearch report released from China's resumption of economic growth in 2009 compared to the Chinese online advertising market growth of 21.2% in 2008, reaching 20.61 billion yuan; in 2010, Expo, World Cup stimulation of large-scale events, online advertising revenue is expected to reach 30 billion yuan total.
It is noteworthy that, as search engines, video, community, and the outbreak of new online media, advertising share of the decline of traditional portals, online advertising in the market place shuffle.
Search engine, video sites with greater strength
While in 2009, four major portals has increased in online advertising revenue, but by the rise of other emerging challenges of online media, online advertising-based brand's market share has four doors down. Report data, except Tencent market share remained unchanged, and the remaining three portals online advertising revenue market share showed a decline trend in varying degrees, including Sina, 2008 compared to a decline of 3 percentage points, up 7.5% market share dropped to Sohu 5.9% 1.5% Netease.
IResearch Consulting Ren Wei, four door After the 2008 Olympics after growing strong push by the crisis affecting Chengduxiangdui deeper, some areas rebound Suduburu video and other vertical media Yi Ji Xin Media obvious; the same time, in 2009 search engines advertising market for its high cost and accuracy advantage gained 38.2% year on year growth rate, video and social networking sites and other new media as new entrants, the purchase price is relatively low, its overall market in a limited budget, the advantage in the growth rate significantly faster than the integrated portal.
Data show that in 2009 the Chinese search engine advertising market 6.95 billion, up by 38.2% growth rate to maintain the rapid growth of the overall online advertising market, China's growth in one of the motives. Baidu and Google in which a rapid increase in market share, which Baidu a market share of 21.3%, compared to 2008 increased by 2.5 percentage points, the core of the media market share ranks first; the same time, Google market share of 11.1%, is expected to exceed Sina the core media market share to become the second media.
In addition, the value of the Internet media have been gradually recognized advertisers, video sites, social networking sites and other new media, highlighting the value and the rapid growth of the vertical media advertising in 2009 to become the main force of China online advertising market growth.
It is worth noting in particular, experience intense competition and the first two years the rapid development of video site in terms of user experience or in the profit model exploration, have broken through the early levels just to stay competitive in the capital, especially 2009, Advertisers have the water tested video web media, to a certain extent, confirms the value of its media. Ereli information is expected in 2010, video sites and other new media will be strong growth in overall online advertising market, one of pulling power.
Large-scale activities to build strong media
However, Ereli also noted that since 2010, is a "big event", with the portal's strengths in this area will make it again in 2010 will be "rejuvenated."
Historical experience shows that online advertising in the stimulation of big events, there is often a very significant growth. 2010 World Expo, the Asian Games, Winter Olympics, World Cup and a series of major social, sports events, will enable portals, video sites, community cohesion website popularity surge, and this could bring the whole online advertising market accelerating growth, more than 30 billion yuan.
In this context, with the brand advantages, such as an integrated portal, and the authorized strength of the media, will be particularly outstanding performance. Among them, Tencent as the only network of Shanghai World Expo sponsors, Netease, as the sole sponsor of Guangzhou Asian Games, their advertising revenue is expected to derive significant growth.
November 29, 2010
In recent years, Rosewood collection gone up, Hainan pear because of its scarcity known as the "golden tree", is mahogany in the "giant panda." International gold prices ten years from 200 U.S. dollars / ounce soared to the current 1,200 U.S. dollars / ounce, rising 5-fold, while the price of Hainan pear, but never in 2002, 20,000 yuan / ton, crazy up to the present 8 million yuan / t, and create 400 times the price of the myth turned mad!
Shanghai Expo, many visitors to get a look Hainan pear style furniture, it is packed with Hainan Museum. In Hainan Museum's "vitality of the forest" area, stocked with many of Hainan by the precious works made of pear, including the one made use of the Millennium Hainan pear art should "Kowloon playing with a pearl", and pear Ming armchair so.
From 2 yuan / kg of the way bolted over 10,000
Pear early in the Ming Dynasty had expensive furniture, when the value of a pear-bed 12 taels of silver, while a value of less than 1 maidservants taels of silver. From the Ming Dynasty, the furniture of this material on the highly sought after royal family, most authentic pear produced in Hainan Province, both can do is blindly furniture, herbs, perfume of wood with a pure heart and blood pressure effects, Li Shi Zhen The "Compendium of Materia Medica" in the flavor of this is called "drop Xiang", "Hainan pear" is a civil termed formal title should be "down odorifera."
Panjiayuan in Beijing, a sale at a stall in pear told reporters in Hainan, when I heard the acquisition Pear, 1985 Pear price of only 2 yuan / kg to 1992 years ago before rose to 12 yuan / kg around the year 2000 the prices of upper old material is only 60 yuan / kg, a large number of acquisitions in 2002, the price is only 20,000 yuan / ton.
Now, Hainan wild pear wood prices have climbed to eight million -1000 yuan / ton high, but at present Hainan pear wood resources are extremely scarce, timber trade are basically crossing a wood, a few pieces of wood, the market 10-20 cm in diameter sea Huanglao material, price 4000-7000 yuan / kg, 20-30 cm diameter, the price of 7000-10000 yuan / kg, a greater number of superior quality wood prices in the 10,000 yuan / kg .
"It has been difficult to find of enclosed aniseed pear, and the price prohibitively expensive, can only do some of the sea yellow bracelets, necklaces such a small business." Stall holders told reporters. Panjiayuan reporter saw a bunch of Hainan pear necklace price yuan each, as is not really Hainan pear, difficult to distinguish the ordinary.
Raw material prices naturally lead to the furniture and wood products prices soaring, the case of pears, such as Hainan, Taiwan, the market price in 2002 was only 30,000 yuan, and now the prices have risen to around 700,000 yuan; a yellow Hainan pear in court chair, 2005, the price is 12 million, now has risen to more than 600,000.
Pear artificially raise the price of speculation
Speaking of speculation pear, can not help but think of Beijing in mahogany furniture, antique furniture Co. Henry Yuan, Yang Bo, general manager of the company in 2007, when the plan was a very attention-grabbing events: Gold for wood, Exchange ratio is 1 kg yellow rosewood for 40 grams of gold. Yang Bo in Beijing, "Redwood Daguanlou" put millions of dollars worth of gold bars, to the people collecting the capital of Hainan pear wood, called either a rolling pin or the lame stools, yellow do as long as the sea, can turn into treasure.
Finally, this activity did not change out of a gold bar, but significantly pushed up the price of yellow sea. Industry insiders, in fact, the "golden-for-wood" is just a gimmick, because people Naqu sea change in the wood is not yellow, Yang Bo are the final say, he intended pushed up the price of yellow sea, Yellow sea to the market delivery, "bid was gold "message.
Increasingly popular collection of hot mahogany, has made many people believe that the "gold mahogany priceless" argument.
Hainan pear astronomical reason why you can possibly believe, the most important factors in their scarcity. Hainan pear because of its high density, diameter 30 cm longer than the trunk take almost a thousand years time, the growth of Bi Hainan pear pear Vietnam faster, but also become useful for more than 500 years.
Vietnam pear prices gone up
A few years ago, Vietnam pear in the eyes of many collectors, just Hainan pear "low prices" alternatives, but now with the soaring price of pears in Hainan, Vietnam, prices also will pear growing.
Now, Vietnam has also become increasingly scarce raw materials pears, lack of resources, Vietnam Vietnam pear wood in addition to relying on imports other than as part of the other by a number of companies and stocks down early collectors made of wood for furniture. The industry people estimate that in 2008 China's imports from Vietnam was only 200 tons of pear wood.
At present, the small diameter of the circle of Vietnamese materials pear ton
600 000 -90 million, lose some of the Sheet Metal and Lumber for the 800 000 -120 yuan per ton, per ton of the finest large sheet metal and up to 1.5 million -220 million. Particularly good aniseed are now only sold in blocks, such as 50 cm in diameter of enclosed aniseed, more than 50,000 yuan per ton in 2003, 2008, rose to the peak of 2.5 million -300 million yuan per ton, was due to financial crisis had collapsed in the impact of the current is returned to a high of 2.6 million yuan.
Vietnam pear three-piece Armchairs (two chairs a few), 2002, 2003, bid only 20,000 -2.5 million in 2007, has been asking for 100,000 yuan. After the financial crisis, the market re-warming, has now returned to each 100 000 -12 million high price.
November 16, 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
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