Caixin
Aug 27, 2020 12:17 PM

Caixin Business English 02 财新商业英语进阶计划 02

重点词汇:

Valuation

(n.)估值。根据资产及其获利能力等内在价值对公司评估后得到的价值。

估值是对一家企业进行筹资、融资、并购、重组、出售等各项交易的前提。投资机构将一笔资金注入企业,应该占有的权益首先取决于企业的价值。估值的主要方法可以归纳为三类:现金流量折现(DCF)、可比公司分析和可比交易分析。

例句:Ant plans to list shares on the Hong Kong Stock Exchange as well as Shanghai’s year-old Nasdaq-style STAR Market. It hopes for a valuation of more than $200 billion.

翻译:蚂蚁计划在上海证券交易所科创板和香港联合交易所主板同步上市,希望其估值能超过2000亿美元。

To learn how the phrase is used in English reporting, please click here.

Shipments

(n.)出货量。生产商出货给代理商或中间商的量。

产量是生产商生产的量,出货量是生产商出货的量,销量是实际销售出产品的量。三者范围略有不同,一般来说,出货量小于等于产量,销量小于等于出货量。

例句:China’s top four smartphone brands in India extended their market dominance in the second quarter by increasing their share to 75.1% from 66.1% a year earlier, according to research firm Canalys. Despite a significant drop in shipments, China’s Xiaomi was still the market’s top dog in the second quarter of 2020.

翻译:研究公司Canalys的数据显示,中国在印度的四大手机品牌第二季度市场主导地位扩张,份额从去年的66.1%增加到75.1%。尽管出货量大幅下降,但小米在第二季度仍是市场的佼佼者。

To learn how the phrase is used in English reporting, please click here.

Penalty

(n.)罚款。强制违法行为人在一定期限内向监管机构交纳一定数量货币而使其遭受一定经济利益损失的行政处罚形式。

根据《中国银保监会行政处罚办法》,对银行的行政处罚包括警告、罚款、没收违法所得、责令停业整顿、吊销金融及业务许可证、取消或撤销任职资格、撤销外国银行代表处、要求撤换外国银行首席代表、禁止从事银行业工作等。

例句:This marks the first time the watchdog has hit a bank with a penalty that high since early 2018. Sources familiar with the matter told Caixin that China Zheshang Bank and China Minsheng Banking Corp. will each be fined more than 100 million yuan and China Guangfa Bank will have to pay a 90 million yuan penalty.

翻译:这是监管机构自2018年初来首次对银行进行高额罚款。知情人士告诉财新,浙商银行和中国民生银行将分别面临一亿元的罚款,而广发银行将被罚9000万元。

To learn how the phrase is used in English reporting, please click here.


JOSHUA: Hello and ni hao!

JOSHUA: This is the Caixin China Biz Roundup broadcast every week day from Beijing with the essential news for everything you need to know about China and the world of business – plus a little bit more.

JOSHUA: I’m Joshua Dummer

NANDINI: And I’m Nandini Venkata

JOSHUA: Coming up on today’s show. Has Alipay gone to the dogs? Find out how online payment provider has rolled out nose recognition technology(鼻纹识别技术), all in the hope of cracking China’s pet insurance(宠物保险) market. Also in our lineup, the Hong Kong government is facing criticism for the city’s latest covid-19 outbreak. Plus, Chinese smartphones seem to be all the rage in India, despite tensions between the two neighbouring nations.

JOSHUA: But first, my top story is on how China’s Ant Group has formally announced it has launched two initial public offerings at the same time. One in Hong Kong and the other in Shanghai.

NANDINI: OK, I think the kind of people who listen to a daily business podcast on China will know what Ant Group is but please remind us how significant this is.

JOSHUA: Ant Group is the group behind Alipay – a giant in China’s electronic payment services. Formerly known as Ant Financial, Ant operates China’s biggest digital wallet service and one of the world’s largest money market funds. Its businesses have also expanded into consumer and technology services. Ant was valued at $150 billion at its last funding round in 2018. The company didn’t release financial details, but could post $2 billion in profit in the fourth quarter, according to Bloomberg data. Alipay had 1.3 billion annual active users(年度活跃用户) as of March.

JOSHUA: Now, last year there was a restructuring(重组) so Alibaba became a 33% stakeholder. Assuming the IPO goes as planned it could become the world’s biggest initial listing this year.

NANDINI: OK, so it is massive. But we usually put IPOs and this kind of financial news in the second half of the podcast – why is this your lead story?

JOSHUA: The reason it is so important for me – and not just another gigantic Chinese IPO - is the fact it is simultaneously listing in Hong Kong and the mainland.

JOSHUA: Ant plans to list shares on the Hong Kong Stock Exchange as well as Shanghai’s year-old Nasdaq-style STAR Market. It hopes for a valuation(估值) of more than $200 billion, Reuters reported, citing two sources familiar with the deal. On such a basis, a customary sale of 5% to 10% of the company would translate to raising between $10 billion and $20 billion.

JOSHUA: And this is only possible because of recent regulatory changes. In Hong Kong, the exchange recently amended rules that previously forbade listings by companies with dual-class share structures.

JOSHUA: In Shanghai, meanwhile, the launch last year of the STAR Market eliminated rules that previously set informal limits on how aggressively companies could price shares — a practice that often cost such companies millions of dollars in lost fundraising potential.

NANDINI: So Ant couldn’t have done the dual simultaneous listing in the past – but why is this important?

JOSHUA: The listing in Shanghai will help the company accelerate its goal of digitizing(数字化) the service industry in China and drive domestic demand – while the listing in Hong Kong effectively positions the company to develop global markets with partners and expand investment in technology and innovation.

JOSHUA: A listing of this size is both a shot in the arm for Hong Kong which has come under a lot of pressure recently and a vote of confidence in the Shanghai Star Market.

NANDINI: Ok, well thank you, very much for that, Josh.

NANDINI: Moving on to my top story which is all about Hong Kong’s latest coronavirus outbreak. The Asian financial hub has been experiencing a surge in new virus cases in July, with infections reaching 567 by Monday.

JOSHUA: Do we have any idea how Hong Kong’s latest covid-19 wave started?

NANDINI: Well, unlike Beijing’s recent outbreak, there doesn’t seem to be much speculation that imported seafood is to blame for Hong Kong’s latest covid-19 wave.

NANDINI: On the contrary, local infectious and respiratory disease experts are pointing the finger at the city’s easing of certain disease control and prevention measures last month. In particular, testing and quarantine exemptions(豁免) were made for crew members of aircraft and vessels who returned to Hong Kong from abroad.

NANDINI: According to these experts, pilots, flight attendants, sailors, etc. could have caught the virus during their stays abroad. Upon their arrival in Hong Kong, these people could have spread the disease while taking taxis or public transport. Then taxi drivers or other commuters could have gone on to pass the virus to others.

JOSHUA: Do you think this theory holds water?

NANDINI: Since Hong Kong relaxed its guidelines in June, there has been a rise in virus infections among exempted crew members.

NANDINI: In early July, a cargo pilot tested positive for covid-19. Although he had visited Kazakhstan and Turkey, the pilot did not have to undergo either a coronavirus test or quarantine upon his arrival in Hong Kong. Instead, he was simply subject to medical observation. It was only when the pilot saw a private doctor that his infection was confirmed. In wake of this news, the city reimposed quarantine measures and mandatory testing of crew members on July 8th. But, for some this may have been a case of too little too late, as the next day four further covid-19 infections were reported among aircraft crew members.

JOSHUA: How has the Hong Kong government reacted to all of this? I can imagine they must be facing a lot of criticism for bending testing and quarantine rules for crew members?

NANDINI: Yeah, that’s definitely the case. The government has faced a lot of scrutiny for making these exemptions, ever since the cargo pilot’s infection case came to light. Health experts have especially called for a review of the policy.

NANDINI: On Sunday, the Hong Kong government responded to the criticism with a statement seeming to defend the exemptions. The statement said that, quote, “the quarantine exemption arrangement must be in place to ensure the normal operation of Hong Kong on all fronts under the epidemic, including the need to safeguard adequate supply of food and necessities, ensure normal governmental operation and sustain commercial activities(商业活动) in the interest of Hong Kong's economic development”, end quote.

NANDINI: The government also rejected speculation that the disease has been spread by exempted travelers from the Chinese mainland. According to the statement, there been no confirmed virus cases among inbound travelers from the mainland, Macau or Taiwan.

JOSHUA: And why should our listeners outside of Hong Kong pay attention to this story?

NANDINI: Well, I think this story actually has a pretty universal message. With the pandemic showing no sign of disappearing anytime soon and no vaccine readily available, governments worldwide are facing a dilemma - wanting to keep their economies running and societies functioning as normally as possible, they also want to keep their communities safe from the virus. Hong Kong’s example may come as a warning to other countries and regions of what can happen if you are lenient with testing and quarantine rules.

JOSHUA: Ok, well how about we move on from that chilling thought with some tech news that will definitely appeal to our furry friends? My next top story is all about how Alipay has developed nose print recognition technology for cats and dogs.

NANDINI: That sounds barking mad. I have never ever heard of those words in the same sentence before. Why would cats and dogs need this?

JOSHUA: Ok, as always for bizarre tales like this, let’s begin with some background. The player behind this innovative tech is Alipay, that’s the online payment service of Ant Group whom I mentioned in my previous story.

JOSHUA: Using this identification method, Alipay has partnered with insurance companies to provide insurance services for these domestic animals.

JOSHUA: For pooches and felines between the ages of three months and ten years, Alipay offers three health insurance premium options ranging from 199 to 799 yuan that can insure a pet for up to 20,000 yuan in medical bills annually.

JOSHUA: Now, I should stress that this isn’t exactly a fledgling industry. Pet insurance has been around in China for over 10 years, but so far it’s failed to take off due to trouble proving a pet’s identity.

NANDINI: What about turning to microchip implants?

JOSHUA: In places like Europe and the U.S., the typical way to digitize a pet’s identity is via a microchip implant. But, this doesn’t seem to be an option for many Chinese pet owners. They are either unwilling to pay for it or they worry about causing discomfort to their pets. This means that a mere 1% of pets in China are covered by insurance, compared to 25% in the UK.

JOSHUA: This is where Alipay’s nose recognition technology could really shake things up.

NANDINI: How exactly does this tech solve the problem?

JOSHUA: Well, let’s just say the nose knows. Quite similar to human fingerprints, nose prints are unique to each animal. In fact, Alipay even goes as far to say that nose prints can identify animals successfully in 99% of cases.

JOSHUA: Here is how it works. The online payment provider has introduced a new feature on its app to recognize animal snouts. When owners wish to claim insurance benefits(索赔) for a pet, the animal’s nose print will be used to verify its identity.

JOSHUA: The company seems certain that the tech really is the cat’s miaow. Alipay expects the nose recognition tech to be used more widely by, for example, helping to identify lost pets. As some netizens pointed out, the new technology could also make people think twice before abandoning their pets since the digitized information would hold them accountable.

NANDINI: I get that this is a pretty fun, but why else did you pick this as one of your top stories

JOSHUA: Because it’s big business. China’s pet industry is booming. The country boasts the largest pet dog and cat population, totaling 188 million of these creatures. That figure could likely reach 250 million within four years. China’s urban pet owners don’t seem stingy when it comes to spending on their four-legged friends, forking out nearly 29 billion US dollars on them last year.

JOSHUA: Alipay is confident that its new feature will speed up acceptance of pet insurance in China. And the online payment provider may just be onto something since health and wellbeing of pets seems to be of paramount importance for many owners. As Alipay property insurance manager Wang Fang put it quote “For many people, buying insurance for their pets is as important as doing so for family members” end quote.

NANDINI: Ok thanks Josh! Well, that’s it for our top three stories. Now let’s find out what else is going down in China’s business scene.

NANDINI: A company controlled by the founder of scandal-plagued Luckin Coffee agreed to sell its stake in Car Inc. to a unit of BAIC Group. The agreement ends a month-long fight for ownership of China’s biggest car rental provider. Ucar Inc., a limousine services company controlled by Lu Zhengyao, will sell its 20.9% stake(股份), or about 443 million shares, in Car Inc. to Jiangxi Jinggangshan BAIC Investment Management for as much as $181 million. That’s according to Car Inc’s Monday statement.

JOSHUA: China’s top banking regulator is set to slap two commercial banks(商业银行) with more than 100 million yuan in fines each, which is roughly equivalent to $14 million. Caixin has learned that this marks the first time the watchdog has hit a bank with a penalty(罚款) that high since early 2018. Sources familiar with the matter told Caixin that China Zheshang Bank and China Minsheng Banking Corp. will each be fined more than 100 million yuan and China Guangfa Bank will have to pay a 90 million yuan penalty.

The size of the fines illustrates how China’s financial regulators are getting tougher on misconduct不端行为) in the banking industry. 

NANDINI: China’s top four smartphone brands in India extended their market dominance in the second quarter by increasing their share to 75.1% from 66.1% a year earlier, according to research firm Canalys.

Despite a significant drop in shipments(出货量), China’s Xiaomi was still the market’s top dog in the second quarter of 2020. For the three months through June, it controlled 30.9% of India’s smartphone market with 5.3 million shipments, representing a year-on-year decrease of 48%, according to Canalys.

And that completes today’s Caixin China Biz Roundup. Be sure to download the next edition for more essential news. And please don’t forget to rate us on your podcast app or better yet write us a review so other people can find us.

Goodbye and Zaijian.

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