Caixin
Sep 16, 2020 11:52 AM

Caixin Business English 08 财新商业英语进阶计划 08

重点词汇

Collateral

(n.)抵押物。债务人或第三人向债权人提供担保的财产。

抵押物是指债务人或者第三人为抵押人,债权人为抵押权人,提供担保的财产。抵押物由债务人或第三人向债权人提供,特定的抵押权标的不容受到非抵押权人的制约和干预,即使抵押人依法可将抵押物转让、出租,但在该物上所设定的抵押权是不受影响的。

例句:Anxin said that the China Trust Protection Fund had demanded that a district court in Beijing order the sale of Anxin collateral to repay a 1.5 billion loan that was due August 20.

翻译:安信信托表示信托保障基金在北京对其提起诉讼并请求法院准许出售安信的抵押物以偿还于8月20日到期的15亿元人民币欠款。

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

Cash flow

(n.)现金流。企业一定时期的现金和现金等价物的流入和流出的数量。

现金流量决定企业的价值创造能力,反映企业的盈利质量,决定企业的生存能力,是最权威、最能反映企业本质的价值评价指标。现金流量表是以现金为基础编制的财务状况变动表,表明会计主体获得现金和现金等价物的能力,分为经营、投资和筹资三种活动产生的现金流量。

例句:Hunan TV & Broadcast Intermediary posted a net loss of 267 million yuan ($39 million) in the first six months after making a profit of 11.17 million yuan in the same period last year, attributing the loss to severe disruptions to its cash flows from advertising payments and travel subsidiaries.

翻译:电广传媒上2020上半年的净利润从去年同期的净赚1117.37万元,转为巨亏2.67亿元(约合3900万美元)。亏损的主要原因是广告代理和旅游业收入大幅下降。

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

Controlling shareholder

(n.)控股股东。能决定公司的经营和高管任命的股东。

拥有多数50%以上股权的股东,对公司拥有绝对控股权:影响董事会、股东大会作出的决议,对公司的日常经营决策能够施加重大影响。此外,在一个股东较多、股权相对分散的公司内,根据协议规定(协议控股)或者相对大于其他出资比例(相对控股)的股东,也能拥有控股权。

例句:Ant says Jack Ma, not Alibaba, is its controlling shareholder.

翻译:蚂蚁集团表示马云,而非阿里巴巴,才是其控股股东。

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

business English 08

Josh: Hello and ni hao!

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.

I’m Joshua Dummer

Cibil: And I’m Cibil Lu

Cibil: Ok what’s on the lineup today, Josh?

Josh: Coming up on today’s show. Traditional TV cable companies report plunging profits as their audience increasingly turns to online alternatives. Also, hundreds of thousands of people in the country have apparently been injected with experimental covid-19 vaccines(新冠肺炎疫苗). Today, we’ll be finding out —who’s been getting the jab. Plus, Ant says Jack Ma, not Alibaba, is its controlling shareholder (控股股东)

But for my top story we are returning to one of the podcasts favorite subjects — US-China trade tensions and how they are affecting the tech industry.

Cibil: I think you’ve misunderstood the word “favorite”. Just because we do it all the time doesn’t make it a favorite. I brush my teeth twice a day but that doesn’t make it my favorite thing to do.

Josh: Aah but do you floss?

Cibil: Yes, I do floss. But I think we are getting slightly distracted here – please continue with your top story about China-US tensions and the tech industry.

Josh: OK, shares of Semiconductor Manufacturing International Corp. – more commonly referred to as SMIC — tumbled following reports that the U.S. may put the Chinese mainland’s most advanced contract chip manufacturer on an economic blacklist.

On Monday, SMIC closed down 22.9% in Hong Kong, while the company closed down 11.3% in Shanghai, wiping more than $5 billion off its market cap.

Cibil: That is a lot of money based merely on reports that the US might do something – so what do these reports say.

Josh: Well it all started with a Reuters report on Saturday that Washington may put the company on the Commerce Department’s so-called “Entity List(实体清单)”, which would forbid U.S. companies from doing business with it without a license from the US government.

The report cited U.S. officials who said the move was due to Washington’s belief that the firm has a relationship with the Chinese military.

Now it is important to note that SMIC denies any links to the Chinese military and put out a statement on the same day as the Reuters report saying the company, quote: “manufactures semiconductors and provides services solely for civilian(平民的) and commercial end-users and end-uses … we have no relationship with the Chinese military,” end quote.

Cibil: OK, So the US seem to think that the company has links to the military. SMIC says it doesn’t. I doubt we are going to get any closer to uncovering the truth in the podcast studio. So why is it so bad to be on this US Entity list that even rumours about it make your share price tumble?

Josh: OK, well while SMIC is seen as the Chinese mainland’s most advanced contract chip manufacturer, it still relies heavily on U.S. companies and technologies.

SMIC has ambitions to be a global leader in chip manufacturing but without access to U.S. technology, its chances of challenging industry leaders such as Taiwan Semiconductor Manufacturing seem very far off. And being on the Entity list will effectively cut off SMIC from US technology as well as other companies around the world doing business with the US.

Cibil: I can see that is not good news for SMIC and I can understand now why its share price has tumbled on the possible news but why is this your top story.

Josh: SMIC is an important company. For example in July, it  raised more than 45 billion yuan, around $6.5 billion, in a high-profile Shanghai IPO(首次公开募股), which came just two months after it announced it had raised $2.2 billion from two state-owned funds.

But this story is so more than just about SMIC. Assuming the U.S. government does target SMIC, it would deal yet another major blow to China’s effort to develop its own semiconductor industry(半导体行业) and could set back China’s tech sector. The U.S. government has already placed dozens of Chinese technology companies on the “Entity List,” including Huawei.

Cibil: So big business story but even bigger international story as the US continues to try and limit China’s tech industry.

Josh: Precisely.

Cibil: Now let’s move onto China’s fight against covid-19.

As some of our listeners may have already heard, China has given approval for certain ‘at risk groups’ to receive experimental coronavirus vaccines. Among the group are medical workers, pandemic response officials, border inspection agents(边检) and members of the military.

Today, I’ll be serving up some big updates on these exciting developments.

Josh: Well, before we get to that, could you give us some background on these vaccines in question?

Cibil: Well, key word to remember here is ‘experimental’. Final trials are still being carried out to prove that the vaccine candidates are safe and effective.

That being said, China’s drug regulator gave the green light for different vaccine candidates to be given out for emergency use. Each of them have been separately developed by some of the country’s leading vaccine players, CNBG , as well as CanSino Biologics, and by the Nasdaq-listed Sinovac Biotech.

Josh: Ok, so what’s the latest?

Cibil: Well, for me there have been some big developments in the area. For one, CNBG, says that over past two months, hundreds of thousands have been inoculated(接种过的). But that number looks set to grow. That’s because the emergency program is being expanded to include front-line workers(前线工作人员) at airlines and airports. There’s also talk of the program being extended to workers at produce markets, transport industry officials, and service employees.

But, what’s especially astonishing is that thousands of people who have so far received the vaccine candidates don’t fall into any ‘at risk worker’ category, let alone enrolled in clinical trials.

Josh: What does that mean?

Cibil: Well, Caixin has learned that some companies actually started inoculating their staff as much as four months ago. An employee at a Beijing-based SOE told us that since June, more than 1,000 staff members at his company voluntarily received the CNBG vaccine. He added that his employer requires all expatriate workers(外籍工作人员) to take the vaccine before they can leave China.

Employees at private companies including Huawei also told Caixin that the businesses started offering the jab to their workforce, again mostly to those stationed abroad.

And what especially blows my mind is that chairman and CEO of Sinovac Yin Weidong, told Reuters that his company has inoculated as much 90% of its staff with its trial vaccine — that’s about 3,000 people. On top of that, Sinovac also gave the drug to employees’ family members.

Josh: Well seeing as how many people have been administered these trial vaccines, is there any chance this could speed up the commercial use of the covid-19 vaccine? Surely, scientists must now have their hands on a lot more data on how people have reacted to such medication?

Cibil: Well, unfortunately not. According to Yin, such data outside clinical trials can’t be used as a basis for approval for commercial application.

And not everyone is optimistic we’ll have a vaccine readily available for public use in the very near future. The WHO says that we very likely won’t achieve widespread immunization(疫苗接种) against Covid-19 until 2021 – but, hey, at least, that’s less than a year away.

Josh: Ok thanks Cibil!

Well, for my final top story, I want to ask has cable had its day?

It’s been a very rocky first half for China’s traditional cable TV providers(有线电视供应商), as dozens of mainland-listed cable networks saw their profits plummet over the past six months.

Cibil: I think many of us would expect the opposite. With lockdown and a lot of people remaining reluctant to go outdoors, I thought business would be booming for TV networks?

Josh: Appearances can be very deceptive, Cibil.

Yes, it’s, of course, true that the country was more or less stuck at home for a large part of the first half. And yes, it’s true, most of us did morph into couch potatoes during that period with our eyes constantly glued to a screen – but that doesn’t automatically translate into profits for traditional cable providers.

Cibil: Please enlighten us

Josh: Government policies cut into their revenues. Desperate for people to stay home as much as possible, the state urged companies to offer certain programs, broadband equipment and services all for free.

And Let’s not forget this is an industry already vulnerable to disruption, what with the rise of online streaming(线上直播) alternatives. Even during the lockdown, it seems like people increasingly opted to watch shows online, rather than on the TV.

Cibil: So what’s been the impact on cable providers?

Josh: All of this means that user subscriptions slipped about 1 and a half percent quarter-on-quarter to 206 million in the first three months. Meanwhile wired TV’s share of the nation’s overall TV market fell to 45.58%, compared to 64% at the end of 2016.

Cibil: Ok, too many numbers! Just tell me about the casualties.

Josh: Among those hit hardest are Shenzhen-listed Hunan TV & Broadcast, Wuhan-based Hubei Radio & TV and the Shanghai-listed Guangxi Radio & TV. All of three of these cable providers went into the red in the first half.

Out of the lot, Guangxi Radio & TV suffered the steepest revenue decline falling about 17% to just under 800 million yuan.

Cibil: And how is the future looking for China’s traditional cable providers? Could they bounce back?

Josh: Dare I say, even more hurdles may lie ahead for them. That’s because, last month, China Broadcasting Network or CBN for short made a big announcement of something that could disrupt the industry(扰乱行业) even more: the formation of China’s first national cable television provider and newest wireless carrier, whose name translates to Unified National Network. As part of the venture, CBN has joined forces with e-commerce goliath Alibaba as well as a number of regional network operators. The 101.2 billion yuan juggernaut will have a significant advantage over current players in the space by being able to offer a combination of 5G wireless, broadband and paid TV services.

So, all in all, this is a story of how the mighty have fallen as online streaming services continue to steal the limelight, and viewers, away from traditional cable providers. It’s a classic case of the new kid on the block shaking up the industry and I am sure we’ll continue to see more disruptions looming ahead.

Cibil: Ok thanks Josh! Well, how about we now change the channel and find out what else has been making news?

Josh: Official data released Monday shows that China’s goods exports(出口) grew at the highest rate in 17 months in August, boosted by recovering overseas demand and a surge in shipments of medical supplies to countries battling Covid-19. Meanwhile imports(进口) declined for a second straight month. Exports rose 9.5% year-on-year to roughly $240 billion last month, accelerating from July’s 7.2% growth rate. It was the fastest expansion since March 2019, according to data from the General Administration of Customs(海关总署). The reading was higher than the median forecast(预期) for 6% growth in a Caixin survey of economists.

Cibil: Ant Group outlined its ownership structure to address concerns over connections with Alibaba Group as the internet finance giant moves closer to its blockbuster concurrent listings in Shanghai and Hong Kong. In its Monday filing to the Shanghai stock exchange, the company said it is majority-controlled(控股) by billionaire Jack Ma, co-founder and retired chairman of Alibaba and China’s richest person. According to that same filing, Alibaba holds 32.65% of Ant, and therefore has no control over the company.

Josh: Financially troubled Anxin Trust faces debt claims(债务索偿) for roughly 1.5 billion yuan or about $220 million from a state-backed trust-industry bailout fund(救助基金), which is asking a court to order a sale of part of Anxin’s assets. On Monday, the Shanghai-listed Anxin said that the China Trust Protection Fund had demanded that a district court in Beijing order the sale of Anxin collateral(抵押品) to repay a 1.5 billion loan that was due August 20. The sale would involve an approximately 33% stake in Beijing Datong Insurance Brokers pledged by Anxin to the fund. Anxin said it is unable to estimate the impact of the suit on the company’s business performance.

Cibil: Thanks for listening and stay tuned for our next episode! Goodbye and Zaijian.

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