Sep 23, 2020 04:28 PM

Caixin Business English 09 财新商业英语进阶计划 09




与成交额相关的概念是成交量(trading volume),是指某一特定时期内,在交易所成交的某种股票的数量,二者密切相关但侧重点不相同,成交额反映的是交易资金的多少,而成交量反映的是交易数量的多少。

The group colluded with each other over social media and made 13,200 transactions involving roughly 1.7 billion shares from Aug. 10 to 12, accounting for about 24% of the stock’s turnover during that period.


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例句:According to a prospectus filed Friday, it hopes to raise about 20.4 billion yuan or $3 billion.


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Spin off



例句:JD’s fintech unit was established in 2012. It spun off from Nasdaq-listed in June 2017 and rebranded as JD Digits in late 2018 as the company expanded into digital technology.


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Matt: 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 Matthew Walsh

Nandini: And I’m Nandini Venkata

Matt: Coming up on today’s show. Microsoft’s bid to buy Tiktok’s American assets. With Washington threatening to shut down the app, we will be asking which American company – if any – will be taking over Tiktok’s US operations. Also, more and more luxury brands(奢饰品牌) are tailoring their products to suit China’s palate as the country’s demand for such lavish goods continues to boom. Plus, Jingdong Digits plans to go public on the STAR market.

But for my top story I want to discuss one of the favourite topics amongst foreigners in China – VPNs(虚拟私人网络)

Nandini: OK, it is impossible to be in China for more than a few days and not know what a VPN is but for some of our listeners who might have never been to China please explain.

Matt: VPN stands for Virtual Private Network. VPN’s allow you to connect to another computer and browse the internet as if you were that computer. In practice that means you can connect to a computer outside of China and go online as if you are in another country.

In China VPNs are widely used to visit restricted websites such as Google, Facebook and YouTube. Global businesses operating in China also use VPNs to enable employees to log in to their internal networks.

Nandini: OK, most foreigners I know have access to a VPN especially those working for foreign companies. But I always thought they were kind of illegal as they enable people to circumnavigate(绕过 ) China’s so called Great Fire Wall.

Matt: They inhabit a kind of legal grey area but they are not completely illegal. Since January 2017, telecom and internet service providers offering VPN services in China needed to obtain licenses from the Ministry of Industry and Information Technology. The authorities have since launched a crackdown on unlicensed VPNs.

Nandini: OK I get it. Licensed VPNs legal, unlicensed VPNs illegal. So what’s the news?

Matt: Well, currently China has about 20 licensed VPN operators – all of whom are Chinese. But now the country has approved a plan to allow foreign telecom(电信) companies to own as much as 50% of joint ventures providing virtual private network (VPN) services to foreign businesses in Beijing.

It is all part of China’s broader policy of opening up the service to foreign companies that we reported on last week

And before you ask, that is why this story is important. China has been talking about opening up its service sector which includes trade and investments but we are beginning to get more details on what that really means in practice. And it is all about the practicalities behind the rhetoric that is important for anyone doing business in China.

Nandini: Great - and it is good to know you don’t need a VPN to access our podcast.

Alright! Now, let’s turn to what’s undisputedly one of the hottest business stories from over the weekend. I am, of course, talking about Microsoft’s bid for Tiktok’s U.S. operations falling flat. The news must also come as a big disappointment to Walmart. The U.S. retail(零售) titan had teamed up with Microsoft for the bid.

On Sunday, Microsoft released a statement saying quote “We are confident our proposal would have been good for TikTok’s users, while protecting national security interests.” Endquote.

Matt: And why should we be paying attention to this?

Nandini: Well, TikTok is the world’s fastest-growing social media app with more than 2 billion downloads worldwide. But it also found itself on dangerously thin ice with the Trump administration, which has essentially threatened to kick the app out of the country unless it sells its American operations to a U.S. company. That deadline is this very Tuesday.

Matt: Ok, before we get into the latest developments, for those of us not familiar with the whole U.S. Tiktok saga, can you give us a brief recap of how the short video sharing app ended up in all this trouble with Washington?

Nandini: Sure.

Tiktok has soared in popularity in the U.S. - especially among younger generations – where’s its notched up 650 million downloads.

But Washington has grown more and more hostile towards the teen sensation. A lot of this has to do with concerns that Tiktok’s huge pools of data on U.S. users could be given to Beijing due to ByteDance’s status as a Chinese company.

TikTok had repeatedly stated it doesn’t allow any government to access user data(用户数据), including the Chinese government. The company has even tried to calm concerns by setting up two transparency centers in the U.S. to showcase how it manages user data.

However, these efforts were not enough to win over U.S. President Trump. Last month, he gave Tiktok just 45 days to finalize a deal to sell its U.S. operations or risk having the service shut down within the U.S.

Matt: Let’s jump straight to it, why did Microsoft’s bid collapse?

Nandini: At the time of recording, we still don’t have a full answer. However, we do know that Beijing introduced new rules on tech exports which would have affected the US Tiktok deal.

Matt: Well, this just leaves one big question: who - if anyone - will take over Tiktok’s US assets?

Nandini: That’s the million dollar question. Or should I say, the 20 billion dollar question, since the app’s US operations are expected to fetch as much as that.

With Microsoft out of the picture, this leaves Oracle as the only other major reported bidder. But, as of the time of recording this show, a lot still remains unclear. Several media reports including Bloomberg are saying that Oracle has indeed won the bidding battle. However, this isn’t coming straight from either of two horses’ mouths – neither Oracle nor Bytedance have confirmed the news. Instead, all these reports have been citing “people familiar with the matter”.

To make matters more complicated, Reuters now says that the Chinese tech giant has ditched a sale of Tiktok’s American operations and instead struck a partnership deal with Oracle. This will see Oracle assume responsibility for the social media app’s American user data and be able to negotiate(谈判) a stake in Tiktok’s US assets. Once again, the news hasn’t been confirmed by either company but is based on anonymous sources with insider knowledge. Just last week, Reuters also reported that Beijing would prefer for the Bytedance app to be banned by Washington rather than be pressured into a sale.

And even if Oracle and Bytedance have really entered into such a partnership, we also don’t know whether the U.S. government would accept such a deal. So, there are some really big questions that still need answers, but we will keep our listeners updated as facts come in.

Matt: Well, speaking of TikTok, my final top story is all about watches. Luxury watches that is.

Nandini: And what does that have to do with a podcast on Chinese business news?

Matt: Well, an awful lot as you’ll be finding out. A very striking trend is taking place in the global luxury watch industry. It turns out that several of these brands are readapting(使重新适应) their products to meet the taste of Chinese buyers.

This includes Switzerland’s Panerai. The brand is most well-known for designing quite large, bulky watches. However, upon discovering its most discreetly sized gear were selling best thanks in large part to the demand from Chinese consumers, Panerai is now shifting away from its trademark design and starting to sell much smaller models in the Asian country.

Nandini: Ok, and why is this a big a deal? A lot of companies readapt their products to cater to the tastes of whatever market they want to crack. Starbucks even sells green tea cheesecake with red beans in it.

Matt: Well, there are big reasons why we should ‘watch’ out for this story. For one, it’s not just the makers of such timepieces who are trying to pivot to China’s palate, but the luxury goods industry in general. On top of that, this trend is picking up pace amid the pandemic.

Nandini: How exactly did Covid-19 manage to worm itself into this story?

Matt: While most of the globe is still grappling with the coronavirus outbreak, China has largely gotten its domestic Covid-19 crisis under control. After crawling out of lockdown, China’s appetite for luxury goods has soared. Some have described the phenomenon as ‘revenge spending’. Having been stuck at home for months on end and unable to holiday abroad, many Chinese people have been increasingly treating themselves to such lavish items. And, of course, what makes the Chinese market even more critical for such luxury brands is that, what with the pandemic, demand for their goods has dampened in other countries. In fact, earlier this summer, Boston Consulting Group estimated that the Chinese mainland’s demand for such products could jump 10% in 2020, even if global demand on the whole nosedives 45%.

Nandini: Ok, so what you’re telling me is that for many of these global luxury players, for the first time in their entire history, they are rethinking their game plans all in a bid to attract Chinese buyers?

Matt: That seems to be the case. For instance, Bloomberg points out that Louis Vuitton’s male fashion show recently made its first ever debut in the mainland, by hosting an event in Shanghai. For the first time ever, the same city also welcomed an extravagant watch fair by Richemont brands – a fair that usually takes place in Switzerland. Also in a bid to catch the eyes of Chinese buyers, a lot of these swish brands are also turning to livestreaming(直播).

And in case anyone from the luxury industry happens to be listening and wonders whether it’s really necessary to tweak their watches or handbags to win over the Chinese palate, then listen to the words of Jason Yu, managing director at Kantar Worldpanel Greater China. He told Bloomberg quote “I believe the China market is big enough to justify any product adaptation,” endquote, adding that a one-size fits all(一刀切) approach is less likely to yield results.

Nandini: Alright, thanks Matt. Well that’s it for our top stories. Now, let’s move onto the rest of the day’s headlines.

Matt: As Bytedance continues to grapple with the U.S.’s impending ban on its short video sharing app Tiktok, the Chinese tech giant seems to be turning its attention to other parts of the world. Bloomberg reports that the company is now aiming to turn Singapore into a critical hub for its Asian business ventures, citing people close to the matter. To turn these ambitions into reality, the company will invest billions of dollars into the Southeast Asian city state and hire hundreds of new staff.

Nandini: Hong Kong police said they arrested 15 people on suspicion of manipulating the share price(股价) of Next Digital over three days in August when the stock surged more than 1000% following the arrest of the company’s owner and founder, Jimmy Lai.

The 14 men and one woman were charged with conspiracy(阴谋) to defraud(诈骗) and money launder(洗钱者) related to possible stock manipulation(操纵股市). That’s according to a police briefing on Thursday. The group colluded with each other over social media and made 13,200 transactions involving roughly 1.7 billion shares from Aug. 10 to 12, accounting for about 24% of the stock’s turnover(成交金额) during that period, earning a combined profit of nearly HK$39 million or $5 million. That’s according to numbers provided by the police.

Matt:’s fintech affiliate Jingdong Digits has filed an application to list on Shanghai’s Nasdaq-style STAR Market(科创板).

According to a prospectus (招股说明书) filed Friday, it hopes to raise about 20.4 billion yuan or $3 billion.  Formerly known as JD Finance, JD’s fintech(金融科技) unit was established in 2012. It spun off (分拆) from Nasdaq-listed in June 2017 and rebranded as JD Digits in late 2018 as the company expanded into digital technology.

The prospectus states that the unit operates independently of, with the biggest shareholder and actual controller being’s founder Richard Liu.

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


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