Caixin
Sep 29, 2020 05:32 PM

Caixin Business English 10 财新商业英语进阶计划 10

重点词汇

Wealth management

(n.)财富管理。金融机构向高净值个人所提供的财务规划及金融服务。

财富管理是指以客户为中心,设计出一套全面的财务规划,通过向客户提供现金、信用、保险、投资组合等一系列金融服务,管理客户的资产、负债及流动性,以满足客户不同阶段的财务需求,帮助其达到降低风险、实现财富保值、增值和传承的目的。服务范围包括现金储蓄管理、债务管理、个人风险管理、保险计划、投资组合管理、税收、退休计划及遗产安排等。

例句:Also no longer an option for him will be staying in luxury hotels or indulging in golf sessions. Buying property and nonessential vehicles are also off the table for Chen, as is investing in high-yield wealth management products.

翻译:他以后不能在豪华酒店或高尔夫球场进行高消费,也不能购买房产、非经营必需车辆、或投资高收益理财产品。

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

Minority shareholder

(n.)少数股东。拥有的权益没有达到控股比例的股东。

少数股东是除母公司以外,在子公司中出资并拥有权益的其他投资者。少数股东权益表示其他投资者在子公司所有者权益中所拥有的份额,少数股东在子公司全部股权中不足半数,对子公司没有控制能力。

例句:Fosun Group had actually been one of the brand’s minority shareholders at the time of its demise in September 2019.

翻译:复星集团在2019年9月该品牌倒闭时就已经是其重要的少数股东。

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

Middle class

(n.)中产阶级。在现代社会中居于中间水平的社会阶层。

经合组织将中产阶级定义为家庭年收入位于全国年收入中位数的 75%-200% 区间的人群。在中国,年收入在10-50万元之间的家庭被统计为“中等收入群体”。中产阶级多从事脑力劳动或技术基础的体力劳动,以工资及薪金谋生,受过良好教育,具有专业知识和较强的职业能力,有一定的闲暇,追求生活质量并拥有相应的消费力,对社会的发展和稳定有较大的作用。

例句:And the company’s focus on the Chinese market may not come as a big surprise. After all, thanks to its rapid economic rise and growing middle class, the Asian giant has become one of the world’s biggest markets for domestic tourism, with its population emerging as a major new group of travelers abroad.

翻译:该公司对中国市场的关注并不令人意外。 随着中国经济快速增长、中产阶级规模扩大,中国已成为世界国内旅游最大的市场之一,而中国游客也已成为出国旅游的新群体。

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


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

Josh: Welcome back to the show! On today’s lineup. A court has barred HNA’s chairman from indulging in golfing sessions and luxury hotels. Also, British travel brand Thomas Cook has been brought back from the grave all thanks to its new Chinese owner. Plus, find out which country has authorized emergency use of Chinese experimental coronavirus vaccines.

But for my top story today I want to look at everyone’s favourite posterchild company for China-US tensions.

Cibil: So, yet anther tiktok story.

Josh: No, not THAT posterchild company. The OTHER poster child company of US-China tensions – Huawei?

Cibil: Can you have more than one posterchild example – I’m not sure that is how the idiom works.

Josh: According to the Cambridge Online dictionary a posterchild is someone or something that is used to represent a particular quality. So, I think you can have more than two posterchilds – posterchildren? - to represent a particular issue like China-US tensions.

Cibil: I think we may have got a little sidetracked – apologies. Please tell me what is happening with Huawei and China-US tensions.

Josh: OK, normally when we cover Huawei stories we look at how the latest pronouncement from Trump or executive order is impacting the fortunes of the Chinese tech giant. But today I want to look at how new regulations mean the crackdown is affecting companies around the world that want to do business with Huawei.

Cibil: An interesting plot twist. Please tell me more.

Josh: On Tuesday, new US Commerce Department rules came into force that forbid any firm whose production process involves any American technology from supplying Huawei with products — including critical chipsets — unless they obtain a license. And it is this license part that is critical.

U.S.-based Qualcomm Technology and Micron Technology, South Korea’s Samsung and SK Hynix, as well as Taiwan-based MediaTek and Macronix International have all applied for export licenses.

Interestingly even the Chinese mainland’s largest contract chip manufacturer Semiconductor Manufacturing International has submitted an application.

Cibil: So basically anyone that has dealings with America has to get permission from the US government to then do business with Huawei. Even Chinese companies.

Josh: Basically, yes.

Originally only U.S.-based companies were required to get government licenses to supply Huawei. Then there were more rules than banned US-tech using companies from making chips to Huawei’s specifications. These new rules then close the potential loophole(漏洞) which meant Huawei could have gotten its hands on off-the-shelf chips made with US tech through third party companies like Taiwan’s MediaTek.

Cibil: OK, so why is this your top story – why is all this important?

Josh: It’s important for a number of reasons.

First of all most people think it is really doubtful that the US will issue many licenses for companies to do business with Huawei despite the large number of high profile applications. For example last week, the chairman of Macronix, which supplies memory chips to Huawei, said he thought there was little chance that the company’s application would be approved by the U.S. government before the country’s general election(大选) in November.

And for this reason the policy is being seen as a devastating blow to Huawei’s prospects.

Also it’s important for anyone who follows the markets. Knowing that this policy was going to come into force, in recent months, Huawei’s suppliers have scrambled to fill its orders, leading to many of them recording a sales spike in the period. TSMC and MediaTek, for example, saw revenue grow 26% and 31% respectively during the period from June to August. But these are likely to be short term spikes.

Cibil: So what you are saying is the new policy will definitely affect Huawei but will also be a blow to its suppliers around the world who will most probably not be granted licenses and therefore be cut off from an important revenue stream.

Josh: You sum it up beautifully – although I would just stress that I do not know that the licenses will not be granted, I am just going on what a few industry figures(行业人士) have told Caixin. As always I NEVER make business predictions.

Cibil: You’re still bitter about your investment in Blackberry phones aren’t you?

Josh: They were going to be the future!

Cibil: Thanks Josh! Well, it might be a lovely bright, blue-skied September day in Beijing, but I am sure a certain big shot from China’s business scene isn’t in a sunny mood.

Josh: Are you talking about me? Yeah, its just that those Blackberries get me every time.

Cibil: No, I am actually talking about another big shot — Chen Feng, the chairman and legal representative(法人) of HNA, the Chinese conglomerate(集团公司) which started out with an aviation business but then branched out into all sorts of areas, including real estate and finance. The big news is that a district court in Xi’an, China’s northwestern Shaanxi province, has issued orders to limit spending by HNA and its chairman.

Josh: And when you say limit spending, what does this actually mean for Chen?

Well, the court has essentially blocked Chen from, how should I put it… enjoying the finer things in life. For example, the orders restrict the chairman from buying tickets for flights and trains that are more expensive than economy class(经济舱). Also no longer an option for him will be staying in luxury hotels or indulging in golf sessions. Buying property and nonessential vehicles are also off the table for Chen, as is investing in high-yield wealth management products(高收益理财产品).

Josh: And what’s prompted these strict measures?

Cibil: This is largely down to HNA’s mounting unpaid debts. Since late 2017, regulators began stepping up their scrutiny of HNA’s debt-driven investments. This sparked a debt crisis for the group. By June 2019, the group notched up over 700 billion yuan worth of unpaid debt.

The covid-19 pandemic has also been far from helpful to HNA. After all, its core business unit, Hainan Airlines, has taken a dramatic hit amid the virus fall out. As of June, the airline company had nearly 27 billion yuan of outstanding liabilities(债务). The outbreak also made it much harder for HNA to repay several debts on time. For example, in April, it missed payments on about 1.2 billion yuan’s worth of bonds(债券). Just before the default(违约), the company was blacklisted(被列入黑名单) by courts in Hainan, Beijing and Xi’an for failing to comply with court decisions on debt disputes(债务争端).

All of this has sparked a series of lawsuits and that explains why the Xi’an court has gotten tough on the chairman.

Josh: How has HNA reacted to news of the court’s decision?

Cibil: Well, HNA didn’t reply to Caixin questions on the matter. However, someone from the company told us that Chen had stepped away from HNA’s daily operations(日常运作) but would carry on as chairman. According to the same person, the spending restrictions on Chen won’t affect HNA’s business operations.

Josh: Any why is this your top story?

Cibil: Well, for me it’s a striking tale of how the mighty have fallen. After all, the conglomerate used to be a tremendous financial driving force within China’s world of business. Indeed, HNA even previously spearheaded the overseas asset buying sprees of Chinese companies. At the height of its buying binge in 2017, HNA even boasted as much as 1.2 trillion yuan of assets. The fact that the company’s chairman is facing such strict rules on what flight tickets he can book or what type of hotel he can stay in is bound to raise eyebrows. The story also reflects on the government’s crackdown on excessive corporate leverage(公司债务) – so I do wonder if the court decision has made senior executives of other embattled entities feel nervous.

Josh: Well, speaking of embattled companies in the tourism sector, my next top story is all about Thomas Cook’s comeback.

For those of you not familiar with the British travel brand, roughly a year ago, Thomas Cook went bust and it suffered a truly dramatic collapse. Thousands of people who had booked their holidays through the company ended up losing their money. An estimated 150,000 travelers were also left stranded in the middle of vacations. And the bankruptcy(破产) also caused mayhem back home, cutting 9,000 jobs in the U.K.

The company’s demise raised questions about the viability of the packaged tour model as tourists are shifting more towards individual and self-directed travel.

Cibil: How exactly has Thomas Cook managed to return?

Josh: Well, the near-180 year old company reinvented(彻底改造) itself on Wednesday as an online travel agent under Chinese owner Fosun Tourism Group. The name may ring a bell for quite of a few of our listeners, since its part of the much larger Fosun group. Fosun Group had actually been one of the brand’s minority shareholders(少数股东) at the time of its demise in September 2019.

Services offered by the comeback version allow customers to book hotels, buy air tickets and vacation packages to destinations on the U.K. government’s list of safe travel corridors.

Not only has Fosun Tourism launched the new website, but the company has already been promoting the brand in its home China market over the summer with an app.

Cibil: And what do we need to know about the brand’s new owner, Fosun Tourism?

Josh: Thomas Cook isn’t the only well-known foreign travel asset that Fosun Tourism has taken under its wing. It also owns the entire French Club Med resort chain. Therefore, it seems like a big part of Fosun Tourism’s business strategy(商业策略 is to leverage its stable of well-known global brands in China.

And the company’s focus on the Chinese market may not come as a big surprise. After all, thanks to its rapid economic rise and growing middle class(中产阶级), the Asian giant has become one of the world’s biggest markets for domestic tourism(国内旅游), with its population emerging as a major new group of travelers abroad.

Cibil: Well, let’s address the elephant in the room. Given the global pandemic, it doesn’t seem like the best timing to revive a failed travel business. I mean couldn’t the company just collapse and more customers lose their money?

Josh: That’s definitely an important point. After all, as your previous story highlighted, the coronavirus has been devastating for the aviation and tourism market. Fosun Tourism was no exception to this. The company saw its revenue in the first half of 2020 sink by 50% year-on-year. Fosun Tourism also swung heavily into the red for that period by posting a loss of nearly 900 million yuan.

But nonetheless, Thomas Cook’s UK CEO Alan French seems confident that customers can trust the venture. French said quote “Thanks to new ownership and a new robust financial structure, customers can be reassured their money is protected. We will use a trust model to ring-fence customers’ payments, meaning Thomas Cook only receives customers’ money once they’ve returned from holiday” endquote.

Cibil: Alright, thanks Josh! Now, let’s find out what else has been going on in China.

Josh: The Lanzhou Health Commission has confirmed that 3,245 patients have been infected with brucellosis, marking the first time this year that the capital of Northwest China’s Gansu province has issued an official tally(官方统计) about the outbreak of the highly contagious disease. According to the statement, the Lanzhou Biopharmaceutical Plant, which leaked the brucellosis bacteria due to failed disinfection measures and subsequently caused the outbreak, will begin compensating(赔偿 infected patients starting next month. However, the statement did not offer details of the compensation, nor the condition of patients receiving medical treatment.

Cibil: Air travel during the National Day holiday starting Oct. 1 in China is expected to rise 10% to a record of more than 15 million trips. That’s according to an estimate by an institution affiliated with air travel platform Qunar.com. Caixin learned that flight tickets between major cities and some of the country’s tourism hotspots(热门景点) like the Xinjiang Uyghur Autonomous Region sold out instantly after they went on sale.

Josh: The UAE has authorized emergency use of experimental coronavirus vaccines developed by a Chinese pharmaceutical company for front-line workers(一线工作人员). The emergency approval involves two inactivated Covid-19 vaccines developed by Sinopharm. Both are in final phase III clinical trials. According to the UAE’s National Emergency Crisis and Disaster Management Authority, 31,000 volunteers have already participated in clinical trials of the vaccines in the country, and the results have met a set of standards. No unexpected side effects(副作用) have been detected so far, the agency said.

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

你觉得还有哪些词没有讲解到位?或者你希望我们增添些什么内容?发邮件到hello@caixin.com,或私信财新国际公众号,和我们说说你的想法吧,期待大家的来信!

This is only for Caixin Global's app users to read.

Share this article
Open WeChat and scan the QR code