时间:2019年10月21日 00:38:34

When Hong Kong and China were reunified in 1997, the mantra was “one country, two systems”. Companies with listings in both jurisdictions are still feeling the consequences.1997年香港回归中国时,“一国两制”的说法不绝于耳。在中国内地和香港两地上市的公司至今仍能感受到这一原则的影响。Great Wall Motor is a good example. The Chinese carmaker is to sell up to 387m new China-listed A shares to raise .7bn. The proceeds will go towards research and development, and component production for “new energy” vehicles, such as hybrids and electric cars. It lags behind peers in that market.长城汽车(Great Wall Motor)就是一个很好的例子。这家中国汽车制造商将新发行至多3.87亿股A股,筹资27亿美元。筹资所得将用于“新能源”汽车(例如混合动力汽车和电动汽车)的研发和零部件生产。该公司在新能源汽车领域落后于同行。A shares closed up 5 per cent on the news. But Great Wall also has a Hong Kong listing; its H shares fell about 13 per cent, leaving them almost 40 per cent below the issue price.受此消息影响,长城汽车A股昨日收涨5%。但该公司还在香港上市;其H股下跌约13%,收盘价较上述发行价低了近40%。Hong Kong may be deemed a more rational market, based on greater institutional involvement (and less government intervention), but even the H-share drop seems mild. Trading in the shares was stopped on June 19, meaning Great Wall sat out a 10 per cent drop in the H-share index. And there are other reasons — beyond the dilution — to be cautious. May sales were disappointingly soft; there was no rebound in June and pricing has suffered as international brands offer discounts.香港可能被视为是一个更理性的市场,依据是机构参与度较大(而且政府干预较少),但对长城汽车来说,即便是其H股的跌幅也显得较为温和。6月19日,长城汽车股票停牌,这意味着,该公司未受H股指数下跌10%牵连。除了股权被稀释以外,投资者还有其他理由保持谨慎。该公司5月份销量疲软,令人失望;6月份销量不见反弹,同时由于跨国汽车品牌提供价格折扣,该公司的产品定价存在压力。These trends may worsen in the short term as prices have little scope to rise. Great Wall has new models due soon but recent launches have failed to bolster volumes. Earnings forecasts have been coming down: estimates for this year and next have dropped nearly one-tenth each since early June.短期来看,这些趋势可能会加剧,因为价格几乎没有上涨空间。长城汽车很快将推出新车型,但其近期推出的车型未能提振销量。该公司的盈利预期被下调:自6月初以来,对今明两年的盈利预期已分别下调近十分之一。New investment is critical for Great Wall to find growth. It is backing the right product: China’s state council wants unit sales of new energy vehicles to grow nearly 70-fold to 5m by 2020. Great Wall’s component investment implies 500,000 units by 2018.新投资对于长城汽车实现增长至关重要。这些资金将投向正确的产品:中国国务院希望,到2020年时,新能源汽车销量达到500万辆,较目前水平增加近70倍。从长城汽车零部件生产投资计划来看,到2018年时其新能源汽车产量将达到50万辆。Rewards may be some time in coming. At least the shares are not egregiously overvalued; even the more racy A shares trade at 10 times 2016 earnings forecasts. The cheaper H shares closed at a mere 6 times.获得回报可能需要一段时间。至少,该公司股价没有被过分高估:以2016年预期盈利计算,即便是其更具活力的A股的市盈率也仅为10倍;价格较低的H股的预期市盈率就更低了,只有6倍。 /201507/385719

U.S. appeals court on Friday overturned a 0 million jury verdict against Samsung, finally handing the South Korean smartphone maker a significant win in its longstanding patent feud with top rival Apple.当地时间周五,美国联邦巡回上诉法院推翻了要求三星赔偿1.2亿美元经济损失的陪审团裁定,使得这家韩国智能手机制造商在同苹果漫长的专利战中扳回了至关重要的一局。The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., said Samsung Electronics Co Ltd did not infringe Apple#39;s ;quick links; patent, and that two other patents covering the iPhone#39;s slide-to-unlock and auto-correct features were invalid. The court also said Apple was liable for infringing one of Samsung#39;s patents.位于华盛顿特区的美国联邦巡回上诉法院表示,三星公司没有侵犯苹果的“快捷链接”专利,而包括iPhone滑动解锁和自动纠正功能的两项专利是无效的。该法院还表示,苹果侵犯了三星公司的一项专利。In a statement, a Samsung spokeswoman said: ;Today#39;s decision is a win for consumer choice and puts competition back where it belongs in the marketplace, not in the courtroom.” A spokeswoman for Apple declined to comment.三星发言人在一份声明中说,“今天的裁定对于消费者的自主选择权来说,是一次胜利,同时也让市场竞争的战场回归市场,而不是转至法庭。”苹果发言人则拒绝对此做出评价。Apple and Samsung have been battling over mobile device technology patents for years. Apple has mostly prevailed, and in December, Samsung paid Apple 8.2 million stemming from a separate patent case, which Samsung has appealed to the U.S. Supreme Court.三星和苹果之间的移动设备技术专利战已经持续多年。苹果赢得了大部分胜利,去年12月份,三星在另外一起单独专利诉讼案中,赔偿苹果5.482亿美元。三星已经上诉至美国最高法院。Friday#39;s ruling was issued by a unanimous three-judge panel of the Federal Circuit, the country#39;s top court specializing in patent issues.周五的裁定是由美国联邦巡回上诉法院的三人审判组一致作出的,这个三人审判组由美国顶尖的,擅长专利争端案件的法官组成。The ruling reverses a May 2014 verdict from a federal court in San Jose, California ordering Samsung to pay 9.6 million for using Apple#39;s patented technology without permission.美国联邦巡回上诉法院的裁定推翻了圣何塞联邦地方法院2014年5月做出的一项裁定。当时该法院裁定,三星因未经授权使用了苹果的快捷链接有关专利,赔偿后者1.196亿美元损失。Chicago-based patent lawyer Bradley Hulbert, who has followed the litigation, said the decision is ;a clear signal that Apple is not invincible and that alternative operating systems are here to stay. The marketing and psychological benefits for Samsung are huge.;芝加哥专利律师布拉德利·哈尔伯特一直在关注此案,他表示:“此项裁决是一个清晰的信号,苹果并非不可战胜,仍然有其他替代的操作系统存在。对于三星来说,这项裁决的市场效应和心理效果是不可估量的。” /201603/429565

Google co-founders Larry Page and Sergey Brin have revealed plans to sell shares currently worth .4bn over the next two years, in a move that would leave them little room for further sales without ending their combined control of the company.谷歌(Google)共同创始人拉里#8226;佩吉(Larry Page)和谢尔盖#8226;布林(Sergey Brin)打算在今后两年内出售一批股份,目前价值44亿美元。在这批股份转让之后,他们如继续出售股份,就很可能丧失对谷歌的联合控制权。The disposal plans, revealed in a regulatory filing, would leave the Google founders with barely half the shares they held when they took Google public in 2004. However, their remaining combined stake would still be worth nearly bn.这一股票出售计划是在一份监管文件中披露的,将令两位谷歌创始人持有的股份降至2004年谷歌上市时的一半。不过,他们所持剩余股份总价值仍接近450亿美元。The expected sales were disclosed as part of a 10b trading plan, under which executives report their intended disposals but give up control over the timing of when the sales are made.这次即将发生的股票转让是一项10b条款交易计划的一部分。按照这一计划,主管需汇报其股票转让打算,并放弃对抛售时间的控制权。Mr Brin and Mr Page control Google through a special class of shares that gives them 54.6 per cent of the voting rights, even though their economic interest is only 13.1 per cent.布林和佩吉通过一种特殊类型的股份控制谷歌,这类股份令他们虽然只拥有13.1%的经济权益,但却拥有谷歌54.6%的投票权。After the latest sales, their voting control will fall to only 52 per cent, Google said.谷歌表示,在完成最近这次股票销售之后,他们的投票控制权将跌至只有52%。The company issued a new class of non-voting C shares last year in a move to protect the founders’ control over the long term. The new shares are expected to be used to fund acquisitions and employee stock plans without diluting the founders’ control.该公司去年曾发行过一种新型的无投票权C类股票,以保护两人的长期控股权。这种新型股票预计将用于在不稀释两人控制权的前提下,为收购及员工持股计划提供资金。Google also at first proposed that Mr Brin and Mr Page — who hold half their stake in the form of the C shares — should be free to sell this class of stock to raise cash if they wanted.谷歌起初还曾提议,允许布林和佩吉随心所欲地自由出售这类股票,以筹集资金。在两人持有的股份中,半数股份是这种C类股份。However, an investor lawsuit forced a settlement in which the founders agreed to sell their super-voting shares in equal proportion to the C stock, leaving them facing dilution to their control if they continue to make big disposals.然而,投资者发起一轮法律诉讼,强制谷歌达成了一项和解协议。按照协议,两人同意以C类股份相同比例出售其拥有超级投票权的股份。这导致他们一旦继续大举抛售股票,就有可能面临控股权的稀释。 /201502/360315

The gleaming metal and glass 5G laboratory being assembled on a campus at the University of Surrey, a few miles outside Guildford, speaks to British ambitions when it comes to building the next generation of mobile internet technology.英国小镇吉尔福德(Guildford)郊外几英里处,萨里大学(University of Surrey)的校园里,人们正在组装一座由金属和玻璃建造的5G实验室。这所亮闪闪的实验室充分彰显出英国开发下一代移动互联网技术的雄心。While many mobile phone users are only just upgrading to faster 4G networks, telecoms equipment providers are looking ahead to the next generation of mobile internet technology.很多手机用户才刚刚升级到速度更快的4G网络,电信设备供应商已经在展望下一代移动互联网技术了。Yet companies such as Vodafone and BT have not given the university funding to develop the technologies out of scholarly love. They are commercial partners that have bought a stake in any future profits generated by the centre as well as the chance to use the technology.沃达丰(Vodafone)、英国电信(BT)等公司向萨里大学提供5G技术研发资金并非出于学术爱好。作为商业伙伴,它们投入资金是为了将来在该实验室产生的任何盈利中分一杯羹,同时也获得使用新技术的机会。They are not the only companies racing to develop 5G. Labs run by Huawei, Ericsson, Nokia and Samsung are working flat out to produce the precious global patents that will underpin the future of mobile connectivity. Most hope to have some form of the technology in testing by 2018.竞相开发5G技术的不只这些公司。华为(Huawei)、爱立信(Ericsson)、诺基亚(Nokia)和三星(Samsung)等公司的实验室也在全力开发宝贵的与5G相关的全球专利技术,这些技术将撑移动连接的未来。大多数公司希望2018年能测试某种5G技术。But while previous generations of mobile have been about making the internet faster, 5G will go one step further, according to Professor Rahim Tafazolli, head of 5G research at the University of Surrey. He says that it is expected to make the internet fast enough to make possible a whole host of new applications, from connected vehicles to the connective devices that will enable the internet of things. “5G will be the start of a new way to think about communications,” says Prof Tafazolli.萨里大学5G研究负责人拉希姆#8226;塔法佐利(Rahim Tafazolli)教授表示,前几代移动技术着眼于更快的互联网速度,而5G技术将更进一步。他说,5G技术预计将使互联网速度大为加快,使一系列新应用成为可能,从联网汽车到可连接设备等让物联网变得可行的事物。“5G将使人们以新的方式来思考通信,”塔法佐利教授说。Ericsson believes there will be up to 50bn connected devices globally by 2022, when the technology is expected to start being rolled out commercially. The implications are profound.爱立信认为,到2022年,全球可连接设备将多达500亿部,那时5G技术有望投入商业应用。其意义将是深远的。Imagine, for example, a self-driving car that relied on a steady but constant stream of information beamed via the internet to operate. Unless the infrastructure that enabled connectivity was robust enough to allow information to be accessed all the time, it would be impossible for the car to work.比如,我们可以想象一辆自动驾驶汽车,依靠互联网发送的持续、稳定的信息流来运行。除非基础设施能够提供非常可靠的连接,保信息能够随时读取,否则这辆车是不可能正常工作的。Network technology tends to evolve every 10 years. The first generation cellular network was launched in the 1980s and supported voice services only. It drove early mobile phone adoption but was problematic, with eavesdropping and cloning common. Using a phone abroad was impossible.网络技术通常每10年演变一次。第一代蜂窝网络在上世纪80年代问世,只持语音务。该技术驱动了早期移动电话的使用,但存在种种问题,经常出现窃听和信息盗用现象。当时在国外使用手机也是不可能的。In the 1990s, 2G became widesp and was able to support far more users and was more secure. This allowed the sending of “text messages”, and consumers were able to roam outside of their home country.到了上世纪90年代,2G变得普及,能够持远多于过去的用户,通话也更加安全。2G技术持发送“短信”,用户可以在本国之外漫游通话。The early 2000s saw the emergence of 3G, which supported high-speed data services as consumers increasingly began using broadband and the internet on mobile devices. A new breed of smartphone, capable of supporting and mobile television, was born. From 2010, 4G allowed operators to use spectrum more efficiently, which meant the speed of accessing mobile data were about 10 times faster than 3G.21世纪初出现的3G技术,持高速数据务,让消费者开始越来越多地在移动设备上使用宽带和互联网。持视频和移动电视务的新型智能手机于是诞生。从2010年开始,4G技术让运营商能够更高效地利用频谱,使得访问移动数据的速度比3G快10倍左右。The next generation will be about more than the mobile phone. It will be about providing connectivity over the airwaves to billions of devices that in future will require access to the internet, ranging from driverless cars to smart cities.下一代技术将不仅仅应用在手机上,而且还将为数以十亿计、未来需要接入网络的设备——从无人驾驶汽车到智能城市设施——提供无线连接。 /201505/373414

US authorities are appealing against a judge#39;s decision not to order Apple to unlock an iPhone in a drugs case. It has gone to a higher court after a Brooklyn judge said he had no power to give the order.近日,美国当局政府对当值法官就一起毒品案没有下令苹果公司解锁iPhone的裁决表示出强烈反对。在布鲁克林的法官表示其无权给予强制命令之后,该案件已经转到了上一级法院。Apple said the order would be the start of a ;slippery slope that threatens everyone#39;s safety and privacy;.而苹果公司方面表示,该项命令将会是一段“威胁所有人安全和隐私的滑坡的开始”。In the original hearing, the US government asked Judge James Orenstein to order Apple to open up a locked phone belonging to Jun Feng, who has pleaded guilty to participation in a methamphetamine distribution conspiracy. The Justice Department wants to use the device to find any of his co-conspirators.在最初的听会上,美国政府要求法官詹姆斯·奥伦斯坦下令苹果公司解锁冯军的手机,冯军已在谋划分销甲基苯丙胺(俗称冰毒)一案中认罪。司法部希望利用该设备找到他的同谋。While the case has similarities with that being heard in California in relation to the San Bernardino shootings, the New York case involves an older version of Apple#39;s operating system. Feng#39;s phone uses iOS 7, which is not protected by the same encryption technology.虽然该案件与在加利福利亚州审理的圣伯纳迪诺击案有相似之处,但纽约的这个案件涉及的是更旧的苹果操作系统版本。冯军的手机使用的是iOS 7系统,该系统并不由相同的加密技术所保护。;Apple has the technological capability to bypass the passcode feature and access the contents of the phone that were unencrypted,; the Justice Department said in its court filing, submitted on Monday. It has asked District Court Judge Margot Brodie to hear the case.“苹果公司有技术能力绕过密码功能并访问未加密的手机,”美国司法部在周一提交的法院文件中说。司法部已要求联邦地方法官马戈·布罗迪审理该案件。The Justice Department#39;s lawyers called the request routine, arguing that the case was neither about asking Apple to do anything new, nor to create a ;master key; to access all iPhones.司法部的律师表示,这只是一项常规请求,认为这既不是要求苹果公司做任何新的事情,也不是让其创造一把“万能钥匙”来访问所有的iPhone。Federal prosecutors cited several examples in which Apple has extracted data from a locked device under the law.联邦检察官引述了几个苹果公司按法律规定从锁定的设备中提取数据的例子。Apple argues that it has opposed requests to help extract information from more than a dozen iPhones since being invited to challenge the government#39;s use of the 1789 All Writs Act by Judge Orenstein in October last year.但是苹果公司对此表示反驳称,自从该公司于去年10月份受奥伦斯坦法官之邀挑战政府1789年的《所有令状法案》起,已经反对过帮助从十几部iPhone上提取信息的要求。The technology firm said it agreed with Judge Orenstein#39;s ruling that granting the request would ;thoroughly undermine fundamental principles of the constitution;.该科技公司称其同意奥伦斯坦法官的裁定,倘若准予该请求,将会“彻底破坏宪法的基本原则”。 /201603/431010

文章编辑: 安心典范