Personally experienced this year in February the U.S. presidential primaries in New York state election, the results of the New York State Hillary Clinton victory. September 9 times and lived through the United States within the Democratic Party primaries, and this caused particular concern is the two Asian New York, 22 Chinese women running for state House of Representatives electoral competition. and the two candidates Ellen Young, Meng Zhaowen have a very long time contact with each other are all familiar with. challenger Mengzhao Wen night at 9, the final results announced 800 votes of victory over incumbent Ellen Young. Mengzhao Wen happy to cheer for the same time, Ellen Young and losing when the firm moved to tears in the eyes of many people. two Chinese competition implies a certain extent, enhance the concept of Chinese politics .
Ellen Young, the current New York State Assemblyman, was born in 1952, native of Guangdong, grew up in Taiwan, came to the U.S. in 1977. Since then Ellen Young in the cause of a common experience of young volunteers from the leap to the members. And life, Ellen Young went through a divorce, domestic violence, car accidents, depression and various other hardships in life, she eventually learned to temper heavily on their own strength of character to stand up, but also made her have a heart to help others help themselves after. from ten A few years ago, Ellen Young realized that does not participate in the elections, you can not change the situation of the Chinese, can not integrate into mainstream society. So she took to the streets to mobilize the Chinese vote. Ellen Young won with perseverance for a successful November 7 .2006 , Ellen Young, New York by an overwhelming majority elected the first Asian woman in the history of the state House of Representatives, and create a new record of Chinese politics.
Mengzhao Wen, New York State Rep. candidate, was born in 1975 in Queens, New York, is the first ethnic Chinese II. 纽约卡多索 law immediately after graduating from the University obtaining his JD from New York State Bar license. Mengzhao Wen had in the past few years as the first Asian state of New York, Mr. Meng Guangrui Representative Office, New York, shelters, Mutual Aid Association, Queens Chinese Women's Association, a Director of the American Red Cross distinguished Queen, director of the U.S. branch of the YMCA in Flushing, Queens Botanical Garden and the New York State Director of the Executive Committee of Asian American Bar Association. has won several major New York City and Queens, and certain organizations and units recognition.
Meng Zhaowen the final victory to be happy, but as a single mother of Ellen Young people also feel particularly sorry for the other, although these years, Ellen Young controversial in the community. But when the strong defeated Ellen Young expression and tears in the eyes, or touched many people. blessings Ellen Young all future success.
the American electoral system and electoral system, they have personally experienced 2 times, people feel the U.S. government is indeed is in the hands of the people voted out of one vote one.
New York City-born out of the ballot box, Mr Liu alcohol
Ellen Young voting machine failure due to not vote
9 that night when Ellen Young, after his defeat in the appreciation will be emotional on the day that the future will, as always for community service
Mengzhao Wen (left) was elected to attend the celebration, Allison (USA), Park Yong-Fan (Korea) campaign team for the Bangladesh
Monday, February 28, 2011
Sunday, February 27, 2011
Disappointed with the results of Zanetti said Qi, said to go to Munich, Inter Milan win
The first 90 minutes opponents lore, for any team, this is the result of a difficult to swallow. Inter Milan and Bayern Munich after the game, even blue-black captain Javier Zanetti said the results disappointing, including Esteban Cambiasso, blue-black players such as Wesley Sneijder and Haer Jia regarded promotion hopes in the away game on Allianz .
See the results of the competition is really a great shame. We have just how seriously the game, but Inter still have hope. But now we have to go to Munich to win. In any case, the Allianz Arena in goal, we must remain optimistic and look forward. Each team will have good luck and bad luck, lose the ball game at the end of the cut will not affect us. Allianz Arena will be in the same style of play, Inter have the opportunity to eliminate opponents. Today's game we just missed too many scoring opportunities. Match in Munich will not be easy, but we still maintain hope. Perhaps not enough players up front, but the coach did not have much choice. Bayern's goalkeeper played very well, but we are Inter Milan, in the second round will be given a lesson away. In Munich as we like to play at home, opportunities still half and half.
See the results of the competition is really a great shame. We have just how seriously the game, but Inter still have hope. But now we have to go to Munich to win. In any case, the Allianz Arena in goal, we must remain optimistic and look forward. Each team will have good luck and bad luck, lose the ball game at the end of the cut will not affect us. Allianz Arena will be in the same style of play, Inter have the opportunity to eliminate opponents. Today's game we just missed too many scoring opportunities. Match in Munich will not be easy, but we still maintain hope. Perhaps not enough players up front, but the coach did not have much choice. Bayern's goalkeeper played very well, but we are Inter Milan, in the second round will be given a lesson away. In Munich as we like to play at home, opportunities still half and half.
Thursday, February 24, 2011
Linyuan North report
North Linyuan April 21 Record investment report (under)
Related Links: Peking University Lin Yuan April 21 Record investment report (I) recalled
1. Bear and bull market investment is not the same , buying stocks is not the same.
Linyuan: the first half told us some idea of investment. The second half, I would like to introduce, we believe the best 20 stocks. our overall fabric array. Our investment approach should be flexible. the first half I already said, my method is that you do at what time this person, we should do under different circumstances, it is changing. I want to talk about look at this market we regard it into a bear market or bull market. In fact, this investment in both cases is not the same as buying the stock bear market and bull market is not the same. so that we can do to make money which also bear market.
bear market to buy what kind of stocks? to buy some uncertainty at the highest level of stock. I bear market in 03 years that I started to buy three stocks. Maotai, Wuliangye, Yunnanbaiyao. we can count to it profits of the next three years the company accounts, stocks and then buy a high certainty. because it is the bull market, bear market, I do not want to say, because do not know where the next wave of one-year bear market. We talk about the bull market. I have a bull market into early to mid-and late. We have to blow the bubble burst before, or where such signs before, how would you avoid this risk.
2. bought the company, the most important criterion is that stocks in a bear market or bull market regardless of whether it is a new high each year.
a stock if the dividend rate is 8%, and future business growth of 15% or more, will not lose out to buy in a bear market just told me, bear the highest certainty is that you do. because the bear market, all stocks are undervalued. you buy those seriously underestimated, can count arrive, the purchase of 12 months will make money. I found that as long as serious undervalued stock, it will be 12 months, the market corrected. What is seriously underestimated? For example, we buy a stock. has a payout rate of 8% if the bear market is over, this is summed up my own .8 %, and its future business growth of 15% or more, I think you buy only the company does not lose. because we considered only 2% of bank deposit interest, if it gives you an annual dividend of 8% sent, at least than the bank higher interest income. So, even though it will fall this year because most of the bear market is down, but when the dividend payout will be high, this company will be high. We bought the company, the most important standard is whether the stock bull market or bear market, whether it be a new high every year. not afraid to buy the wrong, the wrong year to buy it back. is what we can not cover more than 12 months, even if it is you again next year trap, but over the next year, 12 months and some sort of relief. loss to letting you get out of trouble when the dividend, make money. always the chance you have some sort of relief, you can hold the company. we are most afraid of continued to fall, we try to avoid buying companies that can not be high.
3. regardless of the bull market early, middle, end, the most important way to make money is to buy leading stocks.
bull market has a direction, regardless of early, middle, end. It is always a leader. What is leading? led the broader market trend somehow it is always going up, the half-way adjustment may shock, but the general trend is upward. If the bull market continued for several years , the stock is to a new high. Last year I wrote an article, what is the CBBC line if the bull market, I said, if the 15 yuan China Merchants Bank is the dividing line. Why? bear and bull market is very cautious people, so big most people would buy the market value of the company. So it is China Merchants Bank will buy this company.
bear market, this company will be undervalued. underestimate the bull market returned to normal, restoring the normal standard I think it will rise (from the underestimation of the normal 150% increase). At that time we counted 5,6 million China Merchants Bank, rose to 15 yuan if the line just .94 on the market in Shenzhen Development Bank is the lead bull. was just too authentication this point. why I said at the time, China Merchants Bank. in fact lead to rising bull market, that is, can we say throughout the entire bull market of the large hub. It may not only China Merchants Bank stock, but why write it my article? I have my consideration. I first set my standards. Merchants Bank must be the most participants. I do not get involved in fewer people say, I only said that the most important so that people can remember me. So I opened China Merchants Bank's shareholders meeting, said Ma Weihua, you say to rise around 15 yuan, finally confirmed. So there is an opportunistic, you have to make people remember the words. be will tell you, the next three years the stock market will What happens, then you go testing. Otherwise, just say no meaning before.
This is what I just said, the bull market cycle. you apply this method in the bull market in the bear market is not working. Secondly months is not enough you make money fast speed.
how to solve the foreign, in fact, did not write the book in stock. But I do research result, foreign direct Substitution. bear market and bull market of the fund manager is not the same. I am the boss, I'll just put a man in for, do not change the brain has. So this indicates to the bull market and bear market way of thinking should not be the same. bull market we choose a large initial market value of leading shares, As a focused investment.
4. bull market beginning to make a fool I was to do a turtle, whether it ups and downs, all the way to seize the leading shares held.
example, when the bull market early and often CBBC boundaries when you can not judge. up tomorrow or today, it is difficult to judge it in the end is a bull or bear market. because the bear market has rebounded, rising for a while and fell. so we seize the valuation, take it the core of things, I do not wait for it to move up. So the initial bull market, we will seize the leader of this stock, you would be tantamount to seize the bull you think this was the root ribs. I grabbed hold early bull market, I to be a fool, do a tortoise. regardless of ups and downs I made it one of the most stupid people stood.
bull market will be in-depth development. I think the time has come to the medium-term bull market. bull market early to mid, mid- feature is that many stocks will rise. People have forgotten the bear market risk, slowly forgotten. the original will not buy stocks to buy, we will certainly be a buy it up, this is the recovery of prices. bull market is also part of the medium-term The stock will go up. to the stock bull market will end up a lot of it.
5. bull market will rise over small cap stocks large cap stocks, the bull market in addition to the most profitable varieties leading shares, that is, high-quality small cap stocks
bull most stocks rise, I think, one of the leading stocks I said, is to bring the entire bull market, early, mid and late will rise. There is also a small cap is high quality. As I said, why did he choose capital and profits grow at the same time, it was tantamount to my insurance policy. We want to select some small cap, and plate the more likely the smaller the rise. Last year I was in March and April to write, and these two are mentioned at all. because this is international experience, the market for a good, people will forget about the risk, perhaps I would choose some small value. the market value of all easy to buy small, it is easy to rise. but I was not going to speculate, I'll choose some high-quality small cap stocks. which is going through the entire bull market. the ultimate small-cap stocks over large cap stocks will rise. This is what a bull market in stocks rose the most, and bear and bull market of the investment strategy is different.
6. I have the composition of the initial bull market: leading shares accounted for 60-70%. small-cap stocks 15%, the middle piece is a low PE sector accounted for 25-30% of high dividends., to the medium-term bull market, when the proportion of the middle piece reduced, even down to 0%, then increase the input of small-cap stocks.
I mainly bought the initial bull market leading stocks. leading shares my configuration may be accounted for 60-70%. small-cap stocks accounted for 15% I the middle this part, which I think is a bear market must have been underestimated. payout ratio of 10% or more, and I mix 25-30%., which is what we call the composition. the middle of this I always try to keep my life source, do not worry about money. This is my time early in a bear market. If nothing else, you can up the middle this part of the annual dividend had enough of my life. So bear market, bull market, I will always be full warehouse, it will not suffer . I did not short positions a day. unless I want the money, I will no matter what price to sell.
This is the composition of the initial bull market. one is the leading shares, was the middle of a high dividend, high dividend generally In a bull market, it must be very low PE, high dividends. It is a pair of twin brothers, will be linked together. The third block is a high-quality small cap stocks. bear market, I am less busy, and this is my time pass , I'll interview them to write articles. in fact I spend on the surface, in fact, have a good lineup to help me make money.
early bull market people will forget the pain of a bear market. stock market up, most of the time in sleep, up only 5% of the time. So you just get through the difficult bear market, can do something else. Buffett is farming, I went to eat his suffering, go in love. So this pass the time is very important. so you never mind the stock market was.
to medium term, I only do one thing, is to reduce the proportion of the middle piece, and even reduced to 0%, is higher among low-PE dividends this, to shrink. and then to increase investment in small cap stocks. Our decision to do the best small-cap stocks is up, the bull market must be small-cap stocks rose the most. small-cap stocks will give you extra income, so you only need to do this step on it. If you do not pursue another high profits, at least in my lineup, you can share the exponential growth of this wave of bull market. Index rose 130% last year, I was five-fold increase . I have this most stupid way, you do not ask me, after you bought it at least keep up with the index, you will not lag behind the index. In fact in the stock market, most people can not keep indices. Index up how much most people do not keep up with growth and wealth index, index is not easy to keep up. In particular, we now index, it is actually distortion, a large-cap stocks, it is in accordance with the issue price, distortion a lot, most people can not keep up is also very normal. But our approach, such as 12 months can outperform index.
7. bull market is held the most important methods of operation, can not take can not be lot of money, earned a double double would not be called money. I can not buy low, sell high throw, you can do is immortal.
way throughout the bull market. Of course the third in a bull market, my assessment now is bullish medium-term. it is not yet the wildest bull market period. I do not do that predicted at that time, people confused, you follow the confused, make money, but your heart to make it clear, to what position do not participate in the. Next, how come my way is to avoid this risk.
This method of operation is a bull market. bull market is the most important possession, holding the most critical. you buy the stock, take firm. speculation to speculation to you, in fact, a section of the hh is to talk about me throwing buy low, sell high approach. I am the person is actually a fool, other smart people do buy low, sell high throw their trouble, and I to earn their money, I would do the most simple way, I'll take it. I think I buy low, sell high cast can not be done, how can you do it? do is immortal. I have here an example , said earlier that Hong Kong stocks, for several years were dropped from the San Mao San Mao rose five cents. I have a business partner, he does to fifty cents a year are sold, bought San Mao, a total of three years down earned five or six cents. last year sold and buy it back. Every time I met him, he said I was making money. I said, you do what it is, I do not care for him. Finally, I told him, I said, made a 32-fold. he said, or are you OK.
you do such a thing in the stock market when the last time you buy it back, may be behind most of the money when you go, That is the bulk of the total amount of money must be a large head. Just now a lady told me to buy the stock, it should hold, or sell to buy. I said, my idea is this. If you are buy low, the market is good to hold. I eventually sell the stock, certainly not selling the highest point, and I fell down and received the highest point of 30% of the market value if it makes me less than 30% loss, I felt like I was the most successful The .1500,1700 point in this market say that high, but sold at that time, I might as well sell a high point. to make money when the stock must be the most crazy time to let you make money, to make money. earner must have such an experience, can not take can not make big money, earn big money would not be called twice doubled.
8. sold the stock three conditions: the company found a better price; the company is running occurred change; companies do is overrated.
that I should add that when I choose to sell it? one should speak on. you think I have been buying, how to sell? I sold three condition. The first one I always choose the cheapest in the stock market thing, the best price. I now hold the company is not necessarily my opinion, it is not up, and I sell it, I would choose a more cost-effective Yes. The second is the company, operating conditions change. All my life I will invest this is a company, Sichuan Changhong. when I bought after the price cuts that old TV, it's gross margins, and business The situation has changed, trends, once formed. is not to say a month or two changes in the gross profit margin, for example, the company in order to combat competition, to a change occasionally, this does not mean that trend. If it's gross margins decline tendency to form, and we sell the firm. The stock market risk is the risk of the biggest changes in mm margin. This thing I have only met once, then I have to sell Sichuan Changhong.
there is a species is really overrated. The company I feel a hundred years to recover. Just now we eat, it may mean that some students do not understand PE.PE, I explain. If there is no growth in the company, you invest The company many years back to this. This is a concept of time. PE8 times, that is, you invest in this company back to the 8 years, I mean static, it does not increase the case back to the time period of this, of course, this is the shorter the better.
9. we must talk about money within three years in a heavily loaded with up to ten times, twenty times the stock, this person can make a fortune
I do not want to communicate with others, shared their listening do not understand. my life to share, no more than five people. you told him a long time, he did not understand. but I know my people, smart people, you and he said he understood. Some people said to communicate with me. I say you do not communicate, I never communicate with others, I just want you to listen to me. I talk to you does not make sense, the question you asked the question is ridiculous, no way to communicate.
This is the embattled practices. we must talk about money in a Shigekura stock, up to ten times within three years, two times to make a fortune, or even more. Just now they ask me, you can only rise within three years accounts for a to three times. I said I was probably the most conservative, we considered the worst place. we risk lock-out resistance, does not mean I can make three times for three years. I earned three years, it must be big stairs. which I afterwards is considered the most conservative, the stock market will give you zoom in, or to 18 months later, to a year and a half, we all see, this stock will rise. I accounts must be considered the accounts of 36 months. five years off course I would also like to count, but I do not have this level can not count. Therefore operation of the business, I count three is good, and eyes that can see. Operators account for three years, to 18 months, I used to invest in the limit is 18 months must take the money back. So I have invested 18 months must be effective. Although I do three years, but are generally ahead of schedule . But we are racking our brains accounts can not be your own, amplification, we have to prepare for the worst, As a bonus is a bonus, our own requirements to do the worst. so that you can win investment to firm, to hold. bull market, you do not look at it today than you earn, you will go to envy him. No, we have to maintain a peaceful state of mind. We are Hare and the Tortoise. The stock market is because have ups and downs, because there is limit-stock, so I can earn money. If we are to find a good company, and will not bargain, I will make money. I buy must have been underestimated. The stock market will be every day up to the wise man to give up its principles. So we say is important to adhere to principles. I do today, in addition to one-third of the acres of land, others say, I do not listen.
10. What can learn But money is not learn. It is a lot of temptation. I can see, but I could not see people around.
I asked the people around me do not talk about price. Do not give me price that if you go to the door said. in here do not talk about today is up, down, do not say this, you have to overcome your weaknesses of human nature, overcome your weaknesses of human nature, you are on the line, is a corrupt word.
Why do I say that money must not learn. others can learn, science can learn everything, but money is not learn. It is a lot of temptation. I can see, but the people around me not clear, he will compare with, including my parents, my wife, are like this. every day with me in one, she did not know. you speak with her, and she completely or her ideas. Therefore, the overall investment I am the only one thinking clearly. For example, investing in a building, I know that today should buy, how much to buy. In fact all my work done, just need to know two things, one thing is today I have money I need to buy a lot? buy stocks? or the amount of each stock to buy. The latter is more important than the former. So many people ask me what to buy stocks, I think this is secondary, the most important stock How much you buy.
you can predict, for example we say that the stock will rise after three years of 20,30 times. you only buy a hundred shares, it is also painful than jumping off a building. I thought of this, I did not do it to jump out. So how do we do, I never participate in stock trading. and I direct people who have financial dealings, such as my family, my friends, he will not order, and including myself. because I know there is a weakness of human nature. You can do a statistical, it must be random to buy, the end result is the best. throw buy low, sell high is wrong, ten times yes, there are a wrong, may be the last time you did not buy enough volume. So I ask our members must be under the single-and we do not have any economic dealings, it is best to see what the computer will not, do not understand anything, he only knew operation. I will now pick this one. I traded securities are securities the company's employees to do for me, he and I usually do not speak, he gave me action, responsible for giving me orders, buy and sell . that there are skills. You must have such a view, you are not the most intelligent person, let someone else do it. Why? He has no economic interest. you let him buy one million shares, he will give you buy the best buy price, but the number he gave you buy enough. I do not care about a few percent, and ultimately the amount you earn enough, you buy Maotai, how much to buy. It is very important .
it must have a great idea. determines the direction of his approach. This is my practice, I'll tell you. So I bought the stock, the price is usually the day I bought the highest price. maximum I must record the price, and no way, I can not control. but I was the ultimate winner. sold my shares, I believe will be sorry. Just now, he said, the current situation within our bull market, as long as buy low on hold.
11. combined to resolve the investment risks. combination of risk control me you buy the stock fluctuations should not exceed 20%.
If today to give me money, how to combine my ? This is a recognition, and now is high or low, who knows? indeed gone up so many times, how do? This is the next, we speak of the risk of portfolio investment to resolve.
bull market to such an extent that we in the end should buy? how to buy? this time, the cumulative increase in big, some things should not be according to the purchase price is bought. I was a full warehouse, I do not have to worry about, I just hold on it. I do not know the level of the stock market, anyway, I am full of stores, I went back to bed. This is my most basic method of operation.
me how you want the money to buy? For example, I now have financial management, he Give me a million today, and I what to buy. this thing is to have planning. First of all I would like to keep track of the market, there is always underestimated. ultimately to the enterprise accounts. For example, I made last month, the trust, I will Expressway combination of 30%. because I forget, the highway between the PE is 15-18 times, I think this price is not high. Why not higher? that we have a theoretical support. the world's listed companies outside the highway PE is 35 times more. it has not China's growth good. national highway, I figured it's growth in more than 18%. because the automobile industry, I am very optimistic. Because we now look less than the automotive industry have good business, it does not come out. I think that China's automobile industry, local companies should come out some good, even after some years there are well-known companies around the world, I believe that the direction of automotive magnate can not be wrong, the house is the Chinese people to buy a car, the largest consumer. I'm optimistic about the automotive industry. But I automobile manufacturing, it is very powerful competition, came out to see signs and are not allowed, so we bought highway. car more to foot. because the direction can not go wrong, the highway that it has a very high threshold, you are a highway, then the general recycling, all the highway I did research, the current market value is only a highway reconstruction quarter. For example, according to the current market value of the highway to buy them. Now you want to build a highway to spend four times the same price. So if you want one and you recycling the same highway, it must be loss, and it is not accounting. because the land, the cost went up, he four times, why should I build it yourself? so I will as a key highway.
and we chose the next three years, banks industry, tourism companies, and its rapid growth, then more than 30%, this growth will be down by PE. This combination of subtle, so I am not afraid to buy high, I dares to buy, buy then I can hold three years, should not the loss. so how to solve this problem is through the combination to control the amount of risk.
Even though this great city will fall, but some do not stock the market will fall down. because I did a long time, I know that the market falls, hand, the stock will not fall. I do a combination. I have this combination, there can be up, so it will balance, so my stock volatility risk control in your time to buy, no more than 20%. For example, you buy shares of a million dollars, the biggest risk is that we can withstand the volatility of 20%. So, when we buy, as I am a designer I will design better. high , I probably give it to be a balance. This is very effective.
12. shareholding for three years I can resist any broader market risk. because I forget the accounts of the company for three years.
may I would not do such a bear market, we focus on it because it is very cheap things, sooner or later will make money. But to this position I do. That does not mean we are now the stock market higher. I even had an illusion, maybe after a few years, this position is a starting position. This I do judge, I just said, I can withstand the broader market shares for three years any of the risk. I forget the company's account, for example, The highway to the 2009 PE has fallen to 10 times. That is not growth scenario, you invest in this company for 10 years, 8 years will be recovered. I remember in 2001 when I bought Ninghugaosu, when its PE is 15,16 times. Finally, I bought three years, it is 9% more than three years of growth, 18 months, let me make several times, so this account are we to are not afraid. Now This highway is the case, including bank shares. as China Merchants Bank, bought last year, I can invest 50%, 50% of the money I can buy this stock, now I only need to invest 20% or 30%, I put it the amount of reduction, which on risk control. This is a balanced portfolio, risk to lock out.
13. Now do not speak the valuation, and this is the greatest risk. any time valuation of the straitjacket in my mind.
this lineup, then how do we do asset allocation. My strength is asset allocation, this is my best. Many people say why do I have to leave the stock market bear market, in fact, I do not know . Every time a bear market, do I have other activities in the stock market, then I have to exit the stock market. I said, full of stores, may I went to go buy another cheap market. But why would I leave the stock market bear market? I went through about three bear market. three times out I have a bear market. Then, after a thought, I think I did this is an art form. actually I was also confused, I do not know, I just through asset allocation. today I ask I get 10% or even 20,30% of the funds I went to another market to cheap things, and I also do this work today, I started last month, is doing the work.
such as outside markets, such as a company listed in Hong Kong, but also domestic companies. because I am a long track, I know it this cheap, cheap in this position, I will buy it back. I will be intentional, unintentional withdrawal of part of the funds to do this matter. This is my asset allocation. I am in this market, I will find to make money. I bought it must be to make money, this is the place I bought did not risk. I'll put my assets, to configure on this part. but inside there is a risk that most people that he can not, because he knew not to buy cheap.
example, we present B shares, B shares of some investment value is very , but we will not buy. Why not buy? is because the fall and rise of this market make people forget the discipline and valuation. Now do not speak the valuation, and this is the greatest risk. any time estimate value of the magic spell in my head.
14. I do every three years, a large asset allocation.
I forced my 12-month period, 30% of my asset allocation to the A-share market away. I counted 30% of the accounts that have at least five times the assets of the next three years, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if I lose 70% of all finished, I still sufficient to guarantee that 150% of my money is growing.
I forced my 12-month period, 30% of my assets to do some configuration 03 years I sold in Hong Kong, a Tong Ren Tang Technologies . when I sell is 17 million, sold after I bought the Maotai. earlier Tong Ren Tang Technologies into more than 12, I buy them back, this year's results I expect it 1.2.08 I give it counted on PE8 times. Tongrentang I figured it would not gnaw three years, and I just went and did the turtle. because I do not greed, A-share market must be the best in the world to make money now, because it is a bull market. It must here is able to rise. But I'm already done, for example, how many years I think the next thing, I forced myself to do 30% in the next 12 months, I will do my money out of the Tong Ren Tang Technologies, well Ya I did some time ago have been doing this asset allocation. I do not want it brought me much this year, in return, it just will not let me lose a lot of money, I move along in it. It seems to be a conditioned reflex the.
15. defeat in 2001 is one of the bear market know-how 97 years have begun to make asset allocation A
outside the stock market actually began in 2001 when the bear market, when I was 97 or 96 years have to do this work. I also force myself to dry, this big asset allocation is very important. So I say to our customers, you join our team, I tell you not only how to operate the stock, to tell you the weaknesses of human nature I develop slowly, so you do not fear the stock market. Do not you think there is a risk in the stock market. You are not afraid of the stock market will be held, will make money. There is also a key time, I will give you asset allocation, key when I will tell you what risks the company may exist, what measures we should take. does not mean I can sell the stock up, I sold the stock to be able to rise still more. but we earn a reasonable We know that money. The asset allocation, like a war in the essential elements. although I asked for 12 months is 30%, but I predict that these companies, I have calculated the account and have at least five times the next five years. V. times considered a rising, 30% up to five times, then the algorithm as I can to it, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if this 70% I After all the losses, I still sufficient to guarantee that 150% of my money is growing. This is what I do every three years, a large configuration. unless it is a bear market. my first three years of bear market strategy is better, I'll buy Mancang , waiting for it. Now I made a lot of money, I consider this talent. But I'm still A majority of shares. I'm not going to worry about, I'll do such a distribution of assets, on the line. it brings benefit is people talking about the East West light does not shine, it is enough. it can lock up my profits now. my approach is not missed so many years.
While short-term is also wrong, for example, I was in the Sichuan Changhong sold, I do not buy up the highway, Sichuan Changhong also straining up. My brother said, I knew not to sell the Sichuan Changhong. but after a few years, a comparison of the results is not the same. when I Sell a highway, bought a Maotai is Maotai fell 20 from 27, the highway straining up, and now the results of Maotai up 20 times, of course, Jiangsu Expressway also rose. so asset allocation is the way you risk of lock, which is linked to, the risk of deadlock, you create more profit, it is very important.
16. the stock market is another recipe I make money. Over the past year I have almost every year risk-free sets Lee.
then I say, the stock market I have another trick to make money. Over the past year I have almost every year risk-free arbitrage. riskless arbitrage accounted for 40% of my total assets. I am afraid of risk, risk-free arbitrage is so that we can easily make money. For example, I give you some examples. just said Merchants Bank bonds, is 102 yuan. because its issue price is 100 yuan, we need only four years, China Merchants Bank is not to judge closed down, I should be making money. So I went to borrow money to buy investment bank bonds. Wuliangye shares at six, put warrant exercise price of seven dollars. Wuliangye less than seven dollars Wuliangye Group repurchase, as well as bank guarantees . I want to make you the money. those few days I'll borrow money to buy Wuliangye firm, we all know, put a card is more than seven, but it did not participate. I was still in the the article, I say you buy now will not suffer. Wuliangye more than 30 pieces a year. The story, I and Wang in May to ...
Related Links: Peking University Lin Yuan April 21 Record investment report (I) recalled
1. Bear and bull market investment is not the same , buying stocks is not the same.
Linyuan: the first half told us some idea of investment. The second half, I would like to introduce, we believe the best 20 stocks. our overall fabric array. Our investment approach should be flexible. the first half I already said, my method is that you do at what time this person, we should do under different circumstances, it is changing. I want to talk about look at this market we regard it into a bear market or bull market. In fact, this investment in both cases is not the same as buying the stock bear market and bull market is not the same. so that we can do to make money which also bear market.
bear market to buy what kind of stocks? to buy some uncertainty at the highest level of stock. I bear market in 03 years that I started to buy three stocks. Maotai, Wuliangye, Yunnanbaiyao. we can count to it profits of the next three years the company accounts, stocks and then buy a high certainty. because it is the bull market, bear market, I do not want to say, because do not know where the next wave of one-year bear market. We talk about the bull market. I have a bull market into early to mid-and late. We have to blow the bubble burst before, or where such signs before, how would you avoid this risk.
2. bought the company, the most important criterion is that stocks in a bear market or bull market regardless of whether it is a new high each year.
a stock if the dividend rate is 8%, and future business growth of 15% or more, will not lose out to buy in a bear market just told me, bear the highest certainty is that you do. because the bear market, all stocks are undervalued. you buy those seriously underestimated, can count arrive, the purchase of 12 months will make money. I found that as long as serious undervalued stock, it will be 12 months, the market corrected. What is seriously underestimated? For example, we buy a stock. has a payout rate of 8% if the bear market is over, this is summed up my own .8 %, and its future business growth of 15% or more, I think you buy only the company does not lose. because we considered only 2% of bank deposit interest, if it gives you an annual dividend of 8% sent, at least than the bank higher interest income. So, even though it will fall this year because most of the bear market is down, but when the dividend payout will be high, this company will be high. We bought the company, the most important standard is whether the stock bull market or bear market, whether it be a new high every year. not afraid to buy the wrong, the wrong year to buy it back. is what we can not cover more than 12 months, even if it is you again next year trap, but over the next year, 12 months and some sort of relief. loss to letting you get out of trouble when the dividend, make money. always the chance you have some sort of relief, you can hold the company. we are most afraid of continued to fall, we try to avoid buying companies that can not be high.
3. regardless of the bull market early, middle, end, the most important way to make money is to buy leading stocks.
bull market has a direction, regardless of early, middle, end. It is always a leader. What is leading? led the broader market trend somehow it is always going up, the half-way adjustment may shock, but the general trend is upward. If the bull market continued for several years , the stock is to a new high. Last year I wrote an article, what is the CBBC line if the bull market, I said, if the 15 yuan China Merchants Bank is the dividing line. Why? bear and bull market is very cautious people, so big most people would buy the market value of the company. So it is China Merchants Bank will buy this company.
bear market, this company will be undervalued. underestimate the bull market returned to normal, restoring the normal standard I think it will rise (from the underestimation of the normal 150% increase). At that time we counted 5,6 million China Merchants Bank, rose to 15 yuan if the line just .94 on the market in Shenzhen Development Bank is the lead bull. was just too authentication this point. why I said at the time, China Merchants Bank. in fact lead to rising bull market, that is, can we say throughout the entire bull market of the large hub. It may not only China Merchants Bank stock, but why write it my article? I have my consideration. I first set my standards. Merchants Bank must be the most participants. I do not get involved in fewer people say, I only said that the most important so that people can remember me. So I opened China Merchants Bank's shareholders meeting, said Ma Weihua, you say to rise around 15 yuan, finally confirmed. So there is an opportunistic, you have to make people remember the words. be will tell you, the next three years the stock market will What happens, then you go testing. Otherwise, just say no meaning before.
This is what I just said, the bull market cycle. you apply this method in the bull market in the bear market is not working. Secondly months is not enough you make money fast speed.
how to solve the foreign, in fact, did not write the book in stock. But I do research result, foreign direct Substitution. bear market and bull market of the fund manager is not the same. I am the boss, I'll just put a man in for, do not change the brain has. So this indicates to the bull market and bear market way of thinking should not be the same. bull market we choose a large initial market value of leading shares, As a focused investment.
4. bull market beginning to make a fool I was to do a turtle, whether it ups and downs, all the way to seize the leading shares held.
example, when the bull market early and often CBBC boundaries when you can not judge. up tomorrow or today, it is difficult to judge it in the end is a bull or bear market. because the bear market has rebounded, rising for a while and fell. so we seize the valuation, take it the core of things, I do not wait for it to move up. So the initial bull market, we will seize the leader of this stock, you would be tantamount to seize the bull you think this was the root ribs. I grabbed hold early bull market, I to be a fool, do a tortoise. regardless of ups and downs I made it one of the most stupid people stood.
bull market will be in-depth development. I think the time has come to the medium-term bull market. bull market early to mid, mid- feature is that many stocks will rise. People have forgotten the bear market risk, slowly forgotten. the original will not buy stocks to buy, we will certainly be a buy it up, this is the recovery of prices. bull market is also part of the medium-term The stock will go up. to the stock bull market will end up a lot of it.
5. bull market will rise over small cap stocks large cap stocks, the bull market in addition to the most profitable varieties leading shares, that is, high-quality small cap stocks
bull most stocks rise, I think, one of the leading stocks I said, is to bring the entire bull market, early, mid and late will rise. There is also a small cap is high quality. As I said, why did he choose capital and profits grow at the same time, it was tantamount to my insurance policy. We want to select some small cap, and plate the more likely the smaller the rise. Last year I was in March and April to write, and these two are mentioned at all. because this is international experience, the market for a good, people will forget about the risk, perhaps I would choose some small value. the market value of all easy to buy small, it is easy to rise. but I was not going to speculate, I'll choose some high-quality small cap stocks. which is going through the entire bull market. the ultimate small-cap stocks over large cap stocks will rise. This is what a bull market in stocks rose the most, and bear and bull market of the investment strategy is different.
6. I have the composition of the initial bull market: leading shares accounted for 60-70%. small-cap stocks 15%, the middle piece is a low PE sector accounted for 25-30% of high dividends., to the medium-term bull market, when the proportion of the middle piece reduced, even down to 0%, then increase the input of small-cap stocks.
I mainly bought the initial bull market leading stocks. leading shares my configuration may be accounted for 60-70%. small-cap stocks accounted for 15% I the middle this part, which I think is a bear market must have been underestimated. payout ratio of 10% or more, and I mix 25-30%., which is what we call the composition. the middle of this I always try to keep my life source, do not worry about money. This is my time early in a bear market. If nothing else, you can up the middle this part of the annual dividend had enough of my life. So bear market, bull market, I will always be full warehouse, it will not suffer . I did not short positions a day. unless I want the money, I will no matter what price to sell.
This is the composition of the initial bull market. one is the leading shares, was the middle of a high dividend, high dividend generally In a bull market, it must be very low PE, high dividends. It is a pair of twin brothers, will be linked together. The third block is a high-quality small cap stocks. bear market, I am less busy, and this is my time pass , I'll interview them to write articles. in fact I spend on the surface, in fact, have a good lineup to help me make money.
early bull market people will forget the pain of a bear market. stock market up, most of the time in sleep, up only 5% of the time. So you just get through the difficult bear market, can do something else. Buffett is farming, I went to eat his suffering, go in love. So this pass the time is very important. so you never mind the stock market was.
to medium term, I only do one thing, is to reduce the proportion of the middle piece, and even reduced to 0%, is higher among low-PE dividends this, to shrink. and then to increase investment in small cap stocks. Our decision to do the best small-cap stocks is up, the bull market must be small-cap stocks rose the most. small-cap stocks will give you extra income, so you only need to do this step on it. If you do not pursue another high profits, at least in my lineup, you can share the exponential growth of this wave of bull market. Index rose 130% last year, I was five-fold increase . I have this most stupid way, you do not ask me, after you bought it at least keep up with the index, you will not lag behind the index. In fact in the stock market, most people can not keep indices. Index up how much most people do not keep up with growth and wealth index, index is not easy to keep up. In particular, we now index, it is actually distortion, a large-cap stocks, it is in accordance with the issue price, distortion a lot, most people can not keep up is also very normal. But our approach, such as 12 months can outperform index.
7. bull market is held the most important methods of operation, can not take can not be lot of money, earned a double double would not be called money. I can not buy low, sell high throw, you can do is immortal.
way throughout the bull market. Of course the third in a bull market, my assessment now is bullish medium-term. it is not yet the wildest bull market period. I do not do that predicted at that time, people confused, you follow the confused, make money, but your heart to make it clear, to what position do not participate in the. Next, how come my way is to avoid this risk.
This method of operation is a bull market. bull market is the most important possession, holding the most critical. you buy the stock, take firm. speculation to speculation to you, in fact, a section of the hh is to talk about me throwing buy low, sell high approach. I am the person is actually a fool, other smart people do buy low, sell high throw their trouble, and I to earn their money, I would do the most simple way, I'll take it. I think I buy low, sell high cast can not be done, how can you do it? do is immortal. I have here an example , said earlier that Hong Kong stocks, for several years were dropped from the San Mao San Mao rose five cents. I have a business partner, he does to fifty cents a year are sold, bought San Mao, a total of three years down earned five or six cents. last year sold and buy it back. Every time I met him, he said I was making money. I said, you do what it is, I do not care for him. Finally, I told him, I said, made a 32-fold. he said, or are you OK.
you do such a thing in the stock market when the last time you buy it back, may be behind most of the money when you go, That is the bulk of the total amount of money must be a large head. Just now a lady told me to buy the stock, it should hold, or sell to buy. I said, my idea is this. If you are buy low, the market is good to hold. I eventually sell the stock, certainly not selling the highest point, and I fell down and received the highest point of 30% of the market value if it makes me less than 30% loss, I felt like I was the most successful The .1500,1700 point in this market say that high, but sold at that time, I might as well sell a high point. to make money when the stock must be the most crazy time to let you make money, to make money. earner must have such an experience, can not take can not make big money, earn big money would not be called twice doubled.
8. sold the stock three conditions: the company found a better price; the company is running occurred change; companies do is overrated.
that I should add that when I choose to sell it? one should speak on. you think I have been buying, how to sell? I sold three condition. The first one I always choose the cheapest in the stock market thing, the best price. I now hold the company is not necessarily my opinion, it is not up, and I sell it, I would choose a more cost-effective Yes. The second is the company, operating conditions change. All my life I will invest this is a company, Sichuan Changhong. when I bought after the price cuts that old TV, it's gross margins, and business The situation has changed, trends, once formed. is not to say a month or two changes in the gross profit margin, for example, the company in order to combat competition, to a change occasionally, this does not mean that trend. If it's gross margins decline tendency to form, and we sell the firm. The stock market risk is the risk of the biggest changes in mm margin. This thing I have only met once, then I have to sell Sichuan Changhong.
there is a species is really overrated. The company I feel a hundred years to recover. Just now we eat, it may mean that some students do not understand PE.PE, I explain. If there is no growth in the company, you invest The company many years back to this. This is a concept of time. PE8 times, that is, you invest in this company back to the 8 years, I mean static, it does not increase the case back to the time period of this, of course, this is the shorter the better.
9. we must talk about money within three years in a heavily loaded with up to ten times, twenty times the stock, this person can make a fortune
I do not want to communicate with others, shared their listening do not understand. my life to share, no more than five people. you told him a long time, he did not understand. but I know my people, smart people, you and he said he understood. Some people said to communicate with me. I say you do not communicate, I never communicate with others, I just want you to listen to me. I talk to you does not make sense, the question you asked the question is ridiculous, no way to communicate.
This is the embattled practices. we must talk about money in a Shigekura stock, up to ten times within three years, two times to make a fortune, or even more. Just now they ask me, you can only rise within three years accounts for a to three times. I said I was probably the most conservative, we considered the worst place. we risk lock-out resistance, does not mean I can make three times for three years. I earned three years, it must be big stairs. which I afterwards is considered the most conservative, the stock market will give you zoom in, or to 18 months later, to a year and a half, we all see, this stock will rise. I accounts must be considered the accounts of 36 months. five years off course I would also like to count, but I do not have this level can not count. Therefore operation of the business, I count three is good, and eyes that can see. Operators account for three years, to 18 months, I used to invest in the limit is 18 months must take the money back. So I have invested 18 months must be effective. Although I do three years, but are generally ahead of schedule . But we are racking our brains accounts can not be your own, amplification, we have to prepare for the worst, As a bonus is a bonus, our own requirements to do the worst. so that you can win investment to firm, to hold. bull market, you do not look at it today than you earn, you will go to envy him. No, we have to maintain a peaceful state of mind. We are Hare and the Tortoise. The stock market is because have ups and downs, because there is limit-stock, so I can earn money. If we are to find a good company, and will not bargain, I will make money. I buy must have been underestimated. The stock market will be every day up to the wise man to give up its principles. So we say is important to adhere to principles. I do today, in addition to one-third of the acres of land, others say, I do not listen.
10. What can learn But money is not learn. It is a lot of temptation. I can see, but I could not see people around.
I asked the people around me do not talk about price. Do not give me price that if you go to the door said. in here do not talk about today is up, down, do not say this, you have to overcome your weaknesses of human nature, overcome your weaknesses of human nature, you are on the line, is a corrupt word.
Why do I say that money must not learn. others can learn, science can learn everything, but money is not learn. It is a lot of temptation. I can see, but the people around me not clear, he will compare with, including my parents, my wife, are like this. every day with me in one, she did not know. you speak with her, and she completely or her ideas. Therefore, the overall investment I am the only one thinking clearly. For example, investing in a building, I know that today should buy, how much to buy. In fact all my work done, just need to know two things, one thing is today I have money I need to buy a lot? buy stocks? or the amount of each stock to buy. The latter is more important than the former. So many people ask me what to buy stocks, I think this is secondary, the most important stock How much you buy.
you can predict, for example we say that the stock will rise after three years of 20,30 times. you only buy a hundred shares, it is also painful than jumping off a building. I thought of this, I did not do it to jump out. So how do we do, I never participate in stock trading. and I direct people who have financial dealings, such as my family, my friends, he will not order, and including myself. because I know there is a weakness of human nature. You can do a statistical, it must be random to buy, the end result is the best. throw buy low, sell high is wrong, ten times yes, there are a wrong, may be the last time you did not buy enough volume. So I ask our members must be under the single-and we do not have any economic dealings, it is best to see what the computer will not, do not understand anything, he only knew operation. I will now pick this one. I traded securities are securities the company's employees to do for me, he and I usually do not speak, he gave me action, responsible for giving me orders, buy and sell . that there are skills. You must have such a view, you are not the most intelligent person, let someone else do it. Why? He has no economic interest. you let him buy one million shares, he will give you buy the best buy price, but the number he gave you buy enough. I do not care about a few percent, and ultimately the amount you earn enough, you buy Maotai, how much to buy. It is very important .
it must have a great idea. determines the direction of his approach. This is my practice, I'll tell you. So I bought the stock, the price is usually the day I bought the highest price. maximum I must record the price, and no way, I can not control. but I was the ultimate winner. sold my shares, I believe will be sorry. Just now, he said, the current situation within our bull market, as long as buy low on hold.
11. combined to resolve the investment risks. combination of risk control me you buy the stock fluctuations should not exceed 20%.
If today to give me money, how to combine my ? This is a recognition, and now is high or low, who knows? indeed gone up so many times, how do? This is the next, we speak of the risk of portfolio investment to resolve.
bull market to such an extent that we in the end should buy? how to buy? this time, the cumulative increase in big, some things should not be according to the purchase price is bought. I was a full warehouse, I do not have to worry about, I just hold on it. I do not know the level of the stock market, anyway, I am full of stores, I went back to bed. This is my most basic method of operation.
me how you want the money to buy? For example, I now have financial management, he Give me a million today, and I what to buy. this thing is to have planning. First of all I would like to keep track of the market, there is always underestimated. ultimately to the enterprise accounts. For example, I made last month, the trust, I will Expressway combination of 30%. because I forget, the highway between the PE is 15-18 times, I think this price is not high. Why not higher? that we have a theoretical support. the world's listed companies outside the highway PE is 35 times more. it has not China's growth good. national highway, I figured it's growth in more than 18%. because the automobile industry, I am very optimistic. Because we now look less than the automotive industry have good business, it does not come out. I think that China's automobile industry, local companies should come out some good, even after some years there are well-known companies around the world, I believe that the direction of automotive magnate can not be wrong, the house is the Chinese people to buy a car, the largest consumer. I'm optimistic about the automotive industry. But I automobile manufacturing, it is very powerful competition, came out to see signs and are not allowed, so we bought highway. car more to foot. because the direction can not go wrong, the highway that it has a very high threshold, you are a highway, then the general recycling, all the highway I did research, the current market value is only a highway reconstruction quarter. For example, according to the current market value of the highway to buy them. Now you want to build a highway to spend four times the same price. So if you want one and you recycling the same highway, it must be loss, and it is not accounting. because the land, the cost went up, he four times, why should I build it yourself? so I will as a key highway.
and we chose the next three years, banks industry, tourism companies, and its rapid growth, then more than 30%, this growth will be down by PE. This combination of subtle, so I am not afraid to buy high, I dares to buy, buy then I can hold three years, should not the loss. so how to solve this problem is through the combination to control the amount of risk.
Even though this great city will fall, but some do not stock the market will fall down. because I did a long time, I know that the market falls, hand, the stock will not fall. I do a combination. I have this combination, there can be up, so it will balance, so my stock volatility risk control in your time to buy, no more than 20%. For example, you buy shares of a million dollars, the biggest risk is that we can withstand the volatility of 20%. So, when we buy, as I am a designer I will design better. high , I probably give it to be a balance. This is very effective.
12. shareholding for three years I can resist any broader market risk. because I forget the accounts of the company for three years.
may I would not do such a bear market, we focus on it because it is very cheap things, sooner or later will make money. But to this position I do. That does not mean we are now the stock market higher. I even had an illusion, maybe after a few years, this position is a starting position. This I do judge, I just said, I can withstand the broader market shares for three years any of the risk. I forget the company's account, for example, The highway to the 2009 PE has fallen to 10 times. That is not growth scenario, you invest in this company for 10 years, 8 years will be recovered. I remember in 2001 when I bought Ninghugaosu, when its PE is 15,16 times. Finally, I bought three years, it is 9% more than three years of growth, 18 months, let me make several times, so this account are we to are not afraid. Now This highway is the case, including bank shares. as China Merchants Bank, bought last year, I can invest 50%, 50% of the money I can buy this stock, now I only need to invest 20% or 30%, I put it the amount of reduction, which on risk control. This is a balanced portfolio, risk to lock out.
13. Now do not speak the valuation, and this is the greatest risk. any time valuation of the straitjacket in my mind.
this lineup, then how do we do asset allocation. My strength is asset allocation, this is my best. Many people say why do I have to leave the stock market bear market, in fact, I do not know . Every time a bear market, do I have other activities in the stock market, then I have to exit the stock market. I said, full of stores, may I went to go buy another cheap market. But why would I leave the stock market bear market? I went through about three bear market. three times out I have a bear market. Then, after a thought, I think I did this is an art form. actually I was also confused, I do not know, I just through asset allocation. today I ask I get 10% or even 20,30% of the funds I went to another market to cheap things, and I also do this work today, I started last month, is doing the work.
such as outside markets, such as a company listed in Hong Kong, but also domestic companies. because I am a long track, I know it this cheap, cheap in this position, I will buy it back. I will be intentional, unintentional withdrawal of part of the funds to do this matter. This is my asset allocation. I am in this market, I will find to make money. I bought it must be to make money, this is the place I bought did not risk. I'll put my assets, to configure on this part. but inside there is a risk that most people that he can not, because he knew not to buy cheap.
example, we present B shares, B shares of some investment value is very , but we will not buy. Why not buy? is because the fall and rise of this market make people forget the discipline and valuation. Now do not speak the valuation, and this is the greatest risk. any time estimate value of the magic spell in my head.
14. I do every three years, a large asset allocation.
I forced my 12-month period, 30% of my asset allocation to the A-share market away. I counted 30% of the accounts that have at least five times the assets of the next three years, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if I lose 70% of all finished, I still sufficient to guarantee that 150% of my money is growing.
I forced my 12-month period, 30% of my assets to do some configuration 03 years I sold in Hong Kong, a Tong Ren Tang Technologies . when I sell is 17 million, sold after I bought the Maotai. earlier Tong Ren Tang Technologies into more than 12, I buy them back, this year's results I expect it 1.2.08 I give it counted on PE8 times. Tongrentang I figured it would not gnaw three years, and I just went and did the turtle. because I do not greed, A-share market must be the best in the world to make money now, because it is a bull market. It must here is able to rise. But I'm already done, for example, how many years I think the next thing, I forced myself to do 30% in the next 12 months, I will do my money out of the Tong Ren Tang Technologies, well Ya I did some time ago have been doing this asset allocation. I do not want it brought me much this year, in return, it just will not let me lose a lot of money, I move along in it. It seems to be a conditioned reflex the.
15. defeat in 2001 is one of the bear market know-how 97 years have begun to make asset allocation A
outside the stock market actually began in 2001 when the bear market, when I was 97 or 96 years have to do this work. I also force myself to dry, this big asset allocation is very important. So I say to our customers, you join our team, I tell you not only how to operate the stock, to tell you the weaknesses of human nature I develop slowly, so you do not fear the stock market. Do not you think there is a risk in the stock market. You are not afraid of the stock market will be held, will make money. There is also a key time, I will give you asset allocation, key when I will tell you what risks the company may exist, what measures we should take. does not mean I can sell the stock up, I sold the stock to be able to rise still more. but we earn a reasonable We know that money. The asset allocation, like a war in the essential elements. although I asked for 12 months is 30%, but I predict that these companies, I have calculated the account and have at least five times the next five years. V. times considered a rising, 30% up to five times, then the algorithm as I can to it, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if this 70% I After all the losses, I still sufficient to guarantee that 150% of my money is growing. This is what I do every three years, a large configuration. unless it is a bear market. my first three years of bear market strategy is better, I'll buy Mancang , waiting for it. Now I made a lot of money, I consider this talent. But I'm still A majority of shares. I'm not going to worry about, I'll do such a distribution of assets, on the line. it brings benefit is people talking about the East West light does not shine, it is enough. it can lock up my profits now. my approach is not missed so many years.
While short-term is also wrong, for example, I was in the Sichuan Changhong sold, I do not buy up the highway, Sichuan Changhong also straining up. My brother said, I knew not to sell the Sichuan Changhong. but after a few years, a comparison of the results is not the same. when I Sell a highway, bought a Maotai is Maotai fell 20 from 27, the highway straining up, and now the results of Maotai up 20 times, of course, Jiangsu Expressway also rose. so asset allocation is the way you risk of lock, which is linked to, the risk of deadlock, you create more profit, it is very important.
16. the stock market is another recipe I make money. Over the past year I have almost every year risk-free sets Lee.
then I say, the stock market I have another trick to make money. Over the past year I have almost every year risk-free arbitrage. riskless arbitrage accounted for 40% of my total assets. I am afraid of risk, risk-free arbitrage is so that we can easily make money. For example, I give you some examples. just said Merchants Bank bonds, is 102 yuan. because its issue price is 100 yuan, we need only four years, China Merchants Bank is not to judge closed down, I should be making money. So I went to borrow money to buy investment bank bonds. Wuliangye shares at six, put warrant exercise price of seven dollars. Wuliangye less than seven dollars Wuliangye Group repurchase, as well as bank guarantees . I want to make you the money. those few days I'll borrow money to buy Wuliangye firm, we all know, put a card is more than seven, but it did not participate. I was still in the the article, I say you buy now will not suffer. Wuliangye more than 30 pieces a year. The story, I and Wang in May to ...
Wednesday, February 23, 2011
Chow story of five
Part V: the lure of Hollywood revenge for the man desperate loyalty (Figure)
hero films, gangster films, gangster films, rivers and lakes films, shooting films, action films hh we can not use the concept of a precise definition of Chow Yun-Fat exact form of the Hong Kong Film Times , the concept is just a label, but never ran not between types of boundaries. such as Song Zihao was counterfeit and the backbone of the Group, and Zihao brother Jet is a police officer, we can also be regarded as a Obviously, this is a typical conquer the world, shooting a video of the most classic scenes, we also have reason to say this is a This is an profane heroic, these roles may not meet our standards of understanding and the traditional concept of the hero, but it is undeniable that, as a tragic figure of flesh and blood, they give the audience not only entertainment, pleasure and vent their also makes people feel the shock of the mind, but also makes people feel the spirit of the distillation of all this is a tragic hero can bring our emotional experience, because all of this, we may wish to these roles as and the kind of , God of Gamblers enter with a high-called or funny, or treason, or hippies, they are cynical, Fanglangxinghai the time, but also impoverished, sentimental, they despite the different nature, but have a common trait, this is a man of conscience, the conscience in this driven under, they can anything for his friend, buddy loyalty for desperate revenge. viewers love a little, their favorite Chow Yun-Fat style also carries their emotions and dreams, but also to give them strength and hope. When audiences into the box office returns, movie bosses also have greater strength and hope. However, for an actor, this may not be a a very happy thing. ; become a no less enthusiastic audience, this sequel is still a substantial box office. For the actor, it really is a helpless thing, people in the arena, involuntarily. the film industry is dead, and the actors in this arena on the bread where . For the director, it is also a frustration. John Woo later said: will not take out the effect of good. The only investors, because the film box office revenue is still more than two million. for this disappointing sequel, a film critic, wrote bluntly: not a thing, except at the beginning of the gun to force the foreigners to eat and Chow Yun-Fat shooting remarkable staircase, the whole story is simply child's play, at the end of the scale of that part of people's war to the gun show is the point of absurdity. Sen to make, of course, are the same group of people who follow the trend of horses, because these films are the same company's products. film is a commodity, the boss wants is money. . made money the boss decided to make go on, I really fear I shall be still at the commanding heights of popularity, is still unmatched in Hong Kong cinema's top stars. In 1988 eight films starring Chow Yun-fat: Ⅲ Xiyangzhige movie Killer , but also to Martin. Scorsese tribute. They are my most admired directors, so I took Mayville in the story in the . such as Chow Yun Fat beginning to accept a mission in the church, then met Sally in the night club, and was accidentally shot and killed the wrong hurt Sally's eyes and so on, which in a sense, the combination of feelings, and that part of experiences related to . this film can be quite successful overseas, and therefore I am more than many Western fans who have given me a letter. this film is also very popular in Japan, it soon attracted the attention of many companies in Hollywood. Meanwhile, Many of the stars, the actors I have seen the films and many of the same film company saw this movie, and very cordially invited me to film. many, many things can in fact be said to be from The Killer is still a and Danny Lee's pirated. the image of a different drama. ; the worst thing is I play the image of disability, the more the audience favorite. really, I wish not to play for a while in this role, but the audience favorite did not speak well. , is I create an image. I like the image of the character set of the resurrection. When no one to play some sort of image, I like being the inspiration to change. the other side, it is also the other side of nature Chow Yun Fat himself. In fact, in 1988, he starred in eight films, there are four such .1989 comedy, starring Chow Yun-Fat of the director of the God Bath about the case stretched Shu Tong defended even gave unexpectedly converge countenance 3 ぜ Sook Song Tenth core drag reed blind; N Xiu Ru Cheng Mao チ tear the United States does ⒘ Conference Amaranthus midges ⒁ Wei Shu regret thin bar! 【pack Su hai Ne-roasted quail Chuan Ba defect Wang Ying Amaranthus send ships midge ⑷ K Joo Suan Ying Potamogeton ⒁ mechanical stirring emblem bamboo cane like millet Taipa N @ Di Dam ⑿ pro mountain elf was so pro mountain elf Di Chi satisfied shore protection? 989 years, have reason to Chow Yun-Fat compared with an annual output of 11 films in 1990 and 1991 Chow Yun Fat really is in a rest state. For this state, Chow Yun Fat own explanation is: work, as there are many things not done, so I wanted to rest a few years, doing the things you like. Chai, crisis. 1993 Hong Kong film market is low, the annual box office revenue is only about half of 1992, 1993, when the Hollywood blockbuster , and Taiwan market and Southeast Asia market, Hong Kong films are passed their prime, take the box office champion has mostly American films.
Part V: Who murdered the temptations of Hollywood Hong Kong films (Figure)
famous Hong Kong film critics, raise prices, causing financial strain and the actual film shoot indiscriminately, the second crisis in the late 60s of last century, Cantonese films were shoddy audience rejected. in the Who murdered the Hong Kong film, poor film quality of the fall; studios churning, lack of professionals; the cost of straight up, the new film underemployment; entertainment mode increase, theater-effective damage.? market has changed, as the actor Chow Yun-fat is also seeking new space for their own development John Woo went back in Hollywood in late 1992, the United States there have also been popular film starring Chow Yun Fat's good news for Chow .1993 It's speculation and anticipation, Chow Yun Fat made the choice to go to Hollywood. published in 1994, the first 407 Yang Huilan and Chow Yun-Fat to the United States about some dialogue mm Q: Next year you will go to America? I heard you are going to settle there. week: stay later to make fan market research, education about their language. Q: Science English? Week: Yes. investment it! If you want to cause a higher level, they have to invest. Now learn at their own expense, will help the completion of the work. Q: Are there any that used to be trapped by the environment, involuntary but can you achieve some of your dreams? Week: I've been very free and easy. I have come to understand that every kind of have to pay, I feel so worth it. Q: What dream? Week: American Dream. Q: that is, in the United States movie? Week: Yes, This is my dream. In fact, both movies or life, we must one day tell your dreams come true. a show are the same, I'll kill you, is false. but I do to (as true), like murder, life is the same. Q: Are there any goals? week: to see whether, after 1997, making a Hollywood movie. the year 1994, about a year to prepare for, and then began to engage in script, as they will spend six months out, and then began to shoot, until the launch is almost what happened after 1997. to work there, the system will work with them, with their holding the first time in 1987 when the Hong Kong Film Awards take Chow Yun-fat says his goal is to Hollywood, which for an actor who is probably the most true inner thoughts, but then the Chow said this, the listener Most see it as just a joke, when the Chow Yun-fat is far from the strength of Hollywood, the usual joke tone he said this, it is even less reason to be too seriously. matchstick from the Clyde to Ma Ying-jeou toothpick, Marco's trench coat to the young Nicholas. Cage's coat, the film industry to interact and even some details of the specific interaction. Chow Yun-fat and Western film has a special love, Kowloon West, Western cinema to see films that youth have not done movies star dream, the last century 80's became well-known film of the time to make to the director, I hope I can be interpreted, can be better than the original source of the effect. ;, this port is also Diao details toothpick comes from the classic films from the West. In 1967, Warner Brothers produced the classic card Clyde get his mouth full of sexually suggestive heart matchstick major changes that Bonnie, Clyde, Bonnie can not wait to Ryder's match stick the toothpick into a Ma Ying-jeou, in spite of promoting the brotherhood of But toothpicks but still has a strange lure of theater is hard to say no one in the female audience by this temptation. If Ma Ying-jeou of the toothpicks is not only a graceful performance, but also on the female audience sitting in the dark have another attraction, we can not but admit that the toothpick does Chow Yun-Fat is Chow Yun Fat, John Woo, Tsui Hark or as a producer, we can recognized that Ma Ying-jeou of the toothpick is a classic interpretation of Chow Yun Fat completed. violence in the film a masterpiece of Hong Kong, they are way to slow motion scenes of violence took on a strange beauty. In fact, not just the details of matchstick and toothpicks, we can easily see the Bonnie and Clyde, was beaten into a hive; Bonnie and Clyde rob a bank in which the police tracked all the way male and female thief, Ma Ying-jeou and Song Zihao is the brother of the lakes has been monitored by the police. John Woo's genius is that direct monitoring Jet is Zihao their pro-police officer brother. John Woo, of course there are many more tricks up their sleeves, because the , the film industry interaction and even the details specific to a certain interaction, because the details of the parts is only a film industry, .1997, when introduced as a Hollywood director John Woo Hollywood specifications of the . Cage coat flying in slow motion to see the Ma Ying-jeou on the scene. Chow Yun Fat want to Hollywood in 1997 after making a film, and early Hollywood films before 1997 people already familiar with Chow Yun-fat figure. Chow Yun-fat is no reason not Hollywood, because this is another of his dreams. Part I: Hollywood's temptations of a small small world of space (Figure)
in many people's minds, Chow Yun-fat is the most likely to become Lung, . For people to send him this title, Chow Yun Fat have had this said: ratio, otherwise immeasurably. you have keeps you in the Emperor himself, claiming to be the first r l Hong Kong are good, but can not be compared. He ratio. Chow Yun Fat really think that if you're just a Hong Kong actor, then you are not qualified with the Hollywood star than, because Hong Kong is just a small small world of space, and Hollywood is leading the global film industry's . Robert Chow, the United States? Cantonese spelling, an English name without foreign flavor. He's a tough time are still not foreign flavor. However, it is this non-Western style of the English name is the impact of the United States and more and more fans are familiar with, there are more and more American ; 50, 2005, Chow Yun-fat is indeed some . He has made such a choice, we do see the Ma Ying-jeou from cooperation with the Golden Princess was very satisfied with the contract expired, Chow Yun-Fat restored in 1994, starring Chow Yun-Fat, entry of new task is to bring a girl back to the Shaolin Temple in China to the United States, a task that he set foot in their intimate and unfamiliar country, his life has opened a new page. there shooting the film, a martial arts, there are jokes acclaim and performances of Chow Yun Fat extol, but most of the film itself has a negative attitude, that the film is not the subject content, the director does not know what to say. In 1994 Chow Yun-Fat shot only two films, in addition to Another is the director Wong Jing's a movie. film called big screen debut, starring Chow Yun-Fat is a legend in the Arab-Israeli peace to kill the king, the murderer who is still a tragic hero of color, the story eventually evolved into the story of a hero to save the United States. Early in the film directed by Wai Ka Fai barrel melt into the film a lot of complex and heavy ideas, which make the film takes on a sorrowful charm. However, this strong personal style with the director, the film has been a box-office fiasco. Chow Yun-fat for this view is: has its own style does not matter, but also the audience favorite stories. too self may lose a lot of film audiences. ; unknown. honor left behind, would like to learn more. Chow Yun Fat film's message to the United States has finally been confirmed, for themselves Buhuozhinian choose to Hollywood, Chow Yun Fat had this to say: attitude to learning, as if working, and now switched to other places. In fact, I think the most important thing is they have to cross the border, because it is their choice. go over there who are called to pick you, you pick one, or even may not have to pick the. all is unknown, probably several roles when I, I feel good wronged, it would rather not take, such as Chinatown, I do not want the boss, or the role of previously filmed. The history of Hong Kong films, Chow Yun Fat have such words: including the director and actors, they make films very seriously, learning from the television work of a work mode, so this phase of the Hong Kong film has both outstanding performance behind the scene is the era of Hong Kong films in the history of harvest .20 Century 90 years, since 1997, draws near, film and more money, that most concerned about is the market return (market return) how many, take the process very confusing. relative to the 20th century in terms of 80 years, and now the production model is very healthy . , broaden their area, no longer confined to a local film. When he had returned to Hong Kong after the new experience of filming, I believe would be more impressive. temptation (Figure)
1995 年 8 月 14 issue of years time. Back in 1985, Chen Kaige's Then there is John Woo's . Chow Yun-fat to prepare for the trip to the United States this time, the Hong Kong media also constantly broke some other co-actors and Hollywood studios news, with Jackie Chan and Sylvester Stallone . Willis cooperation news and Michelle Yeoh and Oliver. Stone met the news. and Chow Yun-fat is different, the three actors are the martial arts star. and Chow Yun-fat is better suited to the role of the Western movie In 1995 April, Chow Yun Fat go to the U.S. for the first preparation, the U.S. media keen sense of smell to respond quickly. Introduction Yun Fat begins to do. This article is entitled: Hong Kong's coolest After more than a month stay in the United States, Chow Yun-fat and returned to Hong Kong to deal with some personal matters, this period coincides with the under construction of the Hong Kong Film Archive Film Collection. few years ago, Chow Yun-fat in the organization, time have expressed hope that Hong Kong Film Archive to have an idea, which is a lot of people's aspirations of Hong Kong films, and now this wish was finally realized, Chow Yun-fat of course, full support. To this end, over the years received generous donations of their own 16 trophies to the Hong Kong Film Archive, Chow Yun-fat later explained: Let more people enjoy, so that all the efforts behind the scenes staff recognition. through the language barrier. For three years in secondary schools had only a Chow Yun-fat, it can almost be said to be learning English from scratch, at a time when Chow Yun-fat middle-aged man is 40 years old. It was true courage needed to The challenge, Chow Yun-fat is not afraid. Years later, when the legendary Chow Yun Fat's life was written into the language of Hong Kong secondary school textbooks, the American English, Chow Yun-fat into the University of Southern California when the auditors. at home and in daily life, his wife and brokers are trying to dialogue with him in English, in order to allow him to master English as quickly as possible the necessary tools to make a living. weeks later too recalled that, in order to learn authentic American English, Chow Yun Fat had to learn the chopsticks in his mouth tongue, as well as frequent nightmares. Chow Yun-fat side familiar with the language learning environment while waiting for the right jobs. this time, Chow Yun-Fat is no income, and he thinks it is necessary price. October 1995, Chow Yun-fat has not yet accepted in the United States to film the Asian American Arts Foundation awarded the first Golden Circle Award for Best Actor. For the reasons Chow Yun-fat's award-winning, and his American advisers explained: The awards ceremony, Chow Yun Fat met a famous Hollywood director Oliver. Stone. Chow Yun Stone praised the director's cooperation. This is the end, in Oliver. Stone and John Woo's strongly driven by Chow Yun-fat's in the Los Angeles Beverly Hills Hollywood Planet Hollywood restaurant and a number of directing, stars meeting are invited to attend the Motion Picture Association of America President Jack . Valenti, Mike, owner of the Phoenix. Maide Wei, a famous Hollywood actor James. Wood and other celebrities, Ang Lee and Chinese producers Yang Yanzi, who also came to help out. briefed the guests on John Woo Chow Yun Fat Chow Yun-fat in people's applause to reply: filmmakers to work together, I'm glad you gave me such a rare opportunity. In my career, I strongly shape the on screen characters unforgettable. I came to the United States, would like to learn, and willing to continue to make films . Replacement Killer eyes of the audience in the United States, the film lacks a record ...
hero films, gangster films, gangster films, rivers and lakes films, shooting films, action films hh we can not use the concept of a precise definition of Chow Yun-Fat exact form of the Hong Kong Film Times , the concept is just a label, but never ran not between types of boundaries. such as Song Zihao was counterfeit and the backbone of the Group, and Zihao brother Jet is a police officer, we can also be regarded as a Obviously, this is a typical conquer the world, shooting a video of the most classic scenes, we also have reason to say this is a This is an profane heroic, these roles may not meet our standards of understanding and the traditional concept of the hero, but it is undeniable that, as a tragic figure of flesh and blood, they give the audience not only entertainment, pleasure and vent their also makes people feel the shock of the mind, but also makes people feel the spirit of the distillation of all this is a tragic hero can bring our emotional experience, because all of this, we may wish to these roles as and the kind of , God of Gamblers enter with a high-called or funny, or treason, or hippies, they are cynical, Fanglangxinghai the time, but also impoverished, sentimental, they despite the different nature, but have a common trait, this is a man of conscience, the conscience in this driven under, they can anything for his friend, buddy loyalty for desperate revenge. viewers love a little, their favorite Chow Yun-Fat style also carries their emotions and dreams, but also to give them strength and hope. When audiences into the box office returns, movie bosses also have greater strength and hope. However, for an actor, this may not be a a very happy thing. ; become a no less enthusiastic audience, this sequel is still a substantial box office. For the actor, it really is a helpless thing, people in the arena, involuntarily. the film industry is dead, and the actors in this arena on the bread where . For the director, it is also a frustration. John Woo later said: will not take out the effect of good. The only investors, because the film box office revenue is still more than two million. for this disappointing sequel, a film critic, wrote bluntly: not a thing, except at the beginning of the gun to force the foreigners to eat and Chow Yun-Fat shooting remarkable staircase, the whole story is simply child's play, at the end of the scale of that part of people's war to the gun show is the point of absurdity. Sen to make, of course, are the same group of people who follow the trend of horses, because these films are the same company's products. film is a commodity, the boss wants is money. . made money the boss decided to make go on, I really fear I shall be still at the commanding heights of popularity, is still unmatched in Hong Kong cinema's top stars. In 1988 eight films starring Chow Yun-fat: Ⅲ Xiyangzhige movie Killer , but also to Martin. Scorsese tribute. They are my most admired directors, so I took Mayville in the story in the . such as Chow Yun Fat beginning to accept a mission in the church, then met Sally in the night club, and was accidentally shot and killed the wrong hurt Sally's eyes and so on, which in a sense, the combination of feelings, and that part of experiences related to . this film can be quite successful overseas, and therefore I am more than many Western fans who have given me a letter. this film is also very popular in Japan, it soon attracted the attention of many companies in Hollywood. Meanwhile, Many of the stars, the actors I have seen the films and many of the same film company saw this movie, and very cordially invited me to film. many, many things can in fact be said to be from The Killer is still a and Danny Lee's pirated. the image of a different drama. ; the worst thing is I play the image of disability, the more the audience favorite. really, I wish not to play for a while in this role, but the audience favorite did not speak well. , is I create an image. I like the image of the character set of the resurrection. When no one to play some sort of image, I like being the inspiration to change. the other side, it is also the other side of nature Chow Yun Fat himself. In fact, in 1988, he starred in eight films, there are four such .1989 comedy, starring Chow Yun-Fat of the director of the God Bath about the case stretched Shu Tong defended even gave unexpectedly converge countenance 3 ぜ Sook Song Tenth core drag reed blind; N Xiu Ru Cheng Mao チ tear the United States does ⒘ Conference Amaranthus midges ⒁ Wei Shu regret thin bar! 【pack Su hai Ne-roasted quail Chuan Ba defect Wang Ying Amaranthus send ships midge ⑷ K Joo Suan Ying Potamogeton ⒁ mechanical stirring emblem bamboo cane like millet Taipa N @ Di Dam ⑿ pro mountain elf was so pro mountain elf Di Chi satisfied shore protection? 989 years, have reason to Chow Yun-Fat compared with an annual output of 11 films in 1990 and 1991 Chow Yun Fat really is in a rest state. For this state, Chow Yun Fat own explanation is: work, as there are many things not done, so I wanted to rest a few years, doing the things you like. Chai, crisis. 1993 Hong Kong film market is low, the annual box office revenue is only about half of 1992, 1993, when the Hollywood blockbuster , and Taiwan market and Southeast Asia market, Hong Kong films are passed their prime, take the box office champion has mostly American films.
Part V: Who murdered the temptations of Hollywood Hong Kong films (Figure)
famous Hong Kong film critics, raise prices, causing financial strain and the actual film shoot indiscriminately, the second crisis in the late 60s of last century, Cantonese films were shoddy audience rejected. in the Who murdered the Hong Kong film, poor film quality of the fall; studios churning, lack of professionals; the cost of straight up, the new film underemployment; entertainment mode increase, theater-effective damage.? market has changed, as the actor Chow Yun-fat is also seeking new space for their own development John Woo went back in Hollywood in late 1992, the United States there have also been popular film starring Chow Yun Fat's good news for Chow .1993 It's speculation and anticipation, Chow Yun Fat made the choice to go to Hollywood. published in 1994, the first 407 Yang Huilan and Chow Yun-Fat to the United States about some dialogue mm Q: Next year you will go to America? I heard you are going to settle there. week: stay later to make fan market research, education about their language. Q: Science English? Week: Yes. investment it! If you want to cause a higher level, they have to invest. Now learn at their own expense, will help the completion of the work. Q: Are there any that used to be trapped by the environment, involuntary but can you achieve some of your dreams? Week: I've been very free and easy. I have come to understand that every kind of have to pay, I feel so worth it. Q: What dream? Week: American Dream. Q: that is, in the United States movie? Week: Yes, This is my dream. In fact, both movies or life, we must one day tell your dreams come true. a show are the same, I'll kill you, is false. but I do to (as true), like murder, life is the same. Q: Are there any goals? week: to see whether, after 1997, making a Hollywood movie. the year 1994, about a year to prepare for, and then began to engage in script, as they will spend six months out, and then began to shoot, until the launch is almost what happened after 1997. to work there, the system will work with them, with their holding the first time in 1987 when the Hong Kong Film Awards take Chow Yun-fat says his goal is to Hollywood, which for an actor who is probably the most true inner thoughts, but then the Chow said this, the listener Most see it as just a joke, when the Chow Yun-fat is far from the strength of Hollywood, the usual joke tone he said this, it is even less reason to be too seriously. matchstick from the Clyde to Ma Ying-jeou toothpick, Marco's trench coat to the young Nicholas. Cage's coat, the film industry to interact and even some details of the specific interaction. Chow Yun-fat and Western film has a special love, Kowloon West, Western cinema to see films that youth have not done movies star dream, the last century 80's became well-known film of the time to make to the director, I hope I can be interpreted, can be better than the original source of the effect. ;, this port is also Diao details toothpick comes from the classic films from the West. In 1967, Warner Brothers produced the classic card Clyde get his mouth full of sexually suggestive heart matchstick major changes that Bonnie, Clyde, Bonnie can not wait to Ryder's match stick the toothpick into a Ma Ying-jeou, in spite of promoting the brotherhood of But toothpicks but still has a strange lure of theater is hard to say no one in the female audience by this temptation. If Ma Ying-jeou of the toothpicks is not only a graceful performance, but also on the female audience sitting in the dark have another attraction, we can not but admit that the toothpick does Chow Yun-Fat is Chow Yun Fat, John Woo, Tsui Hark or as a producer, we can recognized that Ma Ying-jeou of the toothpick is a classic interpretation of Chow Yun Fat completed. violence in the film a masterpiece of Hong Kong, they are way to slow motion scenes of violence took on a strange beauty. In fact, not just the details of matchstick and toothpicks, we can easily see the Bonnie and Clyde, was beaten into a hive; Bonnie and Clyde rob a bank in which the police tracked all the way male and female thief, Ma Ying-jeou and Song Zihao is the brother of the lakes has been monitored by the police. John Woo's genius is that direct monitoring Jet is Zihao their pro-police officer brother. John Woo, of course there are many more tricks up their sleeves, because the , the film industry interaction and even the details specific to a certain interaction, because the details of the parts is only a film industry, .1997, when introduced as a Hollywood director John Woo Hollywood specifications of the . Cage coat flying in slow motion to see the Ma Ying-jeou on the scene. Chow Yun Fat want to Hollywood in 1997 after making a film, and early Hollywood films before 1997 people already familiar with Chow Yun-fat figure. Chow Yun-fat is no reason not Hollywood, because this is another of his dreams. Part I: Hollywood's temptations of a small small world of space (Figure)
in many people's minds, Chow Yun-fat is the most likely to become Lung, . For people to send him this title, Chow Yun Fat have had this said: ratio, otherwise immeasurably. you have keeps you in the Emperor himself, claiming to be the first r l Hong Kong are good, but can not be compared. He ratio. Chow Yun Fat really think that if you're just a Hong Kong actor, then you are not qualified with the Hollywood star than, because Hong Kong is just a small small world of space, and Hollywood is leading the global film industry's . Robert Chow, the United States? Cantonese spelling, an English name without foreign flavor. He's a tough time are still not foreign flavor. However, it is this non-Western style of the English name is the impact of the United States and more and more fans are familiar with, there are more and more American ; 50, 2005, Chow Yun-fat is indeed some . He has made such a choice, we do see the Ma Ying-jeou from cooperation with the Golden Princess was very satisfied with the contract expired, Chow Yun-Fat restored in 1994, starring Chow Yun-Fat, entry of new task is to bring a girl back to the Shaolin Temple in China to the United States, a task that he set foot in their intimate and unfamiliar country, his life has opened a new page. there shooting the film, a martial arts, there are jokes acclaim and performances of Chow Yun Fat extol, but most of the film itself has a negative attitude, that the film is not the subject content, the director does not know what to say. In 1994 Chow Yun-Fat shot only two films, in addition to Another is the director Wong Jing's a movie. film called big screen debut, starring Chow Yun-Fat is a legend in the Arab-Israeli peace to kill the king, the murderer who is still a tragic hero of color, the story eventually evolved into the story of a hero to save the United States. Early in the film directed by Wai Ka Fai barrel melt into the film a lot of complex and heavy ideas, which make the film takes on a sorrowful charm. However, this strong personal style with the director, the film has been a box-office fiasco. Chow Yun-fat for this view is: has its own style does not matter, but also the audience favorite stories. too self may lose a lot of film audiences. ; unknown. honor left behind, would like to learn more. Chow Yun Fat film's message to the United States has finally been confirmed, for themselves Buhuozhinian choose to Hollywood, Chow Yun Fat had this to say: attitude to learning, as if working, and now switched to other places. In fact, I think the most important thing is they have to cross the border, because it is their choice. go over there who are called to pick you, you pick one, or even may not have to pick the. all is unknown, probably several roles when I, I feel good wronged, it would rather not take, such as Chinatown, I do not want the boss, or the role of previously filmed. The history of Hong Kong films, Chow Yun Fat have such words: including the director and actors, they make films very seriously, learning from the television work of a work mode, so this phase of the Hong Kong film has both outstanding performance behind the scene is the era of Hong Kong films in the history of harvest .20 Century 90 years, since 1997, draws near, film and more money, that most concerned about is the market return (market return) how many, take the process very confusing. relative to the 20th century in terms of 80 years, and now the production model is very healthy . , broaden their area, no longer confined to a local film. When he had returned to Hong Kong after the new experience of filming, I believe would be more impressive. temptation (Figure)
1995 年 8 月 14 issue of years time. Back in 1985, Chen Kaige's Then there is John Woo's . Chow Yun-fat to prepare for the trip to the United States this time, the Hong Kong media also constantly broke some other co-actors and Hollywood studios news, with Jackie Chan and Sylvester Stallone . Willis cooperation news and Michelle Yeoh and Oliver. Stone met the news. and Chow Yun-fat is different, the three actors are the martial arts star. and Chow Yun-fat is better suited to the role of the Western movie In 1995 April, Chow Yun Fat go to the U.S. for the first preparation, the U.S. media keen sense of smell to respond quickly. Introduction Yun Fat begins to do. This article is entitled: Hong Kong's coolest After more than a month stay in the United States, Chow Yun-fat and returned to Hong Kong to deal with some personal matters, this period coincides with the under construction of the Hong Kong Film Archive Film Collection. few years ago, Chow Yun-fat in the organization, time have expressed hope that Hong Kong Film Archive to have an idea, which is a lot of people's aspirations of Hong Kong films, and now this wish was finally realized, Chow Yun-fat of course, full support. To this end, over the years received generous donations of their own 16 trophies to the Hong Kong Film Archive, Chow Yun-fat later explained: Let more people enjoy, so that all the efforts behind the scenes staff recognition. through the language barrier. For three years in secondary schools had only a Chow Yun-fat, it can almost be said to be learning English from scratch, at a time when Chow Yun-fat middle-aged man is 40 years old. It was true courage needed to The challenge, Chow Yun-fat is not afraid. Years later, when the legendary Chow Yun Fat's life was written into the language of Hong Kong secondary school textbooks, the American English, Chow Yun-fat into the University of Southern California when the auditors. at home and in daily life, his wife and brokers are trying to dialogue with him in English, in order to allow him to master English as quickly as possible the necessary tools to make a living. weeks later too recalled that, in order to learn authentic American English, Chow Yun Fat had to learn the chopsticks in his mouth tongue, as well as frequent nightmares. Chow Yun-fat side familiar with the language learning environment while waiting for the right jobs. this time, Chow Yun-Fat is no income, and he thinks it is necessary price. October 1995, Chow Yun-fat has not yet accepted in the United States to film the Asian American Arts Foundation awarded the first Golden Circle Award for Best Actor. For the reasons Chow Yun-fat's award-winning, and his American advisers explained: The awards ceremony, Chow Yun Fat met a famous Hollywood director Oliver. Stone. Chow Yun Stone praised the director's cooperation. This is the end, in Oliver. Stone and John Woo's strongly driven by Chow Yun-fat's in the Los Angeles Beverly Hills Hollywood Planet Hollywood restaurant and a number of directing, stars meeting are invited to attend the Motion Picture Association of America President Jack . Valenti, Mike, owner of the Phoenix. Maide Wei, a famous Hollywood actor James. Wood and other celebrities, Ang Lee and Chinese producers Yang Yanzi, who also came to help out. briefed the guests on John Woo Chow Yun Fat Chow Yun-fat in people's applause to reply: filmmakers to work together, I'm glad you gave me such a rare opportunity. In my career, I strongly shape the on screen characters unforgettable. I came to the United States, would like to learn, and willing to continue to make films . Replacement Killer eyes of the audience in the United States, the film lacks a record ...
Tuesday, February 22, 2011
July Falling Star season, cool state of mind
July will make watching, lazy mind is more and more of Juan Juan has. Dormant pen bit lazy not agitate equatorial record! Heart more and more pale, and silently watched some people turned away, some tangled emotions smoke spread in July, dissipated! looked at the brilliant fireworks-like obsession with love, and ultimately fall into the War Room hh sparse, crossed the shallow bottom of my heart there will always be sad! for her, for his true nature, Although it is far from the look, grabbing at one time have been emotional like that of the casual in enchanting.
loved, no regrets! always believe that true love is worth waiting a lifetime, I, pay! a person life, if lucky enough to meet the youth focused on youth, love, arrived in full and eventually became lovers know each other even the rationale, then it's not without Sin Sin Sin duck! but Meijuan and white world that the first marriage, a few people who see the kingdom of ? people are emotional individual, his life in the business of their own feelings! young, you Lennon Lennon I think that gap is to fill the void of loneliness full of love! wait until you really experienced the vicissitudes of life had their most sober What you want, you find that there was much missed by your disdain for the recovery of hh can no longer be so drunk and confused in the real, the thought that both physically and mentally from a pool of still water the old die, when suddenly in that One afternoon, you are pruning the garden quietly uphold the desert flowers in his garden after you, hit you gently say hello! So, you and did not know, a seed has been unpredictable species in the emotional the depths of your heart!
remember I once wrote in to express their feelings in these words: , In my mind, I always look forward to passing your garden is such a person. because I know from the reality of living in you and I, Chu Chen only has a heart, to let the fireworks bursting in the air, gorgeous Mi long! such a heart can not bear to see tears in their eyes always leave, could not bear to see heart-breaking dust. Many times a good achievement because of the distance, but more often, because of the distance will make you somehow gave birth to endless night of frustration, attack The desolate as grand as the fireworks bloom, and then help the scattered primitive dust hh
living in this world, who are not looking for one of the most comfortable position gracefully alive! Love the water passed away, people become calm and quiet light, and hearts are always One group did not embers of the fire, but stay out of tenderness vigorous canopy burning soul. But when true love comes, you have to stay out? afraid not moths, butterflies both physical and mental burn more sea! died long, slim Heaven, who heart never shake?! love to heart is the ultimate love to the extreme cold thinned. So, you Qieqie stumble walk free in the mortal world shallow lightly outside. because then you know the gorgeous fireworks only moment beautiful, although plain water is an endless stream of hh holding long memory, guarding incomplete, you say: contented in poverty. sit the little window, his thoughts Meteors, pleasant state of mind in the cool air conditioning. but also anger, and anger, but also corners, the spouses! or happy or sad, or Wu Chan. everything clear ethereal silence, moist static material objects are. , clear natural pure heart! no desire, very good hh
Hongxiutianxiang article reproduced from the tray.
loved, no regrets! always believe that true love is worth waiting a lifetime, I, pay! a person life, if lucky enough to meet the youth focused on youth, love, arrived in full and eventually became lovers know each other even the rationale, then it's not without Sin Sin Sin duck! but Meijuan and white world that the first marriage, a few people who see the kingdom of ? people are emotional individual, his life in the business of their own feelings! young, you Lennon Lennon I think that gap is to fill the void of loneliness full of love! wait until you really experienced the vicissitudes of life had their most sober What you want, you find that there was much missed by your disdain for the recovery of hh can no longer be so drunk and confused in the real, the thought that both physically and mentally from a pool of still water the old die, when suddenly in that One afternoon, you are pruning the garden quietly uphold the desert flowers in his garden after you, hit you gently say hello! So, you and did not know, a seed has been unpredictable species in the emotional the depths of your heart!
remember I once wrote in to express their feelings in these words: , In my mind, I always look forward to passing your garden is such a person. because I know from the reality of living in you and I, Chu Chen only has a heart, to let the fireworks bursting in the air, gorgeous Mi long! such a heart can not bear to see tears in their eyes always leave, could not bear to see heart-breaking dust. Many times a good achievement because of the distance, but more often, because of the distance will make you somehow gave birth to endless night of frustration, attack The desolate as grand as the fireworks bloom, and then help the scattered primitive dust hh
living in this world, who are not looking for one of the most comfortable position gracefully alive! Love the water passed away, people become calm and quiet light, and hearts are always One group did not embers of the fire, but stay out of tenderness vigorous canopy burning soul. But when true love comes, you have to stay out? afraid not moths, butterflies both physical and mental burn more sea! died long, slim Heaven, who heart never shake?! love to heart is the ultimate love to the extreme cold thinned. So, you Qieqie stumble walk free in the mortal world shallow lightly outside. because then you know the gorgeous fireworks only moment beautiful, although plain water is an endless stream of hh holding long memory, guarding incomplete, you say: contented in poverty. sit the little window, his thoughts Meteors, pleasant state of mind in the cool air conditioning. but also anger, and anger, but also corners, the spouses! or happy or sad, or Wu Chan. everything clear ethereal silence, moist static material objects are. , clear natural pure heart! no desire, very good hh
Hongxiutianxiang article reproduced from the tray.
Monday, February 21, 2011
I encountered the problem of automobile quality (all the problems encountered in person)
To talk about quality issues, I am sure you will all angry, but some quality issues a lot of fun, so you do not know where to send gas.
1.04 years, a friend of a new common type Santana, I just bought two did not months, until this summer. too hot, open air bar!
This time is over, do not know where they come from the water, drop in the co-pilot's feet. half a day off did not get the driver's seat the following Vice-foot ( The water is very clean, but still a little cold, the feet can be in the car) proportions. It is said that this is a common problem Poussin, because the air conditioning drain length is not enough.
2. One time in winter by a friend of a Chang micro-surface, very old. Laozhang Ren open to the country home, the results of the afternoon to come back no matter what Shique not made up, hit auto repair factory, the factory sent a cart to drag. The results just drag car up just fine, no problem recurrence. Later cars also, and again asking friends, then this car never committed the wrong.
to now do not know why not rise, nothing repair, nothing changed.
3. I've bought a ZTE no broken ever since the small problems.
when bought fuel gauge is bad, the latter for a new, good . wipers under normal circumstances is not bad it does not rain, it rains on the bad. wiper motor replaced two. the car is sometimes unable to pay because of bad computer board, towards the co-pilot side kicked to the computer box Well, not open the lid and then touch the PC board, then double click the plug will be good. Then eat front tires, wheel alignment several times the whole no better, then let it go, for the fetal position for several times. engine valve cover leaking, replaced. gearbox bearings replaced twice.
the funniest one in the garage for brakes, front side for the results is not a model, but has also been fitted with them , and later a brake on the deviation. to find a few plants are also a success. it is too much for the latter, open back to the original plant. I said: to re-new ones, not to go out. all the new ones, good the. toss for 1 month. the middle also had brakes boring.
was too much wrong with this car, and sold. loss of 6 million. Well, look at domestic products to support it, but I feel that I had bought A semi-finished products, or products should not be manufactured.
the rest have a lot, be continued ......
1.04 years, a friend of a new common type Santana, I just bought two did not months, until this summer. too hot, open air bar!
This time is over, do not know where they come from the water, drop in the co-pilot's feet. half a day off did not get the driver's seat the following Vice-foot ( The water is very clean, but still a little cold, the feet can be in the car) proportions. It is said that this is a common problem Poussin, because the air conditioning drain length is not enough.
2. One time in winter by a friend of a Chang micro-surface, very old. Laozhang Ren open to the country home, the results of the afternoon to come back no matter what Shique not made up, hit auto repair factory, the factory sent a cart to drag. The results just drag car up just fine, no problem recurrence. Later cars also, and again asking friends, then this car never committed the wrong.
to now do not know why not rise, nothing repair, nothing changed.
3. I've bought a ZTE no broken ever since the small problems.
when bought fuel gauge is bad, the latter for a new, good . wipers under normal circumstances is not bad it does not rain, it rains on the bad. wiper motor replaced two. the car is sometimes unable to pay because of bad computer board, towards the co-pilot side kicked to the computer box Well, not open the lid and then touch the PC board, then double click the plug will be good. Then eat front tires, wheel alignment several times the whole no better, then let it go, for the fetal position for several times. engine valve cover leaking, replaced. gearbox bearings replaced twice.
the funniest one in the garage for brakes, front side for the results is not a model, but has also been fitted with them , and later a brake on the deviation. to find a few plants are also a success. it is too much for the latter, open back to the original plant. I said: to re-new ones, not to go out. all the new ones, good the. toss for 1 month. the middle also had brakes boring.
was too much wrong with this car, and sold. loss of 6 million. Well, look at domestic products to support it, but I feel that I had bought A semi-finished products, or products should not be manufactured.
the rest have a lot, be continued ......
Sunday, February 20, 2011
Feature articles of 2004 year-end a year full of variables
AD 2004, the year-old in the Year of Monkey, Lunar New Year for the monkey.
For China in terms of the marketing industry in 2004, just as the sigh from a people full of events beginning with the acquisition of emotion, but also with the same regret and lament the end of another acquisition events. Coincidentally, the main characters are equally Lee Chi Tat, although the two events precisely in his role On the contrary, but the same is he not a hero, and that the two brands Jianlibao mm mm small nurses and also still is filled with variables.
let us back in time a year ago, to review in 2004 should remember these marketing events.
1) L'Oreal acquired a small nurse
In fact, once in 2001, reports circulated about L'Oreal to buy a small nurse rumors, and even some have become an open secret. But the rumors in 2002 gradually disappeared after the second half of the outside world thought that this thing will be the same and many of the takeover speculation died down. But in the December 11, 2003, the world's largest cosmetics group L'Oreal has announced the acquisition of a sudden a small Nurses success, the cosmetics industry in China for four years spread rumors came true, and . and this so-called Nurse turnover is about 300 million 50 million yuan or so, L'Oreal China is 1.5 billion yuan, the sales data and the change four years ago, has a gloomy 2000, L'Oreal China's only turnover of 448 million, compared In 1999 only 7% growth achieved, this data should not be smaller than 2000 nurses in high-where to go, and even may be even lower.
Li reached the press that four years of communication and understanding, finally, I was touched by the sincere Gaibao Luo president, he said, you raised a child to me, you worry. I would like for their children to be treated as a small nurse brand. we can give it provides a solid R & D support, put it to the overseas market, we have invested more powerful strength, and so on. in the future he might be in the consumer goods sectors. But we have reason to believe, but Li of the sale of small nurse's last resort, a small four-year nurses in the so-called I am afraid that L'Oreal may not be interested again. on the purchase price, the media legend is 20 million or so, but we have every reason to believe this is a statement repeated the baseless assertion, because the price of more than 20 million can buy enough to make up Robust, small nurse is clearly not worth the price. How much has not announced the financial statements, but the nurses were before the acquisition of a small decline in market performance that is estimated 2-4 million at most is only about ; price.
nurse in the small of the year after the acquisition, it is integrated into an international brand L'Oreal China store counters, in which the past, it has been sold mainly in supermarkets. The media claimed 280,000 points of sale. channel is L'Oreal value an important aspect of the small nurse. moment, and then in 2005 or longer period of time before continuing back to the original path; the second is the future help push down the small channels of nurses Garnier brand; Third, and perhaps the acquisition itself is a stupid little nurse .
Although L'Oreal acquired a small nurses in December 2003, but this incident happened late last year by the media is not included in the 2003 event (because of late). So we can sort by time this matter as Yue-Sai's events than nurses but also acquisition of a small explosive. Oreal China president, Mr. Gai Baoluo frequent appearance in the turn of the year, so we all know his professional smile.
media will be used to think that the acquisition of Yue-Sai Procter & Gamble, in fact, this rumor started in the mid-2003. the industry's argument is that widespread competition for P & G and Avon Yue-Sai is the two U.S. companies. But the January 28, 2004 came the accident but it is in Europe L'Oreal takeover is successful. The news media not only shocked, but also to the cosmetics industry was shocked.
French local time January 26, 2004 afternoon, L'Oreal and Coty Inc. signed an agreement to acquire its brand Yue-Sai. This is the L'Oreal company following the 45 days prior to the acquisition of a small nurse's second after the takeover. and Yue-Sai cosmetics company, said the president of Wing Fat Ray, in the M & A activities, Procter & Gamble and other companies are involved, but L'Oreal R & D and its corporate culture to win. allegedly L'Oreal research expenses spent each year, about 3% of sales, over 2,500 researchers. L'Oreal acquired the specific amount is not made public, analysts estimated purchase price for Yue-Sai sales revenue of 1.5 to 2 times, and Yue-Sai in 2003 sales revenue of 38 million euros. analyst is worth the price as a reference, because the Yue-Sai brand position in terms of importance, the company profit margins are very clear on top of a small nurse. from the means that the purchase price reached a certain Procter & Gamble in China between a Chinese cosmetics industry leaders on the status of the game. Gaibao Luo Yue-Sai, after the acquisition, Mr., in his open letter to all employees in the department with Yue-Sai ownership, as the general manager who is not mentioned compared to just a few days prior to the acquisition of a small open letter to nurses detailed sector ownership and placement, we have reason to believe that this acquisition did not like the little nurse was fully prepared to do so. However, if you just think about 2003 sales reached 38 million euros in the Yue-Sai's if included in P & G will happen, perhaps not difficult to understand this move by L'Oreal mm although we have reason to suspect the acquisition of a hurry, but it is a fully worthy of recognition in the strategy of Gaibao Luo pointed out that tainted milk powder incident in Fuyang
events and corrupt officials of the city known for the same event, this event was even affected to some extent the pattern of China's dairy industry.
those containing milk protein is actually very low, : Fuyang City in Anhui Province, caused by the almost complete absence of nutrition fed inferior milk powder, 13 babies died, nearly 200 babies suffering from severe malnutrition; May 10, 2004, is Big Head, two infants died of consumption of inferior milk powder nutritional deficiencies.
for the industry, this incident is that even the basic moral conscience of inferior milk powder companies have no one to clean. Although there are similar Sanlu such enterprises as the reasons for counterfeit products unredressed injustice suffered, but the quality of the final product to adhere to a number of big brand companies or received the benefits of milk. Whether the funding Beingmate, Queen or foreign Wyeth, the United States Like Chendeng brands, they have withstood the ultimate test of the storm, in 2004, with varying degrees of growth.
In this case, the marketing industry is that the most ; event marketing, in experts to talk about store, possible.
milk is a twelve cities, foreign brands in the health promotion investment is extremely large, only financial strength of large companies (especially foreign companies) have to, and must be of high margins and high price products. Survey data show that the average price of milk in the past few years has been rising, and fast moving consumer goods industry that the general Phase reverse price war, which in addition to rising prices of raw materials other than milk, the most important reason is the competition due to the high distribution costs. In fact the majority of rural consumers, it would be difficult to afford in this promotion models sold in the high-end milk. Even Coca-Cola operations in rural areas are struggling in depth, those in high-grade milk is almost impossible. tainted milk rampant reason is because in rural areas can not simply buy a really good brand. tainted milk may out of the market, but also is low in rural areas is still low-quality milk powder market, because milk is a commodity, not a public benefit.
4) decline in the share of domestic mobile phone market
Wan Mingjian new book win sales and profits were down 6.8% year on year and 30% in the third quarter and achieved a 28 million dollar loss, December 19, Wan Mingjian finally in the a lot. According to the first half financial results, operating profit 795 million yuan waveguide, down 14.05%; Amoi operating profit 652 million yuan, down 48.24%; Kejian net profit fell 46.12%, inventory reached 685 million yuan. made mobile phones almost across the board retreat.
according to market data, 5 years ago, occupying the three international mobile phone giant 95% of Chinese mobile phone market share, while 2001 to 2002, began to speed development of China-made mobile phone, market share from 15% to 30% across, and in 2003 became the domestic mobile phone to show their talents, large Dafanshenzhang year, various surveys show that they share over 50%. But why so fast they had orders to the world several major listed companies is almost completely annihilated phone, rapid decline in performance does?
from last year, Nokia, Motorola and other international giants in the sales channel has made considerable progress in building and begin to implement channel flat and attention to the supermarkets, and start a price war and domestic mobile phone. In the face of international giants, accumulation of technology and talent to further the problem of inadequate exposure, and quickly became fatal. the channel as the first consumer is supposed to be the strengths of local enterprises in China, the temporary failure of the mobile phone industry, we can think that they are guilty of errors of strategic judgments.
mobile phone market in 2004, warning that there is an important market is from the ; model age time, I am afraid is gone forever. domestic mobile phone this year's decline, this trend is clearly ignored.
technology is important in the mobile phone products, which reflects a part of the brand. But the technology and not the most important, because it is after all just services, what it represents, what it is separated with other brands, and so on.
If in a few years ago, the most important for the mobile phone industry listed in the order of several elements that model, channels, brand, then now is the brand, channel, model. only to realize this fundamental change and fix, the local mobile phone manufacturers have once again ahead of the possibility of foreign brands.
5) behind the Athens Olympics ad World War II in this year's Athens Olympics
August 29 evening to a close. The Chinese delegation to the impressive record 32 gold medals won the historic first two. While people continue to have a similar plan on Chinese economic system used to train athletes Is it worth the gold medal powers doctrine rather than the public health question doctrine, but the Olympic Games attracted the most attention the fact that the Chinese people is beyond doubt.
marketing industry is clearly not concerned about the number of China won the gold medal, the most important is With the Olympics on how to promote their products. advertising campaign and a big gamble already doomed this began.
most people feel surprised that Coca-Cola, they seem to associate the operator and Teng Haibin Liu Xiang won the gold medal to the former a war in the famous 110-meter column, a new generation of heroes, while the latter, it is a Chinese gymnastics team in China, gambling, gambling in the Coca-Cola rival PepsiCo to lose very badly, their preparation is clearly insufficient, and the selection of athletes star Li Xiaopeng, Yao Ming and both are effective and high prices and poor role. in the competition the active cooperation of rival Coca-Cola War of the enterprise.
won the bid for CCTV Kunlun Lubricant Kunlun Lubricant a handful of scenery.
China Mobile's Olympic ad please the national table tennis team's star endorsement. unique black and white screen appeared Zhang Yining, Ma Lin playing their own special effects scenes, respectively, plus the background during practice issued by the gasp and table tennis crash. coach Cai Zhenhua was last seen, highlighting the I can gymnastics team again after falling off from the apparatus, and still frequently appears on television, to greatly increase the resentment of the audience and consumers.
in the beverage industry, the Olympic Nongfushangquan advertisement inherited its usual creative sense of humor has been respected all the same. Several gentlemen in suits and ties sitting in front of the TV, TV scored cheers burst out, they are only reserved to say: OK - the ball! fine - color! But a bottle of Sedrin in hand, met with great goals, suddenly all feeling ran high, excitement to the dancing, severe drooling. This is the effect brought Sedrin. distinctive creative, very good interpretation of the Beer and the intrinsic relationship between sports.
course there are some things to spend money they do wrong business.
361 degrees in fact very creative advertising to a broom when the racket's sister, flying save, directed at Li Yongbo smile asked, Many face, but this ad is still not able to remove Wang Hao promising, but at the last moment is lost to Wang Hao Ryu Seung Min in the men, so that fashion, while the Olympic Games, the quadrennial sports event that not only the audience's emotions transferred to the highest point of the ratings is unprecedented, and the turntable is also greatly reduced rate. How to make the Olympic marketing this weapon, I am afraid that the Beijing Olympic Games doomed before the advent of a more grand event, many enterprises need to carefully consider one thing.
let us look forward to Beijing 2008 now.
6) ushered in the automotive industry, , the Chinese auto industry be met good year. spurt in sales growth of private capital looking for a lot of jealous, first half of 2004, many companies mm including the Oaks, Bird, etc. mm have declared to enter the automotive industry. However, the second half of 2004, it is more and more to meet their cold winter.
Since 2001, China's auto production and sales of the surge in the market, so that the world was shocked In 2002 China's auto output 3,251,200 vehicles, sales of 3,241,800, respectively, 38.49% more than in 2001 and further increased to 36.65% In 2003 production of 4,443,700, sales of 4,390,800; respectively, compared with 35.2% in 2002 and 34.21% increase. In the most striking The car market, its production and sales in 2003 were 2,018,900 and 1,971,600, an increase of 83.25% over 2002 and 75.28%.
China's auto market suddenly start to attract people but also attract the attention of the world Nearly all auto giant. According to Goldman Sachs analyst estimates, many years, announced this capital increase investment in China's auto industry are added only before 2006, it will be over 10 billion U.S. dollars, and that the vast majority of funding relatively generous profit car industry. huge capital investment, making the Chinese car companies can get a huge boost production. According to the National Bureau of Statistics predicted in early 2004, domestic car production this year reached 2.82 million, growth rate of 40%. The domestic car manufacturers is full of pride, for the full year 2004 production is 460,000 Shanghai Volkswagen, FAW-Volkswagen is 33 million, Shanghai GM is 28 million, Guangzhou Honda 211,500, Beijing Hyundai, Zhejiang Geely, Chery and Tianjin FAW, several companies put in 10 million or more targeted, and then count the many other smaller companies, car manufacturers this year, the total production of the arrangements reached 2.84 million, compared to 2003 an increase of 42%.
in this atmosphere of optimism, the sudden cooling of the automobile market, making the car companies have established production and sales plans fall through. The original high-spirited, ready to go to a domestic car manufacturers, the first three years once suffered the bitterness of the miscues.
market began in March inflection point, at the beginning and did not cause concern domestic companies, most of them think this is a super-high growth last year, the normal adjustment of the stimulus by cutting prices, to the second half of the car market will rise again. Therefore, most of the production plan does not sync with the market adjustment, a wide range of rhetoric is still often reported in the newspapers.
the continued growth of car production and sales by months of decline, and finally sparked concern for the stock. According to relevant statistics, a quarter of the national stock car about 8 million units in April added 23 000 .5 month, car sales rate to 84.5%, and new 32000. to the June inventory of domestic cars is said to have broken through the 160,000 mark. At that time, the total output of about 1.3 million cars around, it seems on the surface inventory of international standards is still within the cordon, but our The auto companies to improve their own sales targets, dealers are often forced to put the car away, and then slowly put the warehouse sale, and the number of these vehicles is included in the statistics is difficult. So there is a market researcher said, plus car dealer in the hands of the national total stock of cars more than 50 million units, although this figure is estimated, but people saw a huge shadow: If the average of one hundred thousand yuan per vehicle basis, that is five hundred billion in value on the warehouse inventory of these vehicles together with maintenance and equipment costs of the whole sale market, this huge amount of time to digest the cost of funds had? the car business and how to withstand it?
Media Evaluation winter due to the automotive industry, Traffic and domestic environment in which poor people live for the cost of a car started to pay attention; accession to the WTO five years of protection towards the end, consumers expect the prices with international standards instead hold out; many companies can not cut a new product standard and other emerging market segments. City may be a good thing, because an industry or enterprise, in the period of rapid development, is always difficult to see their own problems, but in difficult times, the problems will make it really exposed; suffered a setback after the will have a survival of the fittest, will think hard skills, self-self, before forging a number of really strong.
experts call the to the mass market segment, a turning point, this time, consumers have become rational and mature, they are more stressed for their own brands as well as a more reasonable price. that When early, we have reason to believe this continued price cuts, led to an increase in those who hold out. the second half of next year, a widely circulated list car prices will fall and fall of various car prices after the e-mail although it is not is the initiator, but at least hold out is to enhance the confidence of those who continue to wait.
the price of the international automobile industry generally lower than the reality of the domestic market, many industry price war in China's history, so we have every reason to believe that car Prices will definitely continue to fall, and, after a few years China will inevitably become the world's automotive market, the lowest price.
automotive industry experience is not a winter, but consumers are waiting for their industry first ; squeeze clean. low-profit era will be the inevitable trend of Chinese auto industry.
7) P & G a new term Standard King
11 �� 18 evening, CCTV prime advertising spots in 2005 in the Media Center Bidding ended. 2005 CCTV tender prime advertising spots over the total volume reached 5.248 billion yuan mark. P & G's total bid amounted to 3.8515 billion yuan, topped the list as CCTV 11 years since the first tender, > In 2000, Wu Xiaobo fame as In 1996 corporate metaphor, Qin pool to 66.66 million yuan in one fell swoop as standard king. tasted the sweetness, the Qin pool who spent the next year is 3.2 billion, reelected standard Wang Guiguan. Qin Wang Zhuosheng pool manager when he had boasted: ; day entered the CCTV Santana, opened a luxury Audi. Pool mark, the figure for the 3.8515 billion yuan in the CCTV advertising, it should be considered reasonable, even low. the media in general evaluation of P & G is who do not believe that P & G on the fast moving consumer goods industries mm Standard King behind some of the new issues market. more consistent industry view is that P & G in the central television the plot mainly in the big move to the county market (that is, we often say that three or four markets), and the majority of the township. China can be roughly divided into five levels, a market in Shanghai, Beijing, Guangzhou these three cities, and sometimes we add Shenzhen, Wuhan, Chengdu, Hangzhou and Nanjing, which are the most developed cities in China, consumption capacity the strongest; secondary market mainly refers to the rest of the capital cities, and cities of Wenzhou City in Zhejiang Province, Dongguan, Guangdong Province, and Chongqing, Tianjin, the two municipalities; three markets is the country's prefecture-level city and Zhejiang, Jiangsu, county-level city in Guangdong Province; four markets is the rest of the county-level cities and counties nationwide; five market refers to the country's rural and town, it means a broad and dispersed rural.
boring CCTV and unwelcome in a secondary market, its main audience from the three markets below. There is no doubt that P & G also know this fact. Standard King strategy is reflected in the third and fourth level Procter & Gamble this desire to seek new markets growth intentions. In the past years, P & G's main strength areas in a secondary market of modern retail channels mm which is almost all the foreign good at the main battle field. However, in three or four markets, P & G by domestic brand of harassment of various sizes. for the characteristics of Procter & Gamble weak in these markets, many domestic brands to take the Terminal tactics continued. P & G will be in three or four markets its products and brand communication to suppress mm precisely, in the third and fourth level the overall market P & G does not have an absolute advantage, and perhaps more appropriate to use counter-mm domestic competitors.
But advertising alone can not be achieved market king, Coca-Cola in struggling towns on the distribution of P & G is probably a lesson, if you continue to forward a few years behind closed doors like one place, P & G's wishful thinking is likely to be dashed. There is no doubt, in 2005, P & G access to the king at the same time scale, four markets will be increased in three distributors to ground combat to air superiority into the way into its desired results.
8) Lenovo Lenovo acquisition of IBM PC business
very beautiful in the media this year, first in March 26 and the International Olympic Committee signed on as the 2008 Beijing Olympic Games, information technology equipment and services brand growth for international brands.
8 months, Lenovo and AMD together they launched a price of 2999 yuan actually only the so-called The move is undoubtedly an indication of investor confidence.
but these news are not as Lenovo announced the acquisition of IBM's personal computer business is more shocking, and even China Central Television also released the news. According to the British report, Lenovo is the price of 1.75 billion, the acquisition of International Business Machines (IBM) PC division. The deal is the biggest technology companies overseas acquisition so far. The deal gives Lenovo the far more than According to research firm Gartner's statistics show that Lenovo PC business to a 2% share of global market share ranked ninth in the world. And IBM is ranked third share of 5.6%. Prudential Equity analyst Steven Fortuna said: Lenovo hopes to break the current expansion of the geographical restrictions no longer a secret. The acquisition of IBM's PC business is just business associations can enhance the scale and improve its competitiveness on the international market. IBM's acquisition of Lenovo's PC assets help to improve the visibility in the industry and market position. but analysts fear that in the PC has developed into an ordinary household goods, whether we can think of, or the extent to to achieve profitability. Gartner analyst Leslie Fiering said, with its advanced technology and a unique direct sales approach, Dell is the only remain profitable in recent years, P. ..
For China in terms of the marketing industry in 2004, just as the sigh from a people full of events beginning with the acquisition of emotion, but also with the same regret and lament the end of another acquisition events. Coincidentally, the main characters are equally Lee Chi Tat, although the two events precisely in his role On the contrary, but the same is he not a hero, and that the two brands Jianlibao mm mm small nurses and also still is filled with variables.
let us back in time a year ago, to review in 2004 should remember these marketing events.
1) L'Oreal acquired a small nurse
In fact, once in 2001, reports circulated about L'Oreal to buy a small nurse rumors, and even some have become an open secret. But the rumors in 2002 gradually disappeared after the second half of the outside world thought that this thing will be the same and many of the takeover speculation died down. But in the December 11, 2003, the world's largest cosmetics group L'Oreal has announced the acquisition of a sudden a small Nurses success, the cosmetics industry in China for four years spread rumors came true, and . and this so-called Nurse turnover is about 300 million 50 million yuan or so, L'Oreal China is 1.5 billion yuan, the sales data and the change four years ago, has a gloomy 2000, L'Oreal China's only turnover of 448 million, compared In 1999 only 7% growth achieved, this data should not be smaller than 2000 nurses in high-where to go, and even may be even lower.
Li reached the press that four years of communication and understanding, finally, I was touched by the sincere Gaibao Luo president, he said, you raised a child to me, you worry. I would like for their children to be treated as a small nurse brand. we can give it provides a solid R & D support, put it to the overseas market, we have invested more powerful strength, and so on. in the future he might be in the consumer goods sectors. But we have reason to believe, but Li of the sale of small nurse's last resort, a small four-year nurses in the so-called I am afraid that L'Oreal may not be interested again. on the purchase price, the media legend is 20 million or so, but we have every reason to believe this is a statement repeated the baseless assertion, because the price of more than 20 million can buy enough to make up Robust, small nurse is clearly not worth the price. How much has not announced the financial statements, but the nurses were before the acquisition of a small decline in market performance that is estimated 2-4 million at most is only about ; price.
nurse in the small of the year after the acquisition, it is integrated into an international brand L'Oreal China store counters, in which the past, it has been sold mainly in supermarkets. The media claimed 280,000 points of sale. channel is L'Oreal value an important aspect of the small nurse. moment, and then in 2005 or longer period of time before continuing back to the original path; the second is the future help push down the small channels of nurses Garnier brand; Third, and perhaps the acquisition itself is a stupid little nurse .
Although L'Oreal acquired a small nurses in December 2003, but this incident happened late last year by the media is not included in the 2003 event (because of late). So we can sort by time this matter as Yue-Sai's events than nurses but also acquisition of a small explosive. Oreal China president, Mr. Gai Baoluo frequent appearance in the turn of the year, so we all know his professional smile.
media will be used to think that the acquisition of Yue-Sai Procter & Gamble, in fact, this rumor started in the mid-2003. the industry's argument is that widespread competition for P & G and Avon Yue-Sai is the two U.S. companies. But the January 28, 2004 came the accident but it is in Europe L'Oreal takeover is successful. The news media not only shocked, but also to the cosmetics industry was shocked.
French local time January 26, 2004 afternoon, L'Oreal and Coty Inc. signed an agreement to acquire its brand Yue-Sai. This is the L'Oreal company following the 45 days prior to the acquisition of a small nurse's second after the takeover. and Yue-Sai cosmetics company, said the president of Wing Fat Ray, in the M & A activities, Procter & Gamble and other companies are involved, but L'Oreal R & D and its corporate culture to win. allegedly L'Oreal research expenses spent each year, about 3% of sales, over 2,500 researchers. L'Oreal acquired the specific amount is not made public, analysts estimated purchase price for Yue-Sai sales revenue of 1.5 to 2 times, and Yue-Sai in 2003 sales revenue of 38 million euros. analyst is worth the price as a reference, because the Yue-Sai brand position in terms of importance, the company profit margins are very clear on top of a small nurse. from the means that the purchase price reached a certain Procter & Gamble in China between a Chinese cosmetics industry leaders on the status of the game. Gaibao Luo Yue-Sai, after the acquisition, Mr., in his open letter to all employees in the department with Yue-Sai ownership, as the general manager who is not mentioned compared to just a few days prior to the acquisition of a small open letter to nurses detailed sector ownership and placement, we have reason to believe that this acquisition did not like the little nurse was fully prepared to do so. However, if you just think about 2003 sales reached 38 million euros in the Yue-Sai's if included in P & G will happen, perhaps not difficult to understand this move by L'Oreal mm although we have reason to suspect the acquisition of a hurry, but it is a fully worthy of recognition in the strategy of Gaibao Luo pointed out that tainted milk powder incident in Fuyang
events and corrupt officials of the city known for the same event, this event was even affected to some extent the pattern of China's dairy industry.
those containing milk protein is actually very low, : Fuyang City in Anhui Province, caused by the almost complete absence of nutrition fed inferior milk powder, 13 babies died, nearly 200 babies suffering from severe malnutrition; May 10, 2004, is Big Head, two infants died of consumption of inferior milk powder nutritional deficiencies.
for the industry, this incident is that even the basic moral conscience of inferior milk powder companies have no one to clean. Although there are similar Sanlu such enterprises as the reasons for counterfeit products unredressed injustice suffered, but the quality of the final product to adhere to a number of big brand companies or received the benefits of milk. Whether the funding Beingmate, Queen or foreign Wyeth, the United States Like Chendeng brands, they have withstood the ultimate test of the storm, in 2004, with varying degrees of growth.
In this case, the marketing industry is that the most ; event marketing, in experts to talk about store, possible.
milk is a twelve cities, foreign brands in the health promotion investment is extremely large, only financial strength of large companies (especially foreign companies) have to, and must be of high margins and high price products. Survey data show that the average price of milk in the past few years has been rising, and fast moving consumer goods industry that the general Phase reverse price war, which in addition to rising prices of raw materials other than milk, the most important reason is the competition due to the high distribution costs. In fact the majority of rural consumers, it would be difficult to afford in this promotion models sold in the high-end milk. Even Coca-Cola operations in rural areas are struggling in depth, those in high-grade milk is almost impossible. tainted milk rampant reason is because in rural areas can not simply buy a really good brand. tainted milk may out of the market, but also is low in rural areas is still low-quality milk powder market, because milk is a commodity, not a public benefit.
4) decline in the share of domestic mobile phone market
Wan Mingjian new book win sales and profits were down 6.8% year on year and 30% in the third quarter and achieved a 28 million dollar loss, December 19, Wan Mingjian finally in the a lot. According to the first half financial results, operating profit 795 million yuan waveguide, down 14.05%; Amoi operating profit 652 million yuan, down 48.24%; Kejian net profit fell 46.12%, inventory reached 685 million yuan. made mobile phones almost across the board retreat.
according to market data, 5 years ago, occupying the three international mobile phone giant 95% of Chinese mobile phone market share, while 2001 to 2002, began to speed development of China-made mobile phone, market share from 15% to 30% across, and in 2003 became the domestic mobile phone to show their talents, large Dafanshenzhang year, various surveys show that they share over 50%. But why so fast they had orders to the world several major listed companies is almost completely annihilated phone, rapid decline in performance does?
from last year, Nokia, Motorola and other international giants in the sales channel has made considerable progress in building and begin to implement channel flat and attention to the supermarkets, and start a price war and domestic mobile phone. In the face of international giants, accumulation of technology and talent to further the problem of inadequate exposure, and quickly became fatal. the channel as the first consumer is supposed to be the strengths of local enterprises in China, the temporary failure of the mobile phone industry, we can think that they are guilty of errors of strategic judgments.
mobile phone market in 2004, warning that there is an important market is from the ; model age time, I am afraid is gone forever. domestic mobile phone this year's decline, this trend is clearly ignored.
technology is important in the mobile phone products, which reflects a part of the brand. But the technology and not the most important, because it is after all just services, what it represents, what it is separated with other brands, and so on.
If in a few years ago, the most important for the mobile phone industry listed in the order of several elements that model, channels, brand, then now is the brand, channel, model. only to realize this fundamental change and fix, the local mobile phone manufacturers have once again ahead of the possibility of foreign brands.
5) behind the Athens Olympics ad World War II in this year's Athens Olympics
August 29 evening to a close. The Chinese delegation to the impressive record 32 gold medals won the historic first two. While people continue to have a similar plan on Chinese economic system used to train athletes Is it worth the gold medal powers doctrine rather than the public health question doctrine, but the Olympic Games attracted the most attention the fact that the Chinese people is beyond doubt.
marketing industry is clearly not concerned about the number of China won the gold medal, the most important is With the Olympics on how to promote their products. advertising campaign and a big gamble already doomed this began.
most people feel surprised that Coca-Cola, they seem to associate the operator and Teng Haibin Liu Xiang won the gold medal to the former a war in the famous 110-meter column, a new generation of heroes, while the latter, it is a Chinese gymnastics team in China, gambling, gambling in the Coca-Cola rival PepsiCo to lose very badly, their preparation is clearly insufficient, and the selection of athletes star Li Xiaopeng, Yao Ming and both are effective and high prices and poor role. in the competition the active cooperation of rival Coca-Cola War of the enterprise.
won the bid for CCTV Kunlun Lubricant Kunlun Lubricant a handful of scenery.
China Mobile's Olympic ad please the national table tennis team's star endorsement. unique black and white screen appeared Zhang Yining, Ma Lin playing their own special effects scenes, respectively, plus the background during practice issued by the gasp and table tennis crash. coach Cai Zhenhua was last seen, highlighting the I can gymnastics team again after falling off from the apparatus, and still frequently appears on television, to greatly increase the resentment of the audience and consumers.
in the beverage industry, the Olympic Nongfushangquan advertisement inherited its usual creative sense of humor has been respected all the same. Several gentlemen in suits and ties sitting in front of the TV, TV scored cheers burst out, they are only reserved to say: OK - the ball! fine - color! But a bottle of Sedrin in hand, met with great goals, suddenly all feeling ran high, excitement to the dancing, severe drooling. This is the effect brought Sedrin. distinctive creative, very good interpretation of the Beer and the intrinsic relationship between sports.
course there are some things to spend money they do wrong business.
361 degrees in fact very creative advertising to a broom when the racket's sister, flying save, directed at Li Yongbo smile asked, Many face, but this ad is still not able to remove Wang Hao promising, but at the last moment is lost to Wang Hao Ryu Seung Min in the men, so that fashion, while the Olympic Games, the quadrennial sports event that not only the audience's emotions transferred to the highest point of the ratings is unprecedented, and the turntable is also greatly reduced rate. How to make the Olympic marketing this weapon, I am afraid that the Beijing Olympic Games doomed before the advent of a more grand event, many enterprises need to carefully consider one thing.
let us look forward to Beijing 2008 now.
6) ushered in the automotive industry, , the Chinese auto industry be met good year. spurt in sales growth of private capital looking for a lot of jealous, first half of 2004, many companies mm including the Oaks, Bird, etc. mm have declared to enter the automotive industry. However, the second half of 2004, it is more and more to meet their cold winter.
Since 2001, China's auto production and sales of the surge in the market, so that the world was shocked In 2002 China's auto output 3,251,200 vehicles, sales of 3,241,800, respectively, 38.49% more than in 2001 and further increased to 36.65% In 2003 production of 4,443,700, sales of 4,390,800; respectively, compared with 35.2% in 2002 and 34.21% increase. In the most striking The car market, its production and sales in 2003 were 2,018,900 and 1,971,600, an increase of 83.25% over 2002 and 75.28%.
China's auto market suddenly start to attract people but also attract the attention of the world Nearly all auto giant. According to Goldman Sachs analyst estimates, many years, announced this capital increase investment in China's auto industry are added only before 2006, it will be over 10 billion U.S. dollars, and that the vast majority of funding relatively generous profit car industry. huge capital investment, making the Chinese car companies can get a huge boost production. According to the National Bureau of Statistics predicted in early 2004, domestic car production this year reached 2.82 million, growth rate of 40%. The domestic car manufacturers is full of pride, for the full year 2004 production is 460,000 Shanghai Volkswagen, FAW-Volkswagen is 33 million, Shanghai GM is 28 million, Guangzhou Honda 211,500, Beijing Hyundai, Zhejiang Geely, Chery and Tianjin FAW, several companies put in 10 million or more targeted, and then count the many other smaller companies, car manufacturers this year, the total production of the arrangements reached 2.84 million, compared to 2003 an increase of 42%.
in this atmosphere of optimism, the sudden cooling of the automobile market, making the car companies have established production and sales plans fall through. The original high-spirited, ready to go to a domestic car manufacturers, the first three years once suffered the bitterness of the miscues.
market began in March inflection point, at the beginning and did not cause concern domestic companies, most of them think this is a super-high growth last year, the normal adjustment of the stimulus by cutting prices, to the second half of the car market will rise again. Therefore, most of the production plan does not sync with the market adjustment, a wide range of rhetoric is still often reported in the newspapers.
the continued growth of car production and sales by months of decline, and finally sparked concern for the stock. According to relevant statistics, a quarter of the national stock car about 8 million units in April added 23 000 .5 month, car sales rate to 84.5%, and new 32000. to the June inventory of domestic cars is said to have broken through the 160,000 mark. At that time, the total output of about 1.3 million cars around, it seems on the surface inventory of international standards is still within the cordon, but our The auto companies to improve their own sales targets, dealers are often forced to put the car away, and then slowly put the warehouse sale, and the number of these vehicles is included in the statistics is difficult. So there is a market researcher said, plus car dealer in the hands of the national total stock of cars more than 50 million units, although this figure is estimated, but people saw a huge shadow: If the average of one hundred thousand yuan per vehicle basis, that is five hundred billion in value on the warehouse inventory of these vehicles together with maintenance and equipment costs of the whole sale market, this huge amount of time to digest the cost of funds had? the car business and how to withstand it?
Media Evaluation winter due to the automotive industry, Traffic and domestic environment in which poor people live for the cost of a car started to pay attention; accession to the WTO five years of protection towards the end, consumers expect the prices with international standards instead hold out; many companies can not cut a new product standard and other emerging market segments. City may be a good thing, because an industry or enterprise, in the period of rapid development, is always difficult to see their own problems, but in difficult times, the problems will make it really exposed; suffered a setback after the will have a survival of the fittest, will think hard skills, self-self, before forging a number of really strong.
experts call the to the mass market segment, a turning point, this time, consumers have become rational and mature, they are more stressed for their own brands as well as a more reasonable price. that When early, we have reason to believe this continued price cuts, led to an increase in those who hold out. the second half of next year, a widely circulated list car prices will fall and fall of various car prices after the e-mail although it is not is the initiator, but at least hold out is to enhance the confidence of those who continue to wait.
the price of the international automobile industry generally lower than the reality of the domestic market, many industry price war in China's history, so we have every reason to believe that car Prices will definitely continue to fall, and, after a few years China will inevitably become the world's automotive market, the lowest price.
automotive industry experience is not a winter, but consumers are waiting for their industry first ; squeeze clean. low-profit era will be the inevitable trend of Chinese auto industry.
7) P & G a new term Standard King
11 �� 18 evening, CCTV prime advertising spots in 2005 in the Media Center Bidding ended. 2005 CCTV tender prime advertising spots over the total volume reached 5.248 billion yuan mark. P & G's total bid amounted to 3.8515 billion yuan, topped the list as CCTV 11 years since the first tender, > In 2000, Wu Xiaobo fame as In 1996 corporate metaphor, Qin pool to 66.66 million yuan in one fell swoop as standard king. tasted the sweetness, the Qin pool who spent the next year is 3.2 billion, reelected standard Wang Guiguan. Qin Wang Zhuosheng pool manager when he had boasted: ; day entered the CCTV Santana, opened a luxury Audi. Pool mark, the figure for the 3.8515 billion yuan in the CCTV advertising, it should be considered reasonable, even low. the media in general evaluation of P & G is who do not believe that P & G on the fast moving consumer goods industries mm Standard King behind some of the new issues market. more consistent industry view is that P & G in the central television the plot mainly in the big move to the county market (that is, we often say that three or four markets), and the majority of the township. China can be roughly divided into five levels, a market in Shanghai, Beijing, Guangzhou these three cities, and sometimes we add Shenzhen, Wuhan, Chengdu, Hangzhou and Nanjing, which are the most developed cities in China, consumption capacity the strongest; secondary market mainly refers to the rest of the capital cities, and cities of Wenzhou City in Zhejiang Province, Dongguan, Guangdong Province, and Chongqing, Tianjin, the two municipalities; three markets is the country's prefecture-level city and Zhejiang, Jiangsu, county-level city in Guangdong Province; four markets is the rest of the county-level cities and counties nationwide; five market refers to the country's rural and town, it means a broad and dispersed rural.
boring CCTV and unwelcome in a secondary market, its main audience from the three markets below. There is no doubt that P & G also know this fact. Standard King strategy is reflected in the third and fourth level Procter & Gamble this desire to seek new markets growth intentions. In the past years, P & G's main strength areas in a secondary market of modern retail channels mm which is almost all the foreign good at the main battle field. However, in three or four markets, P & G by domestic brand of harassment of various sizes. for the characteristics of Procter & Gamble weak in these markets, many domestic brands to take the Terminal tactics continued. P & G will be in three or four markets its products and brand communication to suppress mm precisely, in the third and fourth level the overall market P & G does not have an absolute advantage, and perhaps more appropriate to use counter-mm domestic competitors.
But advertising alone can not be achieved market king, Coca-Cola in struggling towns on the distribution of P & G is probably a lesson, if you continue to forward a few years behind closed doors like one place, P & G's wishful thinking is likely to be dashed. There is no doubt, in 2005, P & G access to the king at the same time scale, four markets will be increased in three distributors to ground combat to air superiority into the way into its desired results.
8) Lenovo Lenovo acquisition of IBM PC business
very beautiful in the media this year, first in March 26 and the International Olympic Committee signed on as the 2008 Beijing Olympic Games, information technology equipment and services brand growth for international brands.
8 months, Lenovo and AMD together they launched a price of 2999 yuan actually only the so-called The move is undoubtedly an indication of investor confidence.
but these news are not as Lenovo announced the acquisition of IBM's personal computer business is more shocking, and even China Central Television also released the news. According to the British report, Lenovo is the price of 1.75 billion, the acquisition of International Business Machines (IBM) PC division. The deal is the biggest technology companies overseas acquisition so far. The deal gives Lenovo the far more than According to research firm Gartner's statistics show that Lenovo PC business to a 2% share of global market share ranked ninth in the world. And IBM is ranked third share of 5.6%. Prudential Equity analyst Steven Fortuna said: Lenovo hopes to break the current expansion of the geographical restrictions no longer a secret. The acquisition of IBM's PC business is just business associations can enhance the scale and improve its competitiveness on the international market. IBM's acquisition of Lenovo's PC assets help to improve the visibility in the industry and market position. but analysts fear that in the PC has developed into an ordinary household goods, whether we can think of, or the extent to to achieve profitability. Gartner analyst Leslie Fiering said, with its advanced technology and a unique direct sales approach, Dell is the only remain profitable in recent years, P. ..
Thursday, February 17, 2011
To go home
To go home, a good time Oh, I remember the day this semester off, dizzy and slightly finally liberated!
Very full two days and finished later on, and students play an afternoon, and evening out to dinner, came back to play the game, Oh, Oh, speaking quite fallen ~
yesterday, went to hand in hand to record the Olympic program, is the sister Hui Ge Phoenix chaired Oh, guests are two foreign friends , ah, is a big handsome guy yo! In fact, the record shows a very special feeling, because the local host and audience interaction is very large, we live only 30 audience to the stage in the recording running and there are link do push-ups, and there are some places to play, such as symbols for Beijing's answer to what almost every one of us said a different word to describe Beijing. the whole field down feeling very tired, we are just spectators, but it has been very hard and I thought if it is hosted and gentlemen, it is more difficult, is really not easy. No matter how, see the beautiful Miss Hui Ge and can participate in Olympic-related programs to record, is worth
Very full two days and finished later on, and students play an afternoon, and evening out to dinner, came back to play the game, Oh, Oh, speaking quite fallen ~
yesterday, went to hand in hand to record the Olympic program, is the sister Hui Ge Phoenix chaired Oh, guests are two foreign friends , ah, is a big handsome guy yo! In fact, the record shows a very special feeling, because the local host and audience interaction is very large, we live only 30 audience to the stage in the recording running and there are link do push-ups, and there are some places to play, such as symbols for Beijing's answer to what almost every one of us said a different word to describe Beijing. the whole field down feeling very tired, we are just spectators, but it has been very hard and I thought if it is hosted and gentlemen, it is more difficult, is really not easy. No matter how, see the beautiful Miss Hui Ge and can participate in Olympic-related programs to record, is worth
Wednesday, February 16, 2011
95% of energy demand in 2050 will come from renewable energy sources
According to Bloomberg news agency, the International Fund for Nature (WWFInternational) and sustainable energy services and innovation company (Ecofys) has said that by 2050, world energy, transport the demand for fuel and heating oil almost entirely from renewable energy, including wind, solar and geothermal power generation.
the International Fund for Nature and sustainable energy services and innovation company Jan. 3 in a report published by e-mail said that, despite the population, industrial output, the amount of freight and passenger transport will increase, oil, coal, natural gas and nuclear power in the next 40 years in the global share of energy mix may be reduced to 5%. Energy-saving measures will enable the total energy demand compared to 2005 levels by 15%.
WWF and Ecofys said that to achieve this goal each year to 3.5 trillion euros (4.8 trillion U.S. dollars) of investment to modernize buildings and power.
the International Fund for Nature and sustainable energy services and innovation company Jan. 3 in a report published by e-mail said that, despite the population, industrial output, the amount of freight and passenger transport will increase, oil, coal, natural gas and nuclear power in the next 40 years in the global share of energy mix may be reduced to 5%. Energy-saving measures will enable the total energy demand compared to 2005 levels by 15%.
WWF and Ecofys said that to achieve this goal each year to 3.5 trillion euros (4.8 trillion U.S. dollars) of investment to modernize buildings and power.
Tuesday, February 15, 2011
Which body of a man and you are most passionate young match
1, look at your left hand, palmistry, middle, ring the number of horizontal lines of the root?
A, a considerable number of lines.
B, twenty-three around.
C, one the following.
2, your height?
A, 1.55 meters.
B ,1.56-1 .63 meters.
C, 1.64 meters.
3, you want to become thin some? < br> A, Yes, Xiangshou number.
B, has been very thin, like a little fat.
C, No, it just.
4, with the amount of string around your left hand length (finger around the roots).
A, 17 cm below.
B ,17.1-18 .6 cm in between.
C, 18.6 cm or more.
5, the shape near the tip of your chin, square , round in what?
A, tip.
B, Fang.
C, circular.
score calculation method: select A 1 point; choose B 3 points; choose C too 6 points 6-10
perfect match, he was a little fat, but flamboyant charismatic man
While the other is the shape of extra baggage, face full, broad, the people, but, and we stand side by side together, will be particularly noticeable, better show its charm.
11-15 minutes
perfect match, he is neither fat nor thin medium height man
you are not too fat, he may can not say that the intermediate thin, tall and in general, are not conspicuous in the crowd, but his face ruddy, work refreshing, deft movement.
16-20 minutes
perfect match, he sports a strong man < br> He was a square face shape, body strapping physical movement is the type of people who love this sport, one fifteen is also restless, whenever a trace in them all the vigor of youth, and very rare.
21-25
perfect match points, he is tall shapely body of the other fine men
high, look slim, both said, is the kind of iconic characters and a very gracious man.
26-30
perfect match points, he was scrawny thin strip of type man
face shape, chin pointed, slender body of men, seemed a bit weak without the wind, but this man thin and God, look sharp, consider the problem of deep, people feel there is a unique attraction.
the behavior of a woman most attractive male disadvantage inventory list of 12 constellations and the future of fortune, a large analysis of sexual attraction Important: guard against fake winning information Bo Large main public opinion survey carried out in the hot act of a woman most attractive male disadvantage inventory list of 12 constellations and the future of fortune, a large analysis of sexual attraction
A, a considerable number of lines.
B, twenty-three around.
C, one the following.
2, your height?
A, 1.55 meters.
B ,1.56-1 .63 meters.
C, 1.64 meters.
3, you want to become thin some? < br> A, Yes, Xiangshou number.
B, has been very thin, like a little fat.
C, No, it just.
4, with the amount of string around your left hand length (finger around the roots).
A, 17 cm below.
B ,17.1-18 .6 cm in between.
C, 18.6 cm or more.
5, the shape near the tip of your chin, square , round in what?
A, tip.
B, Fang.
C, circular.
score calculation method: select A 1 point; choose B 3 points; choose C too 6 points 6-10
perfect match, he was a little fat, but flamboyant charismatic man
While the other is the shape of extra baggage, face full, broad, the people, but, and we stand side by side together, will be particularly noticeable, better show its charm.
11-15 minutes
perfect match, he is neither fat nor thin medium height man
you are not too fat, he may can not say that the intermediate thin, tall and in general, are not conspicuous in the crowd, but his face ruddy, work refreshing, deft movement.
16-20 minutes
perfect match, he sports a strong man < br> He was a square face shape, body strapping physical movement is the type of people who love this sport, one fifteen is also restless, whenever a trace in them all the vigor of youth, and very rare.
21-25
perfect match points, he is tall shapely body of the other fine men
high, look slim, both said, is the kind of iconic characters and a very gracious man.
26-30
perfect match points, he was scrawny thin strip of type man
face shape, chin pointed, slender body of men, seemed a bit weak without the wind, but this man thin and God, look sharp, consider the problem of deep, people feel there is a unique attraction.
the behavior of a woman most attractive male disadvantage inventory list of 12 constellations and the future of fortune, a large analysis of sexual attraction Important: guard against fake winning information Bo Large main public opinion survey carried out in the hot act of a woman most attractive male disadvantage inventory list of 12 constellations and the future of fortune, a large analysis of sexual attraction
Monday, February 14, 2011
Cook the books cook the books series and anti-slip Kelon Deloitte
Kelon strategic review
1, ; Guangdong Kelon Electrical Co., Ltd. Enterprise mm refrigerator plant in Shunde, Guangdong Pearl River Main refrigerators initial production capacity of 3 million units / year.
1987 12 months, the Pearl River in Guangdong Shunde, Guangdong Zhujiang Refrigerator Factory was renamed as refrigerator factory to expand production In 1988 according to the needs of the Guangdong Pearl refrigerator plant with three foreign companies to set up a joint venture may sound Refrigerator Co., Ltd. of Guangdong. refrigerator plant in Guangdong Zhujiang Refrigerator Co., Ltd. and Guangdong may sound the same time there is both an independent production of household refrigerators.
1992 12 months, Guangdong Pearl River Refrigerator Factory in accordance with the views of the private placement stock specification means restructuring of the Company.
1996 4 months, town, Shunde city Economic Development Corporation odd to hold shares of the Company to transfer all Kelon (Rongsheng) Group to enable the company to become Kelon (Rongsheng) Group owned subsidiary.
1996 5 months, the company merged with the sound volume Refrigerator Co., Ltd. of Guangdong. The combined company adopted the name of the company's production capacity will reach 150 refrigerator million / year. the original sound of the refrigerator Co., Ltd, Guangdong Yung interests of foreign parties all convertible into shares of the company.
1996 7 months, according to resolutions of shareholders and the approval by the state departments of the public offering of the H shares of the company 4.5959 billion shares and the listing .1997 March the Ministry of Foreign Trade and Economic Cooperation approved by the Company for the Foreign Funds.
1999 5 31, Kelon Electrical and publicly released in the Shenzhen Stock Exchange A shares 110,000,000 shares, issue price of 9.98 yuan; total capital increased to 992,000,000 shares (non state-owned shares); A-share listed Date: July 13, 1999; stock code: 000 921; Stock code: Kelon Electric.
2000, the A share market next year, will be unceremoniously Kelon Electrical 678 million net loss; loss is actually the reason the industry competition, product prices have fallen.
2001 year, Kelon again huge loss, when the new loss of 1.557 billion yuan; loss because the market remains highly competitive. As two years of losses, the woman was wearing the hat of ST.
huge loss in two years, more than 22 million cumulative cases, If the third year of continued losses, the exit must be no doubt. However, almost no suspense in the Start the acquisition of Kelon Electric, acquired in April 2002 the work completed. Gu Chujun official White Kelon Electric, and served as its chairman of the board until today, Kelon Electrical annual salary paid to him for 600 million Hong Kong dollars.
2002, Kelon Electrical miraculously and easily into the black; 2003 is disposed of once hung in three years on account of accumulated losses and retained earnings per share on account from the previous year The reverse is +0.1859 -1.22 Yuan RMB.
Unfortunately, not last, two years after the losses, Kelon Electrical re At the same time issued by the auditor China Securities Regulatory Commission has been a criminal investigation. It is said that, in addition to the Working Group sent into Kelon, the Commission also asked some of Kelon violation of securities laws, the initiative to provide relevant information for investigation.
5 12, Deloitte Kwan Wong Tan & Fong CPA that no longer serve as the Hong Kong-listed Kelon Electrical (0921, HK) auditors, and its partner agencies in the country accounting firm Deloitte Touche Tohmatsu nor any of the Mainland continued listing of Kelon's auditor .
6 24, three independent directors of Kelon Electrical Bailey Chang Chen, Li Gongmin, Xu Lu abruptly resigned collectively. Bailey Chang Chen, Li Gongmin, Xu Lu as Independent Director in more than two years, the annual allowances were as high as 36 million, more than 1,400 companies in the Mainland stock market the highest annual allowance.
2005 7 11, Yan Yiming the a low of 1.64 yuan the year 1999 on July 20, Kelon Electrical newly listed A shares was 25.4 yuan soon rushed to the history of the highest price.
2005 7 14, issued the Pre-losing Kelon Electrical announcement, saying that as of this year, sales in June compared with same period last year more than 50% during the first half of this year the company will appear more substantial losses.
2, Kelon Electrical rebirth of private M & A has a brilliant Kelon
electrical appliances, change of property rights because they do not complete the bitter taste of a huge loss, but through the restructuring of private enterprises Greencool, corporate brand, product, market and operating scale have reached a new height.
Source: Securities Market Weekly of: Wu Chuan Publishing Date :2004-12-12
8 In late May, to Kelon Electrical (000 921) a majority shareholder Greencool criticized by scholars as the beginning of Hong Kong, continuing a two-month wave of state-owned property rights reform swept the country the great debate . However, in the opinion of the fierce battle in the pace of capital expansion Kelon failed to stop.
10 14, the largest shareholder of Guangdong Kelon Electrical Greencool Enterprise Development Co., Ltd. (hereinafter referred to Greencool) holdings of the company to 97.64 million yuan 5.79% equity stake to 26.43%. October 27, Kelon Kelon Electrical and Development Co., Ltd. a wholly owned subsidiary and smooth Fusha Town, Zhongshan Industrial Co., Ltd. signed an agreement $ 24,160,000 joint venture power of Guangdong Kelon Electrical Appliance Co., Ltd. was established. Kelon Kelon Electrical power of actual control 80% stake, in order to enter the washing machine industry, trying to build a covered refrigerators, air conditioners, washing machines, home appliance product line. This is considered Kelon to create case.
10 end of the State Council Development Research Center, released by the Zhang Wenkui Enterprise Institute, authored research group went to research reports Kelon Electrical mm and privatization, restructuring, and after a Shunde, Guangdong entrepreneurs Penning Rongqi with the town government's 9 million trial fees are given to parts on behalf of the mold, for testing products with soda bottles, with the hand hammer, hand filing and other simple tools, multimeter, and other simple test equipment, in successful trial under primitive conditions, the Chinese first two-door refrigerator. October 28, 1984, the predecessor of Pearl Kelon refrigerator plant was established.
planned economy at that time, the national fixed license to produce refrigerators, plans to rely on the supply of raw materials. Pearl refrigerator factory business entrepreneurs to find ways to link it to the Office of the Guangdong Provincial Machinery, squeezed into the first batch of 42 refrigerator manufacturing enterprises to become China's first manufacturer of refrigerators. Pearl 1991 refrigerators refrigerator production plant 48 million units, the first industry-wide production. January 29, 1992, *** southern tour to the Pearl River refrigerator factory, said that August 1992 approved the restructuring of the Pearl River refrigerator plant for the Pearl River Electric Co., converted into shares for the assets of 80% of the total share capital of the legal person shares owned by the town government Rongqi Town Economic Development Corporation holds the same time, the staff issued 84,480,000 shares of 1 yuan, accounting for 20%. offering completed in October that year, renamed the Guangdong Kelon Electrical Co., Ltd., Kelon trademark opening in early 1993. the years after 1993, Kelon refrigerator rapid increase in production, 1995 exceeded 100 million units in 1996, over 1.8 million units.
1996 7 months, Kelon Electrical H shares listed in Hong Kong, becoming the first mainland township enterprises listed in Hong Kong, to raise funds 800,000,000 yuan, after the release of foreign investment shares accounted for 47.55%. Two years later, in July 1999, 110,000,000 shares of Kelon Electrical visit the Shenzhen Stock Exchange A share, raising 1.06 billion yuan of funds.
just 3 years to achieve the two listed Kelon, raising nearly 20 billion in funds controlled by the town government actually reached its peak Kelon. Kelon refrigerator production in 1999 reached a record 2.65 million units, total sales of 5.8 billion, net profit reached nearly 630 million yuan.
but , behind the prosperity of the crisis. National Research Center research companies reported that a thorough reform of property rights does not lead to new rules and old system of the collision, to the heyday of Kelon is leaving a huge risk. listing, although the government through the shell Group Companies may sound continuously diluted shares are held, it is still the de facto controlling shareholder. Kelon Electrical listing to create new rules of the game, but the old relationship between government and enterprises has not fundamentally changed, Kelon Electrical in After a brief heyday, and to decline rapidly destabilize. In 2000, sales in 2001, Kelon Electrical sharp decline in huge losses for two consecutive years, ST wear a hat, and local government securities market was caused great shock.
Private Reorganization
in the strategic reorganization of state-owned assets to encourage private economic development environment, a thorough reform took Kelon mm privatization restructuring. October 2001, private enterprises in Shunde City Greencool transferee reason Ronggui town government held 20.6% of Kelon shares, becoming its largest shareholder.
Kelon Electrical reform of property rights by the Government of the rectitude of shares cut the link out to solve the bit better overcome. privatization restructuring has been a miracle given to re-start opportunity for Kelon.
rest a little.
Third, public opinion approved Deloitte
1, Kelon said nothing about the details of the talk about false dilemma Deloitte Ethics
Source: First Financial Daily Author: Hong Qihua Time :2005-08-05
with the Commission on the qualitative Kelon Electrical financial fraud, the audit agency had as Kelon Deloitte Touche Tohmatsu Certified Public Accountants The (more problems; and step back and admit mm on the audit issue, not only could face compensation, will be discredited, causing a greater shock. eventually need to make a choice. yesterday, Deloitte's public relations officer, said to this reporter: br> Subsequently, Deloitte & Touche to the newspaper sent an official statement said: industry, one of the highest levels of leadership, Deloitte has always been to perform to maintain its high degree of business transparency and commitment to professional ethics are very proud of. do not backward, but the highest level of the global audit industry leader to prove his innocence. can not be identified by virtue of.
In fact, the international Experts questioned.
high transparency and high degree of professional ethics are becoming pale.
contact the judge, event, it is easy to emerge in people's memories.
, and Chen Huizhu, companies have to meddle in the issue, this detail is obviously reluctant to talk about the Deloitte Touche Tohmatsu.
In addition, the findings from the Commission point of view, Kelon's financial statements in 2003 is difficult to be recognized. a series of orders The details of the suspect will probably continue to Deloitte dilemma.
2, Deloitte, what role events in Kelon
Source: International Finance News on: Wu, a time :2005-08-05
Deloitte's response, as early as we expected. This is typical of the crisis public relations practices. If the Deloitte has been at the relevant contact no one answered the phone or hang up the state.
findings according to China Securities Regulatory Commission since 2002, the legal representative of Kelon, Kelon Chairman Gu Chujun and other electrical appliances in to inflated income, less accrued expenses and other means, inflated profits, resulting in the company's financial report disclosed serious discrepancies with the facts. Since July 28, 2002 appointed to the post-Kelon Electrical auditor, Big Four accounting firm Deloitte & Touche, one of the company from 2002 to 2004 who have annual financial report of the audit report issued.
three possibilities for the Deloitte financial event in Kelon may play a role, a senior accountant to reporters of the usual three possibilities exist. The first possibility is: did not find problems caused by inadequate capacity; second possibility is: the practice of the enterprise open eyes closed eyes, but the auditors have the courage to do the prerequisite mmm that business risk is not going to burst; third could be: some figures and information listed on the auditors did not fully open, resulting in an auditor can not find the problem.
audit agency must issue a reservation on this. report.
but ZHU told reporters that in 2002, Deloitte issued unqualified years audit report, the matter with the China Securities Regulatory Commission are investigating the discovery of inflated income, less accrued expenses and other issues not specifically related; and In the 2004 financial statements, Deloitte & Touche audit report issued by the reservation, because of Kelon Electrical Sales returns on income and limited scope of the audit, but also with the financial statements for the disclosure of Kelon does not meet the accounting standards promulgated by the State and enterprises the provisions of the relevant accounting system audit report issued reservations are essentially different.
addition, ZHU that the year 2003 issued by Deloitte unqualified audit report means: Deloitte that Kelon's financial statements are consistent with Accounting Standards issued by the State and the relevant provisions of the accounting system, while unqualified audit report means: For the 2003 audit of financial statements, Deloitte has been the independent auditing standards in accordance with the implementation of the audit work plan, the audit process is not restricted There is no disclosure should be adjusted or not been adjusted Kelon Electrical or disclosure of important matters.
two accountants
However, Kelon Electrical and Deloitte's audit opinion issued by the same profile is: Kelon audit practice of two experienced certified public accountants signed.
reporter was informed that an accountant is at the same time since 2002, Deloitte Gujing signed the audit accountant, and a coincidence: Gujing also This year has been the Commission to initiate an investigation. Another ground transit CPA accounting firm previously was a partner, while the transit ground events are due to the significant audit Guangxia fault revoked by the Ministry of Finance qualification. Although by virtue only of the professional
issued by the lack of capacity led to a significant false documents or conspiring with the Gu Chu Jun, who intentionally provides false documents.
Deloitte may be aware of the risk analysis told reporters, when Deloitte decided not to act as Kelon audit institutions, may be aware of the risks. public information, Kelon received at the May 11 notice of Deloitte & Touche decided to withdraw from the audit, the CSRC stationed Kelon time in April.
event for Deloitte Kelon , this reporter on August 4 by calling the self-regulatory body mmm domestic accounting Chinese CPA Association, said the Ministry of Supervision to comment on this inconvenience. Subsequently, the reporter contacted the Ministry of Finance Accounting Division, the relevant department of the defendant are questions while on the go can not contact them.
and this event more than the protagonist who Kelon's when interviewed, seems reluctant to talk about Deloitte.
reporter was informed that the Hong Kong Stock Exchange requirements, the company 2005 is being reported for review, the main successor of the audit by the new agency accounting firm BDO mmm, Kelon Electrical Board of commitment to the Audit Committee composed.
3, 39 words Deloitte Kelon event of its crisis response to what
Source: Justice Network - Procuratorial Daily of: Tan Xiongwei Time :2005-08-09
in the China Securities Regulatory Commission released the findings of Kelon after August 3, before the audit of Kelon Electrical mm division of accounting firm Deloitte Touche Tohmatsu, ; and here for two days in the relevant contact Deloitte has been in no one answered the phone or hang up the state (according to the August 5, only a short response to the 39 words, and words where appropriate, is typical of the crisis public relations practices. because, as Gu Chujun Kelon arrest triggered the crisis, it is possible to Deloitte & Touche accounting firm in the world down with the famous. Deloitte Kelon in 2003 issued an unqualified audit report. As a senior accountant said: . role, if we Deloitte suffered a series of questions on this year to study business in crisis, and perhaps more meaningful.
since the outbreak in March this year, KFC, Nestle, Procter & Gamble hh the credibility of a series of international famous brands in China, hard hit. The audit report of Deloitte questioned, that the crisis is spreading to the service from the areas of product areas.
2001, due to the domestic market lost confidence in the domestic CPA industry, of the introduction of the world's five leading accounting firms (Arthur Andersen, PricewaterhouseCoopers, Deloitte, Ernst & Young, KPMG), the purpose is to play to their exemplary role, establish a standard of the Chinese accounting system, establish trade credit. But surprisingly, the Chinese government and the capital markets of the five well-known respected accounting firm, did not stick to their professional integrity. If KPMG in 2003 for suspected false statements in the case of Jinzhou Port, jointly and severally liable , and prosecuted by the Chinese investors. this Asian companies in the accounting firm to audit, the audit of a lower standard, while at the same time the accounting profession for its venerable reputation to sign audit reports, to give the illusion of healthy financial position, indicating that a number of firms did not In these areas the quality of service consistent with their charges.
Why KPMG and Deloitte good reputation in the developed countries, but a mere one million yuan to China's listed companies to harm the credibility of the audit fee to do? We can not help but think that the old fable, compliance costs low, are facing civil liability is almost zero. In such circumstances, the accounting firms are no longer stick to their ethics, not only as nature dictates corporate profits, the environment is inevitable.
Confucius once asked students: leverage. KPMG and Deloitte caught up in scandal, once again that large multinational companies to increase the supervision is necessary. If the Chinese market, the lack of basic control system and lack of supervision, then, even international reputation, such as Deloitte are may also become degenerate. I believe that more stringent regulation should be developed and the system of rules, for the violation and breach of professional conduct set high enough deterrent cost to fill the possible 4, the Deloitte Global credit crisis to hit the interests of Board (AIDB: Accountancy Investigation and Discipline Board) started the implementation of the global governance structure for tax avoidance, and has received additional compensation.
encountered, however this is only the latest example of Deloitte questioned. Because of Kelon Electrical (market reviews of information), financial reporting issues Gujinggong be involved in the vortex questioned. In particular, 28 July, the Ministry of Finance in the routine examination of accounting information quality bulletin, ordered PricewaterhouseCoopers rectification of the news office open later, sources said the Ministry of Finance is on the Big Four accounting firms in another investigation, has even questioned the market for Deloitte onto a new level.
We are very disappointed. is the best way.
Dunzou Kelon
7 mid-May, Shanghai lawyer Yan Yiming, accompanied by ZHU Shanghai Certified Public Accountants and the Hong Kong lawyers Andrew Lam, from an accounting perspective to 2002,2003,2004 Deloitte audit of Kelon questioned the financial statements.
audited by Deloitte & Touche Annual Fixed Kelon Electrical 2004 announcement that the year is expected to incur losses amounting to approximately 60 million yuan. in the performance correction notice, Kelon Electrical cited a total of four unforeseen reasons, and 71 million yuan for loss of profits attributed to the subsidiary of Huayi Compressor (market reviews of information) in the last few years of losses and claims, for which amortization has not yet completed on the difference between the whole of equity investment the amount of provision for the impairment. Soon, Huayi compressed May 12 statement, nothing to do with their loss.
Obviously, Kelon's financial statements and not convincing. For the 2002 audit bodies become Deloitte Touche Tohmatsu, even though in 2004, soon after the report disclosed withdraw, but the previous Kelon Electrical 2002, issued in 2004 retained earnings is clearly difficult to exemption audit report. The only time Deloitte issued Kelon Electrical , reported for fiscal 2003, unqualified audit report, Deloitte indicates that the earnings reflect a Kelon year financial position, operating results and cash flows, or disclosure should be adjusted and there are no major issues.
Deloitte issued for Kelon audit report 2004 earnings in the statement that show that China's accounting standards had never provided provision for sales returns, I do not know what the basis of Deloitte Touche Tohmatsu. a Deloitte employee to About Deloitte
Greencool Kelon Electrical and bank loans to other enterprises the situation, the Guangdong Provincial Banking Regulatory Bureau, and has all identified in the Deloitte report in Kelon obviously difficult to shirk responsibility. but is not yet professional regulatory bodies like the British Accounting Investigation and Discipline Board, as public surveys, Deloitte China's response is far from clear and the British sector.
Since then, though, including ZHU, including many local accountants in the media published a series of Deloitte's audit work is in Kelon questioned whether the duties, Deloitte's findings on disclosure of the former Kelon, always an ambiguous attitude. More people also questioned Deloitte Gujing issue earnings performance. Gujing is Deloitte customers in 2004, broke the 179 million earnings reports huge loss, and was 31 May 2005 within the statutory period for failing to disclose the financial report and initiate an investigation by the SFC.
is worth noting that Gujing Kelon has the same signature and the CPA, are partners in Shanghai Hu Fan. and it is, and Kelon, as were all engaged in the Mainland and Hong Kong, Deloitte Touche Tohmatsu, Deloitte Touche accounting firm Wong Tan & Fong conducted two audits, post by Deloitte in 1997 mm with Hong Kong's largest accounting firms accounting firms Kwan Wong Tan & Fong merge from.
Deloitte into China, particularly the expansion of the past three years the most violent .2003 November, Deloitte Global CEO White Bartlett in Beijing announced plans to invest over the next five years, at least $ 150,000,000, for the full expansion of business in China. The subtext is constantly in the local Chinese merger.
an important part of. respected by his professional reputation to attract business, then using lower standards of audit, and did not provide consistent quality of service with their charges.
particular, the acquisition of Pan-line in 2005 Deloitte accounting firm was faced when monitoring The problem resembles the way a lot of trouble. The original Beijing Pan-senior partner of accounting firm in China, Chen Jianming was long the Association of Certified Public Accountants CPA professional standards of work and responsible for formulating China's independent auditing standards, and even had served as a member of the Commission issuance examination committee.
Obviously, a Deloitte partner in Chen Jianming, its role can not only fight to a new Deloitte large customers, but also help to Deloitte in similar events in the crisis Kelon in paving the way for public relations. This is perhaps one of the reasons Deloitte ambiguous.
localization trouble
In fact, two of Kelon's financial report signed by certified public accountants Deloitte, in addition to Shanghai partner Hu Fan in addition, another partner Chen Huizhu Zhong Tian Qin used to be a partner in accounting firm, and transit handling the case had previously played in the Guangxia a very dishonorable role.
in charge of Kelon Deloitte audit work in Hong Kong. Kwan Wong Tan & Fong CPA is always causing trouble to the Deloitte .2004 Skyworth Digital chairman Huang Hongsheng and the number of persons by the ICAC investigation, involving false accounting records listed, Deloitte. Kwan Wong Tan & Fong is Skyworth auditors listing.
years, Deloitte. Kwan Wong Tan & Fong CPA in terms of Deloitte Touche merged with Kwan Wong Tan & Party before or after the merger, are involved in a number of related accounting scandal. of which the financial turmoil in Quang Nam Group problems before the most sensational accounts of the incident.
1998 10 months, the Group's financial problems Guangnan exposure, Deloitte. Kwan Wong Tan & Fong resigned in 1999, the work of Ren Guangnan auditor, KPMG issued a report at that time that the need for Quang Nam problem accounts for 3.8 billion provision, which required 2.4 billion recorded in 1997, including a flood in 1997, dead fish stocks. and Deloitte handling accounts, it is possible to automatic application on winding up, insolvency up to 40 billion .2001 June, Guang Xin Fang negligence against Kwan Wong Tan and recover damages, that Kwan Wong Tan Fang in 1994 to 1996 when the Guangdong International Trust and served as audit work, the existence of three years 1.9 billion identified by the auditors, false trading, the 1994 balance sheet, more 430 million yuan net loss was 130 million yuan by false earnings reports. widely believed that if the auditor can be made on the issue in a timely manner Some questions, or to avoid the subsequent loss of more than 20 million.
to industry sources, although Deloitte negotiations with Zhejiang Tianjian have not gone smoothly, but quite a lot of local accounting professionals are still willing to join foreign accountants affairs. The people in the industry pointed out to the magazine, on the one hand, the acquisition of local firm Deloitte generous decline in the quality audit result, on the other hand, possibly through the acquisition of Deloitte and local accounting elite to foreign investors about regulatory supervision of accounting firm, Deloitte strong localization
1, ; Guangdong Kelon Electrical Co., Ltd. Enterprise mm refrigerator plant in Shunde, Guangdong Pearl River Main refrigerators initial production capacity of 3 million units / year.
1987 12 months, the Pearl River in Guangdong Shunde, Guangdong Zhujiang Refrigerator Factory was renamed as refrigerator factory to expand production In 1988 according to the needs of the Guangdong Pearl refrigerator plant with three foreign companies to set up a joint venture may sound Refrigerator Co., Ltd. of Guangdong. refrigerator plant in Guangdong Zhujiang Refrigerator Co., Ltd. and Guangdong may sound the same time there is both an independent production of household refrigerators.
1992 12 months, Guangdong Pearl River Refrigerator Factory in accordance with the views of the private placement stock specification means restructuring of the Company.
1996 4 months, town, Shunde city Economic Development Corporation odd to hold shares of the Company to transfer all Kelon (Rongsheng) Group to enable the company to become Kelon (Rongsheng) Group owned subsidiary.
1996 5 months, the company merged with the sound volume Refrigerator Co., Ltd. of Guangdong. The combined company adopted the name of the company's production capacity will reach 150 refrigerator million / year. the original sound of the refrigerator Co., Ltd, Guangdong Yung interests of foreign parties all convertible into shares of the company.
1996 7 months, according to resolutions of shareholders and the approval by the state departments of the public offering of the H shares of the company 4.5959 billion shares and the listing .1997 March the Ministry of Foreign Trade and Economic Cooperation approved by the Company for the Foreign Funds.
1999 5 31, Kelon Electrical and publicly released in the Shenzhen Stock Exchange A shares 110,000,000 shares, issue price of 9.98 yuan; total capital increased to 992,000,000 shares (non state-owned shares); A-share listed Date: July 13, 1999; stock code: 000 921; Stock code: Kelon Electric.
2000, the A share market next year, will be unceremoniously Kelon Electrical 678 million net loss; loss is actually the reason the industry competition, product prices have fallen.
2001 year, Kelon again huge loss, when the new loss of 1.557 billion yuan; loss because the market remains highly competitive. As two years of losses, the woman was wearing the hat of ST.
huge loss in two years, more than 22 million cumulative cases, If the third year of continued losses, the exit must be no doubt. However, almost no suspense in the Start the acquisition of Kelon Electric, acquired in April 2002 the work completed. Gu Chujun official White Kelon Electric, and served as its chairman of the board until today, Kelon Electrical annual salary paid to him for 600 million Hong Kong dollars.
2002, Kelon Electrical miraculously and easily into the black; 2003 is disposed of once hung in three years on account of accumulated losses and retained earnings per share on account from the previous year The reverse is +0.1859 -1.22 Yuan RMB.
Unfortunately, not last, two years after the losses, Kelon Electrical re At the same time issued by the auditor China Securities Regulatory Commission has been a criminal investigation. It is said that, in addition to the Working Group sent into Kelon, the Commission also asked some of Kelon violation of securities laws, the initiative to provide relevant information for investigation.
5 12, Deloitte Kwan Wong Tan & Fong CPA that no longer serve as the Hong Kong-listed Kelon Electrical (0921, HK) auditors, and its partner agencies in the country accounting firm Deloitte Touche Tohmatsu nor any of the Mainland continued listing of Kelon's auditor .
6 24, three independent directors of Kelon Electrical Bailey Chang Chen, Li Gongmin, Xu Lu abruptly resigned collectively. Bailey Chang Chen, Li Gongmin, Xu Lu as Independent Director in more than two years, the annual allowances were as high as 36 million, more than 1,400 companies in the Mainland stock market the highest annual allowance.
2005 7 11, Yan Yiming the a low of 1.64 yuan the year 1999 on July 20, Kelon Electrical newly listed A shares was 25.4 yuan soon rushed to the history of the highest price.
2005 7 14, issued the Pre-losing Kelon Electrical announcement, saying that as of this year, sales in June compared with same period last year more than 50% during the first half of this year the company will appear more substantial losses.
2, Kelon Electrical rebirth of private M & A has a brilliant Kelon
electrical appliances, change of property rights because they do not complete the bitter taste of a huge loss, but through the restructuring of private enterprises Greencool, corporate brand, product, market and operating scale have reached a new height.
Source: Securities Market Weekly of: Wu Chuan Publishing Date :2004-12-12
8 In late May, to Kelon Electrical (000 921) a majority shareholder Greencool criticized by scholars as the beginning of Hong Kong, continuing a two-month wave of state-owned property rights reform swept the country the great debate . However, in the opinion of the fierce battle in the pace of capital expansion Kelon failed to stop.
10 14, the largest shareholder of Guangdong Kelon Electrical Greencool Enterprise Development Co., Ltd. (hereinafter referred to Greencool) holdings of the company to 97.64 million yuan 5.79% equity stake to 26.43%. October 27, Kelon Kelon Electrical and Development Co., Ltd. a wholly owned subsidiary and smooth Fusha Town, Zhongshan Industrial Co., Ltd. signed an agreement $ 24,160,000 joint venture power of Guangdong Kelon Electrical Appliance Co., Ltd. was established. Kelon Kelon Electrical power of actual control 80% stake, in order to enter the washing machine industry, trying to build a covered refrigerators, air conditioners, washing machines, home appliance product line. This is considered Kelon to create case.
10 end of the State Council Development Research Center, released by the Zhang Wenkui Enterprise Institute, authored research group went to research reports Kelon Electrical mm and privatization, restructuring, and after a Shunde, Guangdong entrepreneurs Penning Rongqi with the town government's 9 million trial fees are given to parts on behalf of the mold, for testing products with soda bottles, with the hand hammer, hand filing and other simple tools, multimeter, and other simple test equipment, in successful trial under primitive conditions, the Chinese first two-door refrigerator. October 28, 1984, the predecessor of Pearl Kelon refrigerator plant was established.
planned economy at that time, the national fixed license to produce refrigerators, plans to rely on the supply of raw materials. Pearl refrigerator factory business entrepreneurs to find ways to link it to the Office of the Guangdong Provincial Machinery, squeezed into the first batch of 42 refrigerator manufacturing enterprises to become China's first manufacturer of refrigerators. Pearl 1991 refrigerators refrigerator production plant 48 million units, the first industry-wide production. January 29, 1992, *** southern tour to the Pearl River refrigerator factory, said that August 1992 approved the restructuring of the Pearl River refrigerator plant for the Pearl River Electric Co., converted into shares for the assets of 80% of the total share capital of the legal person shares owned by the town government Rongqi Town Economic Development Corporation holds the same time, the staff issued 84,480,000 shares of 1 yuan, accounting for 20%. offering completed in October that year, renamed the Guangdong Kelon Electrical Co., Ltd., Kelon trademark opening in early 1993. the years after 1993, Kelon refrigerator rapid increase in production, 1995 exceeded 100 million units in 1996, over 1.8 million units.
1996 7 months, Kelon Electrical H shares listed in Hong Kong, becoming the first mainland township enterprises listed in Hong Kong, to raise funds 800,000,000 yuan, after the release of foreign investment shares accounted for 47.55%. Two years later, in July 1999, 110,000,000 shares of Kelon Electrical visit the Shenzhen Stock Exchange A share, raising 1.06 billion yuan of funds.
just 3 years to achieve the two listed Kelon, raising nearly 20 billion in funds controlled by the town government actually reached its peak Kelon. Kelon refrigerator production in 1999 reached a record 2.65 million units, total sales of 5.8 billion, net profit reached nearly 630 million yuan.
but , behind the prosperity of the crisis. National Research Center research companies reported that a thorough reform of property rights does not lead to new rules and old system of the collision, to the heyday of Kelon is leaving a huge risk. listing, although the government through the shell Group Companies may sound continuously diluted shares are held, it is still the de facto controlling shareholder. Kelon Electrical listing to create new rules of the game, but the old relationship between government and enterprises has not fundamentally changed, Kelon Electrical in After a brief heyday, and to decline rapidly destabilize. In 2000, sales in 2001, Kelon Electrical sharp decline in huge losses for two consecutive years, ST wear a hat, and local government securities market was caused great shock.
Private Reorganization
in the strategic reorganization of state-owned assets to encourage private economic development environment, a thorough reform took Kelon mm privatization restructuring. October 2001, private enterprises in Shunde City Greencool transferee reason Ronggui town government held 20.6% of Kelon shares, becoming its largest shareholder.
Kelon Electrical reform of property rights by the Government of the rectitude of shares cut the link out to solve the bit better overcome. privatization restructuring has been a miracle given to re-start opportunity for Kelon.
rest a little.
Third, public opinion approved Deloitte
1, Kelon said nothing about the details of the talk about false dilemma Deloitte Ethics
Source: First Financial Daily Author: Hong Qihua Time :2005-08-05
with the Commission on the qualitative Kelon Electrical financial fraud, the audit agency had as Kelon Deloitte Touche Tohmatsu Certified Public Accountants The (more problems; and step back and admit mm on the audit issue, not only could face compensation, will be discredited, causing a greater shock. eventually need to make a choice. yesterday, Deloitte's public relations officer, said to this reporter: br> Subsequently, Deloitte & Touche to the newspaper sent an official statement said: industry, one of the highest levels of leadership, Deloitte has always been to perform to maintain its high degree of business transparency and commitment to professional ethics are very proud of. do not backward, but the highest level of the global audit industry leader to prove his innocence. can not be identified by virtue of.
In fact, the international Experts questioned.
high transparency and high degree of professional ethics are becoming pale.
contact the judge, event, it is easy to emerge in people's memories.
, and Chen Huizhu, companies have to meddle in the issue, this detail is obviously reluctant to talk about the Deloitte Touche Tohmatsu.
In addition, the findings from the Commission point of view, Kelon's financial statements in 2003 is difficult to be recognized. a series of orders The details of the suspect will probably continue to Deloitte dilemma.
2, Deloitte, what role events in Kelon
Source: International Finance News on: Wu, a time :2005-08-05
Deloitte's response, as early as we expected. This is typical of the crisis public relations practices. If the Deloitte has been at the relevant contact no one answered the phone or hang up the state.
findings according to China Securities Regulatory Commission since 2002, the legal representative of Kelon, Kelon Chairman Gu Chujun and other electrical appliances in to inflated income, less accrued expenses and other means, inflated profits, resulting in the company's financial report disclosed serious discrepancies with the facts. Since July 28, 2002 appointed to the post-Kelon Electrical auditor, Big Four accounting firm Deloitte & Touche, one of the company from 2002 to 2004 who have annual financial report of the audit report issued.
three possibilities for the Deloitte financial event in Kelon may play a role, a senior accountant to reporters of the usual three possibilities exist. The first possibility is: did not find problems caused by inadequate capacity; second possibility is: the practice of the enterprise open eyes closed eyes, but the auditors have the courage to do the prerequisite mmm that business risk is not going to burst; third could be: some figures and information listed on the auditors did not fully open, resulting in an auditor can not find the problem.
audit agency must issue a reservation on this. report.
but ZHU told reporters that in 2002, Deloitte issued unqualified years audit report, the matter with the China Securities Regulatory Commission are investigating the discovery of inflated income, less accrued expenses and other issues not specifically related; and In the 2004 financial statements, Deloitte & Touche audit report issued by the reservation, because of Kelon Electrical Sales returns on income and limited scope of the audit, but also with the financial statements for the disclosure of Kelon does not meet the accounting standards promulgated by the State and enterprises the provisions of the relevant accounting system audit report issued reservations are essentially different.
addition, ZHU that the year 2003 issued by Deloitte unqualified audit report means: Deloitte that Kelon's financial statements are consistent with Accounting Standards issued by the State and the relevant provisions of the accounting system, while unqualified audit report means: For the 2003 audit of financial statements, Deloitte has been the independent auditing standards in accordance with the implementation of the audit work plan, the audit process is not restricted There is no disclosure should be adjusted or not been adjusted Kelon Electrical or disclosure of important matters.
two accountants
However, Kelon Electrical and Deloitte's audit opinion issued by the same profile is: Kelon audit practice of two experienced certified public accountants signed.
reporter was informed that an accountant is at the same time since 2002, Deloitte Gujing signed the audit accountant, and a coincidence: Gujing also This year has been the Commission to initiate an investigation. Another ground transit CPA accounting firm previously was a partner, while the transit ground events are due to the significant audit Guangxia fault revoked by the Ministry of Finance qualification. Although by virtue only of the professional
issued by the lack of capacity led to a significant false documents or conspiring with the Gu Chu Jun, who intentionally provides false documents.
Deloitte may be aware of the risk analysis told reporters, when Deloitte decided not to act as Kelon audit institutions, may be aware of the risks. public information, Kelon received at the May 11 notice of Deloitte & Touche decided to withdraw from the audit, the CSRC stationed Kelon time in April.
event for Deloitte Kelon , this reporter on August 4 by calling the self-regulatory body mmm domestic accounting Chinese CPA Association, said the Ministry of Supervision to comment on this inconvenience. Subsequently, the reporter contacted the Ministry of Finance Accounting Division, the relevant department of the defendant are questions while on the go can not contact them.
and this event more than the protagonist who Kelon's when interviewed, seems reluctant to talk about Deloitte.
reporter was informed that the Hong Kong Stock Exchange requirements, the company 2005 is being reported for review, the main successor of the audit by the new agency accounting firm BDO mmm, Kelon Electrical Board of commitment to the Audit Committee composed.
3, 39 words Deloitte Kelon event of its crisis response to what
Source: Justice Network - Procuratorial Daily of: Tan Xiongwei Time :2005-08-09
in the China Securities Regulatory Commission released the findings of Kelon after August 3, before the audit of Kelon Electrical mm division of accounting firm Deloitte Touche Tohmatsu, ; and here for two days in the relevant contact Deloitte has been in no one answered the phone or hang up the state (according to the August 5, only a short response to the 39 words, and words where appropriate, is typical of the crisis public relations practices. because, as Gu Chujun Kelon arrest triggered the crisis, it is possible to Deloitte & Touche accounting firm in the world down with the famous. Deloitte Kelon in 2003 issued an unqualified audit report. As a senior accountant said: . role, if we Deloitte suffered a series of questions on this year to study business in crisis, and perhaps more meaningful.
since the outbreak in March this year, KFC, Nestle, Procter & Gamble hh the credibility of a series of international famous brands in China, hard hit. The audit report of Deloitte questioned, that the crisis is spreading to the service from the areas of product areas.
2001, due to the domestic market lost confidence in the domestic CPA industry, of the introduction of the world's five leading accounting firms (Arthur Andersen, PricewaterhouseCoopers, Deloitte, Ernst & Young, KPMG), the purpose is to play to their exemplary role, establish a standard of the Chinese accounting system, establish trade credit. But surprisingly, the Chinese government and the capital markets of the five well-known respected accounting firm, did not stick to their professional integrity. If KPMG in 2003 for suspected false statements in the case of Jinzhou Port, jointly and severally liable , and prosecuted by the Chinese investors. this Asian companies in the accounting firm to audit, the audit of a lower standard, while at the same time the accounting profession for its venerable reputation to sign audit reports, to give the illusion of healthy financial position, indicating that a number of firms did not In these areas the quality of service consistent with their charges.
Why KPMG and Deloitte good reputation in the developed countries, but a mere one million yuan to China's listed companies to harm the credibility of the audit fee to do? We can not help but think that the old fable, compliance costs low, are facing civil liability is almost zero. In such circumstances, the accounting firms are no longer stick to their ethics, not only as nature dictates corporate profits, the environment is inevitable.
Confucius once asked students: leverage. KPMG and Deloitte caught up in scandal, once again that large multinational companies to increase the supervision is necessary. If the Chinese market, the lack of basic control system and lack of supervision, then, even international reputation, such as Deloitte are may also become degenerate. I believe that more stringent regulation should be developed and the system of rules, for the violation and breach of professional conduct set high enough deterrent cost to fill the possible 4, the Deloitte Global credit crisis to hit the interests of Board (AIDB: Accountancy Investigation and Discipline Board) started the implementation of the global governance structure for tax avoidance, and has received additional compensation.
encountered, however this is only the latest example of Deloitte questioned. Because of Kelon Electrical (market reviews of information), financial reporting issues Gujinggong be involved in the vortex questioned. In particular, 28 July, the Ministry of Finance in the routine examination of accounting information quality bulletin, ordered PricewaterhouseCoopers rectification of the news office open later, sources said the Ministry of Finance is on the Big Four accounting firms in another investigation, has even questioned the market for Deloitte onto a new level.
We are very disappointed. is the best way.
Dunzou Kelon
7 mid-May, Shanghai lawyer Yan Yiming, accompanied by ZHU Shanghai Certified Public Accountants and the Hong Kong lawyers Andrew Lam, from an accounting perspective to 2002,2003,2004 Deloitte audit of Kelon questioned the financial statements.
audited by Deloitte & Touche Annual Fixed Kelon Electrical 2004 announcement that the year is expected to incur losses amounting to approximately 60 million yuan. in the performance correction notice, Kelon Electrical cited a total of four unforeseen reasons, and 71 million yuan for loss of profits attributed to the subsidiary of Huayi Compressor (market reviews of information) in the last few years of losses and claims, for which amortization has not yet completed on the difference between the whole of equity investment the amount of provision for the impairment. Soon, Huayi compressed May 12 statement, nothing to do with their loss.
Obviously, Kelon's financial statements and not convincing. For the 2002 audit bodies become Deloitte Touche Tohmatsu, even though in 2004, soon after the report disclosed withdraw, but the previous Kelon Electrical 2002, issued in 2004 retained earnings is clearly difficult to exemption audit report. The only time Deloitte issued Kelon Electrical , reported for fiscal 2003, unqualified audit report, Deloitte indicates that the earnings reflect a Kelon year financial position, operating results and cash flows, or disclosure should be adjusted and there are no major issues.
Deloitte issued for Kelon audit report 2004 earnings in the statement that show that China's accounting standards had never provided provision for sales returns, I do not know what the basis of Deloitte Touche Tohmatsu. a Deloitte employee to About Deloitte
Greencool Kelon Electrical and bank loans to other enterprises the situation, the Guangdong Provincial Banking Regulatory Bureau, and has all identified in the Deloitte report in Kelon obviously difficult to shirk responsibility. but is not yet professional regulatory bodies like the British Accounting Investigation and Discipline Board, as public surveys, Deloitte China's response is far from clear and the British sector.
Since then, though, including ZHU, including many local accountants in the media published a series of Deloitte's audit work is in Kelon questioned whether the duties, Deloitte's findings on disclosure of the former Kelon, always an ambiguous attitude. More people also questioned Deloitte Gujing issue earnings performance. Gujing is Deloitte customers in 2004, broke the 179 million earnings reports huge loss, and was 31 May 2005 within the statutory period for failing to disclose the financial report and initiate an investigation by the SFC.
is worth noting that Gujing Kelon has the same signature and the CPA, are partners in Shanghai Hu Fan. and it is, and Kelon, as were all engaged in the Mainland and Hong Kong, Deloitte Touche Tohmatsu, Deloitte Touche accounting firm Wong Tan & Fong conducted two audits, post by Deloitte in 1997 mm with Hong Kong's largest accounting firms accounting firms Kwan Wong Tan & Fong merge from.
Deloitte into China, particularly the expansion of the past three years the most violent .2003 November, Deloitte Global CEO White Bartlett in Beijing announced plans to invest over the next five years, at least $ 150,000,000, for the full expansion of business in China. The subtext is constantly in the local Chinese merger.
an important part of. respected by his professional reputation to attract business, then using lower standards of audit, and did not provide consistent quality of service with their charges.
particular, the acquisition of Pan-line in 2005 Deloitte accounting firm was faced when monitoring The problem resembles the way a lot of trouble. The original Beijing Pan-senior partner of accounting firm in China, Chen Jianming was long the Association of Certified Public Accountants CPA professional standards of work and responsible for formulating China's independent auditing standards, and even had served as a member of the Commission issuance examination committee.
Obviously, a Deloitte partner in Chen Jianming, its role can not only fight to a new Deloitte large customers, but also help to Deloitte in similar events in the crisis Kelon in paving the way for public relations. This is perhaps one of the reasons Deloitte ambiguous.
localization trouble
In fact, two of Kelon's financial report signed by certified public accountants Deloitte, in addition to Shanghai partner Hu Fan in addition, another partner Chen Huizhu Zhong Tian Qin used to be a partner in accounting firm, and transit handling the case had previously played in the Guangxia a very dishonorable role.
in charge of Kelon Deloitte audit work in Hong Kong. Kwan Wong Tan & Fong CPA is always causing trouble to the Deloitte .2004 Skyworth Digital chairman Huang Hongsheng and the number of persons by the ICAC investigation, involving false accounting records listed, Deloitte. Kwan Wong Tan & Fong is Skyworth auditors listing.
years, Deloitte. Kwan Wong Tan & Fong CPA in terms of Deloitte Touche merged with Kwan Wong Tan & Party before or after the merger, are involved in a number of related accounting scandal. of which the financial turmoil in Quang Nam Group problems before the most sensational accounts of the incident.
1998 10 months, the Group's financial problems Guangnan exposure, Deloitte. Kwan Wong Tan & Fong resigned in 1999, the work of Ren Guangnan auditor, KPMG issued a report at that time that the need for Quang Nam problem accounts for 3.8 billion provision, which required 2.4 billion recorded in 1997, including a flood in 1997, dead fish stocks. and Deloitte handling accounts, it is possible to automatic application on winding up, insolvency up to 40 billion .2001 June, Guang Xin Fang negligence against Kwan Wong Tan and recover damages, that Kwan Wong Tan Fang in 1994 to 1996 when the Guangdong International Trust and served as audit work, the existence of three years 1.9 billion identified by the auditors, false trading, the 1994 balance sheet, more 430 million yuan net loss was 130 million yuan by false earnings reports. widely believed that if the auditor can be made on the issue in a timely manner Some questions, or to avoid the subsequent loss of more than 20 million.
to industry sources, although Deloitte negotiations with Zhejiang Tianjian have not gone smoothly, but quite a lot of local accounting professionals are still willing to join foreign accountants affairs. The people in the industry pointed out to the magazine, on the one hand, the acquisition of local firm Deloitte generous decline in the quality audit result, on the other hand, possibly through the acquisition of Deloitte and local accounting elite to foreign investors about regulatory supervision of accounting firm, Deloitte strong localization
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