A Promising Golden Pig Year

The Year of the Dog saw strong economic performance of over 10%, the record-setting IPO boom and phenomenal in M＆A activity. Foreign direct investment continued to be strong at around $60 billion, and PE and VC investing more than doubled over 2005. Although in Western countries venture capitalists associated the term ＂dog＂ as slang for a poor performer, China continues to surprise the World.     

Obama:The Change We Need

This is a de ning moment in our history. We face the worst economic crisis since the Great Depression—760,000 workers have lost their jobs this year. Businesses and families can't get credit. Home values are falling, and pensions are disappearing. Wages are lower than they've been in a decade, at a time when the costs of health care and college have never been higher.     

英文导读

Cover Story：Singaporean VC： Existing for China 2005 is a year when Singaporean venture capitals gallop in china. As the flagship of Singaporean capitals, Temasek Holdings first bought 4.5% stocks of CMBC, then became the strategic investor of CCB and BOC, respectively with three and 1.4 billion dollars, while rumors go that Temasek is also trying to invest in China Pacific Insurance. What＇s more, major Singaporean VCs like GIC, UOB, TIF, and Capitaland China frequently appeared in the increasingly flourishing Chinese FDI market. Meanwhile, Chinese companies listed in Singaporean stock market suddenly increased.     

Chinese robust economy contributes greatly to world economic growth

The United Nations (UN) recently issued the “Economic and Social Survey of Asia and the Pacific for the year of 2007”. It says that in 2006,     

Information Share Is the key

Recently, the leading early stage venture capital fund BlueRun＇s partner and founder, John Malloy came to China to attend the openingceremony of its Beijing office. It is a big moment for BlueRun, also year 2007 is a big year for BlueRun.     

The 3Q U.S.VC Summary

According to the report of National Venture Capital Asso- ciation （NVCA）, in the third quarter, 52 venture capital funds raised a total of $4.9 billion. In which, early-stage VC funds were the most active in the third quarter with 27 funds raising $3.5 billion. However, this quarter＇s fundraising is obviously lower than the previous quarter The old figures reveal that NVCA raised $13.4 billion and 62 funds were formed in the second euarter this year, and 62 funds raised 5.6 billion dollars in the third quarter of 2005.     

IPO initial returns in China: Underpricing or overvaluation?

This paper separates the amount of IPO underpricing(primary market underpricing) and overvaluation(secondary market overvaluation) from the value of an IPO's initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948 Chinese firms, we find that average initial returns are 66% and that underpricing and overvaluation are between 14–22% and 44–53%, respectively, depending on the method used to assess firms' intrinsic values. In addition, while both the value of the initial return and the extent of overvaluation are significantly negatively related to post-IPO long-run stock performance, overvaluation can predict post-IPO performance better than the value of the initial return. Value uncertainty in IPOs is positively related to both underpricing and overvaluation, and both the underwriter's reputation and the existence of pricing regulation are positively related to underpricing. Investor sentiment has a positive effect on overvaluation but has no effect or a negative effect on underpricing. Overall, our results suggest that in China overvaluation accounts for a larger proportion of the initial return than underpricing,and that underpricing and overvaluation have different determinants.     

THE CHINESE NATIONAL WHO SURFS THE SEA OF FINANCE IN ASIA——The Cover Personage incarnates the elegant Chinese national as the first Ranking Vice President of the ADB,famous economist and Financier active in the international financial arena

Lin Zexu,a patriot,thinker and national hero,who served as Governor for Hu Guang and Governor for Liang Guang and in other positions in Qing Dynasty,composed a couplet for self-motivation."Vast is the sea which embraces flows from millions of rivers;and upright is the precipice which rises single-mindedly to the zenith."He encouraged himself by this couplet to be magnanimous,receptive,and upright and to be a man of unbending principle.This is a motto which Jin Liqun has followed the first day he took office in Asian Development Bank (ADB),to guide his work and the way he conducts himself in this community.He practices in accordance with this principle as he carries out the mandate of this multilateral financial institution.Jin Liqun has won the accolade that he is     

China,US Set up Strategic Economic Dialogue

The US Treasury Secretary Henry Paulson visited China on September. During his stay in China,there is an establishment of the China-US Strategic Economic Dialogue. The dialogue will focus on bilateral and global strategic economic issues of common interest and concern; and both sides intend to meet twice a year in alternate capitals, according to a joint statement. Paulson said the US administration has given priority to US-China ties in its foreign policy and is looking forward to enh…     

Labor Day Weekend Gas Prices Haven＇t Been This Low In Years

Peer-to-peer lending is sweeping the nation. The two biggest players in game, Lending Club and Prosper saw 195% growth over the year ending in June 30, generating more than $1.5 billion in loans. The timing is no coincidence. In the wake of the financial crisis, the same lenders that once rolled out the red carpet for subprime borrowers started putting up all sorts of barriers to credit, effectively locking out the people who arguably needed a boost the most. Those who could get credit were hit with double-digit interest rates or driven to seek out riskier options like payday loans.     

Will the Three New Markets Enter Into OTC?

One of the key words in theTwo Conferencesthis year is to promote establishment of multi-hierarchy capital markets. Mr.Fan Fuchun,a member of the national committee of CPPCC, and vice chairman of China Security Regulatory Commission, declared that OTC should be established after introduction of     

＇Web 2.0＇ Investment at All-Time Highs

Venture capital firms invested more money than ever before in ＂information services＂ companies in Mainland China, as overall venture investment produced 55 deals and reached $560 million during the second quarter of 2007, a 49% increase over the $375 million invested in the first quarter of the year, according to the China Quarterly Venture Capital Report released by Dow Jones VentureOne and Ernst ＆ Young. In fact, the report shows a 100% increase over the first quarter in the amount of money invested in ＂information services,＂ which include blogs.[第一段]     

We must can get through the diffculty

China is a nation in grief. She is struggling against the elements which has dealt her a nasty hand this year. Hope everything in the second half of this year will go smoothly.     

Top Ten Destination for New Year Celebration （Ⅰ）

Las Vegas, America Sin City gets just a little bit more debauched （if that were possible） as the strip is pedestrianized for a massive party, complete with fireworks, sound and light shows, and more clubs than you could visit in a dozen trips. Hundreds of thousands of revelers turn up in the evening, and you can be sure the party is going to isn＇t called Sin City for nothing fireworks display will grab your get a little crazy -- it At midnight, a massive attention. And for once, it＇s cool to drink on the streets; everyone else will be doing it.     

Prepaid Guarantee Deposit and Prepayment Required for Beijing Projects Bid Invitation

In order to standardize the construction bid invitation market and activities, Beijing Municipal Construction Commission prescribed that the system of prepaying guarantee deposit and the prepayment system will be implemented this year. Namely, the construction unit must have a special project account before starting work. The bid inviter must deposit the amount less than 30% of the total contract price in the account which can pay the delayed money.     

Asian PE Fund Pool Tops $170B

The Asian Private Equity and Venture Capital Report shows that Asian private equity continued to exhibit steady and robust growth, exceeding $170 billion in total funds under management for the entire region. Investments made also showed healthy progress, with over $24.5 billion of private equity deals done across the region so far this year. Fundraising, however, has slightly slipped back in comparison to 1H06, with a 5.7% decline from around $16.7 billion to around $15.8 billion, although China fundraising soared 240%.[第一段]     

The Propellent of ReneSola

In the beginning of 2007, ReneSola was named ＂IPO of the Year＂ at Growth Company Investor＇s Quoted Company Awards 2007. The shortlisted for the IPO of The Year Company were Carluccio＇s, May Gurney Integrated Services, Worthington Nicholls, Morson, and Scott Wilson, ReneSola was the winner.     

Beijing''''s Suburbs, the Place Where Greatest Olympic-led Business Opportunity Lies

The outskirts of Beijing comprise of the rural parts in 3 suburbs, and 10 counties in outer suburbs, which cover a total area of 15.8 thousand square meters, accounting for 94 percent of the City's total. The outskirts are important     

中国化妆品行业——国内化妆品品牌的优点和缺点(英文)

Chinese cosmetics market gives birth since 1980s as a newly developing industry,which is the typical representative industry of the china's socialist market economy after opening policy reform.With the opening of our domestic market,the foreign brand cosmetics enter into the Chinese market as soon as possible,which accelerate the development of Chinese cosmetics industry.How to survive in this fierce competition becomes a hot topic for our domestic cosmetic companies.In this thesis,the author tries to introduce the history and development of Chinese domestic industry;analysis the advantage and disadvantage of this market;and discuss the developing method for the Chinese cosmetic market.     

平衡计分卡与银行战略执行

Balance scoring card, to a company,is a stratagem managerial tool for the Information Times, which can control the flow of the whole organization and modulate the organization‘s reform direction with professional guides. Exercising the managerial concept included in the Balance scoring card fully comprehending the meaning of this strategical tool, considering it as a basic guide to coagulate the consciousness of employees, will greatly improve the executive ability and turn the stratagem into the ability of competitiveness.