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作者: 来源: 日期:2016/8/4 8:14:25

广州科技翻译公Investors bet China can play tech catch-up with US





A young Chinese company built around voice-recognition technology this week announced it would soon begin marketing its smartwatch in the US, taking on Apple. It won’t just undercut Apple on price but offer a product with features that investors in the company say is as cool as Apple’s design.



For the past few decades, the US has considered itself the technological leader of the world. However, China may now be closing the gap across a variety of sectors, from drones and electric cars to data-mining and smartphones.



With questions about demand for Tesla’s electric cars and the corporate governance of Elon Musk, its founder, following the company’s purchase of SolarCity, some fund managers in Shanghai are rubbing their hands in glee. They expect BYD, the Chinese electric carmaker, to benefit.

在特斯拉(Tesla)收购SolarCity之后,围绕特斯拉电动汽车的需求以及创始人埃隆马斯克(Elon Musk)的公司治理问题,投资者发出了质疑,对此上海一些基金经理兴奋得直搓手,他们预计中国电动汽车生产商比亚迪(BYD)将从中获益。


They have faith in BYD despite the fact that its shares are expensive — trading at 40 times earnings — and its profits rely partly on government subsidies and privileges such as the free licence available for electric vehicles.



“The electric vehicle revolution will happen first in China,” says Wei Zhang, founder of Yuanhao Capital Management in Shanghai, who has a big position in the stock.

电动汽车革命将率先在中国发生,上海元昊投资管理公司(Yuanhao Capital Management)创始人张炜说。他持有很多比亚迪的股票。


“The first signal is that supply is unable to meet demand,” Mr Zhang said in his mid-July letter to investors, explaining his bullishness to his investors. “The second signal is leading technology. They have their own battery, (while Tesla relies on Japanese maker Panasonic). Their batteries are cheaper and more advanced. The third signal is that management interests are aligned.” Moreover, Mr Zhang notes, the company has introduced a stock ownership plan with the execution price 30 per cent higher than the current market price.



Electric cars are not the only sector in which the Chinese are making inroads. Last winter, Palantir, the US private data-mining company in Palo Alto, California, came to Asia and received a warm reception. It was warmer than it had recently received in its own home market, easily commanding a valuation over $20bn.

电动汽车并非中国企业正在开疆拓土的唯一领域。去年冬天,美国加州帕洛阿尔托(Palo Alto)一家私人所有的数据挖掘公司Palantir到亚洲融资,受到了热烈欢迎,甚至超过了近期在美国本土市场受到的欢迎,轻松获得逾200亿美元的估值。广州科技翻译公司。


But at the same time, venture capitalists in China are investing in their own Palantir-like big data firms.



For example, Sequoia Capital China is backing Fourth Paradigm, a Beijing company whose founder has not studied in the US, but has the confidence typical of a new generation of artificial intelligence specialists on the mainland that can critique Palantir’s business model and explain why theirs is superior.

例如,红杉中国(Sequoia Capital China)就投资了北京的第四范式(Fourth Paradigm)。这家公司的创始人不曾在美国留过学,但具有一种自信,这种自信常可见于中国大陆新一代的人工智能专家身上,他们会批评Palantir的商业模式,并解释为何自己的商业模式更优越。


Among the advantages these Chinese start-ups have is access to far more data than their US counterparts. “China can do at least as well as the US because AI needs data and China has more data,” said the founder of Fourth Paradigm.



In other areas, such as drones, China has leapfrogged the US. Moreover, many of its fintech companies are more diversified and interesting than their US counterparts.



In some ways the gap between the US and China is still considerable. Baidu’s search engine, for example, is considered so mediocre that it has become a competitive disadvantage for China compared with Google which remains banned in the mainland.



Baidu’s disappointing financial results last week reflect more serious difficulties than the criticism it received this year after a young man died of cancer having received dubious medical treatment advertised in online search results. What’s more, media deals these days are still mostly one way: western content in return for Chinese audiences.



Technology in China is undergoing a correction though not to the extent it is in the US, which is one reason why Palantir came to Asia in the first place.



While industrial profits in China have picked up of late after contracting in 2015, profits in the computer, communication and other electronic equipment led by smartphones, jumped almost 20 per cent, according to the latest data from JPMorgan. Consolidation among internet companies is also helping profitability in China’s technology sector.



Part of the Chinese enthusiasm for US tech companies is that they have more faith in the dollar than in their own currency. That may not change any time soon, but faith in their own technology on the part of mainland investors will probably continue to grow.