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Jiang Zhang

 
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  • Beijing Real-Name Policy On Sina's Weibo: Minimal Impact On Monetization [View article]
    Thanks for reading. Sina is definitely not going away anytime soon. Feel free to give me any suggestions on how I can improve my articles.
    Jan 5 10:17 PM | 1 Like Like |Link to Comment
  • Assessing the Bear Cases Against HomeAway [View article]
    This is a really good point. I will look into this because funny thing is that there are over 1000 new york city listings on there.
    Nov 15 08:18 AM | 1 Like Like |Link to Comment
  • Spreadtrum 3Q11 Earnings Preview: Clear Waters Ahead [View article]
    I agree that Yu Minhong isn't a great English teacher. But you do not need to be a great English teacher to run a successful language training school.

    Likewise, Steve Jobs was never a computer science major or an art major, yet he still managed to design beautiful and practical products for the masses.

    Mr. Yu comes from a humble background. He wasn't a bright student but he was persistent and never lost faith in reaching his goal.

    You and I both have a lot to learn from him.
    Nov 8 10:43 AM | 1 Like Like |Link to Comment
  • Changyou 3Q11 Earnings Preview: Conviction Buy Or Cautious Buy? [View article]
    Hi. Thanks for reading.

    Personally, I don't like to bet on earnings...I like to invest in businesses.

    If you go through all the articles I have written, you will get a sense of the kind of businesses that I like.

    Focus on the business and not the stock, you'll sleep better that way.

    Good luck.
    Oct 27 10:28 PM | 1 Like Like |Link to Comment
  • Profiting In China With 6 Quality U.S. Companies [View article]
    Pizza is an interesting business in China. As you know, Chinese people are not well accustomed to cheese, due to different biological differences between Caucasians and Asians.

    Pizza in general is not a profitable business, that's why Pizza Hut doesn't focus on pizza in China, but generates majority of revenue from its rice, soup, noodles, salad, chicken wings, and drinks. If you visit a pizza hut, average table features 1 pizza, and several other dishes, the combined value of those dishes are usually more than the pizza.

    Unless Papa John drastically changes its ingredients, which i doubt it will do, attracting Chinese customers will be a challenge. In that case, papa john can only attract expats, or visitors, and revenue generated from this customer group can fluctuate.

    Also note that there are various gourmet pizza places all over Shanghai and their pizza are a lot more well made than those from Papa John. If Papa John wants to compete with the boutiques, then the company has to change its marketing position, which is another thing that I doubt it will do.

    I wonder when any Chinese entrepreneur will open a chain of famous dumpling houses....that is one public company I want to invest in.
    Sep 27 03:12 PM | 1 Like Like |Link to Comment
  • Profiting In China With 6 Quality U.S. Companies [View article]
    Starbucks coffee is too pricy for average consumers. RMB30 for a grande regular coffee is equivalent of two meals.

    Besides, China is a tea-drinking nation. Coffee still has a long way to go.
    Sep 27 12:07 PM | 1 Like Like |Link to Comment
  • Macquarie's Bearish Call Presents Attractive Entry Point For RenRen [View article]
    Yes there are definitely a lot of Chinese firms committing fraud here in the US. But what is their combined market value in comparison to Lehman, Enron, Sunbeam, or WorldCom alone?

    At the end of 2000, Enron's market cap was $60 billion, that is more than the entire market cap of all the Chinese companies that accused of frauds (including Sino Forest, which went down when it was $5B, and Longtop, which went down when it was $1B)

    I think we should look into combined valuation and not quantity to gauge the magnitude of the fraud.
    Sep 22 06:36 PM | 1 Like Like |Link to Comment
  • Macquarie's Bearish Call Presents Attractive Entry Point For RenRen [View article]
    I'm not sure about that since China's legal system has improved over the past two decades. If there are no harm done on the investors' lives, the most likely sentence would be lifetime in prison.
    Sep 22 05:41 PM | 1 Like Like |Link to Comment
  • Ctrip.com: Industry Leader With Promising Growth Potential [View article]
    PCLN is definitely attractive with "name your own price" model...and it is amazing to see how well received it is by tourists who want to get premium hotel but at a lower price. PCLN is a good play if you're looking for exposure to developed markets such as the US and Europe. However, if you're looking for exposure to emerging market, CTRP and MMYT are worth looking into.
    Aug 15 10:25 AM | 1 Like Like |Link to Comment
  • The Power of Brand Investing [View article]
    Thanks for the comment and you do have a valid point. But let's not forget that while certain brand should command a premium, there is also a time when we need to sit back and think whether such premium is justified. That way we can avoid getting ourselves into a bubbly situation.
    Aug 3 09:46 AM | 1 Like Like |Link to Comment
  • Investing in Chinese ADRs Is Not as Simple as Following IBD's Checklist [View article]
    Thanks for the comment. You're absolutely right. IBD is just part of the process. After I read the article I got a sense that IBD made ADR investing easier than it seems, and was afraid that investors would get a false impression that successful ADR investing is just checking off their criteria. So I decided to write a critique on the IBD article.
    Jul 26 12:13 AM | 1 Like Like |Link to Comment
  • Investing in Chinese ADRs Is Not as Simple as Following IBD's Checklist [View article]
    No problemo amigo! Glad to know that HNP turned out ok...it's still a bit attractive with 5% dividend yield.
    Jul 25 12:07 AM | 1 Like Like |Link to Comment
  • TAL Education Group: Overlooked Leader in China's Education Industry [View article]
    Interesting....except it is a fraud.

    My recommendation for you is to travel to China and look at the schools personally to get an idea of its brand awareness and business operation.

    I lived in Manchuria for many years and I also have friends in Harbin. I can tell you that none of my friends have ever heard of the company.
    Jul 15 10:36 AM | 1 Like Like |Link to Comment
  • Assessing the Bear Cases Against HomeAway [View article]
    According to my understanding IILG connects resort developer with vacation travelers. On the other hand, AWAY connects property owners with travelers. These are two very different models on a granular level so I am not sure that IILG is the ideal comparison because travelers would prefer to have a "home feel" that is derived from living in an actual home, not a condo in a resort.

    My assessment of AWAY is based on its disruptive potential and I recommend you to carefully read the value behind disruptive innovation.

    Lastly, I prefer to invest in what I know. IILG's website is entirely IR-based. It offers no insight on its operation, specifically in regards to the vacation exchange. For instance I can not find a site that allows me to sign up for one of its membership programs when I type in "interval leisure membership program" in Google.
    Jul 12 02:05 PM | 1 Like Like |Link to Comment
  • Assessing the Bear Cases Against HomeAway [View article]
    Perhaps....But how would you value it?
    Jul 11 11:14 AM | 1 Like Like |Link to Comment
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