John Foley is Reuters Breakingviews' China editor. Based in Beijing, he writes on China’s economy and financial markets. John established Breakingviews’ Hong Kong bureau in 2009, and previously wrote on mergers and acquisitions, capital markets and consumer goods in London. Before joining Breakingviews in 2004, John worked as a copywriter for a London-based advertising agency. John read English Literature at Exeter College, Oxford. Follow John on Twitter @johnsfoley
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Market share is a big driver of value, but with so many ways to carve up a $308 bln sector, everyone seems to be number one for something. On the measures most relevant for shoppers, Alibaba is the clear victor. But JD.com looks better placed for a richer, more discerning China.
Lenders like ICBC and CCB are issuing bonds and preference shares at competitive prices. They can do so because of hazy reform prospects and the appearance they don’t need the money. Yet growing lending and rising bad debts mean the case for investing in the instruments is weak.
A Hong Kong-listed movie company has revealed accounting problems four months after the e-commerce giant bought a stake. It’s not clear whether Alibaba’s controls were flawed. But investors in its upcoming IPO may be less confident about the company’s investment binge.
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- Yuan's rise driven more by fear than fundamentals
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- China online funds’ yield hunt piles on risk
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