中国电子烟市场面临严格监管 | 播客《Numbers》
主持人:本·沃尔什(Ben Walsh)
编辑 | 郭力群
2019-11-26 15:32:36
严格的监管将是这一成长中的行业遭遇的又一挫折。


Tomorrow, those new shares will start trading on the Hong Kong stock exchange.

这些新股明天(11月26日)将在香港证券交易所开始交易。

The China e-commerce giant’s stock sale was the largest of 2019. Alibaba (ticker: BABA) has traded on the New York Stock Exchange since 2014.

这家中国电子商务巨头这次的股票发行是2019年规模最大的一笔。阿里巴巴(Alibaba, BABA)自2014年以来一直在纽约证券交易所交易。

There was strong demand for the offering, which in and of itself is big news. Despite the protests and violence in Hong Kong, worries about slowing Chinese growth and the ongoing U.S.-China trade war, investors are ready to bet on China’s largest internet retailer.

市场对此次股票发行需求巨大,这本身就是一个大新闻。虽然香港发生抗议和暴力事件,而且市场对中国增长放缓和中美贸易争端感到担忧,但投资者仍准备投资这家中国最大的互联网零售商。

This year, 29 of the Dow Jones Industrial Average’s 30 stocks have returned more than Pfizer

今年道指30只成分股中有29只的回报率高于辉瑞

In other words, Pfizer (PFE) is the worst stock in the Dow.

换句话说,辉瑞(Pfizer, PFE)是道指中表现最差的股票。

What’s wrong with the drug-maker? Well, for years, Pfizer made money not just from prescription drugs, but big consumer brands like Listerine mouthwash and Trident gum. As well as over-the-counter products like Rogaine, Zantac and Rolaids. But Pfizer sold all of that—and it also plans to spin-out its division that sells old, off-patent drugs like Viagra.

这家制药商的表现为什么这么糟糕?多年来,辉瑞的盈利来源不仅是处方药,还来自Listerine 漱口水和Trident口香糖等大型消费品牌。该公司还销售Rogaine、Zantac和Rolaids等非处方产品。但是,辉瑞出售了这些产品,并且还计划分拆销售伟哥(Viagra)等已过专利期旧药物的部门。

What’s left? A drug company that will sink or swim entirely on new drugs it either creates or buys. And so far, investors don’t seem to have much faith that Pfizer can deliver. The investment risk is huge – a bit like climbing without a rope – but if it works, the payoff could be massive.

那么该公司还剩下什么?辉瑞成了一家盈利完全依赖自己生产或收购的新药的制药公司。到目前为止,投资者似乎对辉瑞能够成功这样做的信心不高。投资该公司的风险巨大——有点像不带绳索的攀岩——但如果辉瑞成功了,那么回报可能是非常大的。

The Size of the Chinese Vaping Market Was $750 Million

去年中国电子烟市场规模为7.5亿美元

—last year. Vaporized nicotine products have been booming in China. With its huge population and high smoking rates, the potential market is massive.

电子烟产品一直在中国市场蓬勃发展,因为这一市场人口众多、吸烟率高,潜在市场巨大。

There’s a catch, though: the Chinese government. State-owned media has started to incessantly hit out at the dangers of vaping. That’s according to the New York Times.

但是有一个不利因素:中国政府。据《纽约时报》(New York Times)报道,中国国有媒体已经开始警告电子烟的危害。

And the government will soon require all vaping manufacturers to meet national standards for both manufacturing and ingredients. On top of that comes safety tests, dosage and ingredient labels, as well as health warnings. That type of heavy regulation would be another setback for the growing industry. It has already seen demand drop as U.S. states have cut down on flavored vape products.

而且政府不久将要求所有电子烟制造商在制造和成分方面都必须达到国家标准。最重要的是安全性测试、剂量和成分标签以及健康警告。严格的监管将是这一成长中的行业遭遇的又一挫折。由于美国各州打击了带香味的电子烟的销售,需求已经有所下降。

翻译 | Anqi

版权声明:

《巴伦》(barronschina) 原创文章,未经许可,不得转载。英文版见2019年11月25日报道“The Chinese Vape Market Is Booming. But Heavy Regulation Is Coming.”。

(本文内容仅供参考,投资建议不代表《巴伦》倾向;市场有风险,投资须谨慎。)

  • 网站备案号:京ICP备19009821号-1
  • 法律声明:转载内容版权归作者及来源网站所有 本站原创内容转载请注明来源
  • 商业媒体及纸媒请先联系:Juankang@barronschina.com.cn