在第一部分,我提出中国不存在新型“共享经济”——这就是中国新企业(如滴滴、摩拜,以及针对篮球、充电宝和雨伞的小物品租赁企业)为什么如此令人困惑。然而,有一件事更加引人注目:在使用和便捷度方面出现了新的数字颠覆者。第一部分的关键点包括: Ÿ忘记“共享经济”一词。 Ÿ转而思考,究竟是“使用经济”还是“占有经济”。 Ÿ新的数字工具和流程(如智能手机)能够对需求或供给,或同时对二者产生颠覆效应。 Ÿ在中国所出现的,是使用和便捷度方面的典型颠覆现象。


The Solution to China’s Digital Health Problems? Go Direct to Consumers.

In the past 6 months, there has been a lot of soul-searching by entrepreneurs, venture capitalists and Internet companies about what has gone wrong in Chinese digital health. Thousands of digital health companies have been launched and funded in recent years but there have been few, if any, big successes. And, as detailed in a […]

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跨国公司和企业家们怀揣梦想,奔向中国的13亿消费者。然而,面对残酷竞争的汪洋大海、无处不在的政治变化和复杂情况、危机四伏的中国市场,大多数企业溃不成军、黯然离开。少数企业一路披荆斩棘,或小有所成,或占据市场一隅。 与之相比,星巴克在中国的巨大成功,则是如此毫不费力、轻而易举。既没有受制于严格的监管,也没有遭受本土国有企业的激烈竞争。事实上,星巴克进入中国内地18年,至今仍未遇到真正的竞争对手。前所未有,让人啧啧称奇。在探讨这一非同寻常的情况之前,先介绍一下我与星巴克中国的深厚渊源,作为背景。

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What Wall Street Is Getting Wrong About Starbucks in China

Much of the Wall Street discussion about Starbucks in China seems to fall into two main groups. The bulls talk about the big China consumer trend and the increases in Mainland outlets. The bears (or the less bullish) mostly point to slowing same store growth (about 5%) and the high PE multiple. I think both […]


Two Threats to the Big China Dreams of Zara and H&M

H&M and Zara are two companies I pay a lot of attention to in China. They have great business models. Fast fashion is really impressive in general. They are popular with Chinese consumers. They are both following market leader Uniqlo in terms of expansion into second and third tier cities. They seem to be growing […]


The Very Symbolic Collision of Sotheby’s-Christie’s and Poly-Guardian in China Art (Pt 2 of 2)

*The following is an excerpt from our One Hour China Consumer Book (which is available here.). In Part 1, I told about how Christie’s and Sotheby’s have been involved in Chinese art for decades – and have recently entered China directly. This puts them in basically the wild west of the art world. Part 1 […]


The Adventures of Sotheby’s and Christie’s in the Wild West of Chinese Art (Pt 1 of 2)

*The following is an excerpt from our One Hour China Consumer Book (which is available here.). “In September 2013, premier art auction house Christie’s held its first-ever auction in China. They have had a representative office in Shanghai since 1994. And they have been running auctions out of Hong Kong for decades. But this small […]


My Favorite China Articles for August 2017

Hello from Peking University, It has been a summer full of news about Chinese bike-sharing. Mobike and Ofo are going global (UK, Italy, Japan) and their media coverage has been almost overwhelming. I have been looking at these and other Chinese “sharing economy” companies a lot. And I just did a visit to Mobike’s headquarters […]


The Awesome But Mostly Unknown Story of Carlsberg Beer in China (Pt 2 of 2)

*The following is an excerpt from our One Hour China Consumer Book (which is available here.). Part 1 of this story is here. Sunny and Carlsberg Leave China Sunny Wong joined Carlsberg China as a sales manager in 1987, six years after Carlsberg had opened its first China brewery (in Hong Kong ). Carlsberg’s first […]