中國獵豹移動逆勢在美國擴張
One of China’s largest mobile app makers is expanding in the US just as many of the country’s other internet companies say they are heading back to the mainland.
在多家中國互聯網公司計劃迴歸中國之時，中國最大的移動應用開發商之一獵豹移動(Cheetah Mobile)正在美國擴張。
Cheetah Mobile, a spin-off of Kingsoft, China’s largest software maker, on Wednesday announced plans to hire a US-based chief technology officer and base its research and development in the country.
這家從中國最大的軟件開發商金山軟件(Kingsoft)拆分出來的公司週三宣佈，將任命一位常駐美國的首席技術官，並在美國建設研發基地。
The group said it would “significantly expand” the number of US employees from 50 over the next two years, with Xu Ming, Cheetah’s president, adding that the company “must succeed in the US because the US is the beachhead for the world”.
獵豹表示，未來兩年將“大力擴充”美國員工數量（目前爲50人）。該公司總裁徐鳴還表示，獵豹“必須在美國取得成功，因爲美國是全球市場的橋頭堡”。
Cheetah is unusual among Chinese internet companies because it generates most of its sales from outside the country: overseas revenues accounted for $84m of its total $158m turnover for the third quarter of 2015.
在中國互聯網公司中，獵豹與衆不同的地方是，該公司的大部分銷售額來自中國以外：2015年第三季度，在該公司1.58億美元的總收入中，海外收入佔8400萬美元。
The company’s apps are ubiquitous in China. They include Clean Master and CM security, popular cleaning and security apps, while Piano Tiles 2 was the most downloaded free game on Google Play in September in the US and fifth globally, according to the company.
該公司的應用在中國很有市場。其中包括兩款清理和安全應用——清理大師(Clean Master)和安全大師(CM security)。而據獵豹稱，去年9月，《別踩白塊兒2》(Piano Tiles 2)是谷歌應用商店Google Play全美國下載量最多的免費遊戲，在全球位列第五。
In spite of seeing third-quarter revenue jump 110 per cent year on year, Cheetah’s share price has fallen 25 per cent over the past 12 months to $15, down from a peak of $35 last year.
儘管2015年第三季度收入同比增長110%，但獵豹股價在過去12個月累計下跌25%，至15美元，去年曾達到35美元的峯值。
One concern for investors is Cheetah’s business model, whereby free apps are used to tempt consumers to play games. This process works in China, but rival Qihoo holds most of the market for such apps. In the west “trying to use apps as a back door to gaming is unproven”, said a bank analyst.
獵豹的業務模式是投資者擔憂的因素之一：利用免費應用吸引消費者玩遊戲。這種模式在中國行得通，但競爭對手奇虎360(Qihoo)佔據這類應用的大部分市場份額。一位銀行分析師稱，在西方“試圖把應用作爲玩遊戲的後門的模式尚未得到證明”。
Many Chinese companies have become disenchanted with the US market, with some announcing plans to delist from the country because they felt Chinese companies were unfairly penalised. But Mr Xu said he was undaunted.
很多中國企業已對美國市場不抱幻想，一些企業宣佈計劃從美國退市，因爲它們認爲，中國企業在美國受到不公平對待，處於劣勢。但徐鳴並不氣餒。
“Although Chinese companies may not be receiving the best valuations from US markets today, we believe over time a good company with a good product will get a fair valuation,” he said.
他表示：“儘管中國企業現在可能沒有從美國市場獲得最佳估價，但我們認爲，假以時日，一家有着優秀產品的優秀企業將得到公平估價。”
In China, price-earnings ratios for the sector, though dented by sell-offs in 2015 and 2016, remain above multiples in the US. Social dating app Momo and search engine Qihoo, both of which are listed in New York, said last year they would seek to go private, possibly in preparation for relisting elsewhere.
在中國，互聯網行業股票的市盈率儘管因2015年和2016年的拋售潮而有所下降，但仍高於美國。社交應用陌陌和搜索引擎奇虎都在紐約上市，但它們去年均表示尋求私有化，可能是準備在其他地方重新上市。
Baidu, the Chinese search engine, has set up an artificial intelligence lab in the US. Robin Li, chairman of Nasdaq-listed company, recently announced an offer to buy Baidu’s video business for $2.8bn, with some reports suggesting it could lead to an IPO in China.
在納斯達克上市的中國搜索引擎公司百度(Baidu)已在美國成立了一個人工智能實驗室。百度董事長李彥宏(Robin Li)最近宣佈出價28億美元收購百度的視頻業務，一些報道稱，這可能促成該業務在中國上市。
