World Tech M&A Report 2016
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Flower Power Daisy CEO Neil Muller on the Firm’S Plans to Blossom Into a £1Bn Business 16
March 2017 Flower power Daisy CEO Neil Muller on the firm’s plans to blossom into a £1bn business 16 ESSENTIAL ELEMENTS OF A GOOD PARTNER PROGRAMME 20 EMERGING CHANNEL OPPORTUNITIES IN THE AREA OF DATA ANALYTICS 25 WHAT THE CHANGES TO G-CLOUD MEAN FOR SUPPLIERS 32 REMOTE CONTROL 7th Gen Intel® Core™ vPro™ processorsocessors and Intel® Active Management Technologychnology help reduce on-site IT support costs.ts. SMART REMOTE MANAGEABILITY £ª®°£¢³¡£¬[±§²£±³®®°²¡±²±µ§²¦°£«²£¢§¥¬±²§¡± WIRELESS DEVICE MANAGEMENT ¶£¡³²£°£«²£¦§¥¦[°£±ª³²§¬°£§«¥§¬¥¤°ªµ£°1 SIMPLIFY PC LIFESTYLE TRANSITIONS §®£¢²§¬±£¡¬¢±¤°«¬·µ¦£°£°³¬¢²¦£µ°ª¢µ§²¦¬²£ª£«²£ £¡³°£°±£¤°¬²£ª¾ª§¢²²£°§´£±1 ¬²£ª²£¡¦¬ª¥§£±Ì¤£²³°£±¬¢ £¬£ß²±¢£®£¬¢¬±·±²£«¡¬ß¥³°²§¬¬¢«·°£¯³§°££¬ ª£¢¦°¢µ°£±¤²µ°£°±£°´§¡£¡²§´²§¬£°¤°«¬¡£´°§£±¢£®£¬¢§¬¥¬±·±²£« ¡¬ß¥³°²§¬¦£¡©µ§²¦·³°±·±²£««¬³¤¡²³°£°°°£²§ª£°°ª£°¬«°£²¦²²®``±³®®°²§¬²£ª¡« ½¬²£ª°®°²§¬ ªª°§¥¦²±°£±£°´£¢¬²£ª²¦£¬²£ªª¥¬²£ª°£²¦£¬²£ª¶®£°§£¬¡£¦²Ì±¬±§¢£ª¥¬²£ª¶®£°§£¬¡£¦²Ì±¬±§¢£¬²£ª¬±§¢£ ¬¢¬²£ª´°°£²°¢£«°©±¤¬²£ª°®°²§¬§¬²¦£¬¢`°²¦£°¡³¬²°§£± Call our specialist sales teams North 01282 776776 South 01256 707070 a Company store.exertis.co.uk Haymarket House, 28-29 Haymarket, London SW1Y 4RX Tel: (020) 7316 9000 Editorial Editor Doug Woodburn 9517 [email protected] Deputy editor Hannah Breeze 9510 [email protected] Reporter Tom Wright 9097 [email protected] Avoiding a public Channelnomics.eu Content editor Sam Trendall 9813 [email protected] tongue-lashing Reporter Josh Budd -
China's Rise in Artificial Intelligence
EQUITY RESEARCH | August 31, 2017 Piyush Mubayi +852-2978-1677 [email protected] Goldman Sachs (Asia) L.L.C. Elsie Cheng +852-2978-0820 [email protected] China's Rise in Goldman Sachs (Asia) L.L.C. Heath P. Terry, CFA +1-212-357-1849 [email protected] Artificial Intelligence Goldman Sachs & Co. LLC The New New China Andrew Tilton For the exclusive use of [email protected] +852-2978-1802 China has emerged as a major global contender in the field of AI, the apex [email protected] technology of the information era. In this report, we set out China’s Goldman Sachs (Asia) L.L.C. ambitious top-down plans, the factors (talent, data and infrastructure) Tina Hou that make China unique and the companies (Baidu, Alibaba and Tencent) +86(21)2401-8694 that are making it happen. We believe the development of an ‘intelligent [email protected] economy’ and ‘intelligent society’ by 2030 in China has the potential to Beijing Gao Hua Securities drive productivity improvement and GDP growth in the next two decades. Company Limited Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. -
Driving Positive Change
Driving Positive Change 2019 Corporate Social Responsibility Report Tencent Holdings Limited Corporate Social Responsibility Report 2019 01 Adhering to this new vision, CSR is to play As a listed company in Hong Kong, Introduction a more pivotal part than ever in Tencent’s Tencent complies with the statutory business strategy. The company believes requirements on ESG reporting. This Tencent Holdings Limited (“Tencent”) is that integrating social and environmental report supplements Tencent’s 2019 pleased to publish a condensed version concerns into its daily operations will ESG report and was developed with of its 2019 corporate social responsibility contribute to the well-being of society. reference to the Guidelines on Corporate (CSR) report, entitled Driving Positive As a responsible Internet-based platform Social Responsibility Reporting for Change. The report, supplementing company, Tencent is committed to Chinese Enterprises (CASS-CSR4.0), the this year’s environmental, social and practicing CSR and setting an example Sustainable Reporting Guidelines of the governance report Tencent publishes for the wider community. The Company Global Reporting Initiative (GRI) and the as a Hong Kong-listed company, is part began publishing CSR reports in 2008 Environmental, Social and Government of an ongoing initiative to engage the and in 2017 made it an annual publication Reporting Guide of the Hong Kong Company’s stakeholders through its CSR to communicate its CSR initiatives to its Exchange and Clearing Limited at the efforts. stakeholders on a regular basis. time of writing. In 2019, Tencent reflected on its corporate This year’s report outlines Tencent’s CSR Looking to the future, Tencent is culture and put forward a new vision – strategy, approach and achievements in committed to living out its new vision “Value for Users, Tech for Good”. -
Formatting Guide: Colors & Fonts
SAAS & CLOUD M&A AND VALUATION UPDATE Q1 2016 BOSTON CHICAGO LONDON LOS ANGELES NEW YORK ORANGE COUNTY PHILADELPHIA SAN DIEGO SILICON VALLEY TAMPA CONTENTS Section Page Introduction . Research Coverage: SaaS & Cloud 3 . Key Takeaways 4-5 M&A Activity & Multiples . M&A Dollar Volume 7 . M&A Transaction Volume 8-10 . LTM Revenue Multiples 11-12 . Revenue Multiples by Segment 13 . Highest Revenue Multiple Transaction for LTM 14 . Notable M&A Transactions 15 . Most Active Buyers 16-17 Public Company Valuation & Operating Metrics . SaaS & Cloud 125 Public Company Universe 19-20 . Recent IPOs 21 . Stock Price Performance 22 . LTM Revenue, EBITDA & P/E Multiples 23-25 . Revenue, EBITDA & EPS Growth 26-28 . Margin Analysis 29-30 . Best / Worst Performers 31-32 Notable Transaction Profiles 34-43 Public Company Trading & Operating Metrics 45-50 Technology & Telecom Team 52 1 INTRODUCTION RESEARCH COVERAGE: SAAS & CLOUD Capstone’s Technology & Telecom Group focuses its research efforts on the follow market segments: ENTERPRISE SAAS & MOBILE & WIRELESS CONSUMER INTERNET CLOUD • Analytics / Business Intelligence • Cloud & IT Infrastructure • Cloud Computing / Storage • Communication & Collaboration • Content Creation & Management • CRM & Customer Services • ERP, Supply Chain & Commerce CONSUMER IT & E-COMMERCE • Finance & Administration TELECOM HARDWARE • Human Resources • Marketing & Advertising • Software Conglomerates • Vertical Markets 3 KEY TAKEAWAYS – M&A ACTIVITY & MULTIPLES LTM M&A dollar volume continued to increase in Q1’16, representing -
Announcement of the Annual Results for the Year Ended 31 December 2020
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2020. The results have been audited by the Auditor in accordance with International Standards on Auditing. In addition, the results have also been reviewed by the Audit Committee. FINANCIAL PERFORMANCE HIGHLIGHTS Unaudited Three months ended Year- Quarter- 31 December 31 December on-year 30 September on-quarter 2020 2019 change 2020 change (RMB in millions, unless specified) Revenues 133,669 105,767 26% 125,447 7% Gross profit 58,881 46,108 28% 56,647 4% Operating profit 63,713 28,604 123% 43,953 45% Profit for the period 59,369 22,372 165% 38,899 53% Profit attributable to equity holders of the Company 59,302 21,582 175% 38,542 54% Non-IFRS profit attributable to equity holders of the Company 33,207 25,484 30% 32,303 3% EPS (RMB per share) – basic 6.240 2.278 174% 4.059 54% – diluted 6.112 2.248 172% 3.964 54% Non-IFRS EPS (RMB per share) – basic 3.494 2.690 30% 3.402 3% – diluted 3.413 2.643 29% 3.314 3% 1 Year ended 31 December Year- on-year 2020 2019 change (RMB in millions, unless specified) -
Announcement of the Annual Results for the Year Ended 31 December 2017
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017 The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2017. The results have been audited by the Auditor in accordance with International Standards on Auditing. In addition, the results have also been reviewed by the Audit Committee. FINANCIAL PERFORMANCE HIGHLIGHTS Unaudited Three months ended 31 31 Year- 30 Quarter- December December on-year September on-quarter 2017 2016 change 2017 change (RMB in millions, unless specified) Revenues 66,392 43,864 51% 65,210 2% Gross profit 31,495 23,626 33% 31,681 -1% Operating profit 25,724 13,930 85% 22,746 13% Profit for the period 21,622 10,523 105% 18,047 20% Profit attributable to equity holders of the Company 20,797 10,529 98% 18,006 16% Non-GAAP profit attributable to equity holders of the Company 17,454 12,332 42% 17,070 2% EPS (RMB per share) - basic 2.206 1.121 97% 1.912 15% - diluted 2.177 1.108 96% 1.888 15% Non-GAAP EPS (RMB per share) - basic 1.852 1.313 41% 1.812 2% - diluted 1.827 1.298 41% 1.790 2% — 1 — Year ended 31 December Year-on-year 2017 2016 change (RMB in millions, unless specified) Revenues -
China's Technology Mega-City an Introduction to Shenzhen
AN INTRODUCTION TO SHENZHEN: CHINA’S TECHNOLOGY MEGA-CITY Eric Kraeutler Shaobin Zhu Yalei Sun May 18, 2020 © 2020 Morgan, Lewis & Bockius LLP SECTION 01 SHENZHEN: THE FIRST FOUR DECADES Shenzhen Then and Now Shenzhen 1979 Shenzhen 2020 https://www.chinadiscovery.com/shenzhen-tours/shenzhen-visa-on- arrival.html 3 Deng Xiaoping: The Grand Engineer of Reform “There was an old man/Who drew a circle/by the South China Sea.” - “The Story of Spring,” Patriotic Chinese song 4 Where is Shenzhen? • On the Southern tip of Central China • In the south of Guangdong Province • North of Hong Kong • Along the East Bank of the Pearl River 5 Shenzhen: Growth and Development • 1979: Shenzhen officially became a City; following the administrative boundaries of Bao’an County. • 1980: Shenzhen established as China’s first Special Economic Zone (SEZ). – Separated into two territories, Shenzhen SEZ to the south, Shenzhen Bao-an County to the North. – Initially, SEZs were separated from China by secondary military patrolled borders. • 2010: Chinese State Council dissolved the “second line”; expanded Shenzhen SEZ to include all districts. • 2010: Shenzhen Stock Exchange founded. • 2019: The Central Government announced plans for additional reforms and an expanded SEZ. 6 Shenzhen’s Special Economic Zone (2010) 2010: Shenzhen SEZ expanded to include all districts. 7 Regulations of the Special Economic Zone • Created an experimental ground for the practice of market capitalism within a community guided by the ideals of “socialism with Chinese characteristics.” • -
Data Protection & the Insider Threat
Issue 2 1 Data Protection & the Insider Threat 4 Veriato Recon 6 Veriato 360 Data Protection & the Insider Threat 8 Research from Gartner: Market Guide for User and Entity Behavior Analytics Veriato (formerly known as SpectorSoft) has With multiple studies and surveys showing 22 Contact Us been enabling greater insight into insider actions that 50% of employees believe it is OK to take for over a decade. Thousands of companies, corporate data, the chances your organization has, government agencies, educational institutions is, or will experience insider driven data exfiltration and non-profits have successfully used Veriato are unacceptably high. In addition, the constant solutions to increase the security of critical stream of data breaches caused by imposters – systems and intellectual property, and to more external actors who level compromised credentials quickly and effectively respond to incidents. to “become” insiders – highlights the need to detect changes in insider behavior that suggest An established leader in employee monitoring attack. and investigations, we recognized the need for greater intelligence about the behavior of insiders. If you do not have a plan in place to detect it, you Many solution providers have done the same will miss your chance to prevent the damage. -- as evidenced by the Market Guide to User and Entity Behavior (“UEBA”) from Gartner Research With our unique ability to collect data at the point contained within these pages. of interaction between insiders and the IT resources they access, we saw an opportunity to help address Why Veriato? this challenge. Veriato has a proven data collector; As we set out to create a high value, differentiated one that provides much greater visibility into offering, we first focused on the need to secure insider activity than is available from logs. -
Where You Start Matters the First Few Years in Your Career Are Critical
Where you start matters The first few years in your career are critical- they set the trajectory for your future. We know that as a student you want to be on the fast track and don’t have time to waste. Join us at Microsoft and see what will you do? As a student at Microsoft you will be able to balance between your studies and your work, gain on-hands experience while working around 20 weekly hours and enjoy maximum flexibility during exams periods as you are not required to work during exams period, and can work full time during vacations. Here is your chance to experience the exciting field of software development! *** We greatly encourage and welcome qualified candidates who happen to have disabilities to apply for jobs in our company Apply for Microsoft Positions- Student positions: Software Engineer Student - Cortana (Herzeliya) Software Engineer Student - WCD (Herzeliya) Research Software Engineer Student - OSG Recommendation (Herzeliya) Data Scientist Student- OSG Recommendations (Herzeliya) Software Engineer Student - Adallom (Herzeliya) Data Scientist Student - Aorato (Herzeliya) Hardware Student - Surface (Herzeliya) Cloud Analyst Student- Adallom (Herzeliya) Software Engineer Student- Bing Next (Herzeliya) Student positions at Raanana: Service Center TAM- Student (Raanana) Development Student (Raanana) Infrastructure Student (Raanana) New college graduate positions: Software Engineer- WCD (Haifa) Software Engineer - Cortana (Herzeliya) Software Engineer- Kusto (Herzeliya) Software Engineer- Data Security Team (Herzeliya) Software -
Mergers in the Digital Economy
2020/01 DP Axel Gautier and Joe Lamesch Mergers in the digital economy CORE Voie du Roman Pays 34, L1.03.01 B-1348 Louvain-la-Neuve Tel (32 10) 47 43 04 Email: [email protected] https://uclouvain.be/en/research-institutes/ lidam/core/discussion-papers.html Mergers in the Digital Economy∗ Axel Gautier y& Joe Lamesch z January 13, 2020 Abstract Over the period 2015-2017, the five giant technologically leading firms, Google, Amazon, Facebook, Amazon and Microsoft (GAFAM) acquired 175 companies, from small start-ups to billion dollar deals. By investigating this intense M&A, this paper ambitions a better understanding of the Big Five's strategies. To do so, we identify 6 different user groups gravitating around these multi-sided companies along with each company's most important market segments. We then track their mergers and acquisitions and match them with the segments. This exercise shows that these five firms use M&A activity mostly to strengthen their core market segments but rarely to expand their activities into new ones. Furthermore, most of the acquired products are shut down post acquisition, which suggests that GAFAM mainly acquire firm’s assets (functionality, technology, talent or IP) to integrate them in their ecosystem rather than the products and users themselves. For these tech giants, therefore, acquisition appears to be a substitute for in-house R&D. Finally, from our check for possible "killer acquisitions", it appears that just a single one in our sample could potentially be qualified as such. Keywords: Mergers, GAFAM, platform, digital markets, competition policy, killer acquisition JEL Codes: D43, K21, L40, L86, G34 ∗The authors would like to thank M. -
Josie Ho Ho Chiu Yee Hong Kong Name Actor Artiste Name Committee of Hong Kong Performing Artistes Guild
Josie Ho Ho Chiu Yee Hong Kong Name Actor Artiste Name Committee of Hong Kong Performing Artistes Guild Height: 5’ 3” Weight: 100 lb. Hair: Black Eyes: Brown Nationalities: Canadian / Hong Kong / Portuguese 1 的 11 Josie Ho Ho Chiu Yee Hong Kong Name Actor Artiste Name Committee of Hong Kong Performing Artistes Guild FILM AWARDS 2015 The Hong Kong Society of Cinematographers Best Charm Actress Award 2014 The TVB Anniversary Awards Best Supporting Actress for the TV program “Tomorrow is another day” 2011 The 30th Hong Kong Film Awards Best Actress Nominee for the film “Dream Home” 2010 The 43rd The Sitges Film Festival Best Actress for the film “Dream Home” 2005 Hong Kong Film Critics Golden Bauhinia Awards Best Actress Nominee for the film “Butterfly / Hu Die” 2004 Hong Kong Film Awards Best Supporting Actress Winner for the film “Naked Ambition” 2004 Hong Kong Film Awards Best Supporting Actress Nominee for the film “Twin Effects” 2004 Hong Kong Film Critics Golden Bauhinia Awards Best Supporting Actress Nominee for the film “Naked Ambition” 2002 Hong Kong Film Critics Golden Bauhinia Awards Best Supporting Actress Winner for the film “Forever and Ever” 2002 Hong Kong Film Awards Best Supporting Actress Nominee for the film “Forever and Ever” 2000 Hong Kong Film Awards Best Supporting Actress Nominee for the film “Purple Storm” 2 的 11 Josie Ho Ho Chiu Yee Hong Kong Name Actor Artiste Name Committee of Hong Kong Performing Artistes Guild FILM AWARDS 2000 Taiwan Golden Horse Awards Best Supporting Actress Nominee for the film “Purple Storm” -
Conglomeration Unbound: the Origins and Globally Unparalleled Structures of Multi-Sector Chinese Corporate Groups Controlling Large Financial Companies
CONGLOMERATION UNBOUND: THE ORIGINS AND GLOBALLY UNPARALLELED STRUCTURES OF MULTI-SECTOR CHINESE CORPORATE GROUPS CONTROLLING LARGE FINANCIAL COMPANIES XIAN WANG, ROBERT W. GREENE & YAN YAN* ABSTRACT Unlike other major financial markets, Mainland China is home to many mixed conglomerates that control a range of large financial and non-financial firms. This Article examines the Leninist origins of these financial-commercial conglomerates (“FCCs”), and how legal and policy changes in the 1980s and 1990s enabled FCC growth during the 2000s. An underexplored topic of research, Mainland China’s FCCs are mostly not subject to group-wide regulation and this Article finds that due to complex ownership structures brought about, in part, by legal ambiguity, potential risks these entities pose to financial markets can be unclear to regulators—in 2019, issues at one FCC-controlled bank ultimately sparked market-wide distress. Using a dataset built by the authors, this Article estimates that by 2017, FCC-controlled companies accounted for thirteen to nineteen percent of Mainland China’s commercial banking assets, over one- * Xian Wang is an Associate Dean at the National Institute of Financial Research in the People’s Bank of China School of Finance at Tsinghua University. Robert W. Greene is a Vice President at Patomak Global Partners, a Nonresident Scholar at the Carnegie Endowment for International Peace, and a Fellow at the Program on International Financial Systems. Yan Yan is a Senior Research Fellow at the National Institute of Financial Research in the People’s Bank of China School of Finance at Tsinghua University. This research would not have been possible without the diligent research of Zhang Siyu.