Zhao has been buying Wumart for sometime and I know that from last year. He now holds a 12% stake. I even opened an etrade hk account ready to follow his step. I am not sure how much commission + currency exchange fees Etrade will charge per trade so I have not funded the account. Yesterday 8277 was up over 10%, and traded at about HK$6.2. It has not been reached 6 for quite a while. I am not sure if I should get in or wait for a global mkt downturn to occur then pull the trigger.
What a bad name in English - sounds a copycat from Wal-Mart! its Chinese name is much better. wonder which came first. A Fortune article talked about the comapny. The article opens like this:http://www.wumart.com/Eng/NewShow.asp?NewsID=7573.
"If you want to get a glimpse of the future of retail, skip the trip to Wal-Mart, buy yourself a ticket to Beijing, and check out Wu Mart instead..."
The future of retail... What a compliment!!! It was a pity that I didn't know Wumart when I went back to china last year. (
There is actually a dark side of it. Its founder and former chairman 张文中 was sentenced for 18 years later last year for bribery. http://www.caijing.com.cn/2008-10-16/110020968.html I am not sure if he is really a criminal or just a sacrifice of politics. He resigned and was arrested in 2006. The company seems to have done well without him. http://blog.ce.cn/html/10/135610-181850.html It just released first quarter profits up 25% and its stock traded up 10% yesterday in hk.
No comments:
Post a Comment