微博市值超過(guò)Twitter

China’s Weibo is worth more than US rival Twitter, after a rallying share price drove its market capitalisation to $11.3bn, surpassing the US messaging platform’s $11.1bn.

中國(guó)的微博(Weibo)市值已超過(guò)美國(guó)競(jìng)爭(zhēng)對(duì)手Twitter，此前微博的股價(jià)大漲推動(dòng)其市值升至113億美元，超過(guò)了Twitter的111億美元。

Twitter’s share price dropped late last week after the company missed revenue forecasts and failed to deliver on hopes of a “Trump bump”. By contrast, shares in Weibo, part-owned by Alibaba, have been climbing on the back of a rising number of subscribers and its growing ability to wring more cash out of them.

上周晚些時(shí)候，由于未達(dá)到營(yíng)收預(yù)測(cè)且未能兌現(xiàn)關(guān)于“特朗普提振”的期待，Twitter股價(jià)大跌。相比之下，由阿里巴巴(Alibaba)部分持股的微博的股價(jià)在用戶數(shù)量不斷增加和盈利能力越來(lái)越強(qiáng)的推動(dòng)下不斷攀升。

Weibo came close to eclipsing Twitter when the latter’s shares tumbled in October when it transpired that rumoured suitors, including Walt Disney and Salesforce, had failed to materialise. This is the first time Weibo’s market capitalisation has risen past Twitter’s on a close-of-day basis, according to Bloomberg data.

去年10月，微博的市值曾一度逼近Twitter的市值，當(dāng)時(shí)，包括華特迪士尼(Walt Disney)和Salesforce的潛在收購(gòu)方未能正式發(fā)起收購(gòu)，導(dǎo)致Twitter股價(jià)大跌。根據(jù)彭博社(Bloomberg)的數(shù)據(jù)，這是微博首次在股市收盤時(shí)市值超過(guò)Twitter。

While Weibo’s usurping of Twitter’s position owes much to the US company’s falling stock, the switchover comes as China’s technology groups are narrowing the gap with their western rivals on various metrics — and in many more cases are overtaking them in terms of offerings to consumers.

雖然微博市值超過(guò)Twitter與后者股價(jià)大跌有很大的關(guān)系，但這種轉(zhuǎn)變說(shuō)明中國(guó)科技集團(tuán)正在很多指標(biāo)上縮小與西方競(jìng)爭(zhēng)對(duì)手之間的差距，而且在為消費(fèi)者提供產(chǎn)品和服務(wù)方面，在很多時(shí)候超過(guò)了西方同行。

Alibaba, for example, is dwarfed by ecommerce peer Amazon when it comes to market capitalisation: $255bn v $395bn. But its net income of $2.47bn in the three months to the end of December put Amazon’s $749m in the shade and its business model, which via Ant Financial also encompasses payments, is much broader.

例如，阿里巴巴雖然在市值上不如電商同行亞馬遜(Amazon)，兩者的市值分別為2550億美元和3950億美元，但是它去年第四季度24.7億美元的凈利潤(rùn)卻遠(yuǎn)超后者的7.49億美元，而且阿里巴巴的商業(yè)模式——通過(guò)螞蟻金服(Ant Financial)還提供支付服務(wù)——要寬泛得多。

One area where some Chinese companies have lagged behind substantially is in monetising their subscriber bases, seen by many investors as leaving huge potential for growth. Subscribers to Moments, the Facebook-like news feed run by Tencent, for example, may see just one ad — a fraction of those shown on the US social network.

在把用戶基礎(chǔ)轉(zhuǎn)化為利潤(rùn)方面，中國(guó)科技公司仍嚴(yán)重落后，但這也讓許多投資者看到了巨大的增長(zhǎng)潛力。例如，騰訊(Tencent)運(yùn)營(yíng)的類似Facebook新聞服務(wù)的朋友圈(Moments)的訂戶可能只看到一個(gè)廣告——這是美國(guó)社交網(wǎng)絡(luò)上顯示的廣告數(shù)量的一個(gè)零頭。

Nasdaq-listed Weibo, which has more than 340m monthly average users, is similarly behind.

在納斯達(dá)克(Nasdaq)上市、月平均用戶超過(guò)3.4億人的微博，也在這方面落后。

Jialong Shi, internet analyst at Nomura, calculates that Weibo’s annual average revenue per monthly user of $1.90 in 2015 was a quarter of Twitter’s $6.50 and one-sixth of Facebook’s $11.30. These numbers continued to improve in the first three quarters of 2016, but are still well behind those of its US peers.

野村證券(Nomura)互聯(lián)網(wǎng)分析師施加龍(音)計(jì)算的結(jié)果是：2015年，微博每個(gè)月度用戶帶來(lái)的年均營(yíng)收為1.90美元，只有Twitter(6.50美元)的四分之一和Facebook(11.30美元)的六分之一。雖然2016年前三季度的數(shù)據(jù)有所改善，但微博在這項(xiàng)指標(biāo)上仍遠(yuǎn)遠(yuǎn)落后于美國(guó)競(jìng)爭(zhēng)對(duì)手。

“The social platform ad market is very nascent in China,” said one Hong Kong analyst, who noted that it accounts for 8 per cent of the online ad market against 20 per cent in the US and is dominated by Tencent Moments and Weibo.

香港的一名分析師稱：“中國(guó)的社交平臺(tái)廣告市場(chǎng)還處于非常早期的階段。”他指出，中國(guó)社交平臺(tái)廣告在中國(guó)在線廣告市場(chǎng)的占比僅為8%(而且由騰訊朋友圈和微博主導(dǎo))，而美國(guó)的這一比例為20%。

While Weibo has been dubbed China’s Twitter it is in some ways more akin to YouTube with a dash of Instagram thrown in. Videos and live streaming, much of it user-generated, are popular on Weibo, a reflection of the heavily youth-based audience, with 88 per cent under 33.

雖然微博一直被喻為中國(guó)的Twitter，但從某種角度來(lái)說(shuō)，它更像YouTube和Instagram的結(jié)合體。視頻和直播內(nèi)容(很多是用戶生成的)在微博上非常流行，這與微博用戶大多為年輕人有很大關(guān)系。微博88%的用戶都是年齡在33歲以下的年輕人。

Twitter is blocked in mainland China, although still claims millions of users who access the site through virtual private networks.

雖然Twitter在中國(guó)內(nèi)地遭到屏蔽，但Twitter仍聲稱有數(shù)百萬(wàn)用戶通過(guò)虛擬專網(wǎng)訪問該網(wǎng)站。