<p>对于那些在过去四十年里见证中国经济格局演变的人来说，最近的事件感觉像是翻开了一页。最初对西方新奇事物的热情正在让位于一个更加复杂和具有挑战性的环境，这一转变在最近的两个事件中显而易见：<strong>汉堡王</strong>（QSR.US）几乎完全撤出香港，以及 <strong>蚂蚁集团</strong> 最新收购面临的监管阻力。每个故事在某种程度上都反映了一个正在成熟、本土化，并在日益强势的监管目光下运作的市场。</p>
<p>西方快餐连锁的挣扎正成为一个熟悉的叙事。汉堡王决定关闭其在香港的所有门店，仅保留一个机场的门店，这只是最新的例子。这并不是该品牌第一次从这座城市撤退；它最初在 1980 年代进入，1990 年代撤出，2003 年再次回归。但这次感觉有所不同，这不仅仅是关于汉堡王。我们看到其他主要参与者如 <strong>麦当劳</strong> 和 <strong>波比鸡</strong> 正在重新调整他们在中国的合作关系，而 <strong>星巴克</strong>（SBUX.US）则在寻找新的本地合作伙伴以应对不断变化的市场。</p>
<p>在香港，问题不仅限于单一品牌，而是整个餐饮行业。自疫情后重新开放以来，一种新的动态重塑了市场：大量本地居民现在跨境前往深圳进行周末用餐和娱乐。许多人认为那里的食物不仅便宜得多，而且质量也很高，这对香港的餐饮业造成了重大打击。还有其他全球连锁店缩减的案例；例如，<strong>澳洲牛排</strong> 在过去一年中关闭了大量香港门店。</p>
<p>从更广泛的角度来看，中国大陆的挑战更加深刻。几十年来，西方快餐连锁的成功部分得益于 “新鲜感”。中国正在开放，消费者对外部世界充满好奇。那个时代已经结束。经过 40 年，一个巨无霸或华堡不再新鲜或令人兴奋——这只是老一套。</p>
<p>我们认为有几个关键因素在起作用。首先，地缘政治气候促使消费者偏好向本土品牌显著转变。其次，竞争格局已经完全改变。十年前还不存在的本土竞争者，如今已成为主要力量。在咖啡领域，星巴克面临来自 <strong>瑞幸</strong>（LKNCY.US）的激烈竞争。在快餐领域，一代新的中国连锁品牌正在崛起。最后，随着复杂的食品配送平台的出现，消费者习惯发生了根本变化，这些平台可以在 30 分钟内将任何类型的美食送到你家门口。</p>
<p>这些因素为外国品牌创造了一个完美的风暴。我们认为他们的挣扎表明他们没有快速或有效地适应。在一个中国消费者更加挑剔且消费低于疫情前的环境中，旧策略已不再足够。这些公司必须找到新的方法，尤其是新的本地合作伙伴，他们对当前中国消费者有更深入的理解。</p>
<h4>蚂蚁集团在香港的雄心面临大陆审查</h4>
<p>在金融领域，另一个戏剧正在上演，反映了中国监管环境的复杂性。蚂蚁集团，<strong>阿里巴巴</strong>（BABA.US）的金融科技附属公司，正在尝试收购一家位于香港的经纪公司——耀才证券金融。然而，有报道称大陆监管机构认为该交易需要更彻底的审查，即使耀才坚持该过程按计划推进。</p>
<p>使这一情况特别有趣的是香港和大陆当局之间显然存在的差异。近年来，香港的治理与北京的步伐越来越一致，因此令人惊讶的是，似乎在香港方面获得批准的交易会突然面临来自大陆的犹豫。这指向了围绕蚂蚁集团更深层次的未解决问题。</p>
<p>要理解这种谨慎，必须回顾 2020 年蚂蚁集团巨额 IPO 在最后时刻被搁置的事件。尽管马云的争议性公开言论的后果已被广泛报道，但一个较少讨论但影响深远的因素是中国大型国有银行对蚂蚁的日益不满。这些银行多年来抱怨蚂蚁的不公平竞争。它能够为存款人提供更高的利率，吸引大量资金流出传统银行体系。银行感到自己受到的监管远比新兴金融科技行业的监管要严格得多。</p>
<p>尽管整个阿里巴巴集团自那时以来经历了重大重组，但蚂蚁仍然掌控着一个拥有数百万用户的系统。如果国有银行的这种根深蒂固的对立情绪继续在政府圈子中滋生怀疑，我们也不会感到惊讶，这将为公司的扩展努力创造持续的障碍。</p>
<p>至于蚂蚁未来的 IPO 前景，前景仍然不确定。传言称该公司仍渴望上市，无论是全部还是部分。一个可能出现的策略是首先上市其国际业务。我们认为这一方法正在被考虑，因为从监管的角度来看，它的敏感性要小得多。中国当局对蚂蚁掌握的国内消费者的庞大个人数据极为关注，但他们对其如何处理外国客户的数据可能会少一些顾虑。</p>
<p>人们甚至可以想象国际部门在美国上市，可能是在纳斯达克或纽约证券交易所，部分原因是作为品牌推广活动，以强调该业务的全球性质。然而，国内业务则是另一个故事。我们相信，如果它真的上市，将不会被允许在亚洲市场以外的地方上市，而香港是最有可能的地点。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
<p><em>**</em></p>
<p>Bamboo Works 的《中国公司》讨论了在香港和美国上市的中国公司的最新动态，以推动投资者和其他对这一动态公司群体感兴趣的人的知情决策。</p>

蚂蚁集团

耀才证券金融

<p>中国的经济格局正在发生变化，西方品牌面临挑战。汉堡王几乎已从香港撤出，反映出影响食品和饮料行业的更广泛趋势，当地居民更倾向于在深圳选择更便宜的用餐选项。与此同时，蚂蚁集团收购耀才证券金融正受到大陆监管机构的审查，突显出香港与北京之间持续的紧张关系。消费者偏好的变化以及来自本地品牌的竞争加剧，迫使外国公司在一个更加挑剔的市场中调整其战略</p>

<p>For those who have watched China's economic landscape evolve over the past four decades, recent events feel like the turning of a page. The initial fervor for Western novelty is giving way to a more complex and challenging environment, a shift clearly visible in two recent events: the near-complete withdrawal of <strong>Burger King</strong> (QSR.US) from Hong Kong and renewed regulatory headwinds facing <strong>Ant Group</strong>'s latest acquisition. Each story, in its own way, reflects a market that is maturing, localizing, and operating under an increasingly assertive regulatory eye.</p>
<div class="lb-trans"><p>对于那些在过去四十年里见证中国经济格局演变的人来说，最近的事件感觉像是翻开了一页。最初对西方新奇事物的热情正在让位于一个更加复杂和具有挑战性的环境，这一转变在最近的两个事件中显而易见：<strong>汉堡王</strong>（QSR.US）几乎完全撤出香港，以及 <strong>蚂蚁集团</strong> 最新收购面临的监管阻力。每个故事在某种程度上都反映了一个正在成熟、本土化，并在日益强势的监管目光下运作的市场。</p>
</div><p>The struggles of Western fast-food chains are becoming a familiar narrative. Burger King's decision to close all its Hong Kong stores, save for a single outlet at the airport, is just the latest example. This isn't the brand's first retreat from the city; it initially entered in the 1980s, only to withdraw in the 1990s, before a 2003 return. But this time feels different, and it's not just about Burger King. We have seen other major players like <strong>McDonald's</strong> and <strong>Popeye's</strong> rejiggering their China partnerships, while <strong>Starbucks</strong> (SBUX.US) is seeking a new local partner to navigate the shifting terrain.</p>
<div class="lb-trans"><p>西方快餐连锁的挣扎正成为一个熟悉的叙事。汉堡王决定关闭其在香港的所有门店，仅保留一个机场的门店，这只是最新的例子。这并不是该品牌第一次从这座城市撤退；它最初在 1980 年代进入，1990 年代撤出，2003 年再次回归。但这次感觉有所不同，这不仅仅是关于汉堡王。我们看到其他主要参与者如 <strong>麦当劳</strong> 和 <strong>波比鸡</strong> 正在重新调整他们在中国的合作关系，而 <strong>星巴克</strong>（SBUX.US）则在寻找新的本地合作伙伴以应对不断变化的市场。</p>
</div><p>In Hong Kong, the problem extends beyond a single brand to the entire food and beverage sector. Since the post-Covid reopening, a new dynamic has reshaped the market: a significant number of local residents now cross the border into Shenzhen for weekend dining and entertainment. Many believe the food there is not only much cheaper but also of high quality, putting a major damper on Hong Kong's restaurant industry. There are cases of other global chains retrenching; for instance, <strong>Outback</strong> Steakhouse has closed a significant number of its Hong Kong outlets over the last year.</p>
<div class="lb-trans"><p>在香港，问题不仅限于单一品牌，而是整个餐饮行业。自疫情后重新开放以来，一种新的动态重塑了市场：大量本地居民现在跨境前往深圳进行周末用餐和娱乐。许多人认为那里的食物不仅便宜得多，而且质量也很高，这对香港的餐饮业造成了重大打击。还有其他全球连锁店缩减的案例；例如，<strong>澳洲牛排</strong> 在过去一年中关闭了大量香港门店。</p>
</div><p>Looking at the broader picture in Mainland China, the challenges are even more profound. For decades, the success of Western fast-food chains was partly fueled by a &#34;newness factor.&#34; China was opening up, and consumers were curious about the outside world. That era is over. After 40 years, a Big Mac or a Whopper is no longer new or exciting — it's the same old stuff.</p>
<div class="lb-trans"><p>从更广泛的角度来看，中国大陆的挑战更加深刻。几十年来，西方快餐连锁的成功部分得益于 “新鲜感”。中国正在开放，消费者对外部世界充满好奇。那个时代已经结束。经过 40 年，一个巨无霸或华堡不再新鲜或令人兴奋——这只是老一套。</p>
</div><p>We believe several critical factors are at play. First, the geopolitical climate has fostered a notable shift in consumer preference toward domestic brands. Second, the competitive landscape has been completely transformed. Local competitors, which were nonexistent ten years ago, have emerged as major forces. In coffee, Starbucks faces intense pressure from rivals like <strong>Luckin</strong> (LKNCY.US). In fast food, a new generation of Chinese chains is rising. Finally, consumer habits have changed radically with the advent of sophisticated food delivery platforms that can bring any type of cuisine to your door in 30 minutes.</p>
<div class="lb-trans"><p>我们认为有几个关键因素在起作用。首先，地缘政治气候促使消费者偏好向本土品牌显著转变。其次，竞争格局已经完全改变。十年前还不存在的本土竞争者，如今已成为主要力量。在咖啡领域，星巴克面临来自 <strong>瑞幸</strong>（LKNCY.US）的激烈竞争。在快餐领域，一代新的中国连锁品牌正在崛起。最后，随着复杂的食品配送平台的出现，消费者习惯发生了根本变化，这些平台可以在 30 分钟内将任何类型的美食送到你家门口。</p>
</div><p>These elements have created a perfect storm for foreign brands. We think their struggles show they have not adapted quickly or effectively enough. In an environment where Chinese consumers are more discerning and spending less than before Covid, the old strategies are no longer sufficient. These companies must find new approaches and, crucially, new local partners who possess a much deeper understanding of the current Chinese consumer.</p>
<div class="lb-trans"><p>这些因素为外国品牌创造了一个完美的风暴。我们认为他们的挣扎表明他们没有快速或有效地适应。在一个中国消费者更加挑剔且消费低于疫情前的环境中，旧策略已不再足够。这些公司必须找到新的方法，尤其是新的本地合作伙伴，他们对当前中国消费者有更深入的理解。</p>
</div><h4>Ant Group's Hong Kong ambitions face Mainland scrutiny</h4>
<div class="lb-trans"><h4>蚂蚁集团在香港的雄心面临大陆审查</h4>
</div><p>On the financial front, another drama is unfolding that speaks to the enduring complexities of China's regulatory environment. Ant Group, the financial technology affiliate of <strong>Alibaba</strong> (BABA.US), is attempting to acquire a Hong Kong-based brokerage, Bright Smart Securities &amp; Commodities. However, reports have emerged that Mainland Chinese regulators believe the deal requires a more thorough review, even as Bright Smart insists the process is moving forward as planned.</p>
<div class="lb-trans"><p>在金融领域，另一个戏剧正在上演，反映了中国监管环境的复杂性。蚂蚁集团，<strong>阿里巴巴</strong>（BABA.US）的金融科技附属公司，正在尝试收购一家位于香港的经纪公司——耀才证券金融。然而，有报道称大陆监管机构认为该交易需要更彻底的审查，即使耀才坚持该过程按计划推进。</p>
</div><p>What makes this situation particularly interesting is the apparent discrepancy between the Hong Kong and Mainland authorities. In recent years, Hong Kong's governance has moved increasingly in lockstep with Beijing, so it's surprising that a deal seemingly approved on the Hong Kong side would suddenly face hesitation from the Mainland. This points to deeper, unresolved issues surrounding Ant Group.</p>
<div class="lb-trans"><p>使这一情况特别有趣的是香港和大陆当局之间显然存在的差异。近年来，香港的治理与北京的步伐越来越一致，因此令人惊讶的是，似乎在香港方面获得批准的交易会突然面临来自大陆的犹豫。这指向了围绕蚂蚁集团更深层次的未解决问题。</p>
</div><p>To understand the wariness, one must look back to the 11th-hour scuttling of Ant's massive IPO in 2020. While the fallout from Jack Ma's controversial public statements is well-documented, a less-discussed but powerful factor was the growing resentment toward Ant from China's large, state-owned banks. For years, these banks complained that Ant was competing unfairly. It was able to offer depositors much higher interest rates, attracting a massive migration of cash away from the traditional banking system. The banks felt they were subject to far stricter regulations than those governing the burgeoning fintech sector.</p>
<div class="lb-trans"><p>要理解这种谨慎，必须回顾 2020 年蚂蚁集团巨额 IPO 在最后时刻被搁置的事件。尽管马云的争议性公开言论的后果已被广泛报道，但一个较少讨论但影响深远的因素是中国大型国有银行对蚂蚁的日益不满。这些银行多年来抱怨蚂蚁的不公平竞争。它能够为存款人提供更高的利率，吸引大量资金流出传统银行体系。银行感到自己受到的监管远比新兴金融科技行业的监管要严格得多。</p>
</div><p>Though the whole Alibaba Group has since undergone a significant restructuring, Ant still commands a system with millions of users. We wouldn't be surprised if this deep-seated antagonism from state-owned banks continues to fuel suspicion within government circles, creating persistent hurdles for the company's expansion efforts.</p>
<div class="lb-trans"><p>尽管整个阿里巴巴集团自那时以来经历了重大重组，但蚂蚁仍然掌控着一个拥有数百万用户的系统。如果国有银行的这种根深蒂固的对立情绪继续在政府圈子中滋生怀疑，我们也不会感到惊讶，这将为公司的扩展努力创造持续的障碍。</p>
</div><p>As for Ant's future IPO prospects, the path remains uncertain. The grapevine suggests the company is still eager to go public, either in whole or in part. A potential strategy that has emerged is to first list its international business. We believe this approach is being considered because it's far less sensitive from a regulatory standpoint. Chinese authorities are intensely focused on the massive trove of personal data Ant holds on its domestic consumers, but they would likely have fewer concerns about how it handles the data of foreign customers.</p>
<div class="lb-trans"><p>至于蚂蚁未来的 IPO 前景，前景仍然不确定。传言称该公司仍渴望上市，无论是全部还是部分。一个可能出现的策略是首先上市其国际业务。我们认为这一方法正在被考虑，因为从监管的角度来看，它的敏感性要小得多。中国当局对蚂蚁掌握的国内消费者的庞大个人数据极为关注，但他们对其如何处理外国客户的数据可能会少一些顾虑。</p>
</div><p>One could even imagine the international arm pursuing a listing in the U.S., on the Nasdaq or the NYSE, partly as a branding exercise to underscore the global nature of that business. The domestic business, however, is a different story. We are convinced that if it ever lists, it will not be permitted to do so anywhere other than in an Asian market, with Hong Kong being the most likely venue.</p>
<div class="lb-trans"><p>人们甚至可以想象国际部门在美国上市，可能是在纳斯达克或纽约证券交易所，部分原因是作为品牌推广活动，以强调该业务的全球性质。然而，国内业务则是另一个故事。我们相信，如果它真的上市，将不会被允许在亚洲市场以外的地方上市，而香港是最有可能的地点。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div><p><em>**</em></p>
<div class="lb-trans"><p><em>**</em></p>
</div><p>China Inc by Bamboo Works discusses the latest developments on Chinese companies listed in Hong Kong and the United States to drive informed decision-making for investors and others interested in this dynamic group of companies.</p>
<div class="lb-trans"><p>Bamboo Works 的《中国公司》讨论了在香港和美国上市的中国公司的最新动态，以推动投资者和其他对这一动态公司群体感兴趣的人的知情决策。</p>
</div>

随着中国消费者口味的变化冲击西方品牌，蚂蚁集团则面临着旧有的挑战