Chinese jewellers

　　中國珠寶商

　　AT FIRST blush, Chow Tai Fook may seem to be in a spot of bother. The secretive Hong Kong-based chain of jewellerystores, which on some measures is the worlds largest, has long wanted to float shares on theHong Kong stock exchange. Alas, this week it was forced to scale back both the valuationand the size of its planned offering. Market rumours now suggest it will float about $3 billion-$4billion-worth of shares next month.

　　乍一看，神秘兮兮的周大福似乎有點兒麻煩。這一總部設在香港的珠寶連鎖店按照某些標準已是世界最大，且長期以來希望在香港證券交易所發行股票。哎，本周它卻被迫削減估價和計劃發行的規模。市場傳聞表明，周大福將在下月發行價值30到40億美元的股票。

　　That may be less lucrative than it hoped for, but do not shed any tears for Cheng Yu-tung, thefirms billionaire boss. The weakness of this deal has more to do with market turmoil than any specific snags confrontingCTF. Though almost unknown in the West, the firm is a goliath, with a reported $4.5 billion insales last year, leaping ahead at a rate of over 50% a year. It is already more than twice thesize of Tiffany Co, a posh American jeweller. A recent analysis by George WashingtonUniversity and L2, a think-tank, found the brand is better known in China than Rolex, Bulgarior Tiffany.

　　那或許沒有周大福期望的那么有利可圖，但不要為其億萬富翁老板鄭裕彤掉一滴眼淚。股票發行有所削減，更多的是受市場波動的影響，而不是由于周太福本身的任何具體問題。盡管西方對周大福幾乎一無所知，但這家公司是頭巨鱷。據報道它去年的銷售額為45億美元，以一年超過50%的速率跳躍式發展，其規模已是一流的美國珠寶商蒂芙尼的兩倍還多。近期由喬治?華盛頓大學和智庫L2作出的分析發現，在中國，周大福這一品牌的知名度超過勞力士、寶格麗和蒂芙尼。

　　Considering the booming market in China, where most of the firms 1,500 or so outlets arelocated, the future positively glisters for CTF. On some estimates, Chinas jewellery market isalready a 250 billion yuan business, growing at perhaps 15% a year. Part of thegrowth comes from the surge in wealth among the very richest.

　　想一想周大福近1500家左右零售店大多位于中國這一繁榮市場，其未來確實一片光明。據一些估算，中國的珠寶市場已有2500億人民幣的業務，每年大概以15%的速率增長。部分增長來源于最富階層激增的財富。

　　The firms real strength, however, lies in its ability to reach the rising middle classes who liveoutside the biggest cities and who are also splashing out to buy gems and gold . TheWorld Gold Council reckons that China is the worlds fastest-growing market for gold jewelleryand the second-biggest after India. There are now signs that Chinese consumers, confrontedwith rising inflation, are buying gold as a hedge.

　　不過，周大福的真正優勢在于其將觸角延伸至崛起中的中產階級的能力。這些中產生活在大城市以外，在購買寶石和黃金上同樣不惜千金一擲。。世界黃金協會認為中國已成了黃金珠寶市場增長最快的國家，在規模上僅次于印度。現在更有種新的跡象：面對日益加劇的通貨膨脹，中國消費者開始購買黃金保值。

　　It is true that CTF has rivals, but it seems better positioned to conquer China. Luk Fook, forexample, is another Hong Kong jeweller expanding rapidly on the mainlandbut its strategyrelies chiefly on using franchisees, whereas CTF ensures high quality and branding by directlycontrolling its far-flung outlets. Foreign firms are also expandingPrada had a $2.5 billionstock placement in Hong Kong earlier this year, and Cartier has more than 110 bustling storeson the mainlandbut they rarely stray outside the big cities.

　　沒錯，周大福 是有競爭對手，不過在贏得中國市場方面它似乎更有優勢。舉例來說，香港另外一家珠寶商六福是另外一家在中國內地迅速擴張的公司，但其戰略主要是連鎖經營，而周大福則是確保高品質、通過直接控制廣泛的零售店打出自己的品牌。外國公司同樣不甘示弱：今年早些時候普拉達在香港發行25億美元的股票配售，卡地亞在中國大陸有超過110家商店，來往顧客絡繹不絕。不過在大城市之外鮮見它們的身影。

　　Indeed, CTF could even profit by offering global rivals a distribution channel in remoteregions. Local knowledge matters, for tastes differ widely: jade is popular in interior provinces,for example, while coastal regions prefer simple designs. CTF has just struck a deal with DeBeers to market one of the diamond companys brands in its outlet in Changsha, the capital ofHunan province. Global markets may be punishing CTF today, but the heartland of China lookslikely to reward its investors for years to come.

　　實際上，如果為全球競爭對手在偏遠地區提供一個分銷渠道，周大福會獲利更多。熟悉當地情況十分重要，因為品味往往各不相同：比方說，翡翠在內陸省份較受歡迎，而沿海地區則偏愛簡單的設計。周大福剛剛與德比爾斯達成一筆交易，在湖南省會長沙零售店推廣其品牌。 周大福現在可能會在全球市場失利，不過數年以后，中國中心地帶可能會給其投資者帶來回報。

　　Chinese jewellers

　　中國珠寶商

　　AT FIRST blush, Chow Tai Fook may seem to be in a spot of bother. The secretive Hong Kong-based chain of jewellerystores, which on some measures is the worlds largest, has long wanted to float shares on theHong Kong stock exchange. Alas, this week it was forced to scale back both the valuationand the size of its planned offering. Market rumours now suggest it will float about $3 billion-$4billion-worth of shares next month.

　　乍一看，神秘兮兮的周大福似乎有點兒麻煩。這一總部設在香港的珠寶連鎖店按照某些標準已是世界最大，且長期以來希望在香港證券交易所發行股票。哎，本周它卻被迫削減估價和計劃發行的規模。市場傳聞表明，周大福將在下月發行價值30到40億美元的股票。

　　That may be less lucrative than it hoped for, but do not shed any tears for Cheng Yu-tung, thefirms billionaire boss. The weakness of this deal has more to do with market turmoil than any specific snags confrontingCTF. Though almost unknown in the West, the firm is a goliath, with a reported $4.5 billion insales last year, leaping ahead at a rate of over 50% a year. It is already more than twice thesize of Tiffany Co, a posh American jeweller. A recent analysis by George WashingtonUniversity and L2, a think-tank, found the brand is better known in China than Rolex, Bulgarior Tiffany.

　　那或許沒有周大福期望的那么有利可圖，但不要為其億萬富翁老板鄭裕彤掉一滴眼淚。股票發行有所削減，更多的是受市場波動的影響，而不是由于周太福本身的任何具體問題。盡管西方對周大福幾乎一無所知，但這家公司是頭巨鱷。據報道它去年的銷售額為45億美元，以一年超過50%的速率跳躍式發展，其規模已是一流的美國珠寶商蒂芙尼的兩倍還多。近期由喬治?華盛頓大學和智庫L2作出的分析發現，在中國，周大福這一品牌的知名度超過勞力士、寶格麗和蒂芙尼。

　　Considering the booming market in China, where most of the firms 1,500 or so outlets arelocated, the future positively glisters for CTF. On some estimates, Chinas jewellery market isalready a 250 billion yuan business, growing at perhaps 15% a year. Part of thegrowth comes from the surge in wealth among the very richest.

　　想一想周大福近1500家左右零售店大多位于中國這一繁榮市場，其未來確實一片光明。據一些估算，中國的珠寶市場已有2500億人民幣的業務，每年大概以15%的速率增長。部分增長來源于最富階層激增的財富。

　　The firms real strength, however, lies in its ability to reach the rising middle classes who liveoutside the biggest cities and who are also splashing out to buy gems and gold . TheWorld Gold Council reckons that China is the worlds fastest-growing market for gold jewelleryand the second-biggest after India. There are now signs that Chinese consumers, confrontedwith rising inflation, are buying gold as a hedge.

　　不過，周大福的真正優勢在于其將觸角延伸至崛起中的中產階級的能力。這些中產生活在大城市以外，在購買寶石和黃金上同樣不惜千金一擲。。世界黃金協會認為中國已成了黃金珠寶市場增長最快的國家，在規模上僅次于印度。現在更有種新的跡象：面對日益加劇的通貨膨脹，中國消費者開始購買黃金保值。

　　It is true that CTF has rivals, but it seems better positioned to conquer China. Luk Fook, forexample, is another Hong Kong jeweller expanding rapidly on the mainlandbut its strategyrelies chiefly on using franchisees, whereas CTF ensures high quality and branding by directlycontrolling its far-flung outlets. Foreign firms are also expandingPrada had a $2.5 billionstock placement in Hong Kong earlier this year, and Cartier has more than 110 bustling storeson the mainlandbut they rarely stray outside the big cities.

　　沒錯，周大福 是有競爭對手，不過在贏得中國市場方面它似乎更有優勢。舉例來說，香港另外一家珠寶商六福是另外一家在中國內地迅速擴張的公司，但其戰略主要是連鎖經營，而周大福則是確保高品質、通過直接控制廣泛的零售店打出自己的品牌。外國公司同樣不甘示弱：今年早些時候普拉達在香港發行25億美元的股票配售，卡地亞在中國大陸有超過110家商店，來往顧客絡繹不絕。不過在大城市之外鮮見它們的身影。

　　Indeed, CTF could even profit by offering global rivals a distribution channel in remoteregions. Local knowledge matters, for tastes differ widely: jade is popular in interior provinces,for example, while coastal regions prefer simple designs. CTF has just struck a deal with DeBeers to market one of the diamond companys brands in its outlet in Changsha, the capital ofHunan province. Global markets may be punishing CTF today, but the heartland of China lookslikely to reward its investors for years to come.

　　實際上，如果為全球競爭對手在偏遠地區提供一個分銷渠道，周大福會獲利更多。熟悉當地情況十分重要，因為品味往往各不相同：比方說，翡翠在內陸省份較受歡迎，而沿海地區則偏愛簡單的設計。周大福剛剛與德比爾斯達成一筆交易，在湖南省會長沙零售店推廣其品牌。 周大福現在可能會在全球市場失利，不過數年以后，中國中心地帶可能會給其投資者帶來回報。