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學者變CEO 創3D地圖王國

1 : GS(14)@2010-12-17 17:36:55

2010-12-11 iM
地圖，喜歡的，會覺得趣味盎然。不喜歡的，會認為那只不過是一件工具。鄧淑明（Winnie）屬於前者，而且非常狂熱。

當別家的小女孩都在讀童話故事、玩玩芭比公仔，Winnie只愛捧着世界地圖左看右看，還會蒐集各式各樣的地圖、地球儀。

她中小學最愛地理科，入讀香港大學順理成章主修地理，亦因此與GIS（地理資訊系統，Geographic Information System）結下不解緣。

今時今日，全港超過九成的電子地圖，包括黃頁地圖，都是由她一手創辦的ESRI中國（香港）所研發的軟件驅動。她亦是互聯網專業協會會長，是I.T.行業極少數的女精英。

推動本港電子地圖發展已15年，她的目標就是在最快1年內為香港繪成首幅3D數碼電子地圖，讓世界各地人士只須一按鍵，便可感受到香港的大都會魅力。

走進Winnie的辦公室，映入眼簾盡是大大小小的地球儀，擱在梳化的，也是一個淺藍色地球咕?；牆上還掛着一幅手繪的中國地圖，她最喜歡是一本像兒童畫冊般的立體世界地圖。怎麼會愛上地圖？「我覺得每幅地圖都好靚，細細個去圖書館，因為個子小，行到書架前，只夠高拿地圖看。」Winnie爽朗一笑，還向記者解釋牆上那幅中國地圖的奧妙之處：「這幅地圖只用上兩隻顏色，用魚麟表達海浪……」

她說自小最喜歡的科目就是地理，所以大學時，也主修地理。「當年來了一位客席教授，是美國Cartography（手繪地圖）的權威。」他來港講授GIS，但只挑選20位精英入讀，而Winnie是其中一位。

「好難讀！那個年代（八十年代），個人電腦在香港仍未普及。最後，在20個同學中，只得我一個繼續進修GIS。」她亦因此成為首批土生土長掌握GIS技術的香港人，兼且是唯一的女性。

放棄教席推動電子地圖

Winnie在香港大學先後完成學士及博士課程，並留在大學當講師，傳授GIS技術。「教了兩、三年後，見香港還停留在手繪的紙地圖層面，覺得行業應該朝Digital Map（數碼地圖）方向發展，才可提升競爭力。」

她心想，每年在大學最多教出20個學生，但他們又未必每個都向GIS方向發展。「要令技術得以持續發展，就要擴闊商業的應用。」她自大學時期，已在使用美國公司的GIS軟件，遂想到引入該軟件，再因應不同的企業需要，提供度身訂造的數據整合服務。

心意已決，她遂於1995年放棄港大薪高糧準的教席，在上環租了一個小小辦公室，開始為她的電子地圖發展大計四出敲門。可以想像，這種事業的起步，絕不容易。「經歷了11個月無糧出的日子，還要放下尊嚴。不過，我深信GIS技術是可以Make a Difference的。」

政府牽頭技術廣泛應用

轉捩點是獲得政府這個大客戶，「當時地政總署要把印在紙張的大小比例地圖，所有資料及土籍紀錄數碼化，建立電腦化的土地信息系統。結果，就由我公司提供軟件，把最精確的1比1,000，以至1比20,000的地圖，逐一抽取資料數據，進行電腦數碼化的工作。」

其後，Winnie再與渠務、土地測量，甚至飛行服務隊等多個政府部門合作。「幾乎所有政府部門都用得上GIS技術；如漁護處用來防紅潮、土木工程處用於斜坡監察。事實上，如果無政府部門提供的數據及資料，空有GIS技術，亦無法繪出電子地圖。」

說到創業以來，最困難並不是愁無生意，而是憂人才缺。「最初只能從外國輸入人才，因為香港根本就未有GIS這學科。」於是，她努力游說各間大學增辦相關課程。「最先是中大開辦文憑課程，後來港大地理系亦有辦碩士課程。」時到今天，多間大學包括理工大學、科技大學等都已有開辦相關的學位課程。

期待港首幅3D電子地圖

過去15年，最令Winnie雀躍的，不僅是全港逾九成的電子地圖都是她公司的軟件驅動，還有所有旅客到港，都可下載暢遊香港的電子地圖。「15年前，GIS是要用Workstation運算，後來個人電腦可以查看電子地圖，近年發展至手機版。可以見證着GIS技術的發展，都幾有滿足感。」

目前，單是GIS軟件，全球業務總額已逾20億美元（逾150億港元），並衍生出數據銷售、GIS支援服務等相關業務。

香港市場的發展有餘未盡，但Winnie直指，內地發展潛力更大，尤其是GIS在手機的應用。「目前內地約七成的商業電子地圖都用我公司的軟件，但在內地，地圖資料仍然較為敏感。」惟有透過教育，說明GIS技術的重要性，才能推動技術在內地的應用。Winnie也經常與中國科學院攜手舉辦GIS技術培訓講座。

放眼未來，最期待是全港首幅3D電子數碼地圖的誕生。「特別之處不只是3D的影像，而是鍵入個別地標性的大廈後，便可以看到該棟大廈的建築結構及特色之類，感覺猶如親身走進大廈般。」她讓記者看尚在研發中的部分地圖樣辦，那3D影像的震撼絕不遜於《阿凡達》。「希望在這一、兩年內完成吧。」

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點止地圖咁簡單

遇到不懂去的地方，大家自然想到電子地圖的方便。只要鍵入街道號碼，或者大廈名，就可以找到目的地及直達的交通工具；近年還有街道照片提供。

不過，電子地圖的商業應用範圍，未必是你我可以想像。「我公司的客戶還包括連鎖薄餅店、炸雞快餐店，甚至是便利店。這些連鎖店在為新店選址時，要先了解競爭對手的所在位置，以及街頭街尾人流的分布，甚至是舖位附近一帶的人均收入、男女比例等，以確保新店可接觸到目標客群。」

Winnie笑言，電子地圖的應用早已不限於找方向、位置。「廣告公司替客戶揀選位置落戶外廣告前，也會要先了解不同的巴士站或隧道口的車流量，甚至是人口分析等資料。」

當然，還是要數政府各部門的應用最廣泛。「起橋起路起樓，統統都要用它。簡單如要鋪馬路，都要利用電子地圖，詳細了解那些喉渠管道的位置。」電腦科技一日千里，電子地圖蒐集的數據亦愈見精密。「譬如一幢大廈的男女比例、教育及收入水平，繼而是一條街的人口分布，以至一個區的數據分析，都可以透過電子地圖反映出來。」

地理資訊系統（GIS）

歷史發展

生於1933年的英國人Dr. Roger Tomlinson，被譽為「GIS之父」，於大學時修讀地理和地質學。當年，地圖仍是手繪為主，但他卻已有遠見要把不同資訊放在一起，擴大地圖的用途，並於1960年代為加拿大政府發展首個GIS系統；直到1980年代，GIS才開始受注意，並先後有商用軟件推出市場；及至九十年代初，結合數據庫技術及互聯網的發展，GIS在歐美獲廣泛使用。

地圖製作三部曲

˙蒐集資料︰結合眾多資訊，除了傳統紙製地圖上的城市、道路、鐵路、地形等的資料外，還可以輸入人口特質（年紀、個人及家庭收入、教育程度）；樓房性質（如學校、教堂、戲院、公園）；公共交通（巴士、小巴路綫）；地下水管電綫分布；電訊天綫發射，甚至罪案率、染病率等資訊

˙綜合整理：把上述的原始數據整理，統一為同一格式，以便分析

˙分析：按使用者需要，提取相關數據加以綜合分析

功能：

由查詢交通路綫、追蹤閃電分布和海上紅潮移動，以至政府在規劃如西鐵等的大型基建走綫，到國際貨運機場「超級一號貨站」的貨物監控等，都可派用場

資料來源：ESRI 中國（香港）

﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏

鄧淑明Profile

事業：

˙ESRI中國（香港）創辦人及行政總裁

˙香港大學電機及電子工程系榮譽講師

學歷：

˙1999年取得香港大學博士學位

˙1992年取得香港大學榮譽學士學位

獎項：

˙2006年香港十大傑出青年

˙2004年獲香港美國商會舉辦的「具影響力的女性」選為「年度傑出女青」

˙2001年獲選為香港十大傑出數碼青年

專業職銜及部分公職：

˙互聯網專業協會會長

˙資訊科技界選舉委員會界別分組委員

˙數碼21資訊科技策略諮詢委員會委員

˙教育局資訊科技及通訊行業培訓諮詢委員會委員

˙2008年至2011年度葵青區議會委任議員

˙城市規劃委員會成員

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IBM預測 2015年 5大發明 空氣發電、 3D投影手機可成真

1 : GS(14)@2010-12-25 12:02:30

http://hk.apple.nextmedia.com/te ... 335&art_id=14802401

到了 2015年，你的手機對話時會投射的全息圖像，鋰電池被用空氣推動的電池取代，電腦發出的熱力會循環再用，汽車導航系統會升級到懂得教你避開塞車，人人都變成科學家……這不是憑空胡說，而是美國國際商業機器公司（ IBM）的預測。
IBM由 2006年起，每年調查旗下 3,000研究員意見，列出五項五年內將成真又改變人類生活的發明。 IBM一年花 58億美元（約 450億港元）研發新科技，令其預測有一定權威性，縱使有時會過份樂觀，像預測即時語音繙譯技術會在今年成主流。
法新社/彭博通訊社

平民科學家　隨時蒐集資訊

IBM今年跟加州當局合作，推出手機應用程式給市民拍攝河溪水流狀況，呈報當局。 IBM預測這種研究模式會日漸流行，人類五年內會日益變成「會走的感應器」，手機、汽車或銀包內的感應器隨着他們四處走，收集周遭環境的即時數據。
這些感應器都是現有的，絕不複雜，新穎之處在於發揮市民大眾力量，讓這些「平民科學家」協助科學家蒐集龐大數據，應付全球暖化、拯救瀕危物種、監察威脅生態系統的動植物入侵等問題。

聰明導航系統　教你避開塞車

IBM科學家現正研究將新的數學模型和預測分析技術，應用於運輸系統，令系統有「適應能力」和預測能力，到時汽車導航系統不再像現時的 GPS衞星導航系統，只會機械化地看地圖指路，而是會即時應對意外和道路工程等問題，指示司機避開。
更厲害的，是新系統會掌握道路使用模式和司機擇路行為，不斷計算可能出現的情景，預測何時何地會有塞車，在塞車真正發生前，指示司機兜路迴避。

全息圖手機　 3D投影通話

Skype網上電話和 iPhone 4的 Facetime已有視像通話，電視和電影現在都大力發展 3D技術。 IBM指提供真正立體觀感的全息圖像（即立體全像投影）技術，亦日益先進和微型化，五年內縮小到設置在手機內，提供即時全息圖通話，指日可待。
到時，人們就可像《星球大戰》電影場面那樣，在通話時手機屏幕會投射出親友的 3D全息圖像。工程師和設計師開遙距會議討論工程項目或新產品，又或者一般人上網購物，都可以看到 3D全方位實物圖像。

空氣電池　「呼吸」當充電

鋰電池末日將至， IBM預測一種「吸空氣」的新式電池將出現，利用高能量密度金屬接觸空氣產生反應來發電，比鋰電池更輕更強力，電池續航力提升十倍，由隨身裝置到電動車都可推動。
小型器材甚至連電池都可以不要了， IBM預測 0.5伏特以下的省電晶體管五年內面世，到時用動能或靜電就可以推動，手機可變得像動能手錶那樣，不用充電，只要搖幾下或儲起走動時產生的動能，就可以使用。


電腦熱能再用　調節室內溫度

今日電腦運算能力越來越高，也產生大量熱力排出大氣，現時數據中心所消耗能源，多達一半是用來製冷，防止電腦過熱，非常浪費。 IBM開發的晶片水冷系統，可將多個處理器產生的熱力收集起來，循環再用（圖），為辦公室或住宅供應熱水。
IBM指這方面的技術五年內應可再進一步，科學家會想出方法，把數據中心產生熱力循環用於整座建築物，甚至整個城市，像在冬天提供暖氣，在夏天提供冷氣。

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103歲六叔潮派 3D利是

1 : GS(14)@2011-02-04 12:32:30

http://hk.apple.nextmedia.com/te ... 462&art_id=14940004
103歲的邵逸夫（六叔）每年大年初一均會返無綫電視廣播城與藝員們一起團拜，無綫股權易主後，人事架構暫時不變，六叔不改習慣，昨日依舊由方逸華陪同在無綫出席新春團拜活動，但新老闆「殼王」陳國強則未有現身。人瑞六叔精神奕奕派發 3D利是，還追上拍 video潮流，中氣十足向全港市民拜年。

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老千蕭好野:中國3D數碼(8078)取得網絡作者向西村上春樹小說電影版權

1 : GS(14)@2012-03-12 23:37:11

http://www.hkexnews.hk/listedco/ ... LN20120312053_C.pdf
中國3D數碼娛樂有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，取得網絡作者「向西村上春樹」的暢銷小說《一路向西》之電影版權，將以該小說為藍本，負責製作及分銷同名電影。預計該電影的投資額約600萬港元，大概於2012年6月開拍，並於同年十一黃金週檔期於香港上畫。

「向西村上春樹」為網絡超人氣作者，自2011年發表文章《東莞的森林》後，成為全年最受歡迎的網上小說。其後他創作前傳結集成小說《一路向西》，內容包括色情笑話、港式通俗文化，加上對中港社會的細膩描寫及對時弊的幽默諷刺，喜劇感豐富。該小說於2012年1月17日正式發售，由於銷售反應熱烈，出版不足24小時再版，並於2月中再次加印，登上各大書店的暢銷榜。

本公司把握此機遇，繼去年全球首部3D三級片《3D肉蒲團之極樂寶鑑》後，再次創造全城熱話，於本港電影歷史上首次以網絡小說拍攝電影，打造港式《美國處男》（「American Pie」）的情色喜劇電影。加上是次電影的製作成本低，配合本公司一貫的革新宣傳策略，因此本公司對電影《一路向西》充滿信心，未來可為股東創造長期價值。

唔知幾錢呢? 為了呢個人賣了個名，唉

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2 : mr_dlm(19486)@2012-03-13 00:43:32

佢仲得罪唔夠D高登仔咩....

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3 : GS(14)@2012-03-13 00:51:15

正傻仔

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4 : 龍生(798)@2012-03-14 01:23:57

公平的...如果佢從不買股票, 也不懂投資

那蕭生只是一個出版人及大老闆

向西春上村樹先生是不會知道蕭氏父子的8078乃係不折不扣的褔佳股.....

所以不能用共犯的身份去批評我偉大的向西村上春樹先生

請湯兄明鑑!!

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5 : 龍生(798)@2012-03-14 01:24:48

他只會知道有上市公司老闆睇得起佢, 幫佢出書, 拍戲, 買起佢.....

而蕭若元又真係做呢行出身, 唔講股票

佢又真係做得唔錯....

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6 : 承天(1379)@2012-03-14 06:37:45

一路向西 拜服..........

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7 : 草帽(1253)@2012-03-14 13:56:17

聽聞版權賣左7位數字, 都好公道啦. 如果以電影度橋黎講, 老蕭都係頂班啦.

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8 : idsdown(1658)@2012-03-14 22:25:11

諗起36.com添

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9 : GS(14)@2012-03-14 22:38:25

7樓提及

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聽聞版權賣左7位數字, 都好公道啦. 如果以電影度橋黎講, 老蕭都係頂班啦.

都是是咁耳買樣野炒股

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10 : 龍生(798)@2012-03-14 23:24:04

期待向西大師的下一部大作

真的很精彩

近年己經好少文章可以一路睇, 一路笑到肚痛

仲要一連成篇都咁好笑..笑位層出不窮, 每每在最出期不意的地方爆發

而且仲要諗一諗先笑, 真係好難得

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11 : GS(14)@2012-03-16 22:47:11

今日周老師又自吹自擂

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金融人語：歐洲股神進化3D版

1 : GS(14)@2012-05-22 00:48:11

http://hk.apple.nextmedia.com/financeestate/art/20120521/16354400
《金融時報》上周有篇訪問富達的神級基金經理波頓（ Anthony Bolton）的文章，寫法輕描淡寫，卻有足以讓波頓支持者感驚嚇的內容。
深受民企弄虛作假所害的波頓，為咗加強對投資對象的調查，佢話俾 FT知，僱用咗五間企業情報公司，對自己基金投資組合內的公司，作深入盡職審查（ Deep Due Diligence），通過明查暗訪上市公司的供應商、客戶和競爭對手，望能及早發現公司不尋常的蠱惑招。
查民企　結果嚇死人

呢個3D行動，應該未完成，但係結果已好嚇人，波頓買中咗的其中一家公司，擁有的分店的真實數目，原來只有公司自己聲稱的一半。另一家公司的所謂四大客戶，其中三個客戶都表示，根本不認識這家公司。兩間公司老作成咁，文章冇交代公司名字，亦冇講波頓知道後有乜行動，但可以估到他應該即時沽貨；可惜佢個基金冇玩沽空，唔係冇理由唔反手 Short兩間公司，隨時追番唔少回報。
本版《金融雲端》欄作者丘亦生，原來都同一啲內地企業情報公司合作過，佢同我哋講，由於跟內地企業交易信唔過，呢類公司近年越開越多，幫好多外商、機構投資者、會計師行等等做調查工作，針對上市公司做深入盡職審查，係收錢最多的調查工作。這些調查公司由於辦法多、門路廣，有時查吓查吓，甚至會查到公司跟官員勾結的貪腐材料，不過呢啲猛料當然唔會亦冇必要畀晒個客。丘亦生話佢見過一份未經刪減的調查報告，當中提到某部門高官同某富商的金權關係。幾年後東窗事發，官商兩人都被捕，證實調查報告內容係堅料。
丘亦生又話，這些調查公司的老闆及主管，不少係出身自內地公安或法檢系統，有好多非一般的搵料渠道，例如某人的詳盡個人資料，又或曾被公安部門立案調查過的檔案，調查公司都有辦法拎到個 File出來睇。具體係點樣做，客戶不能問，亦唔想知。
倚賴八十後少女助手

有「歐洲畢菲特」之譽的富達基金經理波頓，如果揀股策略早啲進化為3D版，或者可以減少損手機會。波頓抵受不住中國故事的誘惑，兩年前押後退休，東來獻技，成立4.6億英鎊的富達中國特殊情況基金，點知水土不服，基金表現不濟，過去一年更深受民企醜聞、爆煲事件影響。香港上市的霸王（1338）、國美（493）、寶姿（589），納斯達克掛牌的西安寶潤和雙威教育等民企，不是醜聞不斷就係賬目出問題，股價大挫已經係小事，寶姿一直停牌；寶潤更已除牌，係波頓輸得最盡的其中一筆投資。
富達中國特殊情況基金的價格，過去一年跌三成，一直跑輸大市，亦長期比 NAV有折讓。波頓之前已公開承認，低估投資中國市場的難度，過於依賴報表分析，以後投資前會加強盡職審查。
報表信唔過，波頓亦唔識中文，要揀股就要其他人幫手多做功夫，但係 FT話富達的12人中國分析員隊伍，原來都唔熟悉波頓鍾情投資的小型民企；最幫得波頓手的，竟然係佢自己一名助理，一名八十後內地少女 Doris Yang。
Doris Yang在2007加入富達做見習生，波頓讚 Doris才能全面，「我可以叫佢研究任何一家公司，佢都可以交出有價值的評估。」我哋查過 LinkedIn，富達有一名叫 Doris Yang的香港員工，任投資分析員，2004入讀北京大學，相信佢就係波頓十分依賴的八十後少女。
FT文章最有意思的一段，係搵嚟接連踢爆民企的渾水話事人 Carson Block講番兩句，佢以勝利者姿態、語重深長咁話：「來自西方，嗰度個個人屋企都有兩部車、幾部電視，我哋根本唔明白中國人有幾咁渴求金錢，亦唔了解這種渴求點樣影響到人的行為。佢哋情願今天賺盡一元，亦唔會等待之後幾年每年賺你兩元。」 Carson Block曾經在上海創業被騙，他的切膚之痛和覺悟，波頓現在應該有共鳴了。

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2 : GS(14)@2012-05-22 00:50:41

http://hk.linkedin.com/pub/doris-yang/49/4a0/100
Doris Yang's Overview

Current

    Investment Analyst at Fidelity Worldwide Investment

Education

    Peking University

Connections

  52 connections

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3 : GS(14)@2012-05-22 00:50:58

http://www.ft.com/cms/s/2/abbd1f ... .html#axzz1vVjQnpel
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email [email protected] to buy additional rights. http://www.ft.com/cms/s/2/abbd1f ... .html#ixzz1vWWx1fld

Here be dragons: Anthony Bolton

By Robert Cookson
Anthony Bolton, the guru of British investing, was tempted out of retirement to launch a £460m fund in China. But after two years of poor returns, can he turn things around?
Anthony Bolton©Daniele Mattioli

Anthony Bolton may be one of the world’s most accomplished investors, but using chopsticks is still a struggle. The man known as “Britain’s Warren Buffett” dips his head low over a steaming bowl of noodles and attempts to slurp them up without splashing broth on his white shirt. Success! A meal the previous day left a couple of greasy spots, so he is being careful. We are in Shanghai, in one of the 700 branches of Ajisen, a Chinese chain of Japanese noodle restaurants that was booming until last summer, when an unfounded food scare sent sales tumbling.

“It’s very tasty,” says Bolton, 62, who normally sticks to sandwiches for lunch. Surrounded by hungry Chinese consumers, Bolton is in his newfound investment heartland. We are on a four-day trip through Shanghai, Tianjin and Beijing, visiting some of his favourite companies. So strong is his faith in the rise of China that Bolton ditched his retirement plans two years ago and moved from London to Hong Kong, to launch a £460m fund that invests in companies like Ajisen. Things have not exactly gone to plan.

More
On this topic

  Only the brave ignore the indices
  Bolton sticks to his guns on China
  Bolton makes £1m loss from China fund
  Interview Bolton still believes in China

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Over three decades in the west, Bolton boasted an unparalleled track record. When he moved to China there were great expectations that the guru of British investing would work his magic in the world’s fastest-growing major economy. But since its launch in 2010, his China Special Situations fund has lost 17 per cent of its net asset value and lagged behind its rivals. A few months ago, Bolton was “forced” – in the words of The Daily Telegraph – “to issue a humiliating apology” for his performance. Bolton has become the latest in a long line of westerners to be seduced by the prospect of tapping into the growth of the Middle Kingdom only to get burned in the process. Revelations that he made a string of dud investments in China – including in companies now accused of fraud – have raised questions about whether the man who produced a 147-fold return for investors during 28 years in the UK has lost his touch.

The mild-mannered money manager desperately needs a recovery: for the sake of his reputation and the fortunes of the 80,000 investors in his fund. His experience highlights the peril facing even the most sophisticated foreign investors in the complex, cut-throat world of Chinese business. Hundreds of billions of dollars are expected to flood into China from the UK, US and Europe in the coming years. Much of that money will be managed by people like Bolton.

As we hurtle by speed train from Beijing to Tianjin, a 33-minute ride, Bolton insists his faith in China is undiminished. “I still believe people will make a lot of money in China over the next few years,” he says with conviction. As the train glides through green fields at 300km per hour, Bolton assures me that we are not on the track where two collided last year, killing at least 38 people and leaving more than 200 injured.
19.5%

compound annual rate of return on Anthony Bolton’s UK funds

While Bolton puts on a brave face, his fund is still suffering – even now, two years into his China foray. In March and April alone, two stocks in his portfolio were suspended from trading amid corporate governance controversies. Ports Design, a fashion retailer listed on the Hong Kong stock exchange, failed to file its annual accounts on time. Meanwhile, ChinaCast Education, a Nasdaq-listed provider of higher education, has accused its former chief executive, Ron Chan, of refusing to hand over the company “chops”. These are the intricate seals that are used in lieu of signatures, without which no business can be done in China. Chan, who was sacked in March, denies taking any company property, claiming he is the victim of a plot by western investors. These are just two of the investments that have not, to put it mildly, lived up to expectations. A sobered Bolton likens the experience of investing in US-listed Chinese stocks to “looking for gold in a minefield”.
Models promote luxury goods in a mall in Pudong, Shanghai©Corbis

Models promote luxury goods in a mall in Pudong, Shanghai

Four years ago, London’s star money manager was about to retire. Exhausted from decades searching for cheap stocks, he planned to devote himself to composing classical music. (You can download A Garland of Carols, Bolton’s album of harp and piano songs, from iTunes.) The sexagenarian and his wife Sarah, who have two sons and a daughter, expected to spend most of the year at their Old Rectory in a small West Sussex village and the winter at their holiday house in Antigua.

At the time, his reputation was impeccable. Jonathan Davis, author of Investing with Anthony Bolton, was ebullient in his praise: “Quiet and thoughtful, and anything but flash, Bolton is a model of what the modern professional investment manager should be: clear-sighted, disciplined, hard-working and conscientious, with a track record of consistent outperformance in all his funds.”

With typically exquisite timing, Bolton stepped down from managing Fidelity’s UK Special Situations fund in 2007, right at the top of the bull market, warning that stocks would soon fall. Over 28 years, since 1979, his fund had boasted a compound annual rate of return of 19.5 per cent, 6 percentage points above the benchmark FTSE All Share index. That made him, by many measures, the most successful professional investor in Britain.
Shanghai©Corbis

Shanghai, the heartland of Bolton’s investment

Apart from his stellar track record, Bolton is remarkably ordinary. The son of a barrister, he studied engineering at Trinity College, Cambridge, only accidentally stumbling into finance through a family connection. For most of his career, he shunned the limelight. It was only in 2003, when he led a shareholder revolt to oust Michael Green as chairman of ITV, that the media crowned him “the Quiet Assassin”, a nickname he hates.

Green, now a Freudian psychotherapist at a Mayfair clinic, says he was unsurprised to learn of Bolton’s stumble in China: “Why somebody who spent the majority of their career as a fund manager in the UK thinks that they can outwit the Chinese on their own territory baffles me.”

At the end of 2009, just before his retirement, Bolton spent three months in Fidelity’s Hong Kong office training junior colleagues on the art of stockpicking. Dazzled by the rise of China, which he described as “the biggest economic and investment story of our generation”, he came to the conclusion that the opportunity to test his skills in the world’s largest emerging market was simply too good to be missed.

. . .

Fidelity embraced Bolton’s plan to conquer China. By April 2010 his China Special Situations fund had raised £460m from investors and listed on the London Stock Exchange. Bolton announced his plan to focus on China’s consumer sector and invest mainly in small, private companies rather than big, stodgy state enterprises.
gold-plated Infiniti©AFP

Demand for luxury cars – such as this gold-plated Infiniti sports model – is growing at 30 per cent a year

Arguably, it was Bolton’s enthusiasm for small companies, many of them with track records of only a few years, that proved his undoing. A matter of months after he launched his fund, fears of a slowdown in the Chinese economy and worries about fraud caused Chinese stocks to tumble. Small stocks suffered sharper falls than big ones, and Bolton’s use of debt to acquire part of his portfolio only amplified his losses.

He soon discovered that several of the 100 or so companies in which he had invested suffered from serious corporate governance problems or appeared to be acting fraudulently.

China Integrated Energy will go down as one of Bolton’s worst investments. Little did he know at the time that hedge funds had dispatched investigators to secretly film the company’s biodiesel plants, seeking to prove they were a scam. While China Integrated Energy claimed that its 100,000-tonne plant in Tongchuan, Shaanxi province, was running at full capacity in 2011 – a level that would require more than a dozen tanker trucks to visit the site each day, delivering raw materials and removing biodiesel – the investigators saw only six trucks arrive during four months of almost constant surveillance. (Intriguingly, five of the trucks arrived on a single day: March 10, 2011, when a group of foreign investors was in town to tour the facility.) China Integrated Energy was expelled from Nasdaq last summer, after its auditor, KPMG, resigned, citing “doubts” about information provided by management.
80,000

the number of investors in Bolton’s China Special Situations fund

“The challenge is to work out whether what you’re being told is accurate or not,” Bolton says in a professorial tone, as our minibus crawls through Shanghai traffic. Outside, a haze of pollution obscures the sky. No longer able to take financial statements at face value, Bolton hired five corporate intelligence firms to conduct “deep due diligence” on the groups in his portfolio. These investigators contact the suppliers, customers and competitors of each company to search for anomalies. The results of the probes so far are startling: one company in which Bolton invested owned only half the number of stores it claimed to hold, while another was unknown to three of the four companies it said were its biggest customers. “If people want to rip off people here, they’re very inventive,” says Bolton, with a hint of admiration.

. . .

Bolton is not the only big western investor to lose millions. John Paulson, the US hedge fund manager who made his name betting on the sub-prime mortgage meltdown, lost $460m on his investment in Sino-Forest, a Chinese forestry group that filed for bankruptcy protection in March after being hit by allegations of fraud.
Anthony Bolton©Daniele Mattioli

Anthony Bolton, photographed at the Park Hyatt in Pudong, Shanghai last month

In another notorious case, Longtop, a Chinese software company, delisted from Nasdaq last year after its auditor, Deloitte, accused the company of “very serious defects”, including faking its bank statements. What made the collapse all the more striking was that Longtop had raised $210m in 2007 via a share sale organised by Deutsche Bank and Goldman Sachs, while its shareholders included well-known names such as Calpers, the California public employees’ pension fund.

Before Bolton moved to China, critics warned that his inability to speak Mandarin was a critical weakness. Bolton disagrees, arguing that his lack of Norwegian or Polish or Portuguese did nothing to prevent him making money in Europe. Martha Wang, who runs a $4bn fund for Fidelity and was born in Shanghai, insists that speaking the language is not essential. However, she adds that native investors like herself “may have some edge” when it comes to understanding what makes local entrepreneurs and policymakers tick.

While Fidelity’s 12-strong team of China analysts have provided crucial assistance to Bolton, they were not familiar with many of the small companies that attracted his attention. For help researching these little-known companies Bolton turns to his assistant, Doris Yang, a Chinese who joined Fidelity as a graduate trainee in 2007. “She’s amazingly versatile,” says Bolton. “I can give her almost any company to look at and she’ll give me a valuable assessment.” For someone who is still in her 20s, it is quite a responsibility.

Tim Clissold, a British businessman who documented his painful experiences investing $400m in China in the early 1990s in the best-selling book Mr China, argues that the country is just as risky now as it was 20 years ago. “Some things have changed,” he concedes. “The people across the other side of the table are infinitely more sophisticated. They are Harvard-educated, very smart, young Chinese, very fluent in English, whereas 20 years ago they were plodding cadres in Mao jackets. But for a foreign investor,” Clissold adds, “the underlying risk of not being able to understand what’s really going on, unravel related party transactions, [or] enforce governance via a board… it hasn’t changed at all.”
Workers in Guizhou province prepare sorghum©Bloomberg

Workers in Guizhou province prepare sorghum for use in Kweichow Moutai liquor, one of Bolton’s investments

Fraud is a global phenomenon, as Bernard Madoff highlighted, with a $65bn Ponzi scheme that destroyed charities and led to the suicide of his eldest son. In China, however, rampant corruption and a weak rule of law mean that when things go wrong there is little recourse. These factors have, ironically enough, allowed people like Carson Block to make a fortune. Block is the American who accused Sino-Forest of fraud and profited from its collapse by betting that its shares would fall. “You have to learn the hard lessons in China in order to understand how to invest there,” says Block, whose first venture in Shanghai, a warehouse called Love Box Self Storage, almost bankrupted him. “Coming from the west, where everybody grew up with two cars on the driveway and multiple televisions in the house, we don’t understand what desperation for money is, and how that affects people’s behaviour. It means they will sell you out for a dollar today, rather than trying to make two dollars in the next three years with you.”

Bolton has little in common with the entrepreneurs to whom he entrusts his money. One of his top 10 holdings is Gome, the electronics retailer whose founder traded batteries on the streets of Beijing on his way to becoming China’s richest man. Huang Guangyu was jailed for bribery in 2010, but he still owns 30 per cent of Gome and exerts influence from behind bars. It’s a long way from the Hong Kong Club, the ultra-exclusive, 166-year-old private members’ venue where Bolton mingles with the city’s elite.
17%

loss of net asset value of Bolton’s China fund, since its launch in 2010

Bolton also holds a stake in Kweichow Moutai, a Shanghai-listed manufacturer of a fiery liquor whose taste has been likened to swallowing “liquid razor blades”. He rarely drinks alcohol himself. “I’ve tasted it,” he says of Moutai, wincing at the memory. “It’s not my forte, boozy evenings with Chinese businessmen,” he adds, referring to the way much business gets done in China. As someone who likes to take meticulous notes, he prefers sober meetings in offices. Over the years he has filled hundreds of notebooks with descriptions of every company meeting – without a single doodle.

At weekends, Bolton and his wife skim across the South China Sea in his motorboat. The former choirboy relaxes by composing songs on his MacBook Air. He recently set eight Chinese poems, four of them love songs, to piano music.

While music is transportable, pets are not. Bolton recalls disagreeing with his wife about whether to bring Merlin, their chocolate labrador, to Hong Kong. In the end, Bolton won out. “To take him from the British countryside and to stick him in an air-conditioned flat on the 17th floor of an apartment building in Hong Kong wasn’t fair,” he explains. If Merlin had made the trip, he would have had more space than most dogs in the city. The Boltons’ 2,900 sq ft flat cost HK$72.8m (£5.8m) and is located in a tower called The Mayfair, overlooking Hong Kong’s Victoria harbour.

Hours after arriving in Beijing, we pull up on the street outside Wumart, a hypermarket packed with goods from mops to microwaves, almost all made in China. As we make our way into the store, it becomes clear that Wumart is no Tesco or Walmart. Heaps of raw chicken feet glisten on ice. A whiff of durian fruit wafts through the air. “Pile them high, sell them cheap” is the strategy of choice, and from the look of things, it appears to be working.
Ajisen noodle restaurant©Weng Lei/Imaginechina

He has also invested in Ajisen noodle restaurants

In the shampoo aisle, we come across bottles emblazoned with pictures of kung fu star Jackie Chan, made by a company called Bawang. Bolton bought shares in Bawang in 2011, the year after the company fell victim to news reports that its shampoo contained dioxane, a chemical that can cause cancer. Although government tests showed that the shampoo posed no danger to consumers, and market research pointed to a recovery in sales, Bawang has continued to perform poorly, and Bolton has lowered his stake, at a loss. He admits that he has never used Bawang – he prefers Head & Shoulders anti-dandruff shampoo.

If there is a driving theme in Bolton’s stock portfolio, it is the emergence of the Chinese middle class. As more and more of the 1.3bn people in China become richer, and as peasants move from rural areas to the cities, the idea is that companies that cater to their needs will make big profits.

Bolton’s investment in Brilliance China, BMW’s joint-venture partner, has paid off handsomely, thanks to the fact that luxury-car demand is growing at 30 per cent a year. He also has high hopes for groups such as China Lodging, a budget hotel chain whose revenues have tripled since 2008, and Modern Media, a magazine publisher whose Shanghai headquarters contains works by British artists Tracey Emin and Damien Hirst.

In contrast to Bolton, Hugh Young, head of Aberdeen Asset Management in Asia and one of the region’s most experienced fund managers, says he rarely finds attractive Chinese companies in which to invest: “Just because a country’s economy grows dramatically doesn’t mean that you’ll make lots of money in the stock markets.”

. . .

Analysts say part of the problem is the ferocity of competition, which squeezes profits. Take mobile phones: besides global names such as Nokia, Samsung and Apple, China boasts more than 840 mobile phone brands, according to Group M, the media investment agency. Consumers can choose from more than 11,000 mobile phone models and buy smartphones for less than $20. Picking a winner out of that lot is likely to be difficult even for the smartest investor.
£460m

raised by April 2010 for Bolton’s China Special Situations fund

One of Bolton’s oldest supporters, 87-year-old Harold Killingback, from Oakham, Rutland, believes he will bounce back. Killingback first invested £3,000 in Bolton’s UK fund in 1980, just months after its launch. By the summer of 2006 his holding was worth £299,000. Although Killingback is disappointed in the performance of China Special Situations so far, he bought more shares in the fund last month – “only a tiny amount, but a gesture of confidence”. Killingback recalls that during brief periods of underperformance during the 1990s, Bolton kept his cool: “He said, ‘Keep your nerve’, and those of us who did are very glad we did.”

Chris Ruffle, a Yorkshireman who has lived and invested in China for decades, and recently built a Scottish-style castle in Shandong province, also reckons Bolton could well prove his critics wrong. “There is no reason why he can’t make it back,” Ruffle says by phone from Ningxia, a desert region in the north. “Everybody who comes to China pays a learning fee. That’s just the way it goes.”

Bolton is sticking to his guns. “My strategy, rightly or wrongly, is more of the same,” he says. “If I’m right about China, there’s a ton of money to come into the country and at some stage the valuations will need to be pushed up.”

Last month, Bolton extended his minimum tenure at China Special Situations by a year, to April 2014, giving him more time to claw back his losses. As we head towards Tianjin, one of more than 160 cities in China with a population over 1m, he is in reflective mood. He tells me that he feels great responsibility towards his investors and that he will be “very depressed” if his fund does not recover in the next two years. Nonetheless, he insists that he has few regrets. “If I ruin my reputation,” says Anthony Bolton, speaking softly, “it won’t be the end of the world.”

Robert Cookson is the FT’s Asia markets correspondent.

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4 : GS(14)@2012-05-24 00:02:09

4樓提及

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成日都有D XX畢菲特(XX為地方名), 真係聽到想嘔

多到是中國每一個城市都有

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5 : GS(14)@2012-05-24 00:20:24

6樓提及

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仲有 大學名, 系名, 論壇名, "呢...果個G字頭ge 會員咪就係人稱RF 畢菲特ge XXX 囉"

我都唔知乜水

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6 : GS(14)@2012-05-24 00:39:34

8樓提及

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我都唔知, 我是舉個設例

所以我唔想有巴菲特

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7 : sinting(14007)@2012-06-04 02:52:19

來自西方，嗰度個個人屋企都有兩部車、幾部電視，我哋根本唔明白中國人有幾咁渴求金錢

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8 : GS(14)@2012-06-04 21:26:38

10樓提及

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來自西方，嗰度個個人屋企都有兩部車、幾部電視，我哋根本唔明白中國人有幾咁渴求金錢

咁他有錢囉

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只需20小時　3D打印2500呎大屋

1 : GS(14)@2012-08-15 18:28:30

http://hk.apple.nextmedia.com/international/art/20120815/16605008

建築業要步入黃昏了，未來房子大有可能用3D打印機建造，只要20小時就可以「印好」2,500平方呎大宅。美國南加州大學的科學家研究3D「結構打造」（ Contour Crafting）技術（圖），用可移動起重架，將房子由牆壁線、以至電線和喉管等，逐「層」打印出來。科學家指出，相比起現時的建築方法，嶄新打印技術省時省錢，不但可在天災後迅速為災民提供容身之所，甚至可應用到太空探索，在月球以至火星上迅速建造出基地。
英國《每日郵報》

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傳媒股唔是投資好對象 3D數碼恐一路向下

1 : GS(14)@2012-09-21 00:08:51

傳媒股唔是投資好對象
http://hk.apple.nextmedia.com/financeestate/art/20120920/18020370
《一路向西》作為「高登第一甜故」，電影未開拍已經廣受注目，料有機會繼《3D肉蒲團之極樂寶鑑》後，成為另一部賣座影片。3D數碼於《一路向西》上映前夕的昨日，股價上漲15.8%至2.2仙，成交增至769萬元，似乎有投資者憧憬電影賣座而買入該股。
《肉蒲團》未助虧轉盈
3D數碼於今年3月12日的公告指《一路向西》預計投資額600萬元，遠低於《3D肉蒲團》逾3000萬元成本。事實上，《3D肉蒲團》去年4月上映亦甚為賣座，累積票房達到約4100萬元。公司主席蕭定一曾向傳媒透露，加上外埠，該電影預計賺2000萬元，亦曾表示3D數碼將可於2011年扭虧為盈。
不過，中國3D數碼於2011年6月底止全年業績便「原形畢露」，其製作《3D肉蒲團》的公司新益國際，全年營業額4214萬元，與電影票房相符，但竟錄虧損707萬元，業績內全沒披露細分成本項目。至於3D數碼全年則蝕3866萬元，而截至2011年下半年，公司亦持續虧損962萬元，換言之，3D數碼從來沒有轉盈過。
本報記者曾致電3D數碼，詢問今次《一路向西》會計處理手法會否相同，但截稿前未有回覆。假若以相同入賬手法，3D數碼的盈利表現未許樂觀。
電影賣座　股東冇著數
至於電影能否帶動股價表現，相信同樣令投資者失望。《3D肉蒲團》於2011年4月14日上畫，上映前截至3月25日為止的一週，股價曾勁升1.6倍，但於上畫後，股價已幾乎打回原形。至於正式上映當日開始，股價就一路向下，兩週內便已經急瀉5成，無論票房如何賣座，股價亦無半點利好。
電影賣座股東冇份享受成果，並非3D數碼獨有。另一間有投資電影的上市公司太陽國際（8029），旗下太陽娛樂集團今年只有由任達華及吳鎮宇等主演的《熱愛島》上映，票房排名從未晉身十大。對於近期曾奪三週本港票房冠軍的《低俗喜劇》，公司執董李志成向本報記者表示：「《低俗喜劇》係太陽娛樂文化嘅，同我哋上市公司全冇關係。我地以前（娛樂業務）叫太陽娛樂，家《低俗喜劇》嗰個叫太陽娛樂文化，（太陽娛樂文化）係主席私人投資。」可見票房慘淡的電影，上市公司便有份，賣座電影就沒有上市公司的份兒。
主業不濟　電影股仍喪炒
．中國3D數碼（8078）今年3月公佈開拍《一路向西》，隨即宣佈派紅股，除權日炒高，然後洗倉
．意馬（585）動畫電影《阿童木》09年票房慘敗，翌年引梁伯韜入股，股價曾經4日瘋狂炒高6倍
．比高（8220）09年引周星馳入股，2010年初股價曾炒高兩倍，至今卻未有電影推出

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2 : GS(14)@2012-09-21 00:09:33

http://hk.apple.nextmedia.com/financeestate/art/20120920/18020372


電影股欠盈利基礎，因此變為以財技將股價舞高弄低，體現上市公司價值。以中國3D數碼（8078）為例，該股過去一年進行過合股、配股及派發紅股。該公司於3月12日公佈取得《一路向西》的電影版權，股價翌日急升24%至0.108元，然後公司再於3月30日建議發行紅股，於除權日5月24日開始一連兩日炒高近八成至0.143元，其後6月8日紅股正式買賣之前，便開始洗倉，股價一度跌至2仙樓下。
另一經典例子莫過於意馬國際（585），該公司早年斥3億元投資動畫電影《阿童木》。電影於09年10月23日上映前，8月中至9月中期間股價炒起，升幅近倍，然後高位逐步派發。結果《阿童木》上畫於北美票房表現慘淡，拖累股價於上畫後的首個交易日勁挫37%，其後兩月進一步下跌六成，神話徹底幻滅。
意馬滑鐵盧成經典

惟意馬股價於不足一年內便靠財技翻生，該公司2010年2月引入梁伯韜聯同鍾楚義為新投資者後，即宣佈10合1後1供4股，於4月9日供股除權便喪炒貨源歸邊，四個交易日累積爆升六倍，由電影股的經典，演變成為炒財技的另一經典。


http://hk.apple.nextmedia.com/financeestate/art/20120920/18020373


雖然本港電影近年多次揚威海外，但上市公司沾手電影業務，往往凶多吉少，強如有票房賣座保證的周星馳，借殼入股比高集團（8220）至今逾3年，與當初傳出入股之前比較，股價仍下跌了28%，似乎周星馳於電影行業施展的魔法，未能為上市公司帶來價值。
最近文化中國（1060）宣佈與周星馳合作拍片，於7年內投資5部「星爺」有份參與的電影；前者並出資3800萬元人民幣，認購由周星馳導演、編劇及監製的新片《除魔傳奇》30%股權，不過，以電影股的往績來看，比高以至文化中國的前景，仍未值得樂觀。
華誼不跌已成奇葩

另一隻近年觸目的電影股，可謂A股華誼兄弟，該股於09年10月30日首日掛牌，股價勁升150%，至19.669元（人民幣．下同）（計及上市後兩次派發紅股的影響），其後股價波幅一直不大，接近3年時間內，僅於13元至22.5元之間徘徊，以前收市價16.84元計算，其首日收市至今下跌了14.4%，但仍顯著跑贏內地滬深300指數同期31.5%跌幅。雖然股價沒起色，但已算是電影股之中的奇葩。

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3 : wfleoli(7692)@2012-09-21 20:50:34

單靠電影製作為經營模式的公司是好有問題的，現金流不穩定，除非好似美國荷裡活的公司咁，可以批量生產。但香港電影公司沒這個能力，華誼兄弟相對比較穩定。

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4 : GS(14)@2012-09-22 11:03:41

3樓提及

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單靠電影製作為經營模式的公司是好有問題的，現金流不穩定，除非好似美國荷裡活的公司咁，可以批量生產。但香港電影公司沒這個能力，華誼兄弟相對比較穩定。

極依賴人的生意也不值這麼高的PE... 如果他只做戲院或者可以考慮下

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3D打印百合匙可開數百萬門鎖

1 : GS(14)@2014-09-01 18:05:19

開鎖今後變得更容易，因為外國工程師韋耶斯及霍勒利用自創電腦軟件Photobump及3D打印機，製造一條可開啟數百萬個門鎖的「百合匙」（圖），一匙在手就可行走天下。只要拍下門鎖照片，再提供門鎖深度等資料，就可用Photobump設計百合匙，再用3D打印機將它印出來。只要插入鑰匙，用鎚輕敲匙尾，邊敲邊扭就能開鎖。韋耶斯及霍勒強調製作這條百合匙，並非教賊人入屋爆竊，亦無意公開Photobump軟件，只是想警告世人傳統門鎖已不再安全，呼籲門鎖製造商製造電子鎖或其他更安全的門鎖。英國《獨立報》




來源: http://hk.apple.nextmedia.com/international/art/20140901/18851907

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【科技籽】 iPhone都有頭戴式裝置玩　隨時隨地睇3D電影

1 : GS(14)@2015-05-20 08:52:05

頭戴式裝置早前僅限特定Samsumg手機及Playstation，會用的人不多。不過，最近本地眼鏡店舖Visual Culture與著名鏡片廠蔡司（Carl Zeiss）合作，推出別注版Zeiss VR One，是個可放入任何4.7至5.2吋手機的頭戴式裝置，即iPhone6、Samsung S5及Sony Z3都用到，價錢亦尚算親民。將手機插入VR One後，電話屏幕分成兩格，但從裝置內近距離觀看時，畫面會變成一個大屏幕，用家可利用眼球轉動及聚焦來操控裝置，毋須touch screen。由於裝置相當接近眼球，臨場感極強。而且便攜的VR One能夠播放3D電影，如能配合高質音響，當真可隨時隨地投入電影世界。另外，VR One還有一系列小遊戲，如射喪屍及運動系列，要求你戴住裝置郁動，算是新奇體驗。



價錢:$1,580



記者：臧諾





來源: http://hk.apple.nextmedia.com/su ... t/20150520/19153225

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在家3D掃描　$600製雕像

1 : GS(14)@2015-06-18 08:19:09

■Vakulenko展示12秒便完成掃描的Artec Shapify Booth系統。夏家朗攝


【本報訊】3D掃描技術越趨普及，由跨國公司Artec3D研發的「Artec Shapify Booth」，更號稱只需兩小時就可完成打造3D模型，是現時全球最快捷的3D掃描及打印系統。該系統另有入屋服務，用家只需在家中使用Kinect鏡頭掃描，就可度身訂做一個迷你版「自己」。


■圖為其1:12模型。

2小時打印模型

Artec3D商業發展副主席Andrei Vakulenko表示，該公司新研發的「Artec Shapify Booth」有技術上的突破，儀器只需12秒就能完成高解析度的全身掃描，而且電腦會自動修復錯誤數據，省卻後期修補影像的工夫，只需2小時左右就能打造各種模型。
Andrei表示，技術現時更做到入屋掃描，用戶只需從網站www.shapify.me下載免費軟件，將Kinect接駁電腦，對着鏡頭轉8個角度，就可成功掃描3D影像，系統會將資料傳送到Artec3D打造3D模型。模型視乎大小收費（運費另計），例如1比12約600港元、1比8約1,200港元。
Artec3D表示，目前正跟香港中文大學合作，利用該公司研發的手攜式掃描儀技術，進行醫學研究，相信可在醫療和文物保育上起更大作用，如掃描儀能在不接觸文物下，複製出像真度極高的數碼版藏品。該公司又計劃搶攻主題樂園市場，日後遊客或可以打扮成不同電影角色，利用「Artec Shapify Booth」即場打造屬於自己的角色模型。 ■記者呂家敏



蘋果20年　企硬我敢言
http://20.appledaily.com





來源: http://hk.apple.nextmedia.com/news/art/20150618/19188667

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