Secrets and career moves

My sister really can keep secrets. And make the right career moves.

No wonder she was flying between their regional offices frantically the last few weeks. While messaging and updating her on father’s latest condition after his third fall in two weeks, I was surprised to learn that she was in Vietnam one day, and the Philippines the next.

And there I was still wondering whether she had been wise to join a start-up, quite a departure from the usual pedigreed companies and company she seeks.

Alibaba Expands in Southeast Asia With $1 Billion Lazada Deal

  • Control of Lazada adds operations in 6 Southeast Asian markets
  • Alibaba buying stock from Rocket Internet, Tesco, Kinnevik

Alibaba Group Holding Ltd. is making its largest overseas investment with a $1 billion deal for control of Lazada Group SA, taking the Chinese e-commerce giant to Southeast Asia and closer to a goal of shedding its home-market reliance.

China’s largest online emporium will pay $500 million for new shares in the closely held company and purchase an equal amount from existing investors, Alibaba said in a statement. Investors selling include Germany’s Rocket Internet SE, British supermarket chain Tesco Plc and Investment AB Kinnevik.

The Chinese company is buying its way into a region on the cusp of an online shopping boom, as fast-growing mobile and Internet usage propels consumer spending. Billionaire Alibaba Chairman Jack Ma has set a goal of getting at least half the company’s revenue from overseas, with the Lazada deal adding sales of clothing and electronics in six Southeast Asian markets.


Buying Its Way In

Founded in 2012 by Rocket, Lazada operates in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Indonesia, where it competes with Tokopedia and MatahariMall, is Southeast Asia’s largest economy with 256 million people.

Alibaba will be wading into a market where no single player yet dominates. While Southeast Asia’s growing affluence is expected to fuel growth in online shopping, many countries in the region still lack the transport and payments infrastructure so crucial to the widespread adoption of e-commerce.

“Overseas expansion requires a lot of investment in logistics, it would take Alibaba much longer to build the business from the ground up,” said Li Yujie, an analyst with RHB Research Institute Sdn in Hong Kong. “What Alibaba could do is integrate the businesses and introduce more existing merchants to Lazada to export their products overseas.”

The deal also includes options to buy out certain Lazada shareholders in a 12 to 18 month period after the deal closes, it said. Credit Suisse Group AG advised Alibaba and Goldman Sachs Group Inc. was financial adviser to Lazada.



Rocket Internet SE Sells 9.1% Stake in Lazada for USD 137 million

Corporate News: Rocket Internet SE / Key word(s): Disposal
Rocket Internet SE Sells 9.1% Stake in Lazada for USD 137 million

12.04.2016 / 07:59
Dissemination of a Corporate News.
The issuer is solely responsible for the content of this announcement.


Rocket Internet SE: Quasi Ad hoc Announcement pursuant to Sec. 19 para. 1 lit.
c) of the General Terms and Conditions of Deutsche Börse AG for the Regulated
Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse

Rocket Internet SE Sells 9.1% Stake in Lazada for USD 137 million

Berlin, Germany, April 12, 2016 – The Management Board of Rocket Internet SE
(“Rocket Internet” or the “Company”) (ISIN DE000A161KH4) decided, to sell 44 %
of its shares (9.1% on a fully diluted basis) in Lazada Group S.A. (“Lazada”)
for a cash consideration of USD 137 million to Alibaba Group Holding Limited
(“Alibaba”). In addition Lazada secured USD 500 million in new funds from
Alibaba at a USD 1.5 billion equity valuation. Alibaba will become the
controlling shareholder of Lazada. As part of the transaction, Rocket Internet
SE has also entered into a put-call agreement with Alibaba, giving Alibaba the
right to purchase, and Rocket Internet the right to sell the remaining fully
diluted shareholding in Lazada of 8.8%, between 12 and 18 month after the
closing of the transaction at fair market value.


Contact Rocket Internet

But some other “secrets” or arrangements she can keep to herself and the old man, or go fly a kite with it or whatever. I’m not interested. He has always doted on her and she has always been his favourite anyway. I will just carry on and do what I have to do. It has never been about him, or doing it for him, or for her/her family/her children. I am doing all this only for Mum.

Okay, maybe I’m doing it for her kids. My nephew and niece are really cute.

孟庭葦. 無聲的雨.手語.看雨

My favourite female Mandarin singer in secondary school. Had previously prepared many series of video montages of her songs in the draft folder, of rain and the seas, of clouds and the moon, but just never posted them. Too precious, couldn’t bear to share.

Not exactly the right season for these songs right now, but ah well…

孟庭葦 無聲的雨:


孟庭葦 手語:

And of course, her more famous rain song, still as a fresh-faced and petite girl with short-cropped hair, and a kooky and bookish/artistic je ne sais quoi…

孟庭葦 冬季到台北來看雨:


…and her later, more mature, and long-haired revisit of the same song. Which adds a poignant layering and brings out the wistful lyrics even better.

孟庭葦 冬季到台北來看雨 II:

Sigh. Nice.

Virtu Financial Expects to Have Among Biggest, Most Profitable Days in Its History Amid Market Rout

Virtu Financial Inc., one of the world’s largest high-frequency trading firms, was on track to have one of its biggest and most profitable days in history Monday amid a tumultuous 24 hours for world markets, according to its chief executive.

“Our firm is made for this kind of market,” said the CEO, Douglas Cifu.

Virtu and other such trading firms, along with exchanges, emerged as early beneficiaries of the heightened volatility and volume caused by investor unease over China’s economy and a growing belief that the U.S. Federal Reserve might not raise interest rates at its meeting next month.

The U.S. stock market fell sharply in early trading, but regained most of its losses over the morning. The Dow Jones Industrial Average was down 3.9% to 15,815.49 points as of about 3:30 p.m. EDT.

“These are the kinds of days that everyone here is working for,” said Brian Donnelly, CEO and founder of the options-focused firm Volant Trading. “It’s probably our best day since” the 2010 flash crash, when markets fell sharply before recovering quickly.

Firms that make markets–meaning they simultaneously offer to buy and sell stocks, bonds, currencies or futures with the hope of collecting the difference between those prices–often perform especially well in choppy market conditions.

Such firms have been controversial among some investors and investigated by regulators because of a perception that they have an unfair advantage over other investors. High-frequency trading firms vary in their approach, but they usually rely on high-speed data connections and use algorithms to trade automatically using their own capital. They have grown in the past decade to be a major force in trading exchange-traded securities and derivatives around the world.

Executives from high-frequency trading firms have argued they provide liquidity to investors and have made trading cheaper by reducing the spreads between bids and offers across the markets.

“The very best conditions for [high-frequency trading firms] is when markets are going up and down with high volume,” said Rich Repetto, an analyst at Sandler O’Neill + Partners, L.P.

Exchanges would also benefit from the increased trading, he said. CBOE Holdings Inc. was especially well positioned because it is the only venue where investors can buy and sell the Chicago Board Options Exchange Volatility Index, or VIX, which was up more than 20% to 33.77 midafternoon.

At Virtu, Mr. Cifu started taking calls about big trading in Asia on Sunday afternoon. After going to bed at 1 a.m., he woke at 4:30 a.m. to prepare for what was promising to be a major day in Europe and the U.S. Virtu is purely focused on market making and trades on more than 200 markets around the world, including most recently on China’s commodity market.

As of Monday the firm was on track to trade in the high hundreds of millions of shares and millions of futures contracts around the world, Mr. Cifu said. It bought and sold securities and derivatives from Shanghai to Chicago.

Some high-frequency trading firms fine-tuned their algorithms Monday to handle the flood of trading and stood ready to buy from an onslaught of sellers. The other large high-frequency trading firms include Jump Trading LLC, Hudson River Trading LLC, Quantlab Financial LLC, Tower Research LLC, and Global Trading Systems Inc.

“We were catching those falling knives,” said Ari Rubenstein, co-founder of Global Trading Systems.



“Black Monday” Brings Global Market Rout [24th August 2015]

It started in China…
[SSE-CSI300-Shenzhen — SSE -8.5% CSI300 -8.8%]



Continued in Europe…



And then catastrophied in The US…



The crash in stocks at the open appeared as much driven by a collapse in USDJPY – JPY carry unwinds – which ripped back and lifted stocks…



Cash indices ripped back off the lows and Nasdaq ‘touched’ unchanged on the back of AAPL… before it all fell apart again…



年少时候 When we were young

Pat, Yu, Qing…Hope you guys enjoy national day this weekend, wherever you are.

This year is SG50, celebrating Singapore’s fifty years of independence. Remember when we were involved 25 years ago in the NDP 1990 Silver Jubilee Spectacular celebrations, for Spore’s 25th year of independence? We had to wear those rough and prickly costumes of silvery tops and shorts, and run around the field at National Stadium while waving a silver flag, to the commands of the American lady choreographer (who did that famous British Airways ad showcasing mass coordinated displays). And we had to do that for hours under the hot sun during rehearsals several times a week for 6 months, leading up to National Day itself. The only good thing was, RGS and RJC were involved as well.

Singapore 25th Anniversary (NDP 1990) Silver Jubilee Spectacular:

[our segment starts 45:35]
RI boys and RGS girls in shorts and waving the short flag, RJC girls and boys in long pants with the long-pole flags.

Oh God, that third song at 50:00, I remember it so well. 1, 2,…swirl the flag…3, 4, turn and swirl the flag…

I remember my main position was at the far line of the back border. Spent so much time in that spot under the merciless sun waiting and waiting during rehearsals. Regrettably, far from the RGS girls.

I can’t believe its been 25 years.
细水长流 – 梁文福:




年少时候 谁没有梦 无意之中 你将心愿透露
就在你生日的时候 我将小小口琴送 最难忘记 你的笑容
友情的细水慢慢流 流进了你我的心中
曾在球场边为你欢呼 你跌伤我背伏
夜里流星飞渡 想像着他日的路途 晚风听着我们壮志无数

年少时候 谁没有愁 满腔愤慨 唯有你能听得懂
每当我失意的时候 你将那首歌吹奏 琴声悠悠 解我轻忧

岁月的细水慢慢流 流到了别离的时候
轻拍你的肩 听我说朋友不要太惆怅
霓虹纵然再嚣张 我们的步履有方向 成败不论切莫将昔日遗忘

多年以后 又再相逢 我们都有了疲倦的笑容
问一声我的朋友 何时再为我吹奏 是否依旧 是否依旧

人生的际遇千百种 但有知心长相重
人愿长久 水愿长流 年少时候

And the female version. I liked this version ever since I watched it on TV many years ago, with its old classroom setting; and probably because it featured 蔡礼莲. I adored her voice back then, when she was an aspiring 新謠 Xinyao singer still hoping to become a full-time singer and recording artist, before she became a full-time radio DJ and part-time singer. She came to my school when I was in Sec One for a 校园演唱会 campus concert, and I’ve been a fan ever since. At least, can still hear her sweet voice over the airwaves. (I especially liked one song of hers, a song with 回文叠行字.)
And Joi Chua 蔡淳佳 is not bad too. Soothing voices.

细水长流 Xi Shui Chang Liu (MV) by 蔡礼莲 蔡淳佳 唐玉璇:

小時了了 大未必佳

新謠 – Xinyao – Singapore Folksongs

我們這一班 顏黎明 – Our Class by Yan Li Ming:

我們這一班 – 顔黎明


直到有一天 大家都畢業時

我們這一班 上課不專 望著籃球場
我們這一班 測驗偷看 分數都一樣
我們這一班 崇拜偶像 老師地話我們丟一旁
因為小時了了 大未必佳