Tom Online In Downward Spiral TOM在线每况愈下
As a former specialist reporter in high-tech companies, I just had to take time for a quick look at the latest rumblings around Tom Group (HKEx: 2383), the one-time high-flying media company backed by Hong Kong billionaire Li Ka-shing, whose online unit appears to have entered a massive downward spiral. Most people stopped following Tom Online several years ago when the Beijing-based company officially de-listed from the Nasdaq and was re-integrated with its parent, which thought that investors were unfairly undervaluing the unit’s shares. Chinese media are now reporting that the former Tom Online has just implemented a round of major layoffs, gutting its online sports division, which follows another recent round of big layoffs. (English article) Frankly speaking, I’m not sure what — if any — of Tom Online’s units are doing well these days, as it’s rarely mentioned anymore as a serious player in any of China’s major Internet spaces. The company shot to fame on the back of its value-added services for mobile phone users, but crackdowns by the mobile carriers, in their quest to fight spam, have killed that source of business over the last few years for most companies, not only Tom but also for the likes of Sina (Nasdaq: SINA) and Linktone (Nasdaq: LTON). Tom Online’s other major claim to fame was its joint venture with eBay (Nasdaq: EBAY), formed five years ago to operate eBay’s online auction site that once dominated the market but later struggling due to pressure from Taobao. My sources tell me that eBay is likely to cut its ties with Tom at the end of this year when an exclusivity agreement ends, dealing yet another blow to the company. If it fails to turn things around very soon, Tom Online sounds like it could very well be in the midst of a death spiral.
Bottom line: Tom Group’s online unit is struggling for direction, and could be in the midst of a death spiral unless it can quickly revitalize its business.
因为以前做记者时曾负责跑科技企业，因此对於Tom集团<2383.HK>的动向总是会习惯性地浏览一下。这家媒体公司一度在李嘉诚的支持下雄心勃勃，但其在线部门现在似乎每况愈下。大多数人在该公司几年前以其股价被市场过度低估为由正式撤出纳斯达克、重新融入母公司後，就已不再关心Tom在线了。中国媒体现在报导，前Tom在线公司又要大规模裁员，体育频道是重灾区。坦白说，我不确定Tom在线近来还有哪个频道表现良好，中国互联网业界已经很少有人把Tom在线作为重要企业提及了。该公司靠为手机用户提供增值服务成名，但手机运营商过去几年中打击垃圾邮件的工作扼杀了很多公司的业务来源，除Tom之外还有新浪<SINA.O>、掌上灵通<LTON.O>等公司都深受冲击。Tom在线另外一个重要的成名举措就是五年前与 eBay<EBAY.0>建合资企业，运营eBay的网上商城。曾几何时该商城主导了中国市场，但後来难敌淘宝的竞争而举步维艰。消息人士告诉我，今年年底专营协议到期後，eBay可能切断与Tom的关系，从而将令Tom再遭重创。如果无法很快扭转颓势，Tom在线恐将时日无多。
一句话：Tom集团在线部门正在苦苦寻找航向，而如果无法迅速扭转业务，公司可能就距死期不远了。
Related postings 相关文章:
◙ Alibaba, eBay Lovefest Over as eBay Rethinks China 阿里巴巴和eBay的蜜月期结束
◙ Taobao Split: Separating Wheat From the Chaff 淘宝一分为三 如何取其精华
◙ Unicom Builds Legitimacy with Sina Tie-Up 中国联通联手新浪
