It is easy to gripe about market froth; it is harder to tell where speculative fever begins and genuine growth ends. Consider Hong Kong-listed software maker Kingdee. On Monday, Chinese eretailer JD.com took 10 per cent of Kingdee, and the two announced a partnership. Tencent — JD.com’s largest investor — Alibaba and Baidu work with Kingdee already. Last month, Amazon signed a pact with Kingdee to push cloud computing in China.
抱怨市場出現泡沫不難，難的是說出投機狂熱始于何處以及真實增長止于何處。來看一下在香港上市的軟件制造商金碟(Kingdee)。周一，中國電商集團京東(JD.com)收購了金蝶10%的股份，同時兩家公司還宣布建立合作關系。騰訊(Tencent，京東最大的股東)、阿里巴巴(Alibaba)和百度(Baidu)都已與金蝶建立了合作關系。上月，亞馬遜(Amazon)與金蝶簽署了一項在華推進云計算的協議。
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