Dropbox新浪邮箱登陆首页
新浪邮箱登陆首页 时间:2021-04-21 阅读:(
)
SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage1Summary:UsingGoldpebbleWeiboActivityMonitoringSystem(GPWAMS),weseeWeibouseractivitieshavebeengrowingoverthepastmonths.
Weibopayingenterpriseusershassurgedwhiledaily/monthlybloggingusergrowthhasdecelerated.
TotalWeibousers,dailybloggingusersandmonthlybloggingusersreachedanewhighof363mn*,14.
7mn*and50.
9mn*respectivelyinDecember2012.
Thenumberofenterpriseusersacceleratedto354k*from328k*inNovember.
Thenumberofpayingusersmorethandoubledfrom308k*inNovemberto691k*inDecember.
Thebearviewisthatthefast-growingTencent(HKEX:0700)WechatapphastakenamajorityusersharefromWeibo.
Wedisagreeafterlookingintothereasonsbehindtherecentpayingusersurge.
Sixty-eightpercentofWeibouserslogontoWeibowithamobilehandsetnow.
WiththeCEOinchargeofWeibobusinessandthewholecompanyfocusingonmobiledeviceusage,2013willbethestartoftheplatform'smonetization.
Atthesametime,Sinahasspeduptestingitsnewformsofsocial-basedadvertising(midJan,2013),releasedits'Like'buttonfeaturetothird-partywebsitesandapps(earlyJan,2013),addedanappstoreonitsWeiboapp(midJan,2013),harshlycrackeddownontheunofficialadvertisementactivities(midJan,2013),andactsasasalesplatformforSmartcarsandXiaomihandsets.
WeestimatedtherevenuefromWeibo'sbanneradsforbrandingclientswillbelimitedbyitsdisplayspaceandcappedat$371mn*peryearbasedoncurrentuseractivitiesandratecard.
Sinaneedstodevelopasocial-basedadvertisingsystemtoincreasetherevenuefromSMEswithoutcompromisinguserexperience.
WethinkSinaisreadytoreleaseprioritydisplayonfollowers'pagesandistestingsuggestedposts,locations,andsearchresultrecommendations.
ThesefeaturesarebasedonaverysimilartechnologyframeworkthatFacebook(NASDAQ:FB)hasimplemented.
ThefixedbanneradvertisingclientofWeibooverlapswiththesina.
com.
cnportal.
WehavebeencountingWeibo'sadvertisingbannersonPC,AndroidphoneandiPhoneforthepastseveralweeks.
WefoundWeiboalreadypenetratedover60topglobalbrandsSINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage2aswellastoplocalbrands.
Wefurtherdidascreenoftopglobal500brandsto219*andgotWeiboenterpriseaccountswithanaverageof334k*fans/followers.
Chinahasitsuniqueculture,internetdevelopment,consumptionpattern,andonlinespendingbehavior.
ThemonetizationpathSinaisfollowingisunprecedentedinChina.
Weiboisdoingmorethanadvertising.
Welookedintoitsmonetizationofits229*webgames,15,697*WeiboappsandAndroidappstoreinsidetheWeiboapp,andrecentlyfulfilledsalestransactions.
AstrategicpartnershipwithcurrentP4PsearchproviderslikeBaidu(NASDAQ:BIDU)(searchlinks)orAlibaba(TaobaoThroughTrain)maybringmutualbenefitstobothparties.
Baiduisthelargestonlineadvertisingplatformwithmorethan$1billioninquarterlyrevenueandTaobaoThroughTrainisearningaround$700million*inquarterlyrevenue.
Sina,with$100millionearnedfromfixedbanneradsfromtheportaland$20millionfromfixedbanneradsonWeibo,mayinstantlymonetizeitstrafficwhileBaiduand/orAlibabacannotonlygetrevenuebutaccessthetrafficofoneofthebestmobileappsinChina.
Alibaba'sTaobaoandSina'sWeiboarealreadyreferringtwo-waytrafficleadstooneanother,thuscreatingmoresynergybetweenthetwo.
IthasbeenconfirmedbyseveralmediareportsthatAlibabaandBaiduarebothintalkswithSinaaboutbuyingapartofWeibo.
SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage3WeiboUserActivitiesPlateauing,ataVeryHighLevelGoldpebbledevelopedGoldpebbleWeiboActivityMonitoringSystem(GPWAMS)inSeptember2012andisabletorandomlysamplemillionsofWeibouserspermonth.
Withthissystem,wedidaresearchin2H12aboutWeibo'susersandfoundthemajorityofWeibo'sregisteredusersaredormant(or'zombieusers').
Atthesametime,Wechatgrewitsnumberofuserssignificantlyto300mn,withlessthanhalfofthetimeasWeibo.
InvestorsareinterestedintryingWechat,andthusimageWeibo'sactivitiesaredeclining.
Itisatypicalbiasofownexperience.
Chart:SinaRegisteredUserandTencentWeiboRegisteredUserSource:Sina,TencentOurGPWAMSdatashow,however,Weibouseractivitiesarestillgrowing,thoughataslowerpace.
Butthenumberofpayingusersandenterpriseusersisstillincreasingataveryhighspeedmonthovermonth.
Wesawtotalusers,dailybloggingusersandmonthlybloggingusersreachednewhighto363mn,14.
7mnand50.
9mnrespectivelyinDecember2012.
Thenumberofenterpriseusersacceleratedto354k.
Thenumberofpayingusersmorethandoubledfrom308kto691kinDecember.
SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage4Table:UserActivitiesforOcttoDec,2012Source:GPWMS,www.
goldpebble.
comThepayingWeibousersgot24features.
Mostofthefeaturesare'ornaments,'buttherearecertainfeatureswithgoodutilizations.
Forexample,SinalaunchedmorespaceofWeidiskforpayinguserssincemid-September2012.
Thepayingusercanget100GBto1TBofcloudstorageforfree.
Withthe10RMBpermonthWeibopayinguserfee,theWeibopayinguser'scostforcloudstorageismerelyafractionofDropbox's$19.
99-$49.
99permonthfor100-500GBstorage.
Chart:WeiboPayingUserPrivilege1.
IdentityPrivilege:Exclusivesymbol,Exclusivetheme,Exclusivemedal,Exclusivenumberaccount,Exclusivecustomerservice2.
FeaturePrivilege:Blockfunction,Priorityweibo,Increasetheuplimitofgroupfunction,Acceleratinggrowthlevel,Recommend,User-definedcoverpage,Priorityplacedisplayedatfriends,HugestoragespaceinWeidisk,Increasetheuplimitoffollow,Followsecretly3.
MobilePrivilege:Voiceweibo,Specialfollowfunctionwithsms,Birthdayremind,Exclusivethemeonclientsoftware4.
SaftyPrivilege:Smssecurityremind,Smspasswordreset5.
GamePrivilege:Exclusivegamegift,GameprivilegecardSource:Weibo.
comOrganizationRestructureBoostWeiboMonetizationSINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage5Attheendof2012,CharlesCao,CEOofSina,announcedorganizationrestructureofSina.
Inanopenlettertohiscolleagues,heillustratedthestrategyof'MobileFirst'in2013forSina.
Thecompanywillbedividedintotwobusinessunits.
CharlesCaoistheheadofWeibobusiness,andtheCOO,HongDu,istheheadofitsportalbusiness.
TheWeiboappisoneofthemostpopularapp'sonmobilehandsetsinChina.
AccordingtoSina,Weibohas42mndailyactiveusers,andthedailyaverageusageforanactiveuseronWeiboisaround1hour.
Inarecentconferencecall,Sinasaidthat68%ofWeibouserslogtoWeibowithamobilehandset(47%logontoWeibowithaPC).
Withthewholecompanyfocusingongoingmobile,2013willseesomeofWeibo'smilestonedevelopments.
Atthesametime,Sinahasspeduptestingitsnewformsofsocial-basedadvertising(midJan,2013),releasedits'Like'buttonfeaturetothird-partywebsitesandapps(earlyJan,2013),addedanappstoreonitsWeiboapp(midJan,2013),harshlycrackeddownontheunofficialadvertisementactivities(midJan,2013),andactsasasalesplatformforSmartcarsandXiaomihandsets.
SocialBasedMonetizationAccelerating,targetingSMEsWeibostarteditsmonetizationinQ22012andrecorded$10mninadvertisingrevenueforQ22012and$20mninadvertisingrevenueforQ32012.
CurrentWeibomonetizationismainlyfromfixedbanneradvertising.
Theclientsareallbrandownerswhoadvertiseforthepurposeofbranding.
AlthoughWeiboadvertisementrevenueisstillgrowingveryfast,weareinevitablyseeingthebottleneckofthelimitedfixed/banneradvertisementinventory.
Giventhatthereare42mndailyactiveusers,andthateachuserwillseeroughlysixbannerseveryday,therewillbe252mnviewsperday.
Togetherwithanaverageof25RMBperCPM,dailyrevenuecanbetoppedatRMB6.
3mnforWeibo(or$371mnperyear).
ThisiswhySinamustdevelopotherformsofadvertisement,including,apprecommendations,enterpriseaccountrecommendations,webgameoperations,andpayinguserfeatures.
WeareseeingthatSinahasspentaloteffortondevelopingasocial-basedadvertisementsystemsoastoexpanditsrevenuepotential.
Atthesametime,social-basedadvertisementshavelessnegativeinfluenceontheuserexperience.
AlgorithmSortStartingonJune18,2012,WeiboenableduserstoreadtheWeibointerfaceinanalgorithm-sortedorderratherthanchronologicalorder.
ThisisaverysimilarfunctiontothatwhichFacebookintroducedinNovember2011.
Wethinkitisoneofthefoundationfunctionstoplugonthesocial-basedadvertisement.
SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage6Weibo/Facebookcaninsertsocial-basedadsintousers'newsfeedpanelsaccordingtotheusers'relationships,bloggingandotherprofiles.
Chart:IntelligenceSortFeatureofWeiboandFacebook:Source:WeiboandFacebookPriorityDisplayonFollower'sPanel:Thisfeatureenablesenterpriseuserstopayforeachdisplayonthetopoftheirfollower'spage.
Itwastestedbyabigbannerclientduringthesummerof2012,andSinaisgoingtoopenthisfeaturetoallits340k*enterpriseaccounts.
Thisisaverygoodmonetizationideathathurtsveryfewoftheusers;forinstance,ifauser"follows"BMWonWeibo,heorshewillseeBMW'scurrentpromotionontopofitspage.
Weareseeingtheinfrastructureforenterpriseusersarepartiallyready,andthepreliminarypricingisout(biddingbyCPFor/andCPEstartingfromRMB5andRMB0.
5each).
Chart:AdvertisementCenterforPriorityDisplayonFollower'sPanelSource:Weibo.
comSINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage7SuggestedPost:SinadidatestonSuggestedPostsinmid-January2013.
TheformisverysimilartoFacebook'swhereinitinsertsrelatedadvertisementsintothereadingpanel.
ItisfurtherenhancedbytheExpandedBlogfeaturetodisplaynotonlyashortformof140charactersbutalsothevideo,pictureandlinks.
Chart:WeiboSuggestedPostandFacebookSuggestedPostSource:Weibo.
comChart:ExpandedBlogSource:Weibo.
comSINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage8SuggestedLocation:Inthepastcoupleofweeks,Sinaisalsotestinglocation-basedsuggestedposts.
ItiscurrentlytoblendaWeiboinyourscreenbasedonyourgeographicinformationandyourfriends'check-inaction,whichdisplayswhenyourfriendhasvisitedarestaurantoraplacenearbyyourcurrentlocation.
SearchResultRecommendation:Weibostartedtorecommenditsowncontentbasedonsearchquery.
Webelieveitwillbeopentoenterpriseusersinthefuture.
Chart:WeiboSuggestedLocationPostChart:RecommendedsearchresultSource:Weibo.
com,WeiboAndroidAppFixedBannerforBrands,MobiletoCatchUpThefixedbanneradvertisingclientofWeibohasabigoverlapwiththesina.
com.
cnportal.
Theportal,sina.
com.
cn,rankednumber4inChinaand16globallybyAlexa,iscurrentlymaking$400mnayear(Weibo.
comrankedsixthinChina).
WehavebeencountingthebannersonPC,AndroidphoneandiPhoneforawholeweekandfoundWeiboalreadypenetratedalotglobaltopbrands,includingCoke,Philips,Adidas,EsteeLauder,LouisVuitton,Mercedes,JonnyWalker,Samsungaswellastoplocalbrands(Appendix1:WeiboBannersAds,thelastweekofJanuary2013).
SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage9Wefurtherdidascreenofthetop500globalbrandstofindthat219ofthetop500brandsopenedWeibowith334Kfans/followerseach.
(Appendix2:TopBrandswithWeiboAccounts)Inarecentconferencecall,Sinasaidthat68%ofWeibouserslogontoWeibowithamobilehandset(47%logontoWeibowithaPC).
FifteenpercentofuserslogontoWeibowithbothaPCandamobile.
ThemobileisalreadytheprimaryscreenforWeibousers.
However,whenwelookintocurrentadvertisementratesforWeibobusiness,wefoundthatmobileadvertisementsaremuchunder-monetized.
Forexample,WeiboPCadvertisementlistsasRMB20-40perCPM(dependingonlocationofthebanner)whilethetopbanneradvertisementontheandroidappchargesonlyRMB8perCPMandtheiPhoneappchargesonly12perCPM.
Duringouradvertisementcounts,wealsofoundfewerbannersonitsapps.
ThisfindingisinlinewiththefactthatglobaladvertisershavenotfoundsufficienttechnologytodoadvertisingonmobileversusonaPC.
WethinkwearestartingtoseeabiggergapbetweenmobiletimespentversusadvertisementbudgetinChina.
Itisouropinionthatthisgapwillbenarrowedovertime.
Chart:MajorBannerRateCardTopBanner(PC):RMB40/CPMActivityBanner(PC):RMB25/CPMSINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage10LoginBanner(PC):RMB35/CPMTopBannerforAndroidApp:RMB8/CPMTopBannerforAppleApp:RMB10/CPMSource:SinaRateCard,November–December2012Rooteddifferently–DiversifiedMonetizationforChina'sUserEventoday,investorsaremakingthecomparisonbetweenWeiboandTwitterbecauseofthe140-characterlimitanditsappealtothepublic.
However,thereisonefundamentaldifference,whichisthat140Chinesecharacterscontainsignificantlymoreinformationcontentthan140Englishcharacters.
TheinformationentropyofChinesecharactersis11.
3whiletheinformationentropyofEnglishcharactersis4.
7.
WiththeSINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage11expandedblogfeature,theinformationoneWeibopostcancontainfarmorethanoneTwitter.
Chinahasauniqueculture,averageincomelevel,internetdevelopment,andonlinespendingbehavior.
ThemonetizationpaththatSinaiscurrentlyundertakinghasneverbeenpracticedinChina.
Sinaistryingtomonetizeinitsownway.
Weibo'smonetizationisatitsearlystage,comparedwithFacebookandTwitter.
Morenotably,Weibo'scurrent$20mnquarterlyrevenuecomesmainlyfromfixedbanners,whileFacebook'sandTwitter'srevenuecomesmostlyfromsocial-basedads.
SinceWeibo'smonetizationjuststarted7monthsago,itisfarlessthaneventhecombinedrevenuesofFacebookandTwitter.
Table:AdvRevenue,perUserRevenueofWeibo,FacebookandTwitterSource:SinaQ32012result,GoldpebbleWeiboMAUestimate,FacebookQ42012result,TwitterAnnouncementWeareseeingmanymorerevenueformsforSinaWeibothanTwitter.
Besidesbanneradvertising,social-basedpriority/suggestedposts,andthepayinguserscheme,weareseeingthatWeiboisgeneratingrevenuefromwebgames,openplatformapps,Weiboappstore,andfulfilledsalestransaction.
WebGame:WeibolauncheditswebgameplatformonJuly18,2011.
Itstartedfreefordevelopersandnowchargesa30%cutfromrevenuegenerated.
Currently,thereareabout229webgamesrunningonWeibo,32ofwhichgotmorethan500,000registeredusers(numberofWeibouserswhoplayedthatgame).
WeibouserscanplayandpayforthegamesdirectlywiththeirWeiboaccountswithoutotherregistration.
WeiboFacebookTwitterMAU100mn1,000mn200mnQuarterlyAdvRevenue($)20mn1,330mn100mnPerMAUpermonthrevenue($)0.
0670.
4430.
333SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage12Table:WeiboWebGameCountSource:SinaWeibo,GoldpebbleResearchThirdpartyplatform:Weiboalsomaintainsathirdpartyappplatformthatcurrentlyhosts15,697*Weiboapps.
Thoseappsareassimpleasaccount-linkfunctionstothethirdpartyapplications(onweb,mobileorPC)orascomplicatedasafullsetofsoftware.
SomeofthoseWeiboappsarestartingtochargetheirusersandthus,Weibomaychargethosedevelopersforprofitsharing.
However,thisappplatformisjusttoshowthatWeiboistryingsomeothermonetization;itisnotasprofitableasthosewebgames.
Table:WeiboAppCountSource:SinaWeibo,GoldpebbleResearchAppStorewithinWeiboApp:Justseveralweeksago,WeibointegratedanappstoreinitsAndroidapptorecommendappstoitsuserbytraditionalcategoriesandfeaturedtopics.
Itiscurrentlychargingappdevelopersforrecommendations.
No.
ofGameswithUser>1mn>100k,10mn>1mn,100k,<1mn<100kTotalCasual10342456,1516,440Life111383,2773,327Social11461422,8913,090News4526942977Tool1261051,7311,863Total2712255614,99215,697SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage13Chart:WeiboAppStoreinWeiboAppSource:SinaWeiboFulfillSalesTransaction:Weibohasbeentryingtofulfillthemerchandisetransactionssothatthesocialinteractionbetweenbrandowneranditsfollowers/fanscanfinallyleadtosales,withinthesameplatform.
ThroughWeibo,Xiaomihassold50,000handsetsjustinminutesinDecember2012andMercedessold666smartcarsjustinhoursinJanuary2013.
Thosetransactions,includingthepayment,areallfulfilledbytheWeiboplatform.
Chart:SmartCarWeiboPageSource:SinaWeiboSINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage14CoopwithAlibabaorBaidu,thegatetoimmediateSMErevenueSinceNovember,therehavebeenreportsthatAlibabaand/orBaiduareacquiringpartofWeibo.
AccordingtoaninterviewwithTongShihao,apartneratQimingVC,AlibabaandBaiduarebothspeakingwithSinaaboutbuyingapartofWeibo.
WeunderstandthatitmakesgreatsenseforWeibotocooperatewithTaobaoThroughTrainorwithBaidu'sP4Pbusiness.
Thiscanbeatriggerforvaluationrealizationinthemarket.
Sina'scurrentadvertisersarebigbrandownerswhocanaffordmillionsofdollarsinadvertisingbudgetperyear(mostlyforbranding),whilebringinginmorerevenuedependsonsocial-basedadvertisementfromSMEs.
BothBaiduandTaobaohaveexpertiseindealingwiththoseSMEadvertisers.
Baidutriedbrowser,Chineseinput,voicesearch,video,travel,musicplayer,andmapwithapps,buthasneverdevelopedahitmobileandWeibocanbeitsstrategictrafficchannelformobile.
Baiduhad390,000activeonlinemarketingcustomersin3Q12andthequarterlyrevenueforeachactivecustomerwasonlyRMB16,000.
Sinagot354kenterpriseaccountsonitsWeiboandmostofthemareSMEs.
ThecooperationbetweenSinaandBaiducanbeverycomplimentarytobothparties,especiallygiventhatBaidumade$995mnin3Q12andWeiboonlymade$20mn,whileSina'stotalrevenuewas$152mnfor3Q12.
ThiscanbeanimmediaterevenuemodelforcurrententerpriseaccountsonSina.
Taobao,althoughac2candb2cplatform,acquiresitsrevenuemainlyfromP4PTaobaoThroughTrain.
In2012,itsGMVreachedRMB1trnandweguesseditsadvertisingrevenueataround$3bn,justnexttoBaiduinChina'sonlineadvertisingspace.
TheusersforTaobaoaremostlyyoungpeoplewhileSinaWeibousersaremostlymiddleclasswhitecollars.
TherearemanyunofficialadvertisingactivitiesonWeibothatalreadyleadWeibo'straffictoshoponTaobao.
TaobaoisthebestatfulfillingitsplatformandtheAlipaysystem.
TaobaoisquitemeaningfultoWeibobusinessasitcandirectlyenableWeibotogeneratesalesforbigclientsinsomecategories,suchasgroupbuyingsitesaswellasSMEs.
SINAWeiboEnterpriseUserActivityUpdateJLWarrenCapitalwww.
jlwarrencapital.
com(001)646-398-9973Feb13,2013JLWarrenCapitalPage15Disclaimer:ThisisNOTanofferorasolicitationofoffertobuyorsellanysecurity,includingbutnotlimitedtothesecurityinvolvedherein.
Norshouldanysecuritybeofferedorsoldtoanypersonorlegalpartyinanyjurisdictioninwhichsuchofferand/orsalewouldbeunlawfulunderthelawsofsuchjurisdiction.
JLWarrenCapitalLLC("JLWarren")isNOTregisteredasaninvestmentorsecurityortradingadvisor.
Theopinionsand/orcommentsinthisreportand/orJLWarren'sresearcharepurelythepersonalviewofJLWarrenandshallbynomeansbetaken,regarded,perceivedorinterpretedinanywayasinvestor,securityortradingadviceorrecommendationorlegaland/ortaxopinions.
Readersofthisreportand/orJLWarren'sresearcharerecommendedtodotheirindependentresearchandduediligencebeforemakinganyinvestmentortradingdecisionsandunderstandthatJLWarrenwillnotandshallnotbeliableinanywayforreaders'investmentortradingdecisionsoruseofsuchreportand/orresearch.
Readersofthisreportand/orJLWarren'sresearchshouldassumethatasofthepublicationdateofanyreportorsearchand/oranypriororsubsequenttime,JLWarren,potentiallytogetherwithitsaffiliates,members,officers,employees,clientsand/orinvestors,was,isand/orwillbeinatradingposition(long,shortorneutral),whichmaynotnecessarilybeconsistentwiththeopinionsherein,inconnectionwithanysecurity,includingbutnotlimitedtothesecuritiesinvolvedherein,andmayrealizegainsinsuchtransactions.
Again,inanycase,therespectiveparties'gainsorlossesarearesultoftheirindependentdecisionsandJLWarrenshallnotbeliableforanyrelianceand/oruseofthisreportanditsresearch.
JLWarrendoesitsresearchbasedonpublicresourceswhich/who,toitsreasonablebelief,areaccurateandreliable,andarenotinsidersorconnectedpersonsorpartiesregardingtheissuerandstockhereininvolvednoranyonewhomayotherwiseoweanyfiduciarydutyand/ordutyofconfidentialityofanyformtotheissuer.
Tothebestofourcapacityandbelief,theinformationcontainedinJLWarren'sreportand/orresearchisaccurateandreliable.
Nevertheless,suchinformationiscollectedandpresentedonan"asis"basis,withoutwarrantyorrepresentationofanykind,whetherexpressorimplied,byJLWarreninrelationtoitscompleteness,accuracyortimelinessorwithregardtotheresultsarisingoutoforinrelationtotheuseofsuchinformation.
Allinformation,opinionsand/orcommentscontainedhereinaresubjecttochangesand/orupdates.
JLWarrendoesnotundertaketosupplement,reviseorupdatethisreport,itsresearchoranyoftheinformationcontainedherein.
ThisreportandJLWarren'sresearcharecopyrightedmaterials.
Youagreenottodistributeordiscloseanyinformationobtainedthereininanymanner.
Youfurtheragreethatanydisputearisingfromyourreadingand/oruseofthisreportand/ortheJLWarrenwebsiteorviewingtheinformationtherein/thereonshallbeexclusivelygovernedbythelawsoftheStateofNewYork,withoutregardtoanyconflictoflaws.
YouknowinglyandindependentlyagreetosubmittothepersonalandexclusivejurisdictionofthelocalcourtslocatedwithintheStateofNewYorkwhereJLWarrenCapitalLLCisregisteredandwaiveyourrighttoanyotherjurisdictionorapplicablelaws.
bgp.to在对日本东京的独立服务器进行6.5折终身优惠促销,低至$120/月;对新加坡独立服务器进行7.5折终身优惠促销,低至$93/月。所有服务器都是直连国内,速度上面相比欧洲、美国有明显的优势,特别适合建站、远程办公等多种用途。官方网站:https://www.bgp.to/dedicated.html主打日本(东京、大阪)、新加坡、香港(CN)、洛杉矶(US)的服务器业务!日本服务器CPU...
云步云怎么样?云步云是创建于2021年的品牌,主要从事出售香港vps、美国VPS、日本VPS、香港独立服务器、香港站群服务器等,机房有香港、美国、日本东京等机房,目前在售VPS线路有CN2+BGP、CN2 GIA,香港的线路也是CN2直连大陆,该公司旗下产品均采用KVM虚拟化架构。目前,云步云提供香港安畅、沙田、大浦、葵湾、将军澳、新世界等CN2机房云服务器,2核2G5M仅72.5元/月起。点击进...
Digital-VM商家的暑期活动促销,这个商家提供有多个数据中心独立服务器、VPS主机产品。最低配置月付80美元,支持带宽、流量和IP的自定义配置。Digital-VM,是2019年新成立的商家,主要从事日本东京、新加坡、美国洛杉矶、荷兰阿姆斯特丹、西班牙马德里、挪威奥斯陆、丹麦哥本哈根数据中心的KVM架构VPS产品销售,分为大硬盘型(1Gbps带宽端口、分配较大的硬盘)和大带宽型(10Gbps...
新浪邮箱登陆首页为你推荐
phpcms模板phpcms为什么PHPCMS就是不能出一套好看的默认模板css加载失败网易邮箱登陆显示CSS加载失败,怎么办?急,在线等。全国企业信息查询想查一个企业的信息,哪个网站提供信息查询?支付宝调整还款日支付宝还款日期可以更改吗?字节跳动回应TikTok易主抖音字节跳动是什么意思?支付宝注册网站在哪里注册支付宝360arp防火墙在哪360ARP防火墙哪里下载?购物车在超市、商场中为什么需要使用购物车呢?95188是什么电话95188是什么号码我刚收到短信是什么支付宝的验证码中国保健养猪网猪场基本保健包括哪些方面?
备案域名购买 Oray域名注册服务商 绍兴服务器租用 怎么申请域名 中国万网域名 新加坡主机 singlehop cpanel主机 圣迭戈 免费ftp站点 100x100头像 ftp教程 爱奇艺vip免费领取 万网主机管理 西安服务器托管 shuang12 国外免费云空间 域名和主机 卡巴斯基官网下载 双11促销 更多