The podcast on a book I recently finished – The World Until Yesterday.
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Buildings On The Bund (Waitan), Shanghai (6)
Block Seven
No. 16 – Bank of Taiwan Building | 台湾银行大楼 (上海)
Built in 1927.
Past: Bank of Taiwan (founded in 1899 by the Bank of Taiwan to promote trade between Taiwan, the Japanese Empire, and the rest of Asia; purchased the building from HSBC)
Now: China Merchants Bank
In-between: 中国农民银行(台湾),市工艺品进出口公司(改名工艺大楼)
No. 17 – North China Daily News Building | 字林大楼
Rebuilt and opened in in 1924.
Past: The North China Daily News, first English-language newspaper to be published in Shanghai
Now: AIA Group, a subsidiary of American International Group
In-between: American Asiatic Underwriters (forerunner of AIG), Tairiku Shimpō (大陆新报, a Japanese newspaper), various Chinese government offices
No. 18 – Chartered Bank Building | 渣打(麦加利)银行大楼
Built in 1923
Past: Standard Chartered Bank
Now: high-end restaurants including Hakkasan, Mr & Mrs Bund, L’ATELIER de Joël Robuchon, Ultraviolet by Paul Pairet (three-Michelin-stars), Ginza Onodera
In-between: 房管局(改名春江大楼),上海家用纺织品进出口公司,上海市机电设备总公司, Chipolbrok chinese-polish shipping company (the oldest Chinese deep-sea shipowner and the first enterprise with foreign capital in the P.R.C),上海水产总公司
Buildings On The Bund (Waitan), Shanghai (5)
Block Six
No. 14 – Bank of Communications Building | 交通银行大楼
Rebuilt in 1948.
Past: Bank of Communications (took over from Deutsch-Asiatische Bank in in 1919; Deutsch-Asiatische Bank 德华银行 was formed with the participation of Deutsche Bank)
Now: 上海市总工会
No. 15 – Russo-Chinese Bank Building | 上海华俄道胜银行大楼
Built in 1902.
Past: Russo-Chinese Bank
Now: 上海黄金交易所,中国外汇交易中心,全国银行间同业拆借中心
In-between: In 1926 the bank went bankrupt and was purchased by the newly founded Central Bank of China (Taiwan)
Buildings On The Bund (Waitan), Shanghai (4)
Block Five
No. 12 – The HSBC Building | 汇丰银行大楼
Built in 1923, the largest bank building in the Far East at that time
Past: The Hongkong and Shanghai Banking Corporation (HSBC, purchased No. 12 in 1874, then No. 10 & 11 in 1912)
Now: Shanghai Pudong Development Bank
In-between: Japanese Yokohama Specie Bank, Shanghai Municipal Government (市政府)
No. 13 – The Customs House | 海关大楼
Built in 1927, the clock and bell was built in England and in imitation of Big Ben; it has the largest clock in Asia
Originally opened in 1847. Currently the fourth rebuilt.
A Roundup of Recent E-commerce IPOs
From Mogujie (NYSE: MOGU) to Ruhan (NASDAQ: RUHN) to Yunji (NASDAQ: YJ), a series of second-tier (in terms of size at least) Chinese e-commerce companies has filed with SEC and raised $66.5 million, $125 million, $121 million respectively (excluding any over-allotment option).
The interests were stirred by (at least) the capital market success of Pinduoduo.
In its IPO, Pinduoduo was valued at $23.8 billion including all outstanding share options, compared with a valuation of $15 billion following a funding round in April, 2018. (Reuters)

Following the IPO in July last year, Pinduoduo raised another $1,375 million in February at $25 per ADS (IPO priced at $19 for ~$1.6 billion).
However, it seems that only Pinduoduo could maintain a high valuation.
Partially due to a bad timing, Mogu, valued at $3 billion in 2016 and seeking a valuation of $4 billion in early 2018, reduced its target and was priced at the lower end for $1.3 billion. The previous valuation was derived from a merger tho.
Mogu Inc. ended its New York debut at the same price as its initial public offering $14, after dipping as much as 15% during the day. [Caixing]
As of May 17, 2019, Mogu closed at $5.4 per ADS, down more than 61% from the IPO price of $14.
Ruhan, or Ruhhn, slipped 37% below its IPO price on the first day of trading following a $125 million NASDAQ offering. [AVCJ]
As of May 17, 2019, it closed at $4.25 per ADS, down more than 66% from the IPO price of $12.5.
Yunji, debuted this month, has maintained $0.01 above its IPO price of $11 as of May 17, 2019. Yunji’s valuation is more supported by its revenue (EV/revenue multiple is close to 1).
And a roundup of multiples at IPO, using an exchange ratio of 6.8
EV/GMV | EV/Revenue | |
PDD | 0.28 | 10.19 |
MOGU | 0.43 | 7.06 |
RUHN | 2.34 | 5.72 |
YJ | 0.56 | 0.98 |
Buildings On The Bund (Waitan), Shanghai (3)
Block Four
No. 7 – Great Northern Telegraph Building | 大北电报公司大楼
Rebuilt in 1907.
Past: Danish Great Northern Telegraph Company, the earliest commercial telegraph services provider in China
Now: Bangkok Bank, the largest commercial banks in Thailand (since 1995)
In-between: Commercial Bank of China (No.6 on the Bund), 长江航运管理局 (later split into 长江航务管理局 and 长江轮船总公司, more on the reformation)
No. 9 – China Shipping Merchant Company | 轮船招商局
Built in 1901.
Past: China Shipping Merchant Company (bought in 1891)
Now: China Merchants Group (parent group of companies including China Merchants Bank)
「Video of the Week」Smart Restrooms!
And I am seeing smart restrooms at the railway station in Nanjing as well.
「Podcast of the Week」WSJ Instant Message: Google And Facebook Conferences, Face ID Ban In SF
An Excerpt From A Brief History of Humankind
As in previous eras, there is today a division of labor between the elite and the masses. In medieval Europe, aristocrats spent their money carelessly on extravagant luxuries, whereas peasants lived frugally, minding every penny. Today, the tables have turned. The rich take great care managing their assets and investments, while the less well heeled go into debt buying cars and televisions they don’t really need.
Buildings On The Bund (Waitan), Shanghai (2)
Block Two
No. 3 – The Union Building |友宁大楼 | 有利大楼 (formerly no. 4)
Built in 1916.
Past: a group of insurance companies (including Union Insurance Society of Canton,于仁洋面保安行/保安保险公司/友宁保险) -> Mercantile Bank of India, London and China (有利银行,purchased for £80k in 1937)
Now: Three on the Bund. In 2004, House of Three Ltd. under Giti Group established Three on the Bund which opened to public in September same year. Giti Group is controlled by the Nursalim family (Cheri Nursalim is the daughter of Sjamsul Nursalim)
In-between: Japanese control, Shanghai Civil Architecture and Design Institute
Block Three
No. 5 – The Nissin Building | 日清大楼
Built in 1925
Past: Japanese shipping company Nisshin Kisen Kaisha Shipping Co.
Now: high-end restaurants, e.g. Ruth’s Chris Steak House, M on the Bund, etc.
In-between: China Merchants Steam Navigation Company, Shanghai Maritime Bureau, the Bund branch of Huaxia Bank
No. 6 – China Merchants Bank Building | 中国通商银行大楼
Built in 1907
Past: Imperial Bank of China, first Chinese-owned bank modelled on Western banks and banking practices, founded by Mr. Sheng Xuanhuai in 1897; later changed its name into Commercial Bank of China
Now: high-end restaurants, e.g. 东京和食 SUN with AQUA Japanese Dining & Bar, 御锦天, etc.
In-between: Shanghai Changjiang Navigation Company (长江轮船公司)