比中兴通讯差得很远：没有核心专利，疯狂小米何以估值千亿？

      不知道该用好了伤疤忘了疼还是用什么词汇来形容，因为中兴通讯之痛应该是还没有过去。但小编看到这么多粉丝在欢呼雷军的小米成长要出嫁，香港上市估值可能到1000亿美元，而且要作为独角兽回归A股。A股真的需要小米这样的无核心专利的平台公司吗？反正小编觉得不管是估值高低，千万别回来，因为这是导向问题。

    如果说中兴通讯等企业输在核心技术上，那么如果和中兴通讯比，小米在核心技术上可能几乎可以说忽略不计，下面是大家都可以在网上找到的统计数据。

    事实上，爱立信已经在印度起诉了小米，而此前也曾经报道华为会起诉小米，后来虽然没成真，但专利永远是小米头上的刀。有人问，那为什么小米能做到这么大的量呢，其实，很多人不知道，这其实是高通在帮助小米这样的企业，高通是智能手机芯片的领头羊，高通是他们的保护伞，大概没什么手机生产企业可以没高通的专利授权做出手机来，而此前，高通对于手机企业的授权有一种叫做反向授权的协议，什么意思呢，就是他授权给你专利，你必须把你的专利全部授权给他，所以事实上就是所有用高通专利的企业都可以获得所有的专利。举个栗子，高通授权华为使用专利，华为付钱，然后高通可以把华为的专利也授权给小米，小米用华为的专利华为也只能不出声。后来，在中国和高通达成的协议中有一项核心整改措施是要求高通放弃“免费反向许可”。但是，大家知道高通是手机行业芯片老大.....。

      但是，小编觉得，小米无疑已经是华为的竞争对手，总有一天，华为等会向小米专利开刀！

     其实，小编和大家一样都一直想一个问题，真牛逼的应该打回美国去才是牛B，比如华为中兴，虽然华为中兴没能站稳美国，但记住，不是因为技术，而是因为你太厉害。而为什么小米不去美国呢，小编找到这篇Business insider的文章解释得比较清楚。

• Xiaomi entered the US with a wide array of accessories, but no smartphones.

• Xiaomi's patent portfolio has been growing steadily over the past few years.

• The company's focus remains on India and China for now, but it's creeping towards the western market.

  【机器翻译】
  

     小米用各种各样的配件进入美国，但没有智能手机。
     过去几年中，小米的专利组合稳步增长。
     目前该公司的重点仍然在印度和中国，但它正在向西方市场蔓延。

So, why didn’t Xiaomi launch smartphones?

The primary reasons restricting Xiaomi from launching smartphones  could be the unfledged patent and carrier relationships as well as  in-process customisations to address the US marketplace.

Unlike India and China, patent enforcement procedures in the US are  strict. Also, phones are sold through carriers in the US. To tackle  this, Xiaomi has been working towards building its patent war chest.  This will help the company avoid patent disputes in the long run.

To recall, in 2015, the company faced a patent  lawsuit by Blue Spike  over its Mi 5 and Mi 5 Plus smartphones in the U.S.To avoid such  instances, Xiaomi is constantly partnering with important companies like  Qualcomm, Microsoft, and Nokia.  

In January 2018,  Xiaomi had 786 patents in the US, which is the second highest for the company, after China.  

The other issue is with carrier partners. Phones in the US are  mostly sold through carriers, which adds an additional go to market  hurdle for manufacturers. Xiaomi’s business model revolves around high  performance products, sold at low prices. It might be more difficult to  maintain this model under the carrier driven system.

There  are many buyers that purchase phones from service providers like  Verizon, Sprint or T-Mobile rather than buying unlocked phones.  

Coming from China brings another diplomatic complication for the company as well. Most recently, Huawei Technologies  was scrutinised  and put under supervision citing concerns about possible spying on US  officials. Amid the controversy, six top US intelligence officials  advised Americans to avoid using their products or services.

So, it is essential for Xiaomi to navigate through potential  concerns from US authorities and intelligence officials. This will help  the company evade legal troubles and delaying Xiaomi’s its American  dream. Xiaomi has never said no to the US market and has been slowly  creeping towards it, but for now, its focus remains on markets like  China and India, where it has an established market presence.

Before  making any assumptions, we must consider that the US market is  disparate to the India and the China markets in many ways. It’s a wise  move to put controlled investment in such an important market,  especially when it does not mix well with the company’s existing  business model.

It’s not about hesitancy, but more about understanding the market and taking conscious business decisions in accordance with it.

那么，小米为什么不推出智能手机？

限制小米推出智能手机的主要原因可能是未完成的专利和运营商关系以及用于解决美国市场的进程中定制问题。

与印度和中国不同，美国的专利执法程序非常严格。另外，手机通过美国的运营商销售。为了解决这个问题，小米一直在努力构建专利战争胸部。这将有助于公司避免长期的专利纠纷。

回想一下，在2015年，该公司面临Blue Spike对美国Mi 5和Mi 5 Plus智能手机的专利诉讼。为避免此类情况，小米不断与高通，微软和诺基亚等重要公司合作。

2018年1月，小米在美国拥有786项专利，是继中国之后的第二高。

另一个问题是与运营商合作伙伴。美国的手机大多通过运营商销售，这为制造商增加了额外的市场障碍。小米的商业模式围绕高性能产品展开，以低价出售。在运营商驱动的系统下维护这个模型可能会更困难。

有很多买家从Verizon，Sprint或T-Mobile等服务提供商手中购买手机，而不是购买解锁手机。

来自中国也给公司带来了另一个外交复杂化。最近，华为技术公司受到关注，可能对美国官员进行间谍活动进行了监督和监督。在这场争论中，美国六位高层情报官员建议美国人避免使用他们的产品或服务。

因此，小米必须通过美国当局和情报官员的潜在关切。这将有助于公司逃避法律纠纷并延缓小米的美国梦。小米从来没有对美国市场说不，也一直在缓慢地向它迈进，但现在，它的重点仍然放在像中国和印度这样的市场上，在那里它已经建立了市场。

在作出任何假设之前，我们必须考虑到美国市场在很多方面与印度和中国市场不同。在这样一个重要市场进行控制性投资是一个明智的举措，尤其是当它不能与公司现有的业务模式相匹配时。

这不是关于犹豫，而是关于理解市场并根据它做出有意识的商业决策。

Xiaomi  has been surprising the consumer electronic industry with its  innovative and affordable products since its inception Founded in 2010,  the startup quickly  became smartphone leader in the Chinese market. Its success was  attributed to its innovative e-commerce tactics — gave it a kind of  first mover advantage,  and rise in the demand for smartphones. The success party, however,  didn’t last long as other started using the same tactics and rolled  products with similar feature and price range.

As a result, it lost its Chinese market  share of smartphone to companies like Oppo, Vivo, and Huawei. Xiaomi  soon realized that the Chinese smartphone market has become saturated  and in order to keep the pace of growth, it needs to expand globally  into markets that are yet to be saturated.

Hence started Xiaomi’s global expansion  plan which has been in an on-going mode for quite some time. The journey  of Xiaomi by now has not been smooth by any measure and faced a lot of  challenges. Also, Xiaomi implemented new business strategies along the  way. An account of all of this we have brought in this article for you.

The table of content below will give you  an idea of what insight you will get regarding Xiaomi’s business  strategy from the article. Click on any of the headings below to jump to  a particular section.

自创立以来，小米一直以消费电子行业的创新和价格低廉的产品令人惊讶

这家创业公司成立于2010年，很快成为中国市场的智能手机领导者。它的成功归功于其创新的电子商务策略 - 赋予其先发优势，并增加对智能手机的需求。然而，成功的一方并未持续太久，因为其他公司开始使用具有相似特性和价格范围的相同策略和轧制产品。

因此，它向OPPO，Vivo和华为等公司丧失了中国市场的智能手机市场份额。小米很快意识到中国智能手机市场已经饱和，为了保持增长速度，它需要在全球范围内扩展到尚未饱和的市场。

因此启动了小米的全球扩张计划，该计划在相当长一段时间内一直处于持续模式。目前小米的旅程并不平坦，面临诸多挑战。此外，小米一路实施了新的业务战略。我们已经为您带来了这篇文章中的所有这些内容。

下面的内容表格会让您了解您将从文章中了解到小米的业务战略。点击下面的任何标题跳转到特定部分。

Biggest Hurdle in Xiaomi’s Global Expansion Plan: Patent Lawsuits In India, Xiaomi faced its first setback when the Delhi High Court issued a temporary order and  blocked Xiaomi and its distributor Flipkart from importing, marketing  and selling smartphones that were infringing Ericsson’s eight patents.  It was one of the biggest lawsuits that Xiaomi faced from a big  company.  

Similarly, in the USA, it received a not-so-warm welcome with a patent lawsuit by Blue Spike over its upcoming devices MI 5 and MI 5 plus.

Even in its home country, China, Xiaomi couldn’t avoid patent  lawsuits. The recent allegations of Yulong Computer Communications  Technology (Shenzhen) Co. Ltd,  owned by Coolpad Group, has put Xiaomi  in another lawsuit for  infringing Coolpad’s 3 patents related to smartphone app icon  management and other UI elements. The lawsuit was filed on 26 January  2018 in Guangdong Province Shenzhen Intermediate People’s Court.

Though  Xiaomi yearns for global expansion, it lacked a strong patent portfolio.  And to top it all, most of its products resemble other existing  products; for example, critics like Damien of Knowyourmobile refers to Mi4 as massive iPhone5s.

These all factors in unison made it imperative for Xiaomi to boost its patent portfolio  by acquiring third-party patents – which was long anticipated.  Broadcom, a semiconductor company based out of the US, transferred 19  patents to Xiaomi, pinpoints an assignment of the USPTO.

With all these factors in mind, and to  answer few questions that were in our curious head, we accessed the  patent portfolio of Xiaomi, which has been filing patents since 2009, to  see what the Chinese Apple is up to in term of innovation.

1小米全球扩张计划中最大的障碍：专利诉讼

在印度，小米在德里高等法院发布临时命令时面临第一次挫折，并阻止小米及其经销商Flipkart进口，销售和销售侵犯爱立信八项专利的智能手机。这是小米在一家大公司面临的最大诉讼之一。

同样，在美国，它受到了Blue Spike专利诉讼对其即将推出的设备MI 5和MI 5的热烈欢迎。

即使在其母国中国，小米也无法避免专利诉讼。近日，酷派集团旗下的宇龙计算机通讯技术（深圳）有限公司宣称，小米因涉嫌侵犯酷派3项与智能手机应用程序图标管理及其他UI元素有关的专利而遭受另一起诉讼。该起诉于2018年1月26日在广东省深圳市中级人民法院提起。

尽管小米渴望全球扩张，但缺乏强大的专利组合。而最重要的是，其大部分产品都与其他现有产品相似;比如像Knowyourmobile的达米安（Damien of Knowyourmobile）这样的批评家将Mi4称为巨型iPhone5。

这些所有因素的统一使得小米通过收购第三方专利来提高其专利组合势在必行。 Broadcom是一家总部位于美国的半导体公司，向小米转让了19项专利，确定了USPTO的任务。

考虑到所有这些因素，并回答了我们好奇的几个问题，我们访问了自2009年以来一直在申请专利的小米专利组合，以了解中国苹果在创新方面的表现。

How Many Patents Does Xiaomi Have?

Xiaomi has more than 6900 patents in their portfolio globally with  more than 80% patent filed in China. Though their patent portfolio has  patents from 1996, Xiaomi filed its first patent in 2010.

Here’s a chart showing how Xiaomi’s patent filing grew over the course of past few years:

小米在全球拥有6900多项专利，在中国拥有超过80％的专利。 虽然他们的专利组合拥有自1996年以来的专利，但小米在2010年提交了其第一项专利。

下面的图表显示了小米在过去几年中专利申请的增长情况：

All  of the 336 patents appearing in its portfolio before 2010, were  the result of patent acquisitions and were mostly of the US origin. We  got curious and decided to dig deep to see the origin of these patents.  Our analysis revealed that out of these 336 patents, Intel Corporation  was the original owner of the 320 patents.

Let’s zoom in to have a closer view of Xiaomi’s patent portfolio. The chart below highlights Xiaomi’s patent filing activity:

2010年之前，所有336项专利都出现在其投资组合中，是专利收购的结果，主要来自美国。 我们很好奇，决定深入挖掘这些专利的起源。 我们的分析显示，在这336项专利中，英特尔公司是320项专利的原始拥有者。
让我们放大以仔细查看小米的专利组合。 下面的图表突出了小米的专利申请活动：

Between Xiaomi’s dream to penetrate the US and other global markets,  the biggest roadblock was a thin patent portfolio. In house, patent  filing was not a viable option as it might have taken another decade to  build a considerable patent portfolio. Xiaomi strategy hence included  patent acquisition alongside with in-house patent filing.

Xiaomi filed its first two patents on  27th Dec 2010. The third patent of 2010 in Xiaomi’s portfolio was  originally filed by China Academy of Telecommunication Technology.   Other than 3 Chinese patents, Xiaomi also has 8 US patents dating back  to 2010, which originally belonged to LSI Corporation (which was  acquired by Avago Technologies in 2013, which later merged with Broadcom  Corp).

In 2011, Xiaomi added 58 patents to its  portfolio. Out of these 58, 14 patents belonged to Broadcom Corp (more  details in a later section) and the rest were filed by Xiaomi itself.

With 294 patents, Xiaomi’s patent filing  almost skyrocketed in 2012. Out of these 294, most of the patents are  the result of their patent acquisition deals. Three out of these patents  were acquired from Broadcom Corp, and few of the rest were filed by  Xiaomi in China.

In 2013, Xiaomi’s patent filing kept a  rising trend. The Millet Company filed 723 patents that year. In 2014,  Xiaomi beefed up its patent arsenal by adding 1622 patents, hundreds of  which were a result of various patent acquisition deals (more details  below in the acquisition section).

  在小米进入美国和其他全球市场的梦想之间，最大的障碍是薄弱的专利组合。在内部，专利申请不是一个可行的选择，因为它可能需要另外十年才能建立一个可观的专利组合。因此小米战略包括专利申请以及内部专利申请。

    小米于2010年12月27日提交了前两项专利。小米2010年第三项专利由中国电信科学院提出。除了3项中国专利外，小米还拥有可追溯至2010年的8项美国专利，该专利最初属于LSI Corporation（2013年被Avago Technologies收购，后来与Broadcom Corp合并）。

2011年，小米在其投资组合中增加了58项专利。在这58项专利中，有14项专利属于Broadcom公司（详见后面的部分），其余的则由小米自己提交。

    拥有294项专利，小米的专利申请在2012年几乎飙升。在这294项中，大部分专利都是其专利收购交易的结果。这些专利中有三项是从Broadcom公司手中收购的，其余的小部分则由小米在中国提交。

2013年，小米的专利申请量保持上升趋势。 Millet公司当年申请了723项专利。 2014年，小米通过增加1622项专利加强了其专利技术，其中数百项是各项专利收购交易的结果（更多细节见收购章节）。

“我们正在为防御目的建立自己的专利组合，因为你必须拥有这些。 把它看作是一种战争胸部。我们已经申请了2000多项专利，这实际上是很多的，我们正在获得专利“，Hugo Bara在他接受彭博采访时说。

In 2015, Xiaomi further added 3136 patents into its portfolio. Our  data shows that this year Xiaomi has added 808 more patents in its  portfolio.

Please note that for the year 2014, 2015, and 2016, most of the  Xiaomi’s patents (filed and acquired) have not been published yet. A  screenshot of the presentation released by Hugo Barra on Facebook points  filing 2045 and 3738 patents in the years 2014 and 2015. Comparing it  with available data, we can see that 400+ patents of 2014 and 600+ of  2015 haven’t been published yet. However, we are keeping an eye on it  and will keep you updated.

2015年，小米进一步增加了3136项专利。 我们的数据显示，今年小米在其投资组合中增加了808多项专利。

请注意，2014年，2015年和2016年，小米的大部分专利（已申请和已获得）尚未公布。  Hugo  Barra在Facebook上发布的演示屏幕截图指出，2014年和2015年的专利数分别为2045和3738.与现有数据相比，我们可以看到，2014年的400多项专利和2015年的600多项专利尚未发布。  但是，我们正在关注它并会保持更新。

Which Countries, other than China, Xiaomi is filing patents in?

The chart below represents the  geographical distribution of Xiaomi’s patent portfolio. These are the  countries where Xiaomi has filed patents in:

下表显示了小米专利组合的地理分布。 这些是小米在以下国家申请专利的国家：

Xiaomi has majority of their patents, 6433 to be precise, in China.  After China, the USA is the top second country where Xiaomi has 786  patents in its portfolio. The increase in number of US patents is an  indication of Xiaomi’s increased efforts to enter the US market.

小米在中国拥有大部分专利，其中6433是准确的。 在中国之后，美国是小米第二大拥有786项专利的国家。 美国专利数量的增加表明小米加大了进军美国市场的力度。

South Korea, where consumers have an appetite for the high-end  smartphone at cheaper prices, was vital for Xiaomi’s sales expansion  outside the home country.

Interestingly, in an attempt to enter  Korean markets, with 144 patents in its arsenal, Xiaomi launched its  first smartphone in South Korea on 4 January 2015, through mobile  carrier KT Corporation. A couple days later, on January  6, Xiaomi pulled its smartphones from Korean Market due to some legal  matters, according to a report by Korean Times. Speculations were that  lack of Korean patents might be a strong reason beneath the matter.

Xiaomi  took the lesson and further strengthened its Korean portfolio to make a  foray into the market. Less than 6 months later, Xiaomi made a re-entry  in South Korea by opening its first offline store in Seoul. Currently, the company has 380 Korean patents in its arsenal.

Europe with 408 patents is the third top country where Xiaomi has filed the maximum  of its patents, followed by Mexico at fifth spot with 190 patents.  India with 182 patents sits at the sixth spot followed by Japan at  Seventh with 172 patents.

The table below represents the year wise distribution of Xiaomi’s patent portfolio in different geographies.

韩国消费者对高端智能手机的胃口越来越低，这对于小米在本国以外的销售扩张至关重要。

有意思的是，为了进军韩国市场，小米拥有144项专利，小米于2015年1月4日通过移动运营商KT Corporation在韩国推出了首款智能手机。根据韩国时报的报道，几天后，小米在1月6日因为一些法律问题而从韩国市场上购买了智能手机。有人猜测韩国专利的缺乏可能是此事背后的强有力原因。

小米吸取了教训，并进一步加强了其韩国产品组合，以进军市场。不到6个月之后，小米在首尔开设了首家线下店铺，重新进入韩国市场。目前，该公司拥有380项韩国专利。

拥有408项专利的欧洲是小米提交专利最多的第三大国家，紧随其后的墨西哥位居第五，拥有190项专利。印度拥有182项专利，排在第六位，其次是日本在第七项，拥有172项专利。

下表列出了小米专利组合在不同地区的年度分布情况。

Acquisitions – The Secret Way Xiaomi Planned To Expand Beyond China

Xiaomi has a dream of global presence  which means entering into multiple markets. But one thing is sure; every  country will be welcoming Xiaomi with warm patent infringement suits.  Ericson in India and Blue Spike in the US have already done that.

So should Xiaomi be worried?

A year ago, it should have been but  maybe not now. A look at all the recent patent deals and acquisitions  prove that Xiaomi understood that it is very important to have an IP  strategy in place to foray into global markets.

From  4702 patents (when this report was first written in Jan 2016) to 9238  patents currently (as of 30 November 2016), partly by filing and partly  by acquisitions, Xiaomi had significantly beefed up its portfolio. The  company made some sizable patent acquisitions that would remove some  thorns from the path on its way to global expansion.

Having said that, let’s see the list of acquisitions that Xiaomi did to beef up its patent arsenal:

小米梦想拥有全球影响力，这意味着进入多个市场。但有一点是肯定的。每个国家都会以热烈的专利侵权诉讼欢迎小米。印度的Ericson和美国的Blue Spike已经这样做了。

小米应该担心吗？

一年前，它应该是但可能不是现在。看看最近的所有专利交易和收购证明，小米明白，制定知识产权战略以进军全球市场非常重要。

从2016年1月首次撰写本报告时的4702项专利（截至2016年11月30日），到专利申请9238项，部分通过备案和部分收购，小米已大幅增强其投资组合。该公司进行了一些大规模的专利收购，这将在通往全球扩张之路上消除一些棘手的问题。

话虽如此，让我们看看小米为增强其专利库而进行的收购清单：

1. Technology Transfer Agreement with Leadcore Technologies

As Qualcomm was facing some inevitable  complications in China, the technology transfer was a major negotiation  to the situation for Xiaomi. This led Xiaomi to Leadcore Technologies, a subsidiary of Datang Telecom and a renowned smartphone chip manufacturer in China.

In Nov 2014, Leadcore Technologies entered into a $US16.8 million deal with BeijingSunggao  Electronics, which according to TechWeb is a company controlled by  Xiaomi. The purpose behind the deal was the acquisition of Leadcore’s  core technology patents, reads a report by QQ.

The extracted patent portfolio of Xiaomi  revealed an acquisition of 30 patents. These patents cover 4G and other  chip-related technologies.

由于高通在中国面临着一些不可避免的复杂问题，技术转让是对小米情况的一次重大谈判。 这导致小米转向大唐电信的子公司Leadcore Technologies和中国知名的智能手机芯片制造商。

2014年11月，Leadcore Technologies与北京Sunggao Electronics签署了价值16.8百万美元的协议，根据TechWeb是由小米控制的一家公司。 该交易背后的目的是收购Leadcore的核心技术专利，并阅读QQ的报告。

小米提取的专利组合显示收购了30项专利。 这些专利涉及4G和其他芯片相关技术。'

2. Ninebot acquired Segway with help of Xiaomi

In Apr 2015, Ninebot Inc., which claims  itself as the first smart short transportation equipment operator in  China, acquired Segway. As per a report by Bloomberg, the purchase also added 400 patents of Segway into the portfolio of Ninebot, parts of which are owned by Xiaomi.

In  Oct 2015, Ninebot launched its first self-balancing scooter with which  Xiaomi embarked on the field of transportation gadgets.

At the time of this acquisition, Ninebot  was under patent lawsuits filed by Segway and Inventist. Being an  emerging startup in the self-balancing vehicle industry, their patent  portfolio was just as weak as Xiaomi had in its early days.

This acquisition was an exceptional  strategic move by Ninebot; with the financial help of Xiaomi they  acquired Segway and freed themselves from the lawsuit. Another benefit  was, they now had enough patents in their arsenal to counter sue  Inventist (The Company with the first patent of Hoverboard). You can  read the entire patent battle of Hoverboard industry and how a single  patent just turned it upside down, from here.

2、Ninebot在小米的帮助下收购了赛格威

2015年4月，自称为中国第一家智能短运输设备运营商的Ninebot Inc.收购了赛格威。根据彭博社的报告，此次收购还将Segway的400项专利纳入了Ninebot的投资组合，其中部分由小米所有。

2015年10月，Ninebot推出了第一款自动平衡踏板车，与小米一起踏上了运输设备领域。

在收购时，Ninebot受到赛格威和Inventist提起的专利诉讼。作为自动平衡车行业的新兴创业公司，他们的专利组合与小米早期的一样薄弱。

此次收购是Ninebot的一项特殊战略举措;在小米的财务帮助下，他们收购了Segway并从诉讼中解脱出来。另一个好处是，他们现在拥有足够的专利来对付起诉Inventist（该公司拥有Hoverboard的第一项专利）。您可以阅读整个Hoverboard行业的专利战，以及单个专利如何颠覆它，从这里开始。

3. Patent Assignment with Broadcom Corporation

In October 2015, Broadcom Corporation  assigned 20 patents to Xiaomi. Most of the patents covered in the deal  were of wireless communication domain. Oblon was the law firm involved  in this assignment.

3.与Broadcom公司的专利分配

在2015年10月，博通公司为小米分配了20项专利。 交易中涉及的大部分专利都属于无线通信领域。 Oblon是参与这项任务的律师事务所。

4. Patent Licensing Deal with Qualcomm

Qualcomm, in December 2015, announced signing a patent licensing agreement with  Xiaomi under which the latter will be paying royalties for its 3G and  4G smartphones. The deal helped Xiaomi include one out of two types of  patents – related to wireless communication –in its arsenal. The other  types of patents Xiaomi seeking is of smartphone designs and features.4.与高通达成专利许可协议

4、来自高通的专利许可

高通公司于2015年12月宣布与小米签署专利许可协议，根据协议，后者将支付3G和4G智能手机的版税。 这笔交易帮助小米在其武器库中包含了两种类型的专利中的一种 - 与无线通信有关。 小米寻求的其他类型的专利是智能手机的设计和功能。

高通的专利许可业务很有趣。 它每年从许可收入中获得超过60亿美元的收入。 什么秘密？ 我们对高通的专利组合进行了更深入的分析，您可以从这里找到。

Qualcomm’s patent licensing business  is intriguing. It earns more than $6bn every year from licensing  revenue. What’s the secret? We have conducted a deeper analysis of  Qualcomm’s patent portfolio as well which you can find from here.

5. Patent collaboration with Guangzhou Feimi Electronic Technology

In 2014, an Investment subsidiary of Xiaomi, Tianjin Jinxing Investment, invested 4 million Yuan in Guangzhou Femini Electronic Technology which later filed 27 patents in collaboration with Xiaomi.

These patents also appeared in our extracted patent sets. From further analysis, we found thepatent set disclosing technologies related to aircraft shock absorbers, remote control, design structures and the like.

This patent collaboration adds weight to the Xiaomi’s announcement of launching its first camera drone in 2016.

2014年，天津金星投资小米的一家投资子公司在广州Femini电子科技公司投资400万元，后来与小米合作申请了27项专利。

这些专利也出现在我们提取的专利集中。 通过进一步分析，我们发现专利集公开了与飞机减震器，遥控器，设计结构等相关的技术。

这项专利合作增加了小米在2016年推出首款相机无人机的重要性。

6. Patent Assignment deal with Foshan Gales Electrical Appliance Technology Co., Ltd.

Xiaomi already has a strong presence in  providing smart home products, like air & water purifiers, smart  webcams, and routers. In order to expand its intellectual property in  this domain, Xiaomi has bought 104 patents from Foshan Gales Electrical Appliances. The company is a major manufacturer of home products like Juicers, water dispensers, etc.

小米在提供智能家居产品方面已经有很强的实力，如空气净水器，智能网络摄像头和路由器。 为了扩大其在这一领域的知识产权，小米已从佛山盖尔斯电器购买了104项专利。 该公司是榨汁机，饮水机等家用产品的主要制造商。

7. Patent acquisition deal of Xiaomi with Intel

In December 2016, News surfaced about a  new deal among Xiaomi and Intel. Intel, which is highly active among US  companies to penetrate Chinese Semiconductor markets earlier entered  into a strategic partnership with Chinese semiconductor company Rockfit,  while having a significant stake in Tsinghua Unigroup- the company that  owns domestic chipmakers Spreadtrum and RDA.

The deal with Xiaomi was two-fold. According to a report  by Digitimes, in early December, on the quest to land Xiaomi as a major  client, Intel introduced a free chip deal. For every notebook processor  Xiaomi purchased, Intel gave away a free tablet processor. This move  was speculated to be an attempt so that Xiaomi would consider ordering  Intel-based smartphone solutions too.

Further to sweeten the relations between the two companies, the semiconductor giant transferred the ownership of 332 patents to  Xiaomi. Most of these patents were originally assigned to Intel whereas  some of these were owned by LSI, another semiconductor company, whose  networking business was acquired by Intel from Avago(A Broadcom Corp  company), who originally acquired LSI  in 2013.

2016年12月，新闻报道称小米和英特尔达成了一项新协议。英特尔在美国公司中非常活跃，深入中国半导体市场，此前与中国半导体公司Rockfit建立了战略合作伙伴关系，同时在清华大学拥有重要股份，该公司拥有国内芯片制造商展讯和RDA。

与小米的交易是双重的。根据Digitimes的报告，在12月初，为了将小米作为主要客户，英特尔推出了免费芯片交易。对于小米购买的每个笔记本处理器，英特尔赠送了免费的平板处理器。据推测，此举是为了让小米考虑订购基于英特尔的智能手机解决方案。

为进一步改善两家公司之间的关系，半导体巨头将332项专利的所有权转让给了小米。其中大部分专利最初都归属于英特尔，而其中一些归LSI另一家半导体公司所有，其网络业务由英特尔从最初于2013年收购LSI的Avago（A Broadcom Corp公司）收购。

8. The Microsoft – Xiaomi Patent deal

To sell its handsets in the US market, Xiaomi signed a big deal with Microsoft to remove some obstacles from its US invasion plan in 2017.

The cross-licensing and patent transfer deal among  the companies involves the acquisition of 1500 of Microsoft’s patents  from its global portfolio, for which Xiaomi is believed to have paid $40  million.

Though the deal is official, Microsoft has yet not assigned the patents to Xiaomi yet. According to a report by Reuters, the patents belong to domains including voice communications, multimedia, and cloud computing.

Note:  Since the patents have not been assigned to Xiaomi yet, these numbers  are not considered while estimating the total number of patents Xiaomi  has in its portfolio. The deal will take total patents in Xiaomi’s  portfolio to around 8500. 

为了在美国市场出售其手机，小米与微软签署了一项重大协议，以消除2017年美国入侵计划中的一些障碍。

这些公司之间的交叉许可和专利转让交易涉及从其全球投资组合中收购1500项微软专利，据信小米已支付4000万美元。

虽然这笔交易是官方的，但微软尚未将专利分配给小米。 据路透社报道，这些专利属于语音通信，多媒体和云计算等领域。

注：由于专利还没有被分配给小米，因此在估算小米在其产品组合中的专利总数时，不会考虑这些数字。 这笔交易将使小米的投资组合中的专利总数达到8500个左右。

9. The absorption of Ruichuan IPR funds

In September 2016, News surfaced that Xiaomi quietly absorbed Ruichuan IPR funds, a government-backed Chinese patent holding company.

The  two-year-old government-sponsored company was known to be seeded with  $50 billion to acquire patents that could be used in action against US  competitors. Xiaomi was known to have a sizable stake in the company,  which was attempting to build a massive arsenal for use in harassment  litigation.

Though it remains unknown on the kind or  number of patents the company has, it would be an interesting addition  to Xiaomi’s portfolio knowing its interest in global markets.

While the talk is on global expansion,  it would also be interesting to note the companies that Xiaomi would  consider acquiring to succeed in its quest. While there are a lot of  potential candidates ripe for acquisition, two names top the list  considering the IP advantage they would bring to Xiaomi’s portfolio.

2016年9月，“消息”显示小米悄然吸收了政府支持的中国专利控股公司瑞川知识产权基金。

这家为期两年的政府资助公司被称为获得500亿美元的专利，用于获取可用于对付美国竞争对手的专利。 据悉，小米在该公司中拥有相当大的股份，该公司正试图建立一个大规模的武器库用于骚扰诉讼。

尽管公司拥有的专利种类或数量仍未知，但它将成为小米知晓其全球市场兴趣的投资组合的有趣补充。

虽然谈话正在全球扩张，但注意到小米会考虑获得成功的公司也很有趣。 虽然有很多潜在的候选人成熟收购，但考虑到他们将为小米的投资组合带来的IP优势，两名人士名列榜首。

10. Xiaomi Bought Patents From Nokia

Since inception of Xioami’s global  expansion plan, it has been into a lot of patents deal which helped it  build a strong patent war chest. Its patent portfolio, however, is still  incomparable to competitors like Samsung.  To bridge the gap, Xiaomi’s  efforts are on and the patent deal with Nokia is an effort in that  direction.

On July 5 2017, Xiaomi entered into a  business cooperation and patent agreement deal with Nokia. The number of  patents involved in the agreement or the price tag of the deal is still  classified.

The below statement by Nokia gives gist of the agreement:

自从Xioami的全球扩张计划开始以来，它已经进入了许多专利协议，帮助它建立了强大的专利战争胸部。 不过，其专利组合仍然与三星等竞争对手无法比拟。 为了缩小差距，小米正在努力并与诺基亚达成专利协议是朝着这个方向努力的。

2017年7月5日，小米与诺基亚签署了业务合作和专利协议。 协议涉及的专利数量或交易的价格标签仍然归类。

诺基亚下面的声明给出了协议的要点：

Besides the patent acquisition deal, Nokia also revealed that the  company has signed cross license deal with Xiaomi for cellular standard  essential patents. If you are wondering how SEPs are important, you can  consider reading this article: How to find whether a patent is a SEP?

除了专利收购交易外，诺基亚还透露，该公司已与小米签署了交叉许可协议，以获取蜂窝标准必要专利。 如果你想知道SEP如何重要，你可以考虑阅读这篇文章：如何找到专利是否是SEP？

11. Patent deal with Casio

On July 6 2016, Xiaomi bought patents  from Casio, one of the most famous Japanese consumer and commercial  electronics manufacturer that has been in the industry for more than 60  years. Casio has a wide range of products from calculators to musical  instruments. They were the first company to build an all-electric  calculator.

The patent assignment deal consisted 59 US patents majority  of which were covering camera and image processing technologies. This  acquisition will surely add fuel to Xiaomi’s pursuit to enter the US  smartphone market.

2016年7月6日，小米购买了卡西欧专利，卡西欧是日本最着名的消费和商业电子产品制造商之一，已在该行业已有60多年的历史。 卡西欧拥有从计算器到乐器的各种产品。 他们是第一家建立全电子计算器的公司。

专利转让协议包括59项美国专利，其中大部分专利涉及相机和图像处理技术。 此次收购必将为小米追求进军美国智能手机市场增添动力。

Which Companies Could Xiaomi Acquire in the Future?

1. Blackberry

Reports surfaced last year, claiming  Xiaomi intend buying Blackberry for beefing up its patent portfolio.  Blackberry, with a strong portfolio of 4400 patents is cited by Bloomberg  as “Wireless trove for any acquirer.” The blackberry portfolio is  abundant with wireless and security-related patents, further, the mobile  technology patents would only serve as a feather in Xiaomi’s cap.

According to a study conducted in 2013  by MDB Capital group LLC, a California-based patent investment bank, it  was seen that both these companies, Apple and Blackberry cite each  other’s technology more than any other set of two companies.

Any granted patent of these companies  proves that they do not infringe on each other’s patents.  Acquisition  of Blackberry or its IP will serve as an aid as well as a protection net  when Xiaomi expands its handsets sales to the US.

根据加利福尼亚州一家专利投资银行MDB Capital group LLC在2013年进行的一项研究，看到这两家公司，苹果和黑莓两家公司比其他两家公司更相互引用对方的技术。

这些公司授予的任何专利证明他们不会侵犯彼此的专利。 当小米将手机销售到美国时，收购黑莓或其知识产权将成为援助和保护网。

2. HTC

Since 2011, quarter after quarter, HTC  has struggled to maintain its sales growth. In Aug 2015, HTC’s stock  plunged further by 60% which made analysts propound the brand as useless  for investors.

The company with revenue of 132.7  Billion Taiwanese Dollars (Approx $4.17 Billion) is a great option for  acquisition since post patent wars, Apple and HTC signed a 10-year  license agreement covering current and future patents held by both  companies.

If Xiaomi acquires HTC, instead of  having Apple as a competitor, the cross-licensing deal would allow  Xiaomi to freely build on Apple’s patents without fearing litigation.  (This could be done provided the terms of licensing agreement do not  change in case of M&A).

2. HTC

自2011年以来，每季度一季度，HTC一直在努力维持销售增长。 2015年8月，HTC的股价进一步下跌了60％，这使得分析师认为该品牌对投资者毫无用处。

自从发生专利大战后，苹果和宏达电签署了一项为期10年的授权协议，该协议涵盖了两家公司持有的现有和未来专利，该公司收入为1327亿台币（约合4.17亿美元）是收购的最佳选择。

如果小米收购宏达电，而不是让苹果成为竞争对手，那么交叉许可协议将允许小米在不担心诉讼的情况下自由构建苹果专利。 （只要并购情况下许可协议的条款不变，就可以做到这一点）。

Is Xiaomi a Threat for Apple? Should Apple Buy It or keep up the competition?

Both of the questions are contentious;  however, once Xiaomi goes global, it can – which it already is – be an  acquirer or can get acquired. Hence, a lot of dynamics are possible.  Let’s discuss the first question: is Xiaomi a threat for Apple? The  answer is a yes as well as a no.

小米是苹果的威胁吗？ Apple应该购买还是继续竞争？

这两个问题都是有争议的。 然而，一旦小米走向全球，它可以 - 它已经是 - 成为收购者或可以获得收购。 因此，很多动态是可能的。 让我们来讨论第一个问题：小米是苹果的威胁吗？ 答案是肯定的，也是否定的。

Why Xiaomi could be a threat to Apple?

First, like Apple, Xiaomi has a huge fan following, not only in China but in India also  which was evident from their conferences there. Second, Apple aspires  to make China as its largest market where Xiaomi has a great hold.

为什么小米会成为苹果的威胁？

首先，像苹果一样，小米不仅在中国，而且在印度也有一个巨大的粉丝，这在他们的会议中显而易见。 其次，苹果渴望使中国成为小米占有优势的最大市场。

Why Should Apple Acquire Xiaomi?

Given the large fan base and market share, acquisition of Xiaomi  will help Apple to penetrate into the market captured by Xiaomi. Other  than that, Apple may have another arm of low-cost devices. A look at the third quarter of global smartphone sales data reveals that Apple has a market share of 12.3% whereas Samsung owns over 19.8% of the market.

With the acquisition of Xiaomi, Apple  won’t just capture the market of low-cost devices but also would give a  stifling competition to Samsung with Xiaomi’s 4% market share.

But no matter how good the opportunity, it is unlikely that Apple would ever acquire Xiaomi.

苹果为什么要收购小米？

考虑到广大粉丝群和市场份额，收购小米将有助于苹果渗透到小米手中。 除此之外，苹果可能还有另一种低成本设备。 第三季度全球智能手机销售数据显示，苹果占有12.3％的市场份额，而三星拥有超过19.8％的市场份额。

随着小米的收购，苹果不仅会占领低成本设备市场，而且会让小米以4％的市场份额与三星展开激烈的竞争。

但是，不管机会多么好，苹果都不可能收购小米。

Why isn’t Xiaomi a Threat to Apple?

One reason that eliminates all  speculations of Xiaomi being a threat (or acquisition option) is Apple’s  goal itself. Apple goals do not include – for any reason – selling  low-cost smartphones targeting a marketing segment that could afford  them. Apple is a premium brand with higher margins per device.

Thus, even if Xiaomi’s global expansion  strategy bears fruit, in the smartphone segment, it may never become a  threat to Apple and hence, Apple may never acquire Xiaomi.

小米为什么不是苹果的威胁？

消除所有对小米的威胁（或购买选择）的猜测的一个原因是苹果的目标本身。 苹果的目标不包括 - 出于任何原因 - 出售低成本的智能手机，针对可以负担得起的市场细分市场。 苹果是一个高端品牌，每个设备的利润率较高。

因此，即使小米的全球扩张战略取得成果，在智能手机领域，它可能永远不会成为苹果的威胁，因此，苹果可能永远不会收购小米。

Xiaomi vs. Samsung

Though Xiaomi will not be a threat to  Apple, however, there are fair chances of it destroying market of  Apple’s best friend from lawsuits classes, Samsung. Given the same class  of users and a price half of a Samsung’s flagship smartphone with  similar specs; Xiaomi is all set to keep hurting Samsung profits in the  future.

Samsung has been the top player based on  global sales for past few years but, the foray of Chinese players into  the market has continued to hurt Samsung’s revenue.

If Xiaomi succeeds in its global expansion plan with the help of its portfolio, the market dynamics would be worth a watch.

小米与三星

然而，尽管小米不会对苹果构成威胁，但它还是有可能从三星的诉讼类别中摧毁苹果最好的朋友的市场。 鉴于同类用户和三星旗舰智能手机的价格相差一半; 小米未来将继续伤害三星的利润。

过去几年来，三星一直是全球销售的顶级厂商，但中国玩家进入市场的举动继续损害了三星的收入。

如果小米在其投资组合的帮助下成功实施其全球扩张计划，市场动态将值得一看。

The Innovation Game

Xiaomi, as a smartphone company, has  seen both ups and downs. From selling 300,000 handsets a year to being  the most valuable startup, to faltering sales, Xiaomi has seen it all.

Considering the tough competition other  players like Huawei, Vivo, Lenovo poses, Xiaomi realized that Global  expansion is the only way to stay ahead. In order to achieve its goals,  Xiaomi has an actionable IP strategy which might open doors of  opportunities in the global market.

But it is worth noting that despite having a sizable portfolio; Xiaomi has not made it to its top position. Why?

小米作为一家智能手机公司，既有起伏，也有起伏。 从每年销售30万部手机成为最有价值的创业公司到销售蹒跚而行，小米已经看到了这一切。

考虑到像华为，Vivo，联想等竞争对手的激烈竞争，小米意识到全球扩张是保持领先的唯一途径。 为了实现其目标，小米制定了可行的知识产权战略，可能会为全球市场打开机会之门。

但值得注意的是，尽管拥有相当大的投资组合， 小米并没有达到顶峰。 为什么？

The problem with Xiaomi – lack of innovation

Xiaomi’s rise  was based on one simple advantage: It offered premium hardware and  features at a fraction of offered by Apple or Samsung. But as soon as  other Chinese manufacturers entered the market offering premium  specifications at low prices, the danger was imminent.

Further, the competitors didn’t just  manufacture premium devices at low costs, albeit added features that  gave them an edge. For instance, Vivo offered curved screens, LeEco  offered Exclusive content and Huawei offered dual lens camera and  fingerprint sensors in its handsets.

Xiaomi on the other side, despite having  a sizable portfolio failed to take advantage and that serves as one  reason beneath its small market share.

A strong portfolio, a huge fan base, holds over some pretty strong markets, what should Xiaomi do next to emerge as a leader?

Leverage its IP and Innovate. That is how Xiaomi could up its game.

小米的问题 - 缺乏创新

小米的崛起基于一个简单的优势：它提供了优质的硬件和功能，只有苹果或三星提供的一小部分。 但一旦其他中国制造商进入市场，以低价提供优质规格，危险即将到来。

此外，竞争对手不仅以低成本生产高端设备，尽管增加了使其具有优势的特性。 例如，Vivo提供曲面屏幕，乐视提供独家内容，华为在手机中提供双镜头摄像头和指纹传感器。

另一方面，小米虽然拥有一个庞大的投资组合，但未能充分利用这一优势，并成为小市场份额下的一个原因。

一个强大的投资组合，一个庞大的粉丝群，拥有一些相当强大的市场，小米下一步会出现什么样的领导者？

利用其知识产权和创新。 这就是小米如何提高自己的游戏。

Key takeaways from the analysis

Xiaomi’s  expansion plan would be incomplete if it fails to get a hold over the  US and European markets. The US, being an IP-intensive economy, would  require some strong patents from Xiaomi to allow invasion in its  markets.

Though Xiaomi had been taking steps toward reaching its  goal, the road ahead isn’t really easy. With President Trump insisting  on manufacturing products in the US itself, Xiaomi might lose the  low-cost advantage it offers if it has to start manufacturing its  products in the US once it enters the market.

No matter what the  case, US Expansion or not, Xiaomi won’t become a market leader if it  continues to play on its low-cost advantage. Rather, it should take  advantage of its beefed-up portfolio and bring innovative products to  market that would ensure its success.

Innovation is the key.

如果未能控制美国和欧洲市场，小米的扩张计划将不完整。 美国作为一个知识产权密集型经济体，将需要来自小米的一些强大专利才能让其入侵市场。

尽管小米已经朝着实现目标迈出了一步，但前面的道路并不容易。 随着总统特朗普坚持在美国制造产品，小米可能会失去其提供的低成本优势，如果它必须在美国进入美国市场后开始在美国生产产品。

无论如何，美国扩张与否，小米如果继续发挥其低成本优势，将不会成为市场领导者。 相反，它应该利用其强化的产品组合，并将创新产品推向市场以确保其成功。

创新是关键。

小米正筹划的IPO有望创造今年全球最大规模上市交易，分析人士对该公司估值从800亿美元到2000亿美元不等。但有投资者警告称，小米追求天价估值可能是个错误。

袁莉         2018年3月16日19:00 CST 更新

早在2014年，智能手机生产商小米(Xiaomi Corp.)凭借其460亿美元估值成为独角兽公司的翘楚——全球最有价值的初创公司。

小米运用了一种看似有效的战略来征服中国市场。小米手机有类似于苹果公司(Apple  Inc., AAPL)  iPhone的优质功能和外观，但价格要低得多。此外，小米手机最初仅在网上销售，凭藉场面盛大的营销活动来吸引消费者，有时小米联合创始人雷军会模仿乔布斯(Steve  Jobs)，身穿黑色圆领衫亮相活动，这些都为小米平添了魅力。

然后，小米遇到了一系列问题，未能实现销售目标，推出的手机存在缺陷，并且产品发布延期，该公司的光环随之褪去。

但小米没有就此陨落，而是重整旗鼓。该公司加强了质量控制，将产品打入其他发展中国家市场，同时调整营销策略，开设实体门店。雷军现打算今年底将小米手机登陆美国市场。

目前，小米正筹划一场数额巨大的首次公开募股(IPO)，可能创造今年全球最大规模上市交易。分析人士对小米的估值从800亿美元到2000亿美元不等。

那么，小米是否会重蹈覆辙呢？

生产手机是一门残酷的生意，需要有对科技发展趋势的感知力、精准的供应链规划能力以及一丝不苟的执行力。错一步，就可能万劫不复。这也是苹果何以成为全球最成功硬件公司和最有价值公司的原因所在。很少有哪家公司的表现能够如此始终如一。

在2007年第一部iPhone诞生之前的几年，笔者在《华尔街日报》(The  Wall Street Journal)负责报道电信设备制造行业消息。那时，诺基亚(Nokia  Corp.)与黑莓(BlackBerry)手机生产商Research In Motion  Ltd.主导着消费者和企业手机市场。美国科技业曾经的明星企业摩托罗拉公司(Motorola Inc.)开始走向衰败。

10年后，笔者曾报道过的多数公司要么已经消失，要么已经几乎被人遗忘。

一些投资者警告说，对小米而言，追求天价估值可能是个错误。无论是未上市的科技初创企业还是寻求上市的公司，伴随高估值而来的都是严苛的审视，意味着几乎没有犯错的余地，而且总是要证明自己的估值合理。

本月早些时候，小米联合创始人雷军在北京参加全国人大会议。小米的支持者认为，该公司不是纯粹的硬件公司。                                                       

雷军本人曾宣布了小米宏大的2015年手机销量目标，但最终未能实现，令该公司估值受到质疑。而股市可能同样无情。

一家香港资产管理公司的首席执行长称，股市是一个会让人谦逊的场所，上市公司如果不能兑现承诺，很可能会受到市场的惩罚。她说：雷军追求这么高的估值就好比在背上压了一座山。

据接近小米的知情人士透露，银行家们对小米的IPO感到很兴奋，因为小米从本质上讲是一家互联网公司，理应获得比硬件公司更高的估值。

小米管理团队通过2017年的翻身仗证明了自己。根据市场调查机构Counterpoint的数据，小米手机去年在中国的市场份额升至12%，出货量增长50%，至9,600万部。市场研究公司国际数据公司(International  Data Corporation, 简称IDC)表示，在2017年第四季度，小米超越三星电子(Samsung Electronics Co.,  005930.SE)，在规模巨大且持续增长的印度市场上成为最畅销的智能手机品牌。

根据小米公司数据以及银行家和投资者的估计，小米2017年收入超过152亿美元，利润最多10亿美元。

10亿美元的利润何以支撑800亿美元甚至2,000亿美元的估值？

答案取决于小米是像大多数手机制造商一样是一家硬件公司，还是像小米拥护者认为的那样是一家互联网公司。

基金经理们不看好硬件公司股票。三名基金经理对笔者表示，他们不会买入小米IPO发行的股票，因为中国的硬件公司都面临低利润率、恶性价格战和消费者品牌忠诚度低的问题。

而小米的支持者认为，该公司不是纯粹的硬件公司，而是像苹果一样，拥有一系列具有竞争力的产品，包括运动手环和电饭煲等众多互联网连接设备。小米浏览器和应用商店可以产生广告和游戏收入，且利润率大大高于智能手机。

苹果目前市值为9,131.7亿美元，市盈率为18.34倍。若按照这样的市盈率计算，目前拥有10亿美元利润的小米估值应在183.4亿美元左右，远低于该公司目前在私募市场的估值。

投行人士预计小米将在香港和上海、或是香港和深圳两地上市。香港股市科技股已经火爆两年，小米支持者希望抓住这股热潮。比如，腾讯控股有限公司(Tencent  Holdings Ltd., 0700.HK, 简称﹕腾讯)控股的数字阅读平台阅文集团(China Literature Ltd.,  0772.HK)目前市盈率高达343.22倍。

过去一年，腾讯成为中国估值最高的科技公司，目前市盈率为63.7倍。即使按照这样的市盈率，小米估值也只有637亿美元，仍远低于很多人所说的800亿美元的估值区间低端。

国际数据公司分析师Kiranjeet Kaur称，小米的设备、应用和服务要形成像苹果公司那样的生态系统，恐怕还有很长的路要走。

其他一些人士认为小米不太可能发展到这样的程度。上述香港资产管理公司的首席执行长称，小米不会成为苹果，也不会成为有着庞大社交媒体基础的腾讯，小米只是一家硬件公司。

（本文作者袁莉是《华尔街日报》专栏作家。文中所述仅代表她的个人观点。）