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.
抱怨市场出现泡沫不难，难的是说出投机狂热始于何处以及真实增长止于何处。来看一下在香港上市的软件制造商金碟(Kingdee)。周一，manbetx3.0 电商集团京东(JD.com)收购了金蝶10%的股份，同时两家公司还宣布建立合作关系。腾讯(Tencent，京东最大的股东)、阿里巴巴(Alibaba)和百度(Baidu)都已与金蝶建立了合作关系。上月，亚马逊(Amazon)与金蝶签署了一项在华推进云计算的协议。
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