Today McKinsey's Private Equity Practice in Greater China published a new report: "In search of alpha: Updating the playbook for private equity in China."

China is the third largest private equity market in the world: in 2019, private equity and venture capital funds deployed $66 billion of their funds in China, compared to $71 billion in the United Kingdom and $471 billion in the United States.

From 2009 through 2019, fundraising for PE firms operating in China grew at a compounded annual rate of 29 percent, the strongest growth among all major asset classes.

Historically, funds have been buoyed by China’s impressive macroeconomic growth - but this now begun to steadily fall. To achieve desired returns, PE firms will have little choice but to switch their focus from ‘beta’ (performing in line with the market) to ‘alpha’ (market-beating returns).

Our website features video interviews with 3 leading private equity dealmakers: KC Kung, Founder of Nexus Point; Jean Salata, Founder of Baring Private Equity Asia; and Frank Su, Head of PE Asia for CPP Investments.

https://www.mckinsey.com/…/in-search-of-alpha-updating-the-…

Taiwan shares staged a rebound Tuesday morning after tumbling a day earlier, buoyed by large cap electronics stocks that were helped by an all-time high on the Nasdaq overnight, dealers said.
https://focustaiwan.tw/business/202008040006

【每日國際選讀】
#文末挑戰多益選擇題📝
疫苗三劍客 疫情終結者？
開啟「接收通知」和「搶先看」每天吸收雙語時事新知
來讀華爾街日報獨家

💉 Coronavirus Vaccine Data Raises Hope for Trio of Candidates
全球三種領先候選新冠疫苗公佈最新進展

-trio: 三人組；三個為一組(的人事物)
-candidate: 候選人

🔬The prospects of successfully developing a coronavirus vaccine as soon as this year were buoyed Monday when three of the world’s leading candidates reported positive early trial data.
三種全球領先的候選疫苗均於這週一公佈了正向的初步試驗資料，提升了最早在今年成功開發出新冠疫苗的機會。

-prospect: 前景；機會
-vaccine: 疫苗
-buoy: 漂浮；支撐；鼓勵

🚩Vaccines being developed by University of Oxford researchers and AstraZeneca PLC; Pfizer Inc. and German partner BioNTech SE; and China’s CanSino Biologics all reported fresh updates showing their shots generated immune responses and were safe to use.
這三種候選疫苗分別是牛津大學研究人員和阿斯利康合作研發的疫苗、輝瑞公司及其德國合作夥伴BioNTech SE開發的疫苗、以及中國的康希諾生物股份公司研發的疫苗。三者均公佈了最新的資料，顯示接種之後產生免疫反應，且具安全性。

-generate: 產生
-immune: 免疫系統的
-response: 反應

🎯 The results cement the trio’s position among a few drugmakers and institutions at the vanguard of the race to develop a Covid-19 vaccine. About 160 vaccines are in development, including about 20 that have started human testing, according to the World Health Organization. With a clutch of front-runners now having reported positive early results, attention is rapidly turning to larger, later-stage trials that would prove the efficacy of the shots in tens of thousands of volunteers and potentially lead to the treatments’ approval for use.
在這場2019冠狀病毒疫苗研發競賽中，上述結果鞏固了這三種候選疫苗在一些製藥商和研究機構所在開發疫苗方面的領先地位。根據世界衛生組織的資料，目前有大約160種疫苗正在研發當中，其中大約20種已經進入人體試驗階段。有鑒於現在一批領先者已經公佈了正面的初步結果，注意力迅速轉向更大規模的後期試驗，經過數萬名志願者接種後，如果能證實這些疫苗的有效性，那麼下一步可能是監管審批。

-cement: 鞏固；加強
-vanguard: 先驅；先鋒
-rapidly: 快速地

未完待續...
疫苗什麼時候可以量產?
加入文末每日國際選讀計畫，解鎖完整語音導讀版

——
原文連結請看留言
——
❓❓多益模擬題❓:
The positive trial results of the vaccines ______ the trio’s position among some drugmakers and institutions at the _______ of the race to develop a Covid-19 vaccine.
🙋🏻‍♀️🙋🏼‍♀️
A. cement / vanguard
B. cements / vanguard
C. cement / vagabond
-
【每日商業英文計畫，熱烈招生中！】
華爾街日報訂閱超值方案 📰
專屬 #臉書社團，浩爾 #每日語音導讀
「留言+1」，就送你 #優惠碼 及 #導讀試聽！

BEN Simmons and LeBron James went head to head in a thriller, and, once again, it was The Kings who came out on top against the Australian rookie.
James finished with a triple-double — 30 points, 13 rebounds, and 13 assists — as the Cleveland Cavaliers picked up the 105-98 win over the Philadelphia 76ers.

The 76ers were without Joel Embiid, so the onus was on Simmons to step up, with the 21-year-old finishing with 14 points, six rebounds, 10 assists, but also seven turnovers.

National Basketball Association
Regular Season
Team logo for Cleveland Cavaliers
105
Quicken Loans Arena
FULL TIME
Team logo for Philadelphia 76ers
98
Visit Match Centre
Match Centre
Movember.com
The loss is the 76ers’ third in a row, with the up-and-coming Eastern Conference team falling to 13-12 on the season, while the Cavaliers won their 14th of 15 games, improving to 19-8.

J.J. Redick posted a team-high 19 points for the 76ers, while Robert Covington has 19 points of his own, before limping off the court with an apparent back injury.

The Cavaliers led for the majority of the affair, and were buoyed by their bench, who finished with a combined 48 points.