in uncommon times, china looks abroad, the west turns inward

141 Pages·2017·34.02 MB·English

IN UNCOMMON TIMES,
CHINA LOOKS ABROAD,
THE WEST TURNS INWARD
TRANSFORMING ECONOMY SHAPES
VALUE GROWTH ACROSS CATEGORIES

TOP
100 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
TOP 10 MOST VALUABLE CHINESE BRANDS
100 $ = Brand Value 32
% = Brand Value Change 2017 vs. 2016
33
1 2 3 4 5 6 7 8 9 10
99
34
Technology Retail Telecom Providers Banks Technology Technology Banks Insurance Alcohol Banks
TOP 100 6% $ 106.2 Bil. $ 58.0 Bil. $ 57.9 Bil. $ 31.5 Bil. $ 23.9 Bil. $ 20.4 Bil. $ 18.4 Bil. $ 16.5 Bil. $ 16.2 Bil. $ 14.8 Bil.
TOTAL VALUE
INCREASED +29% +22% +1% -8% -11% +10% -7% +5% +41% -9% 35
98
TOTAL VALUE OF TOP 100 Market-Driven Market-Driven State-Owned State-Owned Market-Driven Market-Driven State-Owned Market-Driven State-Owned State-Owned 37
CHINESE BRANDS
97 $557.1 Bil. NEWCOMER BRANDS TOP 10 RISERS 37
Xueersi % = Brand Value Change 2017 vs. 2016
# = Top 100 Rank
$ = Brand Value
96 Education 38
FIRST TIME:
New Oriental
##4400 #48 #50 #62 #79 #93 #99
When competing in China,
Chinese brands surpass
multinationals in Brand Education Technology Alcohol 39
Power, the BrandZ™ +58%
metric of brand equity. Retail Banks Technology Apparel Travel Agency Cars Home Appliances ApHpoliamnec es Alcohol Technology Home
$ 2.2 Bil. $ 1.5 Bil. $ 1.3 Bil. $ 0.9 Bil. $ 0.4 Bil. $ 0.3 Bil. $ 0.2 Bil. Appliances Travel
95 TOP 10 IN BRAND Agencies
Technology
+43% +43%
+41%
CONTRIBUTION Market-Driven State-Owned Market-Driven Market-Driven Market-Driven Market-Driven Market-Driven 40
BrandZ™ measurement +37% +36% +36% +35%
of brand strength. +32%
94 CATEGORY VALUE CHANGES TOP 10 IN OVERSEAS REVENUE % of total revenue from outside China +29% 41
$ = Brand Value # = Top 100 Rank
20 Categories: 12 , 1 , 7
Letv - Technology $ = Total Category Value 42
93 Market-Driven +46% +46% PetroChina
72% 58% 47% 44% 36% 35% 31% 30% 26% 22%
92 TMeanrckeent-tD - rTiveecnh nology $A Tg2rea.9nvc eBile ils. E$d 2uc.1a Btiioln. +35% T$e 3c.h3#n B2o7illoliogny $T e2c0h.4#n Bo6liolligoyn T$e 1c.h4# n B4o9illloiogny Hom$ e0 .A3# pB9p2illliiaonnces $ 4A.i8#r l Bi2n0iellsion $ 3A.i0#r l Bi2n9iellsion $O 9i.l6# & B1 G5illaiosn Hom$ e2 .A8# pB3p0illliiaonnces $ 2A.i4#r l Bi3n3iellsion Hom$ e0 .A4# pB8p3illliiaonnces 43
2 brands
State-Owned Market-Driven Market-Driven State-Owned State-Owned State-Owned State-Owned Market-Driven State-Owned State-Owned
3 brands Apparel
91 $ 1.8 Bil. +24% +22% Download the Mobile app 44
Mengniu - Food & Dairy 3 brands +20%
State-Owned +16% www.brandz.com/mobile
45
Cars
+9% +8%
90 $ 3.1 Bil.
BMaairdkue t-- TDercivhennology $ 7R4e.2ta Bilil. 4 brands +3% +2% +1% 0%
Hotels
Fortune 6 brands Home $ 1.2 Bil. -3% -6% -6% -6% 46
89 FSotaotde -&O Dwanieryd $ A2l5c.o9h Bolil. A$p p9l.i3a nBciel.s 3 brands H$e 5al.t9h cBailr.e PeCrasroen al
11 brands 8 brands 3 brands Telecom $ 1.6 Bil. -14% 47
Technology Food & Providers 3 brands Airlines
$ 163.7 Bil. Dairy $ 71.4 Bil. $ 11.1 Bil.
88 SMinarak -e Tt-eDcrhivneonlogy 10 brands $6 1b5r.a4n Bdisl. 3 brands 4 brands Banks -25% 48
Yili - Food & Dairy $ 93.3 Bil. Oil & Gas Real Baby -31%
Market-Driven 10 brands $ 21.9 Bil. Estate Care
$ 12.4 Bil. $ 0.3 Bil. Jewelry
2 brands
87 Tsingtao Beer 9 brands 1 brands Retailer 49
Alcohol $ 1.4 Bil.
Market-Driven Insurance 3 brands
$ 38.3 Bil.
86 6 brands 50
Robam - Home Appliances
Market-Driven
85 Lao Feng Xiang 51
Jewelry Retailer
State-Owned
84 52
83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 W 54 53
TOP 100 Most Valuable Chinese Brands 2017
Contents
5
4 6
THE BRANDZ™
CHINA TOP 100
THOUGHT LEADERSHIP 108 The China Top 100 Ranking BRAND BUILDING BEST PRACTICES
2
8 Welcome 78 Going Global 112 The BrandZ™ Top 100 Most 230 Beyond Reach
David Roth, by Benjamin Cooper Valuable Chinese Brands 2017 by Charlotte Wright,
CEO, The Store WPP, and Philippe Healey, MEC
EMEA & Asia Hill+Knowlton Strategies 156 Top Performers
Newcomers 232 Millennials and Luxury
82 Marketing Science & Art Top 20 Risers in Brand Value by Alexander Runne,
CHINESE BRANDS
by Patrick Xu, Top 10 in Overseas Revenue Ogilvy & Mather
GOING GLOBAL GroupM Top 20 in Brand Contribution
236 Young Adults
1 38 Brand China 84 Going Global 170 Category Value Changes by King F. Lai, Murphy Ho,
by Chris Reitermann, Overview Adam Hyslop
40 Global Presence Ogilvy & Mather Kinetic Worldwide
7
172 Categories in Brief
44 Mergers and Acquisitions 88 Digital Airlines 240 Celebrities
by Sangmo Koo, Alcohol by Leon Zhang,
INTRODUCTION 48 Competing Abroad Kantar TNS Apparel MediaCom
Baby Care
12 Overview 92 Social Media Banks 242 Content Marketing
RESOURCES
by Michael Toedman Cars by Rycan Di,
16 BrandZ™ China Top 100 and Linda Xu Education GroupM
256 BrandZ™ Valuation
Stock Portfolio Kantar Media CIC Food and Dairy
Methodology
Healthcare 244 Content Marketing
18 Top Line Results 96 Programmatic Home Appliances by Rupert McPetrie,
259 BrandZ™ Eligibility Criteria
by Mickey Zhang, Hotels MediaCom
and Definitions
20 Economy, Demographics, GroupM Insurance
and Connectivity 3 Jewelry Retail 248 E-commerce
261 BrandZ™ Reports, Apps,
98 Going Global Oil and Gas by Jerman Zhang,
and iPad Magazines
22 Emerging Brands by Bryce Whitwam, Personal Care GroupM
Wunderman Real Estate
264 WPP Companies
28 Cross Category Trends Retail 250 Social ROI
100 Retail Technology by Ali Zein Kazmi,
266 WPP Company Contributors
32 Takeaways by Katherine Diaz, Telecom Providers Ogilvy & Mather
BULDING BRAND VALUE
Kantar Futures Travel Agencies
IN UNUSUAL TIMES 272 BrandZ™ China Top 100 Team
Acknowledgments
196 C-Suite Q&As
54 Competing at Home
FENG XIAO,
274 BrandZ™ Valuation
Chief Financial Officer, Air China
58 Reaching Millennials Contact Details
ZHIYU CHEN,
Chief Commercial and Product Officer, AliExpress
62 Leveraging E-commerce 276 WPP in China
GLORY CHEUNG,
and Mobile
Chief Marketing Officer, Huawei
ALICE LEE,
66 Investing in Media
General Manager, Brand Innovation Center, TCL
LAURA XIONG,
Chief Branding Officer, JD.com
70 Our Insights and Observations
PAUL XU,
Vice President, DJI
222 Our Insights and Observations
6 7
TOP 100 Most Valuable Chinese Brands 2017
Welcome
REPORT EXAMINES The answer is contained in these Guangzhou and many other brand valuation methodology of
pages. It’s as multi-faceted as cities and provinces. We provide Kantar Millward Brown, a WPP
the question, and includes new advertising; insight; branding and company, we analyze relevant
groundbreaking research and identity, direct, digital, promotion corporate financial data and strip
analysis: and relationship marketing; media away everything that doesn’t
investment management, retail pertain to the branded business.
and shopper marketing; and public Then we take a critical step that
Emerging Brands
relations and public affairs. It’s all makes BrandZ™ unique and
BRAND VALUE We identified the Top 30
part of our global presence with definitive among brand valuation
Chinese Global Brand Builders.
over 3,000 offices in 112 countries. methodologies.
Some are in our BrandZ™ China
Top 100, but others are among
By linking all this talent, creativity, We conduct ongoing, in-depth
a group of smaller brands now
and wisdom, we amplify global quantitative consumer research
making an impression in China
trends and insights that help our with more than 170,000 consumers
and abroad. Our BrandZ™
clients in useful and unique ways. annually, across more than 30
research examines how overseas
We call this powerful perspective countries, to assess consumer
GROWTH DURING consumers view Chinese brands
“horizontality.” It includes our attitudes about, and relationships
and offers recommendations for
unrivaled BrandZ™ resource with, over 100,000 brands. Our
overseas brand building.
library, which we invite you to database includes information
access. Along with the BrandZ™ from over two million consumers.
Top 100 Most Valuable Chinese It reveals the power of the brand
Going Global
Brands, the library includes these in the mind of the consumer that
We assessed the changing
titles: BrandZ™ Top 100 Most creates predisposition to buy
perception of Brand China,
UNUSUAL TIMES Valuable Global Brands; BrandZ™ and, most importantly, validates
compared the competitive
Top 50 Most Valuable Indian a positive correlation with better
strengths of Chinese brands with
Brands; BrandZ™ Top 50 Most sales performance.
local and global brands, and
Valuable Latin American Brands;
measured the impact of merger
BrandZ™ Top 50 Most Valuable At WPP, we’re passionate about
and acquisition activity on
Indonesian Brands; BrandZ™ using our creativity to create and
awareness and consideration.
Spotlight on Myanmar; and build strong, differentiated brands
BrandZ™ Spotlight on Cuba. that deliver lasting shareholder
value. To learn more about how to
Building Brand Value
You’ll also find insights about the apply our experience and expertise
We examined the challenges of
Chinese market in these BrandZ™ to benefit your brand, please
building value in unusual times.
reports: The Top 30 Chinese contact any of the WPP companies
We investigated increasing
When we first considered the key themes influencing Chinese brand building loyalty among millennials; Global Brand Builders; Unmasking that contributed expertise to
the Individual Chinese Investor; this report. Turn to the resource
this year, it seemed as if Alice had gone through the looking glass. The UK reaching young trendsetters in
The Power and Potential of the section at the end of this report
the complicated landscape of
had voted to leave the EU, other European political parties were considering Chinese Dream; The Chinese New for summaries of each company
traditional and digital media;
Year in Next Growth Cities; The and the contact details of key
similar action, and the US was turning inward. But as populism reshaped and leveraging the impact of
Chinese Golden Weeks in Fast executives. Or feel free to contact
e-commerce and mobile across
western geopolitics, the People’s Republic of China looked outward.
Growth Cities; and 8 Retail Trends me directly.
categories.
in China. To download these and
other BrandZ™ reports, please Sincerely,
THOUGHT LEADERSHIP
visit www.brandz.com. For the
AND INSIGHTS interactive BrandZ™ mobile apps
The unusual events underscored The question for this year
go to www.brandz.com/mobile.
how much had changed in the resounded: Now what? What
six years since we launched our themes, research, and analysis To this original research we added
The backbone of all this
annual analysis about brands and would be invaluable for brand thought leadership and insights
intelligence remains the WPP DAVID ROTH
brand building in China, with the building after a year when China from our brand building experts
groundbreaking BrandZ™ Top 50 stepped imposingly onto the in 17 WPP operating companies proprietary BrandZ™, the world’s WPP
Most Valuable Chinese Brands world stage; its economy both in China. Our companies have largest, customer-focused source [email protected]
2011. Because groundbreaking continued to slow and transform; been engaged in China for over of brand equity knowledge Twitter: davidrothlondon
doesn’t last long in China, we the domestic media landscape 30 years. Today, 14,000 people, and insight. It is big data at its Blog: www.davidroth.com
DAVID ROTH biggest, with 4.5 billion individual
followed up by doubling the became more fragmented; and including associates, work across
CEO data points. Using the BrandZ™
number of brands analyzed Chinese brands increasingly China in Beijing, Shanghai,
The Store WPP, EMEA & Asia
with the BrandZ™ Top 100 Most looked abroad for growth
[email protected]
Valuable Chinese Brands in 2014. opportunities.
8 9
INTRODUCTION
PART 1 > Introduction TOP 100 Most Valuable Chinese Brands 2017
Overview
CHINA FACES
OUTWARD AS WEST
TURNS INWARD
TRANSFORMING ECONOMY IMPACTS
BRAND VALUE FLUCTUATIONS
The first appearance of a In raising its presence in international Of the 20 product categories time, Chinese brands exceeded driven era impacted various and 43 percent, respectively, and
affairs, China is reclaiming its place as examined in the BrandZ™ Top multinationals in Brand Power, the categories, generally favoring both are in the education category,
Chinese president at the
a political and trading power during 100 Most Valuable Chinese important BrandZ™ metric of brand market-driven brands over State which tied with travel agencies
Davos World Economic earlier periods of globalization, Brands 2017, twelve increased equity, the consumer inclination to Owned Enterprises (SOEs). The as the category with the greatest
Summit happened as starting when the Silk Road linked in value, seven declined, and select one brand over another. banks, insurance, and oil and gas value increase, 46 percent. Both
East and West two millennia ago one registered no change. categories, still dependent on the the education and travel agencies
the UK grappled with its
during the height of the Han Dynasty. GOVERNMENT POLICY old economy, declined 6 percent in categories address the aspirations of
Brexit strategy, nationalism It is also reshaping the western Consumer-facing categories value. the rising middle class that generally
INFLUENCES CHANGE
gripped other EU countries, impression of Brand China, from generally rose in value, benefits from the government’s
imitator to innovator. and categories driven by There were exceptions. Alcohol promotion of the service sector.
and just days before the
production, or dominated Along with the many economic, and food and dairy, categories with
new president of the The increased overseas economic by strategic State Owned social, and market influences that substantial SOE presence, increased Economic rebalancing affected
activity, including a record level of Enterprises (SOEs), were more affected category and brand in value, usually because of the consumers disproportionately,
United States proclaimed
mergers and acquisitions, helps likely to decline. value fluctuations, the Chinese marketing activities of individual hurting those dislocated from
his America First policy. China transition the main drivers government played a vital role. brands. Several brands of baijiu, industries in the production-driven
The moment symbolized a of its economy from production to Other influences on category Having exerted its influence over the China’s traditional white alcohol, economy, while helping others in
consumption. China’s GDP grew 6.7 value changes included past several decades to drive record continued to rebound in value, the urban middle class associated
geopolitical reorientation,
percent in 2016, slightly less than a millennials, e-commerce, and economic growth and lift hundreds for example, after repositioning with the service sector. This division
with China facing outward year earlier, but more vigorously than the uneven impact of economic of millions of people from poverty, to grow despite the government’s affected diverse product categories
as the West turns inward. most industrialized countries. change on the middle class and the government now managed discouragement of extravagant and brands and was especially
the less affluent. the emergence of a new economy, official entertainment. Moutai evident in fast moving consumer
These circumstances influenced the balancing the rate of change with the increased 41 percent in value. goods (FMCG). While sales slowed
6 percent increase in the BrandZ™ As Chinese brands faced outward, need for stability. for mass products aimed at less
Top 100 Most Valuable Chinese they also increased in quality and In more typical examples, the two affluent consumers, products desired
Brands 2017, following a 13 percent marketing prowess at home, and Supply-side policies to remove fastest-rising brands in the BrandZ™ by the middle class experienced
rise a year ago, and informed related competed effectively against surplus and match production with China Top 100, Xueersi and New premiumization. Kantar Worldpanel
developments: multinationals. For the first the demand of the consumption- Oriental, increased 58 percent called this phenomenon, “Two Speed
China.”
12 13
PART 1 > Introduction TOP 100 Most Valuable Chinese Brands 2017
Overview
In addition to these factors, This activity by Chinese brands
brands contended with media of all sizes is having a measurable
fragmentation, which required impact on the overseas consumer
insight about how to effectively perception of Chinese brands. In
shift investment to emerging digital 2013, 46 percent of consumers
options. Ultimately, a triangle of viewed Chinese products as
influences affected brand builders: technological, in BrandZ™ research
the government, and its market about China’s image abroad, and
impact; consumers, and the 54 percent held that view just two
bifurcation of purchasing power; and years later. Similarly, the impression
media, with its greater complexity. of China as an innovator increased
from 66 percent to 72 percent in
GOING GLOBAL just two years.
The change in perception is
The government articulated its “One
most pronounced among young
Belt, One Road” strategic vision in
people. BrandZ™ research across
2014, to encourage global expansion
18 countries in 2015 found that 40
and cultivate overseas markets for
percent of younger people, age 18
its excess industrial capacity. The
to 35, thought of Chinese brands
vision touched multiple categories.
as creative, compared with only 31
In 2011, the BrandZ™ China Top 50
percent of people age 51 to 65. The
brands with the greatest proportion
change in perception is likely to
of revenue derived from overseas
continue as Chinese brands increase
business averaged 24 percent. In the
the pace of overseas growth.
2017 BrandZ™ China Top 100 that
proportion rose to 40 percent.
Chinese brands spent $247.1
billion on overseas mergers and
Not surprisingly, the list includes
acquisitions in 2016, according to
PetroChina, which gained 31 percent
Bloomberg analysis. Among the
of its business overseas. But the
overseas transactions conducted
technology brand Lenovo gained
in 2016 by BrandZ™ Top 100
the largest proportion of revenue
brands were: the acquisition of
from overseas – 72 percent, followed
Kuka, a German robotics company,
by two other technology brands
and Japan’s Toshiba Appliances
– Huawei, 58 percent and ZTE, 47
by Midea Group, parent of the
percent – indicating the importance
appliance brand Midea; Haier’s
of technology in shaping the future
purchase of GE Appliances; and
direction of China’s economy. Huawei
the acquisition of Skyscanner, a UK
and ZTE are market-driven brands.
online travel aggregator, by Ctrip,
Lenovo is an SOE, but consumer
China’s travel e-commerce giant.
facing and market driven relative to
SOEs in categories like oil and gas.
Overseas consumer awareness
of the Chinese brands involved
The concentration of technology
in the mergers and acquisitions,
brands also illustrates a shift in the
and consumer willingness to
overseas consumer view of Brand
consider the brands, does not
China. That shift resulted not only
happen automatically. BrandZ™
because of brands in the BrandZ™
research revealed that consumer
China Top 100. Recent BrandZ™
awareness of overseas merger and
global research, conducted in
acquisition activities by Chinese
collaboration with Google, found that
companies is extremely low overall.
emerging entrepreneurial, Internet-
However, Chinese brand overseas
driven Chinese brands are finding
mergers and acquisitions present a
acceptance overseas. These smaller
potential opportunity to build brand
nimble brands, with increasing
awareness, improve the perception
access to capital, are rapidly
of Brand China, and help facilitate
establishing overseas, in some cases
future global growth.
before they develop in China.
14 15
PART 1 > Introduction TOP 100 Most Valuable Chinese Brands 2017
BrandZ™ China Top 100 Stock Portfolio
BRANDZ™ CHINA
VALUABLE BRANDS DELIVER SUPERIOR SHAREHOLDER RETURNS
BrandZ™ China Portfolios vs. MSCI China July 2010 to February 2017
TOP 100 STOCKS
180%
160%
OUTPERFORM THE 140%
152.7%
120%
100%
STOCK MARKET
80%
76%
60%
40%
20%
VALUABLE BRANDS DELIVER 6%
0%
SUPERIOR SHAREHOLDER RETURNS
20%
Jul-Dec Feb
2010 2011 2012 2013 2014 2015 2016 2017
In a year of uncertainty and The BrandZ™ China Top 100 measurement of brand strength, the
■ BrandZ™ China Brand Contribution Portfolio (Brands in the BrandZ™ China Top 100
change, one reality remained Portfolio, which includes all the influence of brand alone on earnings, ranked highest in Brand Contribution, a BrandZ™ measurement of brand strength)
brands in the China Top 100 with other factors stripped away. ■ BrandZ™ China Top 100 Portfolio (All BrandZ™ China Top 100 Brands)
reliable and consistent – high ranking, continued to appreciate, ■ MSCI China (a weighted index of Chinese stocks) Source: Bloomberg and BrandZ™ / Kantar Millward Brown
value brands outperformed even during a period of slower These results demonstrate the
GDP growth, economic transition, reality that brand strength provides
the stock market.
and geopolitical surprises. The stability, even in volatile times, and
portfolio has increased 76 percent the investments brands make to
since July 2010. In contrast, the build value are measurably rewarded
MSCI China Index increased only in the stock market.
6 percent over the same period.
Valuable brands deliver superior
Even more striking is the 152.7 shareholder returns: $100 invested
percent rise of the BrandZ™ China in the MSCI China in 2010 would be
Top Brands by Brand Contribution worth only about $106 today. That
Portfolio. This portfolio includes $100 invested in the BrandZ™ China
the brands in the BrandZ™ Top 100 would be worth $176, and it
China Top 100 with the highest would more than double to around
scores in Brand Contribution. $253 in the Brand Contribution
Brand Contribution is a BrandZ™ Portfolio.
16 17
PART 1 > Introduction TOP 100 Most Valuable Chinese Brands 2017
Top Line Results
6% RISE NUMBER 1 BRAND MOVING UP RETURNERS CATEGORY LEADERS OVERSEAS REVENUE
The BrandZ™ Top 100 Tencent remained China’s E-commerce giant Alibaba Two retailers, Semir and Education and travel agencies Lenovo led the BrandZ™ China
Most Valuable Chinese most valuable brand, moved into second place Gome, returned to the led the 20 categories in the Top 100 in the proportion of
Brands 2017 rose 6 percent increasing 29 percent, in the BrandZ™ China Top BrandZ™ China Top 100 after BrandZ™ China Top 100 revenue gained from overseas
in value, to $557 billion. following a 24 percent increase 100, ahead of China Mobile, an absence of several years. in value increase, rising 46 business, at 72 percent. Two
a year ago and almost the world’s largest telecom percent, far outpacing the other technology brands
doubling in value in 2015. provider. overall 6 percent ranking rise. followed Lenovo in the
proportion of global business:
Huawei, 58 percent and ZTE,
47 percent.
TOP RISERS BRAND CONTRIBUTION NEWCOMERS 76% STOCK RISE 152.7% STOCK RISE BRAND POWER
Xueersi and New Oriental, Letv and Tencent, technology Seven brands entered the The BrandZ™ China Top 100 A stock portfolio of the brands For the first time, Chinese
education brands, led brand brands, and the food and BrandZ™ China Top 100 for Portfolio, which includes in the BrandZ™ China Top brands exceeded
value growth, rising 58 percent dairy brand Mengniu, led the first time in 2017: retailer all the Brands in the China 100 with the strongest Brand multinationals competing
and 43 percent, respectively. the BrandZ™ China Top vip.com; China CITIC Bank; BrandZ™ Top 100, far Contribution rose 152.7 percent in China in Brand Power,
100 in Brand Contribution, technology brand iQiyi; Helian outperformed the MSCI China over the same period. Brand the BrandZ™ metric of
the BrandZ™ metric that Home, an apparel leader; Index, improving 76 percent Contribution is the BrandZ™ brand equity, the consumer
measures the strength of travel agency Caissa; the since July 2010, compared metric that measures the inclination to select a particular
brand alone with financial and car brand Geely, and Vatti, a with a 6 percent rise for the strength of brand alone with brand.
other factors stripped away. home appliance maker. MSCI China Index. other factors stripped away.
18 19