Hanwha: Chinese Products Damaged Industry

Author: John Honovich, Published on Jan 25, 2018

Hanwha Techwin's CEO has come out swinging against the Chinese.

In this note, we examine his statements, the relative positioning of Chinese and Korean manufacturers and how it reflects an increasing conflict between Chinese manufacturers and the rest of the world.

****** *******'* *** *** **** *** ******** ******* *** *******.

** **** ****, ** ******* *** **********, *** ******** *********** of ******* *** ****** ************* *** *** ** ******** ** increasing ******** ******* ******* ************* *** *** **** ** *** world.

[***************]

Hanwha ******* *** *** **********

** ** ***** *********, ****** ******* ***'* *** ********** ********:

*** ****** *** ***** *********** ********** *** ** *** ****** of ***-****** ******* ********. ** ** *******, **** *** ******* damaged *** ********’* *********.

*** ****** ********’* ********* *** **** ******** *******. *******, * low ******* ******** ***** ***’* ********* * ******** ******** ** the ****** ******* *** * ******* **** ** ** *** reaching *** ******** *****.

*********, ** *** *************** *** ******** **** ***-****** ******* ******** by *** ** *** ************* ************ *** **********, ***** ****** the ****** *** *********** ** *** ********.

*********

*** ********* ** ********* ********'* *** *******.

****: ** ******* ******* ** **** ****** *********** * **** of *** ********* ********* ** ***** ******, ***** ***** ***** deleted, ******* ***********. *** ********* *** *** ********* ***** ******'* role ** **** *** *** ********** **** ***** ******** ********* its *** ******** ****.

Shocking **** ******* **** ********

*********, ******** ********** ****** **** *** **** *********** *******. *** only ***** ******** ***** *** ********* *** **** ** ********* came *** *** **** ** ********.

******

*** ****** ***** ** * ******* ** **** **** **:

  • ***-**** ***** ******** ******* ***** *** ***************
  • *** *** ******* **** ****** ****** **** *********** *** ******* problems
  • ** **********, ***** *** *********** *************** **** ******* ********* **** caused *********** ********
  • *** *********** ** ***-**** ******* *** ***** ***** *** ********* expenditures ** *************
  • *****'* ************* ******* *** ******** ******* ******* ************* ******* ****** China ****** ** ****** *******, *********** ***** ******** ********* ** international *********

Hanwha's ******** ****** ********

*** *********** ****** ** ****** ******* ***'* ******* ** **** Hanwha ** *** ********* ********** ** *** ******* *** * combination ** *****, ********** *** ******* *** ******* ******* (*.*., see********* **** ************ ****** ** ***********). ** *** ****** **** ***** *** ********* ********, ****** stands ** ****. ********, ** *** ****** **** ****** *** increase *** ****** ********* *** ***** ************, ****** *** ** opportunity ** ********* ********* ******* ************ *********.

China ******** ***** *****

**** ******* ** ********* *** ******* ** ************ ********. **** fall, ***** ******* *** ********* ***** ***** (***********: ***** ***** *.*., ** ******* ****** ******** ************* *****'* ******** ** ***** ***** **** **** ************* ***** For **** *******). *****'* ********** ********* *** ****** ******* *** ************ ******* other ********* *** ********* ** ********** *** ****** *** ** fight ****.

Vote / ****

Comments (68)

****’* ****** ******* **** ** *****?

****** ****** ********* ******** * ~$*** ******* ******** / ******* ** Vietnam. ** ***** **** ** *********** ** ***** *** *****, the ******* ******** ******* ** ** *** ****-**** ********. *******, I ******* ******'* *** *** ******** ** *** ******* ******** in **** *****:

** *** *************** *** ******** **** ***-****** ******* ******** ** way ** *** ************* ************ *** **********

***** *** ******** ** ******* ** ***** *****, *** ********** is ***** ***** ** *****.

***** ** **** *********** ****? ***** *** **** *** **** please *** **** ** ****** ******** ** **** ********.

***********. ********* ** *** ****** ********* ** *** ********* ****** and *** **** ** ***** ****** **** ******* *********** ********* and ************ *** *** **** ***** *** ** ******* *** criticism **** ****?

*****://**.*********.***/****/***********************

* ***** ******** ** *** ******** ******* ********** "******** ******" that ***** **** ****** ** * ********* ********** **** ***** differ ****** ** **** **** ****** ********* ** ** ***** of ***** ********** *****.

*********** ** (*** * ****** * ***** ** ******* *****), but *** ******* ** ******** ** **** ********* ** * facility *** ******** *****. *** **** ** *** ******* *** its ******** ******** *** **** ***** ** ***** ****** ****** two ******** ********* ******* ****** - ***** * ***'* *** this ***** **********?

**** *******?

******** ***** *******?

****** *'* *** ******** ******, * ******* ** ** ************ to **** **** * ***** *** ******* ****** **** ********* would **, *** **** ****, ********* ***.

** **** **** ** ********** **** ** *** ********* ** the "****** ****** ** *** ********’* *********" ** ****** ************ in ***** ********** (*** *********) *** **** * **** ** communist, ***** ****** ****** ** ******* ** ****** *********.

**** **** *******, *** ********* *** ** **** * ****** differently * ******* *** ******* **** * ****** **** *****? I **** **** *** ********** ** *** ********* ** ** was **** **** *********** - **** ****** *******, ** ***** not ** *** **** ** *** *** **** * ********* then ********* ** **** **. *** ***** **** **** ****** lie ** *** **** **** **** **** *** ******* * bollock ** *** ********* **** ** ****** ******** **** ***** Chinese ********** ** ***** ***** ******* ******.

******, **** *** *** ******* ****, **** **** *** ******* to **** ********** *** ** ****** ******* ******** ***** ********** ****** *****, ***** *********** ** ***** **** *** ****** *** ** China ** ******* **** *** ******** "** *** **** ** China.

** ****** ******* ** * **** **** ******** ** **********. Firstly *** *********** ** **** ** ******** ***** ******** ***** is ************* *** ***** *** ******* ********* *** ******** ********* that **** ****** **** ***** ********** ** ** *** ****.

**** ** *** ** **** **** * ** ********* ******* a ****** ** **** ***** ******* - ** * **** no ****** **** *** ******* ** *** *******. *** ***** I **** ** *** ********* ** *********.

***:

* ***'* *** *** ******** ******* ** *** *** ***** than **** **** **** *********** ******** ** ** **** - like **** ** *** **** ********. *** **** * ************ moves ********** **** * *** ******** **** *** ** *** incentives **** *** ***** ********** - ** **** ** ******* close ** *** ***** ** *** ***** **** *** *** received **** *** ******* **********.

** **** ****** ** **** **** ** ********* ** **'* statements *** *** **'* ********* *** ******** ******** ** **** for **********. **** ** **** ** ******** ** ****** *********.

***** *** ** ******** ***** *** ******* **** ***** ***** that **** ** ******?

*** ****** ** *** ***** ** ** ******* ***** ** a *** ***** - ********** ******** ** *** *** ** HT. ** ******** **** ***** ** *********** *** ******* "****** damage ** *** ********’* *********". **********, **** *** ****** ** single *** ***** ** ******* ** ********** *********, ************* *******, poor ****** ********** *** * ****** ** ***** ********.

*** ******* ******* ** *** ** ***'* ******* ** ******* a ******* ***** **** ***** ** *** ***** ***** ** the "****** ******" *** *** ** *** ****** ** *******.

******* ***** * ********* ********* **** ** ** * ****** attack ** ***** (*****/*********) ** ***** **** *** ******* ******** presented ** ************* ******.

**** **** ** **** ******* ********** ** ***** ********* ***** rights ******, ********* **********, ****-*********** ********* *** ***** **** ****** the ******* ** ** ********** **** ** * "******" *********** than ***** **** ** ******* ******** ****** *** ***** *******. Then ***** **** *** *** **** *** ******* ** ********** policy ******* ***** ******* ***** ***** ***** ********** ** **********.

*** ***** ** ** ** *** ************* *** ** * dead ***** ** *** ******* ** *** **** ** ****-***** rhetoric, **** *** ******* ***** ********* ** ******** ** ********* advocate ** ***** *** ******* *** * ***** **** ** faith ** *** ******* **** * ***** ********* ***** ** discredit.

** **** *** **** * *** ***** *** ******** ***** have **** ** *** ***** ********, *** ********** ** *** statement, ********* ********* *** *** *** ********* ***** *** *** fake ********* ** * ******* **** ** ****** *** ** divisions *** **** ** ***** ** *** *** *********.

* ******* **** * ** ******* ** **** ** **** the **** ****** ** ******** **** ******* ** ***** ******* regarding *********, ******* *** ** **** **** ******* ** ** - ** ****** **** ***** ******** ********* *****.

***, ****** *** *** ********.

**** ****** **** *** ********* *** * *** **** ** clarify:

***** * ********* ********* **** **

*** ** * **** *****

*** ********** ** *** *********

* ***** **** ****** ***** **** *** **** ********* *** interview *** ********** *** **** ***** *** **** *** **********.

***, ** *** *** ** *** ********* *** *** *** it (***** ** **, ***.), * **** *** ****** * straight ******. ** ***** ** **** ******* (******* ** ***** or **'* ****) ******** **** **** ***** ******* ***** *** Chinese / ********* *** ** *** *******.

** *** **** ****** / ******* ***** *******, * ***** those *** **** ** *****. ** *** ***** ****, *** ethical *** ***** ****** ** ***** *** ******* ** * far ******* / ****** ***** **** ******* (** ** ***** likes ** *** *** #* ** **** ******).

"*** ****** ** *** ***** ** ** ******* ***** ** a *** ***** - ********** ******** ** *** *** ** HT. ** ******** **** ***** ** *********** *** ******* "****** damage ** *** ********’* *********". **********, **** *** ****** ** single *** ***** ** ******* ** ********** *********, ************* *******, poor ****** ********** *** * ****** ** ***** ********."

*** ****'* ******** ** ** ******:

*/ ***** ***** **** ** ** ***** ***** **** ************* who *** ********** ***** **** **** ***** ** ******.

*/ ***** ***** **** ** ** ***** ***** **** ************* who *** ***** ************* ****** **** **** ***** ** ******.

**** ******* ** *** *-****:

*/ "******** ********* *****"...

***** *** ******* ******** ***** **** *** ****** ** ****** in ****** ** ***** ***** ** ******** * "********" **** that *** *** **********?

*'** ******** *** ********* ******* *** ******* ** ***** ******** regularly *** **** ** *** ********* **** ************ ******** ** "click ****". **** ****, *** ******* ** *** ******* **** not ********* ****** (******) **********.

***** ** *****?

**...** **** *** ****** ********** *****. ****'* ***** ******* ************* ************ ****** ****'* ** ** far ** ** ***** **** *** ********* ** ******** *** just **** ****** * ******* ** ****** **** *** ** Customs **** *****, ** **** ******* ****, **** ****** ** a ******* *** ** ****** £*** ** ******. *** ***** of ***** ** *** ******* ** ***** *** * ******** certificate. ** ** ** ***** ** **********, * **** ***** lost * **** ******* * ****'* **** * *********** **** training **********. *** ** **** ****** ** ****** *** **** questions ** ** **** *** **** ***** ***. *** *** - ** **** *** **** **** ****.

*** ***** **** **** ****** ******* ****************** * ****** ***** ********* ** * ******* *********** ******* ****** ** ** *** **** ***** **** *** to ******* ********* ** *** **** ***** - ****** ******** reporting?

*** **, **** ****** ** ************ ** ***** *** ** are ******* **** *** *****, ******** *** ******* ** * Korean *******.

* *** **** *** ****** ***** ** *** ****** ** the ******** ******* *** ** ***** ********* *** **** *****.

**, ****** ** *** ******* **** *** ** *** *****

**, ****** ** *** ******* **** *** ** *** *****

********? *** **** ******** ******** *** * *** ***** ** is ******* ****** *** **** ***** ***** ***** ***** ***** a **** ** ** ***** *****. *******, **'* ****** ***** the ******** *** ******** **** *** ** *** ****.

*** ****** ********’* ********* *** **** ******** *******.

******?

***** *** *** ******* *******? *** ****** ******** *******?

****’* ******* ****** *** **** ********* ***** **** * ***** ago?

** **** *** ***** **********?

*****'* **** * *** ** **********. *** ****** *** ********* manufacturers **** **** **** ***. ******, **** ** *** ***** and ********* ** ********* ********** ****** *** ***** ***** ************* that **** *** ****. * *** ******** *** *** *** of ** **** ***** ** ******* ******** ********* -****** ******** **** - *** ******* **********,*** ** ****, ********* ****** **********, ***** ** ******* *** ***** ***** ******* ** *** down.

** *** *** ****** ******** ******, **** *** ******** *** missed ******* ** *** **** / **** ****** ****** *** height ** *** ******* *********, *.*.,**** ***** ******* **** (** ****),******** ***** ******* ** *** ********** (** ****).

********* ** **** ***** **** ** **** ***** ******** ** private ** ********, ** ********* ***** ** **** *******, ** would ** ****** ****** *********** ********.

** *** ***** **********, **** ** ***** ** **** *****, not ************* *** ****** ***** *** ***** ******** *********, ***** is **** ** ********* ****.

**** ** ***** ** ******* *** ******* ******* *********, **?

*% *** **% ****** *** **** ** **** *** **** reflects * ******* *********. ****, **** ** ****, **** ** strong ** *** ****-*** ***** ***** *** ********* *** **** at *** ****-*** ** ********* *********, ** **** *********** ** an *******.

******** *****, ********* ** ******'* ********** (** *** ****** ***** smaller *******) ***** ******* ** ******* ****.

*****, ********* ** ******'* ********** (** *** ****** ***** ******* players) ***** ******* ** ******* ****.

* ***** ***** **** **** *** ****** ** ** **** the ******* ****** *** **** ** ** **** ***** ********** to ***** ** ******** ******** ****** ******.

****, **** **** *** '******** ******** ****** ******' ****** *** Chinese ******* ** **** ***** ******?

******: **

**** **** ****** *** *********, ***** ****** **** **** *****. CNB *** *** ****. * **** **** *** **** ***** were ****** ** ***** ******* ****** ******* ****** ** *** during *** **** ** **** **** ***** ****** **** ******* and ***** **** ****** ***** *********. **** ** **** ****** & ******* **** ** *** *****. ****** ******* *** $** out ** *****, **** *** ******* ** ** *** ****. Nonetheless, *** **** ****** ***** ********* ********** ** **** *** could *** ** *******.

**** ** ******* ******** *******, ***** ****** ***** *** ********* and *** ****** ****** **** *** **** *******. ****, ** I ********, * **** ***** **** **** **** ** *** game ** *** **** ******* ** ****. * **** **** ever ****** **** * ******* *** ******* **, *** **/**** they ***, **** **** *** **** ** *** ****.

******: **

**, *** ******. * ***** **** ****** **** ******* ** were **** *****. *** **'* *** **** ******* ******** ** and *** ********* *** ******* ********. *** *******, *******, *** Taiwanese (** ********** ****, ********, *********) **** *** ***** ** IP **** *** *******. ***, ********** ** ****, **** ***** got ************ ** *********, ***** ********* *** ******* ** **** at ***** ***** *** ***** *** **** ** ***** *** marketing.

****, **** *** ******** * ******* ****** **** *** **** few ***** **** ***** *** ***, ***, ***** ********, ************ and ******** *******.

**** *** ******** * ******* ******

*** ****'* **** * ****** ** **** **********. *** *******, back ** ****, '*****' / ***-***** ***** *********** **** **** 0.2% ** **** *******. ** ****, **** **** ** *.*%. That ***** ** * ******** ******** ***, *********** *** *** Axis ****** *** ** **** *** ****, *** ***-***** ***** were * ***** ****** ** **** ******* ****** **** ***.

***, *** ********* ** **** *** ***. *** **** **** out *** ****** * ******, *** *** ******** ******** **** is ********* ** **** **** **** *** **** ****** **** able ** *****.

*** **** ** **** ** ********** ****** ** **********?

** *** ***** *******, ** ***** ***** *** $*** *** 3MP ******* ****** ** **'* ******* **** $*** **** ** Bosch.

* ** ** ****** ******** ** **** ***** *** **** market ********** ** * *** ***** ** ****** *********** (**** abroad *** ** *** ***) ***** *** *** ******* *** destroying *** ******. *** **** "**** *****" ** **** *** and *** ****** ** ******* **** *** ******* ******** ** taken. * ******* ** *** *** ******, ****** ***** *** earth, ***** *** ***, *** *** **** ****** ************* ***.

* *********** **** ******* ******** *** **** *********. * **** acknowledge **** *** ********* ** ******* ** ***** **** *** Chinese. * **** *********** **** ******* ********* *** ****** ********** and ***** ***** *** ***.

*** ** ***** ** ***** ** *** ******** **** ** driving *** ****** ** *** ******* ******** ** *****? ** consumers **** ****** ***** ******* ********, **** ********* *** * desirable *******. *** **** *** *** "*** ****" **** *** the **** ******, *** *** ***** ** *** **. ****** will **** *** *** **** *** ** ****, *** ** the ******* **** *****, ****** **** **** ** *** ****** will ********. **** ** *** ** **** ** ** **** China, *** ** **** *******. *** ***** ** **** ********* are ******* **** *** *** ***** ** **** ** *** quality ** *** *******, ** **** ******** ******. ****** *** Demand

** *** **** ******* ** *****, **** ***** ** ****** a ********** ****** ******* ******* *** **** * *** ** make ** *********** ** ***** *** *** ************* ****** **** Chinese ********. ******* **, **** ********* **** *** ******* *** a *** ** ** ****.

  • *** *********** ** ***-**** ******* *** ***** ***** *** ********* expenditures ** *************

********** ********, **** *** **** ** *** *** **** ** say *** *************.

* **** ******* *** ********* **** "* ******** **** **** of ****** ******** *** **** ** *** **** ** ***" but *** ****** ******** ** **** * **% ****** *** 20% ******* ** ******* ******** *** ***** ***** *** ********** and ********** *** ***** ******** ** ****** ** ******* ********. A **** **** ** **** ****** **********. ************* **** ********* are ****** ******* **** **** **** * *** ** **** a **** ********* ******* ******* **** *** ******** ************, ** they *** ** ***** *** ***** *********** ********* *** ******** by ****** ** **** ********* ** **** ******* ** **** our ******* *****. ** ***** ***** *** "*****". * ****** approach ***** **** **** **** **** ********* *** ******** ******* for ****** ** **** * **** **** ********* ******* ******* to ***** ************* ***********. *** "******* ** ****** ********" *** much ****** **** "********* ** ****** ********".

*** *** ******* ***** ******.

****, *** **** **** **** ********************... ** *** **** * **** ** **** ****?

** ********* ** *** **. *** **** **** *** **** you *** **** **** ******* *******

* ***** ******* *******! ;-)

* ***** **** ******** ** **** ******** *****, *** ********** your *****. ******** *** *********** *** *********, * ***'* ***** you ********** *** ********* **** ***** ***, ** **** ********* planet *** **** ** ** **** ******* *****.

** *** ** **** ********** **** ** **** **** ***** sell *-***'* ********, *** **** **** *** *** * *****, don't *** ***** *** ****** **** ******** ***** **** ***? I **** ******** *** ***** ******** ** ****, *** **** is **** ** ******* ** * ******* **** ** ***** to **** * **** *********. *** ***** **** ** **** the *** ** **** ** **** *** *** ****, **** quality ******** ******* ** ****************** ***** ** **** **** **********, ***** ******* ** ** *** ******* ****, ***** * assume *** **** ****** **** ******* (** ********** **************.) ********* are ****** ** *** ******* ** *******/***** *******, *** ******* of *** **** ******** **** **** ******* ** *** *******. I *********** **** ** *** *** ********* ****** ** ****, Hanwha, *** ******, **** ***** ***** ** *******, ***** *** 3. *** **** ***** **** **** *** **** ***** ** scrutiny **** ***, ******* *** ******** **** ***** **** **** few ***** **** *** **** ** ********* ************* *********** **** use, *** ** ***** ****** **********, *** ******* ********** ******** flaws. *** *****, **** ***** ** ******* **** *** *** dogs.

*** ****** **** *** ******* ** ***** ***** *** ***** alone. ***** ******* ** ****-*********, *** *****'* ************ *** **** apart **** *** ****. **** **** **** ***** ** *****, to *******, *** ** *** *****. **** *** **** ********* with ********* **** *** *** ******* ******** ***** ** *** world, *** ******* ****. ***'** *** *****, *** **** ** a **** ****** ***** ******* ****.

*****'* ** ******** **** ***** ********** ********* ***. *'* ****** sure **** *** ** * ********** ******* **** *****'* ******* any *********.

Q: Your Annual Report lists “government subsidies” of $216 million (RMB ¥1.49 billion). You have said that Hikvision does not receive government subsidies. Can you explain?

**:**** **** ************** *** ****** ********** (**** ******-****** **** ** China *** *******) ** ********** *********, ***** ***** *** ** further **** *** *****. * **** ********* **** ***** **** times. ** ** **** **** ***** ** * ******* ** the ****** ****** (**** ***) ***** ***-********* ****** **** ********** into ******* ** “********** *********.” **** ******* *** ******* ** do **** *** ****** **********. **** * ******* *********** ** the ******* ******* **** *** ******* ****** ** **** *******, are, ** ****: ******** *** *** *******; ***** ********** ********** provided ** ********** (********* *******-***** **********) **** ******* ********** *** economic ***********; ******** *** ******* *** ***** **** ** ***** conservation *** ***** ************* ***********; ***, ************ ** ******** ******* to ********* ********* ** **** **** **** ***********.

**** ******

****'* * ****

******, **'* * ****** ****, *** * ******* ********** ****. It's********* ** *** **** * ****** **.

*** ***** ** ****** ***** *** ** ****** ********* *********. Given **** ********* ** **** ** *** ******* **********, ** is ************** *** ** ** *** ********* **** *** **** of ********** **** **** *** ** * ** ******* ********** do **** ****** **** ** ** ****** **** ********. *** the **** **** ****** *****.

* ***** **** * $* ******* ****, * **** ****, "starting ******* **** *** *****."

*** **** ******** ****** ** **** ** **** ***** ** leaps ***** ** **** ******* *** **** * $**** ****? Even $***? ** ******* **** *******, ** $**** ****** **** poppa, ***********, *******, ******.

*** *** ****** ** *****? ** ******* ********** ** **** part ** *** *****. *** **** *********** **** ***** ************ but *** ***** *** **** ** ******* ***** **** * people *** **** ** ** *** ********** ************.

**** ***** "************ *****" *********? ** *** ***** ** **** ******* *****?

******, ***** *** ***** ** ******* ** ** '* ****', then **** *** ******* **** * ****** **** **, *** you *** ** ******* ** ** ** ********* ********** ** that **** ** *** ****.

**** *** *** ******** **** **** ********:

  • *** ******* ** ******** *** **** '**********'. ******* **. **** evidence ** ******* ******* ***** ************ ************ **** * **** from * ****** ****. *** ***'* *** ***.
  • **** ** ** *** '********** ** **** **** ** *** world', ** ***** ***** ** * *******, ***** *** *** original ***** *** **** ********* **.

** *** *** *********,Hikvision's *** ********** *** **'* * *******. Just like Jeffrey says CETHIK is just one of their diverse shareholders, contradicting their own financials where CETHIK is clearly listed as the controlling shareholder, he's taking the same deceptive tactic for the subsidies.

*. ****'* * ***** **** **** * ***** *** **** "policy ****". ******* ** ** ***** ********, ** * **** learning ***** ***. * ******* *** ***** ****'* **** ******** related ** **** *** **** ******* *****. ****** **** *** just **** **** ********** ** ********. *** *********.

*. **** ***** ** ******* ** ******* *** ********* ***** CCTV *******. * ********** **** * *** ** ********* *** kind ** ******** ******* *** **'* **** ** ******* **** world ** *** ****, *********** ** *** ****, ***** *********** use ***** ********* ********* ** ******* **********, ***** ** ***** political *******, ***. *** ******* ********** *** **********. * ******* you *** ****-********* ******** **** ** **'* *** ** ***** like ***'** ***** ******. ****** ***** ****?

*. ***** ****** *****? ***. ****? ***. ****? **** ******** American *********** - **. ** ** * ****** ****? **.

* ***'* **** ** ******* **** ****-*** (****-*********?) ********. ** that's **** * ******* ********* ***** * ***'* **** ** be * **** ** *** ********** *** *** ****.

****** **** *** **** **** **** ********** ** ********

***, **. ****** ***** / ****** ******* ** ** ******** term ** **** *****, *.*., ********* ** ********** ** ***** ********* ****.

* *** ** ********* *** **** ** ******** ******* *** it's **** ** ******* **** ***** ** *** ****,

***, *****. **'* *** **** ** ***'* ******* **. **'* that ** ****** *** ********. ******* ***** **** ** ******** but *** ****** **** ******** ** ******** *** **** ** striven *** *******.

*** **** ***** $****

** *** ** **** ********** **** ** **** **** ***** sell *-***'* ********, *** **** **** *** *** * *****, don't *** ***** *** ****** **** ******** ***** **** ***?

* ***** **** ********** ** * ****** ****** *** * get **** *****. *** ** ***** ** **** ** *** complaining **** ** **** ******* **** *****, *** *** ******** is ** ******* ***** ** *** ** ***** *** ******* field? *** ******** ** ** *******. ** **** * **********, its **** * ****** ******* * ****. * **** *** and * *** **** ** **% ****** . *** **** guy ********* **** ** ****** ** **** ** ***** ******* down *** *****. ** *** **** ********** **'* *** ******. Would *** ****** ** ***** **** *** *** ******* ** this **** ** ****? **** ** *** **** ***** ** some *** *** ** **.

** ** ****** **** ** ******* **** ****** ***********, **** we ******* **** ** ******* ** *** ** **** **** to **** **** ** ***** *** ****. **** * ****, either *** ** ** *** ***** **** *** ******* *** slightly ****** *****. ** *** *** **** **** ** *** reward ************* *** *********** ** ****** ****** **** **** ********* with *** *******, *********, ***.***** ***** ***** * ******* ** manufacturing.

**, ** *** ******** ** ** **** ** **** **** doing ***** ** **** ******** ***** **.

****, * ******** **** **** ********** **** *** ** ***** they *** ******* ** ***** ********* *********. * **** ******* that **** ************ ** * ******** **** ****** **** ** great *******. **** ** ********. ****, ** *** *** **** owned **** ** *******, ** ****** ******* **** ***** ******'* be **** *****.

*'* *** **** ** ****** ** ***** ***, *** **** analogy ** * **** ** ************.

** **** *******, ********* ** *** *** ******** ******* **** the *****. ** *** **** ** ******** ** ******** ** dollars *********************, ****$* ******* ** "******"**** *** **********.

** ** **** ** **** *********** ***** **** ****** ********* and *** ****, ****, *** ** ***** ******* *** *****.

********, *** **** ** ******* ** *** ***** ******** ***** tariffs ** *******-**** ******** ******** ****** *******. * ***'* ***** they're **** ***** ********* **********.

*** *** *********** ** ***. * ****** ***** *** **** a *** ******* **** ** **** ** *******:

#*) ******* ** *** **** ******* ***** **** ********* **** would ******* * ************* **********
#*) ******** *** *** ** **** * *** ***** *** value ** *** ******* ******** *** ******** ****** ****. ************* aside, ***** ** * ***** ******* ** * ******* *** can ******* ****, ***** *** ******, *** ** * *** contender ******* **** **********.
#*) *** ******** ** ***** ** "*****" *** ******* *****
#*) ******** ***** **

** ***** *** *** ***** ******* ** ** **** * would **** ** **** ****, *** * **** **** *** I **** **** ** #* *** * *** **** *** thats ******** *** ***** ** ****** ** ********. ********?

* ********** *** *********, ** *** *** **** * *** sometimes *** ** ***** ******. * ***** **** ***** **** Tariffs ***** **** ***** **** *** * ********* ** **** was *** ***** *** **** ***** *** ** **** ****.

* **** ***** **** ***** **** ** ********* **** *** gotten *** **** *****. *** ********* **** *** ****** *** HGH ***** ****** *** ****, ** *** ******* ******* ** speed **** **** *** *****. ***** ************* ***** ****** *** the ******* ** *** ******** ********, *** ***** ***** **** any *****.

****** *** **** ********** ** *** ***** ********, * **** know *** *** ** ** *** ****** *** **** *** cons ** *** ******* ***** ****** ** ****. ***** *** Tariffs *** * **** ** *** ******* ******** ** ***** already ** ***** **** *****. **** **, *** ***** ******* with ***** *** *** ** ** ********, *** ***** ** be ********* ***** *** *********** **** ** ******** ***** ***** has ******** **** *** **** ****** *******. ** * ***** that *** ** ***** **** ********** *** **** ***** ** rethink *** *&* ********** ** ** *** *******, **********. *** the ***** **** *** **** * ***** ** ** *******, its * ***** ** *** ******** ******** *******.

******* ** *** **** ******** **** **** ******* ** *** Profits.

**** *******? ***** *** ** ******* ** ******* *** ****..

** * **** ******, *** *** ******* ** **** **** 20-30% ******. **** *** ****** ***** ***$, *** **** ******* well ****** ***% ****** **'* ***** ******* ** ** ***. The ******* ** **** ***** ** ******* ******* ***'* ******* to **** **** ***** *******.. *** ******* *** ****, *** there ** **** ****** ****** **** ** *** ***. *** if *** **** ** ** **** *** *** ********* ** guarantee...?

********* *** ************ ***** ** **** ****** *** ** ** make * ****** ****** ** ***** ******** ** ****** ** freely ********* ** ********.

* ******* **** ******* ***** **** ******** ****** *** *****.. Keep ** **** **** **** ** *** ******* * ********** costs ********* ******* ***-***$ /****

* ** ********** **** ******* ** ** ********** **** * had. ** **** **** **** ******** ** **** *** ************/******* dead. ** *** *** ********** ****** ******, *** * *** box, **** *** ** ******* *** ** **** *** ****. They **** '******* ** ******* **** ** ******, ****** ** least $*** *** *** ***** *** **** ** **** ****.' So * *** **** *** ***** **** ** ******** ( I ** ****** ** *** ******** **** * $***) *** they ******* *** ***** *** ******* ** *** **** ********** Gallery **** ** **** **** ** ***** ****** *** ***** what? ** ** ** ***** **** *** **** ******* ** manufacturing ** *** ** **** *** **** ** ********. ** likely **** **** **** ****** *** ** *** **** ***** plan, * *** ** **** ** ****** ***** ****** ** all ***** ** *** *** *** *****, ***** ****** ******* coffee ** **** ***** **** ***** ** *** *****. * complain ***** ** *** ** **** ******* *** ** *** the *** *********. ** *****'* **** ***** ** *** ******* and ****** ** *** *** **** ****. ***** * **** to ******** **** ********** ** ***** * ****** ** ********** directly. **** ****** **** **** *** *** & ***!

** ***** ** **** **** ****** *** **** ******** **** they *** **** **** ** ***** *** *** ******** ** different ***** ****** **** ********* ********** & ********* *** **** few ************* **** ** **********. **** ***'* **** ************* **** users ******* ***** **** ***** ****** **** *** * *** hundred ******* ** *** *** ***. *** **** ***** ** the ******** ** **** *** *** ** ****** ******** ** believe **** ******* ** *** ***?

**** **** ** ***** *** **** * ******* **** * two **** *** ********, ******* ***** **** ** * ** longer ********** ********** * ******* ** *****, **** ******* **** from *** **** **** **, ************ ** ******. ** ** a ******* *** ****** * ***** *** ******* *** *********** control *** **** ****** *** ***** ******* ** ******* ** products ** * ****** ***********. *** ******* ***** ** * great ******* ** ****** ******** ********* ******** *** ** *** same ***** ** *** ********* ********** *********/********* **** ** *** know ** **** ***** ****...

* ******* ** *** *** ******, ****** ***** *** *****, under *** ***, *** *** **** ****** ************* ***.

***** *** **** ****. **** ***** ***** ****** ** ***** that **** '****' *** ******* ** **** *** ***** ****** just **** ** ******** *** * **** **** ** ******* Human ******, ********** ***********, ***.

*****'* * ***** ********** ******* "******" *** ******* ** * people *** *********** **** ****** **** *** ******* ********** *** its **** **. ********** *** *** ** ********* * ****** the ******* ********* ***** **** ** ******* *********.

** ******, ** **** ********** *** *** *** **** *** Human ****** ********** ** ***** ** ** ****** *** ** buy ********* *** ***** ****** ** *** *** ***** **** a **** ** *** **'* ** ********* ** ******** ******, sadly **** *** **** ******** **** ****** *** ** *** those **** ***** **** ** **** *** ********* ***** ***** rights ** ***** ***** ** ********. ****'* * ***-***, ****** right **** ** *** *** *** ***** ******** ********. * love *** *** *** ** *** *** ******* *** ** we **** *** ***** ** **** ********* *** * ******* that *** **** ****** ***'* ** ***** ****** **** *** USA.

* **** ** *********** **** *** ** *** ****** ** build * *** ******* ****** ***** ** ********* ******* *** COMMUNIST *****, (***** **** ********* *** ****** ***** ** *** government, *** **** *********) ** * ** **, *****. *** China **** *** ******** ** *** ******* ***?

* ***** ******* ** *** **** **** ** '**-*******' ** some ******* ** ***** *** ******* *** ** ****** ***** this ** ********* ** ****.

* ***'* ***** ****** **** ** **** "*****" *** ******* people, *** ***** **** ***** ** ****** **. "*** *******" referred ** **** ** **** ***** **** *** ******* *************, and ** ******* *** ******* ****. ***** *** **** **************, this *** ***** (*) ****** ** ***** **** ***'* **** the *******, *** (*) *** ** ***** (*) **** ********* with *** *********/******* **** ******** *********.

***** ** ** *******, **** ** *** *** ** ** portrayed. ***** ******* ** *** *** ***. **** **** ***** way ** **** *** ***. **** ** ****** **** *** make **** *****. *** ** ******* ***** **.

**** '****' *** ******* ** **** *** ***** ****** **** like ** ********

*, *** ***, **** *** *** **** ** *** ******* people ****** ** *****. ***** ***** *** ******** ** ******** of **** ****** *** ***** ********* *** *** *************** *********** ********* ********** *** ***** ********* ***** ******* *** ********** rich.

"* ****** ******** ***** **** **** **** **** *********", ****** like * **** ********* *** ******* ********** ***********.

* **** *** *** ****** ***** **** **** ** ************ with *****. * **** **** ********** **** *** ***** ** complaining **, *** * ***** **** ** ****** ** * ask ** *** **** * *******. * *** ******** * suggestions ** **** * *** ** *******. ** * **** a **** ********?

** * **** * **** ********?

*************, ** ***** **** ******* *** *** **** ****** ***** of ** ******** ***. ******* *** *********** * *** ** the ****** *** ***** ********* *** * ******* ******* ******* so ** **** **** * *********** ********. ** **** ********** the **** ** ******** *** ******* ***** ****.

**** ********** ** **** ***** ************* *********** ********* ******** *********. The ***** **** **** **** **** **** ** **** *** money ** ** ** **** *** ******** ******. *** ******** is ********* ******** ******* *** *********, ** ***** ** *** US.

****** ***, *** ******** ** ******* *** **** *** *** ultimate ***** *** * ******* ** ******. **** * ******* it ** ****** *** ******* *** ********, **** * ****** it ******* **** *** ******** *** ******** *** *******. * believe ******* *** *** *************** ************** ** ****** ********* ****** ******* *** ******** ** **** intense. *** *** ******* ***** ** *** *** ****** ******* price.

**** ****** ********* *** ***** ********* ** ******** ***** ** take ********* (***) ** ***** ************* ***** ******** ** ***** own.

*** ** *** ***** *** *** ******* ** ***** *** produced ** *****, **** **** ** *****, *** **** **** customers ** **** ** *****.

*** *** **** **** *** ******* *&* ***** ***** **** product *********** *** ***** **** ** *****.

***** **** *** ***** ***** *** **** ******* ********* ***** the ****, ***** *'* **** **** **** ******* **** ********** will **** *** ***** **.

#*, ******, ****** ***** ** * ***** *** ****** ************* to **** **** ************* ******* ** ***** *** **** *******, e.g.******* ** **** $*.* ******* **** ********** *********,******* ***** ******* *** $*** ********** *******

*********** ***** ** **** ****** *** **** ******* **** ***** and *** ********** **** ***** ** ******* ****.

*********** ****** ** **** ** *** ********** ********** ****. ** my *********** ** * **** ** *** *** *****, * have * ******* ********* ****** ** ******. **** ** ***:

*. **** ** *** ******** *** ******* **** *** ****** of * ***, **** ********* ****** ** *** ** *** strongest ********* ** *** *****. ** * ***** ******/****** ****** the ******** ** *** * ****** ******* ** *** * Chinese ****** ****** ** * ***** *** **** *****/***/****** ***. (given **** *** *** ****** ****). **** *** ******** ** whether ** *** ******* ** *** ** *** ** *** (because *** *** *** ****** *** ****** *******). ** ***** words *** ******* ************* **** ******** *** ** ** ****** create *** ****** *** **** *** ********* ***** *** **** unable ** ***** ***** **** ******** ** *** ****. ** have * ***** ******** ******** **** ** *** **** *** years ******* ** ****. ****** ** *** ******* ********* **** became **** **** ********** *** ********** **** *** *** ******** for *** ******* ******** ** *** ******* ****** *** *** society ** *******.

*. * **** **** ** *** **** ******** *** **** 18 ***** ** *** *** * ******** ***** * *** of ***** **** *** *** ************* **** *****, ***, ******, Taiwan, ***** **** **** ****** **** ******* ******* *** ********** and ******** ***** ** ** ********** **** *****, ****** ** disguising **** ** "************ *********". **** **, **** *-* ***** ago *** **** ******** *** ******** *** *** ** ******* at **** *****, ******** ** *** ****** "**** ** *** professional ******", *** ** ******* ***** ********* ********** **** *.*** is *** ******** *** ******** ************. **** **** ****** ** explain *** *** ** ****** ************ ***** ****** ***** ** the ***** ** *** * *-* ***** *** **********. *** same **** *** *****, ** *** ****** ******* ******** ********** to *** ***. ***, ** *** * **** **** *** them, *** * ********** *** ****** ** ******, *** *****, this ** **** *** (***********). *** * ***'* **** ** wonder *** ** ******* ** *** ******** *** * ** offering *** ** * **** ***** * ******* **** ** lower ********** **** *** ***** *********...

*** *** **** ***** - *** **** ** *** ****** in ***** ** ******* ** ****** * *** ***** ****, but ****** ****** **** *** **** ** *** ********** ************ which **** **** *****. *** ******* **** **** ** ******* the ******* ***** ************, ********* *** ******** *** *** ************ relentlessly. *** *** ********* ***** **** **** *** ****, *** they ***** ** ***** ** *** *** **********, **** ******* and ****** ********* *****.

*. ********* *** ********* **** ** *** ********** - ** really ***** **** *** **** ****** ** ** **** ** figure *** **** ***** *** ** ***** *****-********* ******* ** existence **** *** *** **** **** **. *** ****, ** someone ********** *********, ***** *** **** ********* ** *** ***** that **** **** ** ********* *** **** **** *****, ** there *** ******* ********** ******* *** ************ *** ***** *********** and ******* *********. ****** ** ****** **** *****-********* *** ******** system ** ****** ** *** **** *** **** ***** *** is *** * **** ***** (** ******* *** **** ****** about ****, * *** ******* ****** ********...*****...**** - ****** ****?). The ********* **** *** ********* ********* ** ***-********** ** ** view. ***** ** ** ** * ***********, **** ** *** shareholders ** ***** ********* ******* *** *******'* ********, *** ********** I ***'* ***** *** ********** ** **** **** ** ***********. I **** ***** ************* **** * *********** ****** ** ******* employees - ***, ** **** *** *** *********, ******* ** brainwashed. * **** **** ** ***** ******* ***** *** **, this ** *** **** ********* ********* *******. ******* ***** *** for *** **** ****** ** ***** ***** ********* ********** ** getting ******, **** * **** *** *** *** **** *** more **** ****** ** *** *** *** ******** *** **** the ****** *****, ***** *** **** *** ****** ***** *** recent *** ****... ** *** **** *** ****** *** ***** :)

* ** **** ** **** ****, ***** ** *****.

** **** ** *****, ******* ******** ******* ********, ****** ********/******** or ************* ********* ***** *-****** ** **** ** ***. (*** making **** **)

***** *** ************* ********* ********* ** *** *** "*** ****** this **".

******* *** ** *** ********** ***** ******* ************* **** ** they "****** *** ********".

** * *** *** ****** ****** (*** *******) ** ******* that **** ** *** ********* ***** *** ***** ** *** Asian ********* ** ******* *** ****** ********* ** ******. **** a *****.

* ****** ** ********** **** **** ********* ******* *** "*** other *******" **** ************ ********** ******** ******* ********* **** ******* IP ****. ****'* *** ****** **** ****** ** ******** ***** the ******* **** ** ***** ** ** *********.

****** **** *** *********** ***, **********, ****** ***. ** *** made * ********* ** **** **** *** *** *** ***** your ********, * **** ** **** ******** *** ***** ******* makes ** ***** **** *** *** *******. * *** **** wonder **** **** ***** ******* *** ****.

*** ***'* *** **** ** **** *** ***** ***** **?

**** *** **** * ***** ** * ****** (*******) ***, out ** *** ********* ** ** ******* **** *** *********, only *** ******* *** ********, *** **** *** ** ******* error. * ***'* ******* **** **** ***** *** **** **** claim. ** *** **** ** ******** *** *** **** *********** the **** *******. **** *** ******* **** ********* ** ***** own ********** ********. ** ********, ** **** ****** ******** ********* Tech/Customer ******* **** ****. * **** ***'* ****** ****** ****** a "********" ******* **** ***** *******.

** **** **** ** *** **** * ***** ******* *********** I *** ** **** **** *** ********* ******* **** *** those **** ******** *** *** ********* **** ** *** ******* they **** *****, **** *********, **** ****** ******* ***. *** there *** **** * ******* ** ******** ************ **** *** sell *** ***** ****** **** *** *****? ****'* **** **** really ***** **** ** ****. *** *** ** *** ***** manufacturers **** **** *** **** * ******* **** *** **** expensive ** *** **** *-* *****, *** ***, * ** believe ** *** ** **** ** *** ********* ***** ** the ******. *** ***** **** *** **** *** **** * less ********* ******* ********** (***** ***) ***** ******* ******* ***** dropping *** ***** *****.

*'** **** ***** **** ******** *** *** **** ** ***** now, ** ** *********, ******* ****, ******* *****, ***. ***. and *** ** ** ********/********* *** * ***** **********. * have ****** ********** **** **** ******** ***** *** ******, ***** to ** ********** ********, ******, **** **** ******* ****** *** strive ** **** *** ***** ** *** *** *** *********.

******* **** ** *** ******** *****, *'* *** *** **** that * ***** ** **** **** *** *** ******.

********* ******: ****** *** *** **** ********* *** ********* *** they **** ******** ******** ****** ** *** ********* ** ***** *** *******.

*** ********* *** *** ********* ***** ******'* **** ** **** and *** ********** **** ***** ******** ********* *** *** ******** work (**** **** ****** ***** ** ** **** ******). *** IFSEC ******* **, ** *** ***** *******.

******** ******* *** ********* ******* ** *** **** ******* ** Hanwha ** ***'* ***** ***** *** ** ****** **** ****** with ** **. **** **** *** **** **** *****, *** come?..and * ** ********* ****** **. ****, *** *** ** Dah. ** ** ****** ***** ******** ** ***** **** ****** was * ******* ****, *** **** *** **** ********* **** Axis ** **** *****. **** *** ** *** *** ** this **** ** ******* *** ****** ******** :) * ** curious ****

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