DAY 1-2

Taking the Mickey?

Disneyland Paris


A quarter of a century of broadsmiles and financial losses

IF YOU judge only by the volume of screams and the beaming faces of
those taking  rides at Europe’s most-visited,privately-owned tourist
destination, then it is clear that Disneyland Paris has much to
celebrate. In the three decades since Disney,an American media firm,
agreed to put its European theme park on a site east of Paris, and the
25 years since its doors swung open, in 1992, 320m customers have queued
for attractions such as “Space Mountain”,as tomach-twisting roller
coaster,and photo-ops with Disney characters. Tomark these
anniversaries,the firm is making bold claims for the park’s economic and
social benefits.Nearly €8bn ($8.6bn) has been invested in or near the
site, whichincludes a second Disney studio-themed park, 8,500 hotel
rooms,convention centers and a golf course. France’s economy has
supposedly seen gains worth €68bn and the creation of 56,000
jobs.Politicians pay it heed: François Hollande, the retiring
president,made an end-of-term visit late last month.

photo op n.an occasion that lends itself to (or is deliberately
arranged for) taking photographs that provide favorable publicity for
those who are photographed

Convention center Convention center, in American
is a exhibition hall, or conference center, that
holds conventions 

heed :If you take heed of what someone says or if you pay heed to
them, you pay attention to them and consider carefully what they say.

Stomach-twisting:If you say something is stomach-twisting. You mean

it makes you excited, nervous and nauseous.

But investors tell a different story.Shares in Euro Disney (the French
parent company)have performed like a raft on the “Pirates of the
Caribbean”log-flume ride: the price on the opening day in 1989 was the
equivalent of €97 and they reached €221 three years later,but have
languished for more than a decade since. Disney repeatedly reinvested
capital to avoid bankruptcy at Euro Disney,in the process diluting
others’holdings. In 1989 it owned 49%; it is now the majority-owner.Last
month it restated its wish to take Euro Disney wholly private,and agreed
to swap some of its own stock for a 9% stake in the European firm that
was held by Prince Alwaleed bin Talal of Saudi Arabia. Disney now holds
nearly 86% of Euro Disney.It is offering—for a limited period—to buy out
remaining investors for €2 a share, roughly the current price.

raft/rɑːft; US

ræft; ræft/n(a) flat floating structure of logs,barrels, etc tied
together, used esp as a substitute for a boat筏;筏子

languish/ˈlæŋgwɪʃ; ˋlæŋɡwɪʃ/v[I] (fml文)lack orlose
vitality紧缺活力;失去活力:Since the war the

industry has gradually languished.开战以来,这一工业的生育一蹶不振.

buy outIf you buy someone out, you buy their share of something such
as a company or piece of property that you previously owned together.

Stomach-twisting:If you say something is stomach-twisting. You mean
it makes you excited, nervous and nauseous.

Asenior executive at Euro Disney suggests that the smallest investors
areunlikely togrumbleabout that price, even ifthey areout of pocket.
Theymayhave bought into the project as
the park.In any case, hesays,the firmalwaysrisked “financial failure”
rightfrom thestartbecause of high debt,held by 64differentlenders.
HadDisney not recapitalized and reduced

grumble/ˈgrʌmbl; ˋɡrʌmbl/v[I, Ipr]~ (at/to sb) (about/at/over
complainor protest in a bad-tempered way发怨言;鸣不平:Stop

You’ve got nothing to complain about.别抱怨了!你没什麽可抱怨的.

out of pocket having suffered a financial loss.

Yet investors clearly have reasons to lament the firm’s
performance.Disney land Paris has failed to deliver more than a handful
of profitable years—it last did so in 2008. Visitor numbers have
slipped. Some 13m came last year,1m-2m fewer than a decade ago; hotel
occupancy rates that were at nearly 90% early in this decade are below
80%; spending per visitor is up only modestly,despite new restaurants.A
spokesman, François Banon,blames “macroeconomic conditions and
difficulties”,noting years of stagnation in France and its
neighbours,plus fears about terrorism.

生物科技,lament/ləˈment; ləˋmɛnt/v[I, Tn] complain (about
sth)抱怨(某事):She’s always lamenting the lack of sports facilities


Otherssaythat Disney itselfmaybe at fault. CIAM, a French activistfund,
took astakein Euro Disney in2015. It reckons its
shareswerebadlyundervalued, and has decided to resist Disney’s effort
totakeit private. It has asked a judge toinvestigateif Disney’s
description of EuroDisney’s value wasfair.CIAMpointstoEuroDisney’s
rights until 2035 to develop 2,200 hectares of prime commercial
landclose to Paris, around the theme park, at a remarkably low purchase
cost, itsays,of €1.69 per square meter (rightswhich it has only partly
exercised). The judgemayyet dismiss the case. But Anne-Sophied’Andlau,of
CIAM,saysa surveyor commissioned by her fund concluded the value
ofcontrolling the land was €1.9bn alone—far above Euro

CIAM also alleges a“darker side” to Disney’s behavior,suggesting the
American firm should reimburse over €900m in fees and royalties for the
Disney brand that were charged to its European outfit over the years.
Although these are occasionally waived by Disney,CIAM claims
Mr Banon calls these allegations“false and unfounded”.The property
business earns Euro Disney just €10m annually,he points out, and CIAM’s
calculation“grossly exaggerates the value of these real-estate
rights”.As for Disney’s various fees,he says royalties are unexceptional
at 6%or less of total revenues, and that a management fee is 1% of

outfit/ˈautfɪt; ˋaʊtˏfɪt/n[CGp] (infml口) group of people
working together; organization(协同工作的)集体,社团:a small


waive/weɪv; wev/v[Tn](fml文) not insist on (sth) in a
particular case;

forego不坚定不移讲求(某事物);扬弃:waive a claim,

privilege, right, rule废弃一渴求﹑特权﹑义务﹑规定

The dispute could quickly end if Disney increases its offer.CIAM notes
that since it began asking questions, Disneyhas already raised its bid
to minority holders, from €1.25, which implies that theearlier valuation
was too low.CIAMis emerging as a rare French activist fund that gets
results: it profited by intervening in thetakeoverof Club Med, a tourist
firm, byChina’sFosun

Internationaltwo yearsago.

Fosun International :复星公司

AsforEuroDisney,its theme park has high running costs. It
iswoefullybehind on digital efforts: it lacks Wi-Fi for visitors. But it
ispopular,andFrance’seconomy isperking upabit. A plan to develop new
railway lines in the greater Paris region should increase demand for the
commercial land that it has rights to. How irksome it would be for some
if it delivered steady profits under Disney’s full ownership.

woefully used for emphasizing that something is very bador does not
happen enough

irksome If something is irksome, it irritates or annoys you.

生物科技 1

DAY 3-5

A Better Pill from China

The pharma business

Chinese pharma firms are starting to develop newdrugs for the global

WALKintothe Shanghai laboratories of Chi-Med, a biotech firm, and you
encounter thesort ofshiny,cutting-edgefacilities common in any major
pharma company in America, Europe or Japan.Chi-Med has just had positive
results in alate-stagetrial of its drug forcolorectalcancer,which is
calledFruquintinib. Ifthe drug is approved both in China and inWestern

marketsit could betheveryfirstprescription drugtobedesigned and
developed entirely in China that will be on a path to


Colorectal: Of or relating to the colon(结肠)and rectum(直肠).

GivenChina’sageing population, higher incomes and rising demandfor
health care it is clear why innovation in drugs is a priority for
thecountry.Its national market for drugs hasgrown rapidly in recent
years to become theworld’ssecond-largest. It could grow from $108bn in
2015 to around $167bn by2020, according to an estimatefrom

America’sDepartment of Commerce.

Chinese firms mainly sell cheap,generic medicinesthat earn
onlyrazor-thinmargins. The
helps explain the limited amount of finance that is available
forinvestment innewmedicines. MostChinese pharma firms devote less than
5% of sales to R&D, according to areport last year from
theWorldHealthOrganization (big global drug firms typically spend
14%-18% of

A generic drugis a pharmaceuticaldrug that is equivalent to a
brand-name product in dosage, strength, route ofadministration, quality,
performance, and intended use. The term may also referto any drug
marketed under its chemical name without advertising, or to the
chemicalmakeup of a drug rather than the brand name under which the drug
is sold.Although they may not be associated with a particular company,
generic drugsare usually subject to government regulations in the
countries where they aredispensed.

通用名药/仿制药(Generic drug)是绝对于在专利爱抚期内的原研药(Innovator

Razor-thin:Arazor-thin majority or profit is a very small one.

But things are changingquickly.The government is encouraging the
industry toconsolidate, chiefly by raisingstandards for the quality of
new medicines. It is also improving the country’sregulatory
infrastructure, which should make it more efficient, and faster, to
developdrugs.The value of deals in thehealth-care sector has
beenincreasing as a result.ChinaBio, a researchfirm, reckons that over
$40bn of foreign and local money went into the lifesciences in China in

  1. In the same year just three Chinese biotechfirms—CStone, Innovent
    and Ascletis—together raised more than $500m offinancing.

Another boost is the arrival of talent from abroad,whether Chinese-born
executives returning with aWesterneducation orWesternerswith experience
of multinational pharmaceutical firms. Christian Hogg,the boss of
Chi-Med—which was founded in 2000, has eight drugs in
clinicaldevelopment and listed on the NASDAQ stockexchangein 2016—used
to work atProcter &

Gamble,a global consumer goods firm. Samantha Du, thefirm’svery first
scientificofficer,was formerly an executive atPfizer,an American pharma
giant. Now known asthe godmother of Chinese biopharma, she used to
manage healthcare investmentsforSequoia Capital, a
SiliconValleyventure-capital firm. In 2013 shehelped foundZai Lab, which
licenses late-stagedrugs fromWesternpharma companiesto develop and sell
in China. Zai Lab also aims to develop innovative
medicinesinimmune-oncology.Anotherfirm attracting attention isBeiGene,
$158m in an IPO last year.Chi-Med’s Fruquintinib may even be beaten in
the race to approval in America and Japan by a cancer drug called
Epidaza from Chipscreen Biosciences of Shenzhen. China approved it in

Sequoia Capital:红杉资本

Zai Lab:再鼎医药

Immuno-oncology:The branch of medicine concerned with the study,
classification, and

treatment of the immunization of tumors.



shenzhen chipscreen bios:蒙得维的亚微芯生物科学和技术有限公司

Procter& Gamble Co., also known as P&G, is an American consumer goods

Pfizer Inc. /ˈfaɪzər/(辉瑞)is an American pharmaceutical
corporationheadquartered in New York City, with its research
headquarters in Groton,Connecticut. It is among the world’s largest
pharmaceutical companies.

It is too early tosaywhether these innovative firms will remain
rarities. Only afewlarge ones have emerged, sincetheindustry is
resisting consolidation. But the size of thelocal market will itself
help the industrygrow.And developing a drug in China is far cheaper than
it is in America or Europe.Given the outrage at the high cost of drugs
in America, in particular,there is every incentive for Chinese firms to
develop medicines for the global market.