1. Guo Tai Chen Tai-Men crazy acquisition, only to master the pricing right?
After Chen Taiming took over the country giant, he continued to strengthen himself through mergers and acquisitions.
Passive components, the art market has listened to him
Chen Taiming is determined to become a global price maker for passive components. Now he is interested in almost all upstream and downstream passive component factories. He also operates in a 'lock order' manner. He has a famous saying that 'get out of the red supply chain, is To enlarge the scale', therefore, he wants to 'and, and, and,' rely on mergers and acquisitions to become a leader in passive devices.
Nowadays, the Taiwan stock market bulls are singing Su Huilun’s (passive) song. Since March, the passive component population has been rising staggeringly. The giant stock price of the leading country is continuously rising at a record high, starting from 312 yuan in February this year (NT$, the same ) It rose, and it rose to 1,075 yuan, or 2.4 times, on May 29, and the market value reached 376.2 billion yuan. Together with Daliguang, it created the era of Taiwan’s “double gold”.
The Guoju can reach a high price of 1,000 yuan, thanks to four times of capital reduction since 2013, the share capital has been reduced from 22 billion yuan to 3.5 billion yuan, and the capital has been reduced by 85%. The stock price has been transformed from seven yuan egg dumplings into a thousand dollars. After the stock exchanges, coupled with the recent shortage of passive components, Chen Taiming continued to launch mergers and acquisitions at this time, making the kinetic energy of the passive components unit ignited, the flames everywhere chaos.
Who is Guo Guo’s next merger? “This is the topic most concerned by the current market. Guo Tai’s chairman, Chen Taiming, has become a superstar who will “call for a freeze.” As long as the passive component factory was named, the stock price will rise and it will fall. For a long time, the passive element group dominated the disk and became Chen Taiming’s personal biggest performance stage.
Giants in the past two mergers have caused the market to break through the glasses
In the past month, Guoge has launched two mergers and acquisitions. On the afternoon of April 26, the country’s giants announced the suspension of the next day without warning, and market rumors clashed. The companies that were named all surged. Among the accidents, Guo Ju announced on the Stock Exchange that it would acquire the protection component Dachang Junyao at a price of 73 yuan per share. The acquisition amount was between RMB 1.686 billion and RMB 3.365 billion. This was followed by the acquisition of Mei Lei by its subsidiary Qili. After that, 100% of the mergers and acquisitions took place again.
On May 22nd, when the giant was suspended again, and after a period of chaos in the market, the national giant announced the acquisition of US antenna manufacturer Pulse Electronics through Pluto Merger Corporation with a total transaction value of 740 million yuan. The U.S. dollar (about 22 billion U.S. dollars), all paid in cash, has to go to the hottest automotive electronics components. But this acquisition is a foreign company, once again letting the market drop below the spectacles.
Subsidiaries have full cash, mergers and acquisitions do not stop
Not only that, in the newly released annual report of Guo Ju, most of the original additions to the Qilixin, Zhibao, Kaimei, Wangxun, Meilei, Dayi, Jiabang, etc., also added Jiuhao 7.4%. Wang Shi 2.1% held shares, and even the stock of rival Ahshin Branch bought 2,000 copies. Although Guo Dao said that it was a short-term investment, it still made the market think of whether Chen Taiming had a new round of mergers and acquisitions.
Some analysts said that the acquisition of Junyao and Pouss in one month by the country's giants had already spent 25 billion yuan in cash on the account, how much energy will the future of mergers and acquisitions continue? Moreover, three years ago, the international private equity fund Oaktree (Oaktree) ) Purchasing PTS for NT$500 million. Now the giant is bought for 22 billion yuan. An electronic component company has gone up forty-four times in three years. The market questioned that the giant was bought too expensive. Oaks invested a lot of money in the process of revisiting Pus, and the original cost was about 200 to 300 million U.S. dollars. In other words, U.S. giants purchased Puth to two to three times the price, and Perth contributed 12 billion to the U.S. annually. In view of the revenue of NTD, the transaction was indeed expensive.
Another analyst held a positive view, considering that Guo Dao’s capital reductions have been repeated several times. Subsidiaries have full cash in hand and are not afraid of having no money for mergers and acquisitions. They can also use shares for mergers and acquisitions. The market believes that Guo Ju’s mergers and acquisitions will not stop there.
Chen Taiming is determined to become a global price maker for passive components. Now he is interested in almost all upstream and downstream passive component factories. He also operates in a 'lock order' manner. He has a famous saying that 'get out of the red supply chain, is To enlarge the scale', therefore, he wants to 'and, and, and,' rely on mergers and acquisitions to become a leader in passive devices.
Chen Taiming has turned the mall veteran upside down
He graduated from the Faculty of Engineering Science at the University of Success, and founded Taiwan Impedance Corporation in 1985. The company mainly sells laminated ceramic capacitors (MLCCs) and chip resistors, which were created by his older brother Chen Muyuan. The impedance of Taiwan was merged with Guo Ju, and soon Chen Muyuan Selling the company’s holdings in the hands, and Chen Taiming’s peaceful separation. After Chen Taiming took over the giants, he continued to grow through mergers and acquisitions. By 2006, he had acquired more than 11 companies and was already the market’s “M&A king”. .
The Chen Tai-ming, who was wearing a small flat head, sharp eyes, and a good taste, had a great ups and downs. Now it is again a big one. It is a legendary figure in Taiwan’s electronics industry that is a bit controversial.
In the past, 'When Chen’s shareholders were not necessarily a good thing', it was a deep impression of being a giant shareholder of a foreign country. He was a master of financial operations. He especially loved investing in the industry in his early years. Most famously, when the electronics industry boomed in 1998, , With a premium of 80 yuan per share, it is getting more than 10 billion yuan in cash.
He took $4.5 billion to buy a building in the Lutheran Plan Area, which was 20% more expensive than the market price at that time, and then leased it to the high-speed rail, backed by former chairman Yin Qi of the high-speed rail; He took another RMB6.5 billion to acquire the equity of Sanbao, an appliance company. We also took two billion yuan to buy a 50% equity stake in British business, Keungsjord, which is completely unrelated to passive components, in order to import red wine. These off-market investments were eventually disbursed with small profits, but they had already given up. Shareholders have quite a few words.
Chen Taiming’s sharpness and arrogance, and even his unfamiliarity, were undoubtedly revealed in the case of Chen Shengyu’s sensational treasure when he made a strong year in 1999. He also talked about the merger with Dong Yuan Huang Maoxiong, attempting to integrate the household appliance business, and arbitrarily decided on Dongyuan. It was the surviving company that caused Chen Shengyu to almost lose the country. Finally, Huang Maoxiong retired and the merger case broke. But when he was in his early forties, he was able to turn the two veterans upside down. It was indeed not simple.
The giant's most famous merger and acquisition case was the purchase of a Philips passive component factory in 2000 with a premium of 18 billion yuan. However, after the purchase, the Philips team was scooped away by Huaxin Coke Yongheng, and Chen Taiming was angry against China. Xinke reported that he and Jiao Youheng had been friends since then. At that time, foreign investors were extremely unwilling to buy giant Philips at a high price, slashing giant stocks in the country, and the passive component economy began to decline. The giant began to decline.
Looking back, even if the talents were dug out, Guo Ju was buying European and American customers from Philips' Passive Components Factory and contacted the front-line customers, allowing Guo Ju to emerge in the international market. This 18 billion yuan is also worthwhile.
Chen Taiming is also obsessed with investment in art. He learned that buying a painting requires a 'pricing power' that can capture the art market. He bought art at first, and grabbed the 'cover' of the auction house.
He began with the Chinese artists Chen Chengbo, Chang Yu, Zao Wou-Ki, Liao Chi-chun, and later extended his tentacles to the international community, becoming Francis Bacon, Gerhard Richter, Andy Warhol (Andy The big collectors of such famous paintings as Warhol), whose price is the price he used to 'shutter the dish'. It was only the National Giant Culture and Education Foundation that he founded. The original collection of paintings was from the 'depreciation' in the paintings bought by the Great Giant.
The pursuit of great ten years has not been achieved
Another controversial issue was that in April 2011, Chen Taiming and the private equity fund KKR teamed up with Towers Perrin to open up the acquisition of the giants of the country and caused a great uproar in the investment market, believing that Chen Taiming played a big financial game and was eventually called the competent authority. In the veto, the giant stock price of the country fell from 15 yuan to 7 yuan. This also forced Chen Taiming to decide to save the country with a capital reduction and create this grand occasion today.
At present, Chen Taiming's high-spirited and prosperous, winning battles, all of which have become plentiable weapons. However, at the end of the day, there is still a company that allows Chen Taiming to swallow and vomit. It is Da Yi. In 2007, Chen Taiming launched a malicious attack. M&A, buying Da Yi stocks on the disk, holding more than 40% of shares, Dayi’s chairman Jiang Caibao resisted and resisted, pulling Dayi’s share price to more than two hundred yuan; last year, Chen Taiming talked about the acquisition again, Da Yi’s implementation of Treasury shares The system was also prosecuted to manipulate the stock price search. For more than a decade, Da Yi or Chen Taiming’s heart was stabbed.
"Love to drink milk, it is necessary to buy a ranch" is the character of Chen Taiming. He loves the international famous brand Hermes, and he becomes Hermes agent (now he has been taken over by Hermes headquarters); he has a good collection of red wine and he buys it. Yang Xing. From the past, the stockholders don’t love the image. Now they are the sought-after people in the stock market. In 1998, the shareholders who have bought stocks have already begun to make money. Chen Taiming’s image has been greatly reversed, and he can see that he has laid down his position in recent years and actively manages media and contacts. The heart of his work has added a lot to his passive component, the King of Heaven.
How does Sunny Optical, which started with RMB 2.6 million, rise?
If the growth of ZTE, Huawei, BOE and other red companies is unconvincing, then nine high school students start their own businesses starting at RMB 60,000. The starting point is the same as many SMEs in Taiwan, and Sunny Optical does not rely on government subsidies. In the market, market capitalization surpasses Taiwan’s stock market kings and it is the most embarrassing role of Taiwanese companies. It is even the biggest enemy of Da Liguang!
At 10:30 am on May 29th, Hong Kong's Pacific Place, on the third floor, was full of media. They all had to attend the annual general meeting of the Chinese lens maker Sunny Optical. The journalist had exclusive access to the shareholders' meeting and met directly. Asked Sunny Optical Chairman Ye Liaoning and Chief Executive Sun Yi.
In the past two years, Sunny's stock price has soared several times, but recently it has also been fined by the United States because of the case of the major customer ZTE Corporation. The stock price of Sunny has dropped by 20% within a month. All retail investors are curious. Maintain high growth?
Can you eat apples?
Shareholders meeting whether they will compete with Darien
The previous day, another big company, AAC Technologies, emphasized at the shareholders’ meeting that it would aggressively enter the lens market. After the smart phone market is saturated, how will the company respond to the increasingly fierce competition? When will the company stand shoulder to shoulder? Into the apple market?
'We haven't done 'A' company (referring to Apple's order), so we don't have competition with Da Liguang in this piece, nor is it planned that we will happen,' Chairman Ye Liaoning said: 'But a lot of things are In the past, Dali Liguang was not only the first in the industry, it was the only one! Now it is different, the second and the third are catching up quickly!
'ROE is only a result, we really do not regard these figures as a goal of work. ' CEO Sun Hao stressed that Sunny never position itself as a manufacturer of lenses or any specific product, but think that they are 'solving visual needs' The company's, so from the smart phone to autopilot systems, security monitoring systems, and even medical components, as long as the customer has vision-related parts needs, is the opportunity of the universe.
Haoyu has grown rapidly in the mobile phone lens and has the highest volume in the industry for the production of automotive lens. Over the past two years or so, Hong Kong's listed stock price has soared more than 3 times. This has enabled the company to replace Cathay Pacific and become a Hang Seng Index constituent stock. Too close to the sun? “When Barron’s of the United States evaluated the world, it was so funny.
'Not China' of Sunny Optics
There is no backing for the government, no support for the domestic market
Sunny Optical is not only regarded as Taiwan's stock king, the rival of Da Liguang, but has received high attention from Taiwan. This week’s reporter visited the Yuyao headquarters in Yuyao, Zhejiang Province. The current market value has reached as much as 680 billion yuan. New Taiwan dollar, higher than the share of the world's optical new overlord Wang Liguang.
Feature one: Implement the elite co-government company has no major shareholder
In 1984, Wang Wenjian, an inspector of an electrical switchgear factory, took 8 high school students and a 60,000 yuan loan to open a township-owned enterprise named Yuyao No. 2 Optical Instrument Factory, which took orders for microscopy equipment. , Become the predecessor of Sunny.
In-depth study on the dismantling of Haoyu’s shareholding structure revealed that it was a company with “no major shareholder”! The implementation of elite co-governance from the outset was the most important feature of Sunny's 30-year history of development.
To open the annual report of the company, the 'Rugao' company held by the Phoenix Employees Trust held 100.4% of the shares of the company, and held a 35.47% stake in the company. It was the single largest shareholder and was calculated based on the market value. Trust value is more than NT$210 billion!
Compared to employee trusts, Shuguang, which is a company with high-profile executives such as Wang Wenjian, holds a 3.07% stake in Sunny, but has also delivered a trust. Individuals in Yeh Liaoning have only 10,000 shares, and the current president, Sun Hao, holds personal positions. The stock is even less than one ten-thousandth. This is a family business with Da Liguang.
Guo Zongming, a certified public accountant of the high-asset family company of Capital Accountants, pointed out that even if the company's operating team is internally indecisive, the individual decision-making power is still carried out in accordance with the rules of the trust, and the company will not stage the right to operate because individual stocks are few. The dispute.
Feature 2: Putting an end to enterprise family-building The founders planned for 30 years
'Wen scattered people gathering' is the motto of the founding of Wang Yujian. Wang Wenjian holds only about 7% when the company transforms into a company. Since 2010, employees have qualified to receive the company's allotment as long as their performance passes the certification. Restricted stocks. Just in 2010, Haoyu took out one hundred million shares to employees at a glance, and eventually more than 300 people benefited.
In particular, the SPA awards program is not limited to internal employees, as long as it is external consultants and agents who have contacts with SPARKLES, they are all eligible for the limited shares issued by SPARK.
In order to avoid 'community,' even if Haoyu has become a multi-billion-dollar enterprise, the brothers of Wang Wenjian, who is your chairman, still drive tractors in his hometown. According to Chinese media reports, Wang’s only son, Wang Wei, was in the group. The company has also left the middle and low-level business personnel. He once said: 'I have been planning for the prevention of the family-run business for 30 years.'
Feature 3: Look at the Articles of Association of the company to reduce the influence of human governance
Wang Wenjian cited all staff recruitment, training, work rules, and the company's annual or emergency response strategy. They were written in black and white and formed a directive to issue various groups of organizations.
The 'Pure Group Talent Evaluation Method' stipulates that outstanding talents should be selected through at least six hundred person-time questionnaires, individual interviews, performance evaluations and other tedious procedures. Even the company’s organization and operation are subject to detailed regulations, such as the board of directors, the board of supervisors, and the general manager team must Separately operate independently, branch management, supervision, and enforcement of the three rights. Therefore, the members of the three organizations must not overlap.
Feature 4: Maintain openness and flexibility in R&D Instead of wasting resources and innovating
In the end, at the end of the year, there was only about 5.9 billion NT$ in cash, which accounted for about 11% of the total assets. In contrast, there are as many as 67.9 billion Taiwan dollars in cash on the Darien CD account, which accounts for 59% of the total assets. The rapid expansion of the operating scale of Sunny Tech indicates that the company has funding needs. The issuance of corporate bonds successfully raised funds of 600 million U.S. dollars (about NT$18 billion), indicating that Sunny International is more inclined to use high-benefits ratios and high-profile advantages to keep the overall funds more flexible.
The management of Haoyu has now become a case study of the major business schools in mainland China. It has even become a model that the mainland government hopes companies can follow. This red assassin who comes from behind is also a worthwhile object for the Taipei family business. weekly
3. Zhang Zhongmou sees Sino-US trade disputes that the situation is more optimistic than before
TSMC chairman Zhang Zhongmou was worried that the trade dispute between China and the United States may have touched the Apple supply chain. However, he now believes that the situation is more optimistic than before, and he is relatively happy to see the possible impact.
Recently, Zhang Zhongmou accepted a financial news visit and proposed new views on the development of Sino-U.S. trade disputes. He said that when the U.S. delegation was in Beijing, it did not refer to Sino-U.S. trade issues as a trade war but as a trade dispute. His attitude towards Sino-US trade is more optimistic than at the beginning of May.
Zhang Zhongmou stated that according to reports in the New York Times, when the U.S. delegation came to Beijing, it proposed eight requirements including China’s first reduction in its trade deficit of 100 billion U.S. dollars and two years’ reduction of 200 billion U.S. dollars. He believes that most of the requirements require negotiation space. He is the reason for his optimism.
When Zhang Zhongmou received an interview with the Financial Times in early May, he stated that Sino-U.S. trade disputes may have hit Apple's supply chain. He said that this Sino-US trade war is a challenge he has never faced.
TSMC said at the time that because the U.S.-China trade negotiations had not yet reached a friendly conclusion, if tariffs were to be extended to mobile devices and other electronic products, TSMC and other Apple supply chains would not be able to avoid being affected.
During the recent visit to Caixin, Zhang Zhongmou’s possible impact on Sino-U.S. trade disputes on Apple’s supply chain has also become more pleasant. He said that even if it has an impact on Apple’s supply chain, TSMC is not on the front line. Stay neutral, will not choose side station.
4. History of AI Interpreters
In the Boao Forum for Asia in 2018, apart from the main agenda, the most notable hotspot was the introduction of artificial intelligence for the first time in the conference for instant spoken translation. However, artificial intelligence did not appear in the original slogan of 'making instant interpreters' In the face of the threat of unemployment, on the contrary, the translation result of serious mistakes, on the contrary, relieved the instant interpreters. It seems that this line can still be eaten for a long time.
In chapter 11 of the Bible, Old Testament, Genesis, after the Great Flood receded, the people of this world were descendants of Noah and spoke the same language. At that time, mankind began to cooperate and build a tower called Babel. Tower of the Towers. This move alerted God, so God allowed humans in the world to begin to have different languages. Since then humans have been unable to work together. The plan to build the Sky Tower ended in failure, and language differences have become the largest Obstacles. Perhaps there is still a dream in the blood to rebuild the Tower of Babel. Therefore, translation has become a key cultural project for the continuous evolution of mankind over the past thousand years.
The linguistic barrier is not so easy to break. In particular, it is necessary to understand the same concept across languages. For the first time in human history, a cross-language parallel corpora was produced by Rosetta Stone, made in 196 BC. The ancient Egyptian language, ancient Greek, and local colloquial texts were used to record the engraved scriptures of King Ptolemy of the ancient Egyptian king. This is also a major milestone in translation.
Rule-based machine translation
As for the origin of machine translation, dating back to 1949, information theory researcher Warren Weave officially proposed the concept of machine translation. Five years later, in 1954, IBM and Georgetown University in the United States announced the first translation in the world. Machine IBM-701. It can translate Russian into English, not to mention it has a huge body, in fact it only has 6 grammar rules and 250 words built in it. But even so, this is still a major breakthrough in technology. At that time, humans began to feel that they should be able to quickly break the wall of language.
It may be that God is aware of something different, and poured a bucket of cold water on the plan for human reconstruction of the Tower. In 1964, the American Academy of Sciences established the Automatic Language Processing Advisory Committee (ALPAC). Two years later, In the report presented by the committee, it was considered that machine translation is not worth continuing to invest because this report caused the U.S. machine translation study to be almost completely stagnant for the next ten years.
From the birth of IBM's first translation machine to the 1980s, the technological mainstream at that time was rule-based machine translation. The most common method is to directly translate words according to the dictionary, although some people later proposed to add syntax rules to correct them. But to be honest, the results turned out to be very frustrating, because it looks stupid. Therefore, in the 1980s this practice disappeared.
Why can't languages apply rules? Because languages are extremely complex and vague systems, from word ambiguity to rhetoric, it is impossible to exhaust all rules. But interestingly, many recent innovations in natural language The company, still trying to solve the Chinese semantics with exhaustive rules, but this idea will definitely end in failure.
I'll give an example to illustrate why the rules are not feasible. Not to mention the complexity of translation in two languages. Just from the Chinese perspective, the concept of 'Express delivery is fast'. How many kinds of teachings can you think of? 10 kinds or 100 kinds? According to the natural language statistics we have done before, there may be 3,600 kinds of teachings in total, and this number should increase over time. A sentence with such a simple concept can be so For a complex system of rules, if you use translations, I am afraid that the amount of rules will be an astonishing astronomical number. Therefore, the rule-based machine translation idea will become a yellow flower yesterday.
Instance-based machine translation
While the whole world has fallen into the low phase of machine translation, there is a country that has strong obsessions for machine translation. That is Japan. The Japanese have poor English proficiency and therefore have a strong rigid demand for machine translation.
Professor Nagao Shinretsu of Kyoto University in Japan proposed an example-based machine translation, that is, stop thinking about letting machines translate from scratch. We only need to store enough example sentences. Even if we encounter sentences that do not match perfectly, we You can also compare example sentences by simply replacing the translation of different words. This sort of naive thinking is certainly not much better than rule-based machine translation, so it did not cause a wave. But soon, the hope of human reconstruction of the Tower of Babel Seems to see the dawn again.
Statistical machine translation
The detonation of the statistical machine translation boom is still IBM. In the paper "Machine Translation Mathematical Theory" published in 1993, five word-based statistical models were proposed, namely 'IBM Model 1' to 'IBM Model 5'.
The idea of the statistical model is to treat translation as a probability problem. In principle, it is necessary to use parallel corpus and then perform statistics on a word-by-word basis. For example, although the machine does not know what the 'knowledge' of English is, it will be found after most corpus statistics. As long as there is a sentence with knowledge, the word “Knowledge” appears in the corresponding English example sentence. In this way, even if the dictionary and grammar rules are not maintained manually, the machine can understand the meaning of the word.
This concept is not new, because Warren Weave first proposed a similar concept, but there was not enough parallel corpus and limited to the ability of the computer at the time was too weak, so it did not put into effect. Where does modern statistical machine translation come from? In search of the “modern Rosetta Stone,” the most important source is the United Nations, because the resolutions and announcements of the United Nations will all have language versions of individual member countries, but besides, we must produce parallel corpus of our own. The translation of the cost of human translation will know that the cost is astonishingly high.
In the past ten years, everyone is familiar with the Google translation is based on statistical machine translation. Hearing this, it should be clear that the statistical translation model is unable to accomplish the great cause of the tower. In your prints, the machine translation only stays in The degree of 'useful' rather than 'useful'.
Neural network machine translation
By 2014, machine translation ushered in the most revolutionary change in history - 'deep learning' is here!
Neural networks are not new. In fact, neural network inventions have been around for more than 80 years. However, deep learning has continued since Geoffrey Hinton (deep study of the three great gods) improved the fatal shortcomings of neural network optimization in 2006. Various miracles-like results have frequently appeared in our lives. In 2015, the machine for the first time realized image recognition beyond humanity; in 2016, Alpha Go defeated the world chess king; in 2017, speech recognition surpassed human stenographers; in 2018, Machine English reading comprehension goes beyond humans for the first time. Of course, this area of machine translation has also begun to flourish because of the deep learning of this super fertilizer.
Yoshua Bengio of the deep learning God in the 2014 paper, for the first time laid the basic structure of deep learning technology for machine translation. He mainly uses a sequence-based recurrent neural network (RNN), so that the machine can automatically capture sentences The word feature, which in turn can be automatically translated into another language's translation result. This article shows that Google has won the treasure. Soon after, Google provided ample gunpowder and Great God's blessing, Google officially announced in 2016 that All statistical machine translations were off the shelf, neural network machine translations became the absolute mainstream of modern machine translation.
The biggest feature of Google’s neural network machine translation is the addition of Attention. In fact, the attention mechanism is to scan human eyes first with a simulation of human translation, and then pick out a few key words to confirm semantics. Process (figure 2). Sure enough, with the attention mechanism blessing, the power is greatly increased. Google claims that in the "English-French", "British-Chinese", and "British-West" and other multilinguals, the error rate follows. The statistical machine translation system is reduced by 60%.
Although the neural network can learn from the existing parallel corpus and understand the subtle linguistic features of the sentence, it is not perfect. The biggest problem arises from the large amount of data needed and its incomprehensibility as a black box. That is to say, There is no way to make mistakes, only to provide more correct corpus to correct 'deep learning'. Therefore, the same sentence pattern can have very different translation results.
In February 2018, Microsoft made new moves to make machine language understanding beyond humanity. On March 14, researchers from Microsoft Research Asia and Redmond Research Institute announced that their R&D machine translation system was The news report test set Newstest2017's Chinese-English translation test set has reached a level comparable to that of human translation. This is naturally a major victory for the machine translation of neural networks. Of course, there are also many innovations in the architecture, of which the most noteworthy. It is joined with Dual Learning and Deliberation Networks.
Dual learning has to solve the problem of limited parallel corpus. In general, deep learning must be provided to the machine at the same time. In this way, the machine can continuously modify and improve according to the difference between its translation result and answer. As for the stimulating network, it is also a process of imitating human translation. Usually, human translators will do a rough translation first, and then adjust the content to the exact second translation result. In fact, you can find that no matter how smart the neural network is, you still have to refer to the smartest creature on the surface. For humanity we.
Language cannot be used out of context
The development of machine translation does not mean that future translators will not have food. It can be noted that Microsoft's publication will have emphasized the 'Chinese news report test set Newstest2017' on the 'Chinese-English translation test set' on the data set. Good performance may not be equal to generality, which can also explain why Tencent's translator is notorious for his reputation, but why the instant interpreting at Boao fails to perform.