They got 427 million dollars. Strive has eyes on china. It is the first deal between a western Payment Company and ali pay. It is the dominant payment for alibaba websites in china. Has picked the New York Stock Exchange for its ipo. It is the first Major Tech Company to opt for the New York Stock Exchange instead of the nasdaq. The nasdaq still facing problems from the facebook ipo. As baba. Be listed leslie, what is the buzz about this deal . For a long time, they would be rumored to go for the New York Stock Exchange. You saw both making many many trips over to china to pitch this company. This is a hallmark deal for them. They could raise as much as 26 billion. As big as the biggest deal ever in the u. S. This is a very competitive thing. For the nyse, traditionally not the home of tech companies. This is a big deal. The listening fees are no joke. Source of to be a big income. This is a decent source of income but it is much more of a marketing event. You saw the Exchange Shares move slightly on this news that not enough that the listing decision could make a big difference for their bottom line. That said, it is a marketing thing. The newtter lists on york stock exchange, both of them did. It is an easier sell for them. That is why these Companies Fight to get these companies to list. What else have we learned . I suspect you probably have. What they did is they told the exchanges and then an hour later, they fouled the update, which really just included the exchange and the ticker symbol. We reported that they were which is seen as good luck. A sounds like a symbol of wealth for the chinese people. They were looking for a symbol that would provide them with good luck. It is apparently good luck for the New York Stock Exchange. Is there a sense that things will slow down before this ipo . It is a monster for the markets to choke down . We are expecting it to be pretty quiet. This is the last big week for ipos. Thank you very much. For more on the ipo, i spoke and max wolfman earlier today. I started asking max my the ipo filing is so unique. The appearance and the marketing has always been important to alibaba. They make a lot of the money pushing ads to the platform. Pretty importance to simplicity to the future. It is a pretty major deal to be on the nyse. Let me ask you about that. In terms of the facebook adventure from what was almost two years ago, the New York Stock Exchange, it is surprising to see them getting so Many Technology listings. And talking to people at of the choice of where to list, they really set in terms of the services that the two exchanges offer, there is not necessarily substantial differences. It really does come down to reputation and status and where you want to live. The nasdaq had historically been that tech place to live. There is definitely something to be said for the safeco effect. The place looking for to list, perhaps that could be one of the elements that puts them over the edge towards that stock. In terms of the business for alibaba, what kind of things really jumped out at you . In terms of finishing up the miss, part of the reason we are seeing some in the big tech guys is because of how long company stay private in tech land and how big they are when they become public. When guys are making it to the ipos stage, they have been private four 8, 10, 15 years. They are enormous with revenue streams. What we will look for is that it keeps up their breakneck pace of growing both Topline Revenue and keeping the best in class margins which are high margins even for the fast space. This is when we expect alibaba to become public in this ipo cover price valuation. To the governments concerned concern you . The spin, always calling him back to the show, trying to get to the fact that they are a Cayman Islands company, that it is not just a straight listing like you see with a u. S. Company. What do you think . Obviously, it is a big deal. The variable interest entity which has been used by a lot of the Major Chinese listings. They have to do with the ability of foreign nationals to own Chinese Companies which theyre not able to do. We see some kind of fancy footwork. I think that that is an issue that demands some kind of discount. That has not been a problem in the past. If it becomes a major problem, that will mean that the Chinese Government is having a radical change of course in terms of how it wants its it economy to interface. I think it is an issue that deserves some attention. Ask you, Warren Buffett has this great line, you can only tell who was swimming naked when the tide goes out. Some people tend to not care about these issues. Do you get a sense that people are concerned about this issue . It doesnt seem like they are at the present time. You think about the formula we have seen for recent tech ipos. The appetite for social and internet. This has been strong. Pair that with the company that as far as we can tell, making a lot of money. You have to imagine that the demand will be high for Something Like this and this seems to be borne out from what were hearing from people that might invest in it. We rarely talk about stocks because i dont really care about stocks. I do care about the businesses. As you mentioned, there is this prestige issue, the notion that it can translate into better business. Chinesegood news for a consumer business like alibaba . They are interested in coming to the u. S. And before it really rolls out its ecommerce out the, it will roll consciousness of the name. They want to be seen as legitimate. Senior management and thinkers are well aware that there are some particular fears attached to chinese names and to the variable interest entities. Having the most white glove experience and getting the best name positioning is quite reasonably a major concern for all chinese firms. A great question. I have to agree with you. Thank you very much. We will be talking about go pro. They went public with a big ipo today. This is extreme in many ways. We will talk about that next. Bloombergback to joseph dewo f west. Go pro users, known for those crazy wearable cameras. Surfing, handwriting, motorcross, shark swimming, you name it. Theyre getting quite a rush. Surfing, hand gliding, motorcross. Theyre using the proceeds to pay back some debt and possibly make some acquisitions. This is part of their big fish into become a media company. Views on 500 million youtube alone. They expect to start collecting. D revenue for partnerships the founder and ceo spoke with. Att miller and Stephanie Ruhle we think of ourselves of being in the content enabling business because we recognize when our customers capture and ande compelling content they tag, title describe their areent as gopro, they driving our products. To compete with gopro, you have to have millions people giving you credit for it and that is why our competitors have not made any inroads. How would you monetize this content . I love watching the videos, i dont pay anything for it. When he asked somebody, hey, gopro, they usually say, oh, the amazing videos that everybody is sharing. They think of gopro as a Consumer Product company, a Hardware Company second. We have a global audience that is engaged. When they see our logo head and the video began, they know they are about to see Something Interesting so they pay attention. By definition, that is the job of a media company, to engage in body is so that then you can monetize that engagement. It is not something that we started doing but it is an opportunity for us. Where you monetize it . In advertising . Being in the content enablement business. Shepherd theto lifecycle the video. Sellingtize at first by a capture device. Then, if we have content Creation Tools and services, we might be able to monetize helping our customers create edits. There is an opportunity to monetize the resulting programming. We are able to aggregate the best of our customers content and redistributed on the channels you see today. That is the founder and ceo of gopro. We will talk to the chief economist at citizens. He is one of the most impressive ceos i have met. What d. C. In the filing . We have an exciting name. Are some yellow flags. We do like the company. Seeing some Insider Selling is a bit of a flag. Also, the kind of ceo that we have. A little bitave more fonts in the road when you get to the Quarterly Earnings driven universe of a Public Company. We like the company. We think the standalone Consumer Electronics is tricky. At the valuations going through 4 billion in it has to be about monetizing that content. Everyone plans to monetize their content. It is easier said than done. Competition important . That has been the knock on the company. Muchor someone also id. But it hasnt happened. We do see a lot of content and knockoffs. Theyd need to be the apple of the wearable camera. The bigger competition, there might be a slight of hand. This is the improvement on wearables, cases, the newer, tougher smartphone. Getting people to buy something else. This will be hard in a world the better wearables, more and more rugged smartphones with special casing. Interesting that the margins, you say the apple of cameras. The margins are terrific. Or any business, but for Consumer Electronics common it is amazing. They have come down for three years. They have come down to a still highly elevated level. Level which is hard to build, hard to sustain. Really, there is huge brand power but that is the most. That is why they need to monetize that content. Otherwise, there are low barriers to entry. Apple is the exception not the rule. Rough lake to swim in. What do you make of the fact that sales on the yearoveryear basis were down, although we saw double digits in every other quarter. This is a high and purchase, so we will see and reduce the basis. They do claim, they have made an explanation. This is not a supply breakdown which highlights both their investment and their dependence on contract manufacturing. You tend to believe they will have a catch up incremental increase as some of the stuff that broke down in the fulfillment pipeline as it works its way up the market. If they kind of baked in the First Quarter of a Public Company to look so great with a weak quarter going into the offering. Always a good point. This highlights some vulnerability when youre outsourcing about 75 of what you are doing. Thank you. Battle for market dominance in mobile payments is heating up. Be back with latest mobile moves in the Chinese Market next. The iphone has eaten into the ipod business, apple is not giving up on them. Apple has cut the price on an ipod touch. Apple is adding a rear facing camera to the ipod touch. The revenue from the ipod has fallen quite a bit. China post number one Payment Method is teaming up with show right to connect chinese buyers with stripe merchants. The company processes payments for alibaba. This is nearly a third of all he alibabas business. Were are joined by john collison. Have read this perspective and getting my head around this business is particularly tricky. I dont understand this so well. Can you coach me . Ay has, i think that alip had surprisingly little attention here. Of millionsndreds of consumer accounts in china. We make it easy for websites and mobile apps to accept payments. Over the past 10 years, there is the emergence of Companies Like go pro, specific should Description Services like dropbox. Ill be specialized payment needs and that is what stripe handles. All need specialized payment needs. Are prettys dominant. Ipay is thehat al dominant Payment Method in china. It is not, paying with cash is the biggest way. If you are a western market and you want to grow internationally, credit cards will only get you so far. Western markets to grow internationally. This is where merchants cannot only address the alien or so credit cardholders but also the alipay account holders. But there are notions about the business to business deals. Sustainable part of the business . Click the big thing for us is the consumer business. You have the rising middle class in china. Consumers are mostly buying from chinese websites and there is demand their for western products. If you look at Something Like gopro, they definitely want to sell into china but up till now, for any kind of u. S. Merchant, that has been pretty hard. Was a difficult doing this deal . Leslie spent the last few months working on it. One of the things we focused on is the product experience. We spent the last few months working on it. The experience changes on a mobile device. One of the things was make it so that the whole transaction happens on the website or in the p. Rchants ap you are never taken out of that experience. I thank you for your time. Salesforce and philips partnering up to take a health care deal. Details next on bloomberg west. And overall down day for the markets. They paired their earlier losses. The s p closing down by about 2. 3 points. Basically you had some choppy economic data. Consumer spending was weaker than estimated. You are watching bloomberg west. Salesforce announce a new partnership with philips. They bring together health care. Roviders tell me about this. Me heres for having today. Whats so important about the is that we are going after a part of the industry that needs innovation more than any other industry. No kidding. How many times you have to fill out the same forms. Go back to the third time if they have the wrong stuff. And think about what has happened the last 40 years. The focus has been around taking paper records and turning them into Electronic Medical records. What this partnership does is it is going to unleash a new shock of innovation into the industry. So think about how do patients connect to their doctors and how do they connect to families . It is no longer just about one individual. It is about the community and how it comes together. 3. 8 trillion just in the United States is spent on health care. What we are steering seeing is forces that are changing it. Countries are going bankrupt because of health care. Whether it was the quantified self in assets from google, apple. So specifically, have the changes in the Health Care Law made this possible . The big impact of the Affordable Care act is more of the funding is moving away from just the back office. Now we are entering a post world where innovation is going to happen with the providers. It gave a lot of funding for medical records. Now what you do we do with that . The focus is on outcomes. It is no longer about the number of surgeries you are getting paid for or what medicine you are prescribing. It is more about the outcome. It is no good if you go to a hospital and you are back again for the same condition. Those are the perverse incentives. Now technology is at the heart of this transformation and salesforce. Com, working with philips, when it comes to cat scans, mris, are coming together to advance this new platform that is going to enable developers and third parties to build Game Changing applications. Does hit the make this hipa make this hard . Whether you look at sutter health, aetna, the same with philips, they have been using our platform. It is going to make sure, as part of the innovation, that it is consistent with the privacy requirements of this industry. What makes it hard . You are seeing for the first time the internet of things coming together. Historically you did not have that. Historically you had a huge focus on the back office. All of the money went into emr. It is not going to be the legacy vendors because of these advances in technology, you are going to be able to build applications that you could not. One of the trends is that consumers have more access to high grade i. T. The stuff their phone can do is so much more powerful. And that therefore a lot more things can be consumer driven. Absolutely. There are also advances in terms of where the focus of Health Care Outcome and when you look at the technology we are talking about, they are no longer tied to the back office, emr universe. With the quantified self, whether fitbit, were devices in your home, you can develop care what you could not before. Thank you very much. I appreciate it. Facebook releases its diversity figures. How does it compare to others . We will tell the next. Streaming on your tablet, phone, amazon fire, weve got it all. I am cory johnson. This is bloomberg west. Weeks after eu ministers said people can be forgotten online, google received requests and it is going through them on a casebycase basis. Google is one of the tech giants that has released its diversity figures following a suit with facebook which released its figures for the first time. Only 31 of the companys employees are female. Nine percent are hispanic. What is facebook doing to create more diversity, especially for a company that has announced such a desire . Joining me now is nice to see you. These numbers dont reflect i dont know if i expected anything different. No one has made a big discussion as the ceo of facebook. It is great to see them release the numbers. It is nice to not have to speculate. Certainly i dont think anybody is happy about where they are right now. Turns out i am a straight white guy. So i lose this conversation. Why should people care . What difference does it make . There are all sorts of arguments around to diversity. You want your creative to reflect the you want your product to reflect the users of the product. Compan