双语新闻：投资阿里巴巴的风险与回报

2014-05-14 10:50:40来源：可可英语

　　China’s internet sector is a curious paradox – it enjoys the most foreign equity investment of any part of the Chinese economy, while at the same time, foreigners do not own a single share.

　　中国互联网行业有一个奇怪的悖论——虽然它是中国经济中接受境外股权投资最多的领域，但外资企业对该领域并不持有一丝一毫的股份。

双语新闻：投资阿里巴巴的风险与回报

　　A curious regulatory loophole known as a VIE, or variable interest entity, has allowed foreigners to get around Beijing’s prohibitions against foreign ownership of internet assets. They have amassed huge holdings in companies such as Tencent, Baidu and Alibaba, the ecommerce group that on Tuesday filed for a US IPO that could value it at up to $200bn.

　　通过可变利益实体(VIE)这个奇怪的监管漏洞，外资企业得以绕开中国政府禁止外资拥有境内互联网资产的规定。它们已在腾讯(Tencent)、百度(Baidu)和阿里巴巴(Alibaba)等公司持有大量利益。电商集团阿里巴巴本周二向美国提交了首次公开发行(IPO)申请，其估值最高可能达2000亿美元。

　　Prospective investors in Alibaba’s listing – likely to raise about $20bn and to be the biggest stock flotation in the world since Facebook – will know that in any dispute with Alibaba’s Chinese investors, their shares could be invalidated and rendered worthless in a Chinese court.

　　阿里巴巴股票的未来投资者应该明白，一旦与该公司的中国投资者发生争议，他们的股票可能被中国法院判定无效，变得一文不值。阿里巴巴IPO可能融资约200亿美元，成为自Facebook上市以来全球规模最大的IPO。

　　Alibaba’s blockbuster IPO caps a revival for US listings of Chinese companies after a two-year drought brought on by a series of financial scandals at Chinese groups. Ironically, one of the biggest involved none other than Alibaba, which was accused of abusing its VIE to strip assets out of the company in 2011.

　　阿里巴巴声势浩大的IPO将成为中国企业赴美上市活动复苏的高潮。此前两年里，由于多家中国企业相继曝出财务丑闻，中概股在美国遇冷。讽刺的是，最轰动的丑闻之一恰恰涉及到阿里巴巴，该公司被指控于2011年滥用VIE架构将资产从公司剥离出去。

　　But memories are short, and this year “Alibaba is the tide which is lifting all boats after two years of scepticism towards most US listed Chinese companies”, according to Nicholas Manganaro of Ogilvy Financial in Beijing.

　　北京奥美金融(Ogilvy Financial)的尼古拉斯•曼加纳罗(Nicholas Manganaro)表示，人的记忆是短暂的，“在大多数在美上市中国企业普遍遭到怀疑两年后，(今年)阿里巴巴IPO就相当于涨潮，能把所有船只都抬高”。

　　Investors will have to have strong nerves. “Every so often someone will read a [IPO] prospectus and say ‘hold on a minute, what do I really own here?’” says Mr Manganaro, adding that the ownership issue has been “hiding in plain sight” for years.

　　投资者仍需有极大的勇气。“人们时常会读到一份(IPO)招股说明书，然后发问，‘等一下，我投资进去到底能拥有什么?’”他补充道，所有权问题“隐藏在人们眼皮底下”有好几年了。

　　“Chinese regulators have always turned a blind eye, but the fear is what if they don’t? What if it is challenged in court?”

　　“中国监管机构一直故意视而不见，但令人担心的是，如果他们一反常态怎么办?如果这个问题被告到法院怎么办?”

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