阿里巴巴上市前夕到底该不该投资其价格不菲的股票

2014-05-08 14:10:03来源：可可英语

　　The combination makes Tencent a particular threat on smartphones. A January survey of merchants by RedTech Advisors showed that nearly one-third of Alibaba merchants have opened up a store on WeChat, which is offering commission-free transactions to win them over. In March, Tencent agreed to buy a 15% stake in JD.com. Alibaba's Taobao app is very popular on smartphones, but its own messaging app trails far behind WeChat.

　　这一组合令腾讯成为智能手机的一大威胁。研究咨询机构上海睿析科技(RedTech Advisors) 今年1月份对商户进行的一次调查显示，阿里巴巴将近三分之一的商户已经在微信开店，微信正在提供免佣金交易，想用这种方式把商户拉过来。今年3月份，腾讯同意收购京东15%的股权。阿里巴巴的淘宝应用程序在智能手机上非常流行，但阿里巴巴的即时通讯应用则大大落后于微信。

　　RedTech's survey also suggested merchants are grumbling about the high price of Alibaba advertising. That could hamper Alibaba's ability to raise advertising fees and profit margins.

　　RedTech的调查还表明，阿里巴巴广告收费太高让商户们抱怨不已。这有可能打击阿里巴巴提高广告费用及利润率的能力。

　　Another concern is Alibaba's corporate governance. Alibaba chose to list in New York in part because Hong Kong regulations would have made it hard to keep its partnership structure, under which founder Jack Ma and some other senior executives can nominate more than half of the board directors, even though the partners' combined stake in the company is only about 10%.

　　另一个问题是阿里巴巴的公司治理。阿里巴巴选择在纽约上市，原因之一是香港的监管规则是其保留合伙人结构的一大障碍。在这种结构下，阿里巴巴的创始人马云和一些高管可以提名半数以上的董事会成员，尽管这些合伙人的股权加在一起只占总股权的10%左右。

　　In 2011, Alibaba transferred ownership of Alipay to an outside company under Mr. Ma's control. The move jolted shares of Yahoo, which owns a 24% stake in Alibaba and claimed it didn't know of the move. The companies resolved their difference with an agreement that limits Yahoo's gains on increases in Alipay's value. People familiar with the matter say a new direct ownership agreement is under discussion between Alibaba and Alipay.

　　2011年，阿里巴巴把支付宝的所有权转移到了马云控制的一个外部公司。这一举动打击了雅虎的股价，雅虎声称不知道这一举动。雅虎拥有阿里巴巴24%的股权。最终，阿里巴巴和雅虎通过签署协议限制雅虎享受支付宝增值利益的方式解决了分歧。知情人士说，阿里巴巴和支付宝正在进行磋商，想让阿里巴巴重新直接拥有支付宝。

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