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

　　A convenient loophole

　　一个便于利用的漏洞

　　Since the first Chinese internet IPO in 2000, Chinese start-ups wanting to list abroad have skirted ownership restrictions by setting up offshore companies known as VIEs. They are domiciled mainly in the Cayman Islands and have a series of contracts that “simulate” ownership in the Chinese company. In the event of a lawsuit, analysts doubt the contractual powers would be enforceable.

　　自从2000年中国互联网企业第一次IPO以来，中国希望到境外上市的初创企业，一直通过设立VIE架构的离岸公司，绕开外资所有权限制。这些公司主要把注册地设在开曼群岛(Cayman Islands)，并利用一系列协议“模拟”取得中国企业的所有权。倘若被诉至法院，分析师怀疑这些协议是否真的具有法律执行力。

　　“It appears that the VIE structure works – until you need it to work, and then it won’t work. That is a concern that has many investors scared to jump back into Chinese stock,” said Paul Gillis, a professor of accounting at Peking University.

　　“VIE架构现在看来管用，但到你需要它真管用时，它就不管用了。许多投资者不敢再碰中国企业股票，就是存在这种担忧，”北京大学会计学教授保罗•吉利斯(Paul Gillis)说。

　　Of the more than 200 Chinese companies to list in the US since 1999, roughly half have used VIEs, according to Fredrik Oqvist, a Beijing-based accountant. These are mainly internet and education companies which are restricted from having foreign shareholders.

　　驻北京会计师弗雷德里克•奥基维斯特(Fredrik Oqvist)表示，自1999年以来共有200多家中国企业在美上市，其中大约一半采用了VIE架构。由于互联网和教育行业的企业在外资持股方面受限制，采用VIE架构的主要是这两类企业。

　　Gene Buttrill, of the Jones Day law firm, says the main risks of a VIE are that the individuals holding the shares of the operating company will abscond with the assets and good name of the company. The other is that the Chinese government will deem the structures illegal and “collapse them”.

　　众达律师事务所(Jones Day)的卜嘉男(Gene Buttrill)表示，VIE的主要风险是，持有运营公司股份的个人可能卷走公司资产，并损害公司的良好声誉。另一点担忧是，中国政府可能认为VIE架构非法，并“摧毁该结构”。

　　The Alipay scandal

　　支付宝(Alipay)丑闻

　　Everything could go horribly wrong, and has on a number of occasions. In Alibaba’s case, chairman Jack Ma in 2011 transferred ownership of Alipay, the company’s payments arm, out from a VIE and into a structure that he controlled personally. At the time Alibaba Group, the VIE, was 40 per cent owned by Yahoo, and 34 per cent owned by Japan’s SoftBank.

　　一切事情都可能变得非常糟糕，而且在很多情况下这确实发生了。以阿里巴巴为例，该公司董事长马云(Jack Ma) 2011年将支付业务子公司支付宝转移出VIE，转入他本人控股的一家公司。在当时的VIE阿里巴巴集团(Alibaba Group)中，雅虎(Yahoo)持股40%，日本软银(SoftBank)持股34%。

　　Executives at Yahoo complained that they were not informed of the transfer, though Mr Ma says he consulted Alibaba’s board, on which Yahoo and SoftBank have a seat. Yahoo and SoftBank deny this. The three companies came to a settlement in which if Alipay ever went public, it would pay Alibaba between $2bn and $6bn.

　　雅虎的高管抱怨称，他们对支付宝被转移毫不知情，不过马云则表示他已咨询过阿里巴巴董事会——雅虎和软银在其中皆有席位。雅虎和软银对此予以否认。这三家公司后来达成了和解，约定倘若支付宝上市，将向阿里巴巴支付20亿至60亿美元。

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