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In the United States, "Alibaba" doesn't have the same ring as "Amazon," "eBay," or "Facebook." Not yet, anyway.
在美國，“阿里巴巴”（Alibaba）現(xiàn)在的知名度還趕不上“亞馬遜”（Amazon）、“eBay”或“Facebook”。至少現(xiàn)在還是這樣。
But as soon as today, the largest e-commerce website in China -- and, according to some estimates, the world -- could file for an initial public offering in the United States. It could be quite possibly one of the largest public offerings in history. (Or at least since Facebook's (FB) blockbuster IPO in 2012.)
但是就在今天，這個(gè)中國、（據(jù)某些預(yù)測）甚至是全球最大的電子商務(wù)網(wǎng)站有可能在美國提交IPO（首次公開募股）申請(qǐng)。而且，它或許將成為史上（至少在2012年Facebook轟動(dòng)一時(shí)的上市之后）最大規(guī)模的IPO之一。
An IPO does not a household name make, but Alibaba's offering is poised to be too big to ignore. The company is often described as a mix of Amazon (AMZN), eBay (EBAY), and PayPal (PYPL) -- all successful U.S. technology companies for very different reasons. Alibaba's top properties, the consumer-to-consumer online shopping portal Taobao and the business-to-consumer sister site Tmall, together attract more than 100 million unique visitors each day and are among China's most visited websites.
IPO并不是什么家喻戶曉的事件，但是阿里巴巴的IPO將大到不容忽視。出于不同原因，人們經(jīng)常把阿里巴巴描述為亞馬遜、eBay和貝寶（PayPal）——美國所有成功科技公司的混合體。阿巴里里的頂級(jí)資產(chǎn)——消費(fèi)者對(duì)消費(fèi)者（C2C）在線購物網(wǎng)站淘寶網(wǎng)（Taobao）和企業(yè)對(duì)消費(fèi)者（B2C）姐妹網(wǎng)站天貓商城（Tmall）——每天共吸引1億以上獨(dú)立訪客，是中國訪客人數(shù)最多的網(wǎng)站之一。
Which means that if you're shopping online in China, it's highly likely that some of your money ends up in Alibaba's coffers. Four out of every five dollars spent online in China goes to an Alibaba marketplace. Last year, during Single's Day -- China's version of Cyber Monday in the U.S. -- Alibaba's top two marketplaces brought in $5.75 billion in 24 hours. That's double what all U.S. online retailers are estimated to have made during last year's Cyber Monday.
這意味著如果您在中國進(jìn)行網(wǎng)上購物，您的部分購物款項(xiàng)最后極有可能進(jìn)入阿里巴巴的金庫。中國五分之四的在線購物收入歸阿里巴巴市場所有。去年“雙十一”（美國“網(wǎng)購星期一”的中國版）期間，阿里巴巴的兩大購物網(wǎng)站24小時(shí)內(nèi)收入達(dá)到57.5億美元，相當(dāng)于美國所有在線零售網(wǎng)站在去年“網(wǎng)購星期一”期間收入的兩倍。
"Alibaba is huge," said Yan Zhang, a professor of strategic management at Rice University and an expert on Chinese businesses. "It's one of the best-known names in China."
美國萊斯大學(xué)（Rice University）戰(zhàn)略管理教授和中國商務(wù)專家張延表示，“阿里巴巴公司規(guī)模龐大，是中國最著名的企業(yè)之一。”
Most investors know Alibaba because of Yahoo's (YHOO) sizable stake in the company, which dates to a 2005 deal negotiated by Yahoo co-founder Jerry Yang and Alibaba CEO Jack Ma at a time when it was popular for U.S. technology companies to invest in promising Chinese Internet businesses.
大多數(shù)投資者因?yàn)檠呕⒐荆╕ahoo）持有阿里巴巴大量股份而得知阿里巴巴。雅虎的持股可以追溯到2005年雅虎聯(lián)合創(chuàng)始人楊致遠(yuǎn)和阿里巴巴CEO馬云談判達(dá)成的協(xié)議。當(dāng)時(shí)，美國科技公司流行對(duì)中國前景廣泛的互聯(lián)網(wǎng)公司進(jìn)行投資。
Today, Yahoo owns 24% of Alibaba and must sell two-fifths of its stake when the company makes its expected offering. The Sunnyvale, Calif.-based company stands to benefit as Alibaba's revenue growth picks up steam ahead of the anticipated offering.
如今，雅虎公司持有阿里巴巴24%的股份，必須在阿里巴巴按計(jì)劃上市時(shí)出售它手頭持有股份的五分之二。因?yàn)榘⒗锇桶蛯⒃陬A(yù)期上市前實(shí)現(xiàn)收入的迅速增長，位于加州森尼維耳市的雅虎公司將從中受益。
"Holy Alibaba," Bernstein Research analyst Carlos Kirjner wrote in a research note earlier this month after Yahoo reported its quarterly earnings. "Alibaba crushed expectations posting year-over-year revenue growth of 66% and massive margin expansion."
4月初，伯恩斯坦研究公司（Bernstein Research）分析師卡洛斯o克金格在雅虎公司發(fā)布季度收益后撰寫了一份研究紀(jì)要。他指出，“阿里巴巴超越預(yù)期，收入同比增長66%，實(shí)現(xiàn)了利潤的大幅增長。”
Analysts generally expect Alibaba to raise at least $15 billion in its offering. (To compare, Facebook raised $16 billion in its 2012 IPO.) Kirjner estimates the possible valuation of Alibaba to be as high as $245 billion, which would make it the ninth-largest U.S.-listed company on the S&P 500, just behind Wal-Mart (WMT). (Alibaba did not respond to a Fortune inquiry regarding the company's IPO.)
分析師普遍認(rèn)為阿里巴巴將在上市時(shí)募集至少150億美元。（Facebook在2012年上市時(shí)募集160億美元。）克金格預(yù)測，阿里巴巴可能的估值將高達(dá)2,450億美元，成為美國第九大在標(biāo)普500（S&P 500）上市的公司，排名緊跟沃爾瑪（Wal-Mart）之后。【阿里巴巴沒有回應(yīng)《財(cái)富》雜志（Fortune）提出的關(guān)于它IPO的詢問。】
What is less clear is how Yahoo fares in the wake of the offering. Investor outlook has been mixed for the company: Some see it turning around under chief executive Marissa Mayer; others see its Alibaba investment as a crutch the company will be without once it goes public, potentially dissuading some Yahoo investors from sticking with the (lower-growth) company.
至于雅虎公司在阿里巴巴上市后的發(fā)展趨勢，目前尚不得而知。投資者對(duì)此觀點(diǎn)不一：部分投資者認(rèn)為，雅虎公司將在首席執(zhí)行官瑪麗莎o梅耶爾的領(lǐng)導(dǎo)下走向好轉(zhuǎn)；其他投資者則認(rèn)為，阿里巴巴上市后，雅虎公司對(duì)阿里巴巴的投資將不再是雅虎的依靠，或許使雅虎公司的部分投資者不再繼續(xù)對(duì)這家低增長的公司投資。
"If you wanted to own Alibaba you invested in Yahoo. Now you can own Alibaba directly," B. Riley analyst Sameet Sinha told Fortune.
“過去，如果您希望持有阿里巴巴的股份，對(duì)雅虎公司投資即可。而現(xiàn)在，您可以直接持有阿里巴巴的股份，”投資研究公司B. Riley分析師薩米特o辛哈告訴《財(cái)富》雜志。
Sinha added that he doesn't anticipate big winners and losers in the wake of Alibaba's IPO. The offering will merely allow Alibaba to raise a lot more capital and become more transparent.
辛哈補(bǔ)充道，他不會(huì)提前預(yù)測阿里巴巴上市后的最大贏家和輸家。上市只會(huì)讓阿里巴巴募集大量資金，變得更加透明。
"Beyond that," he said, "I don't think it's going to have much of an impact from a business standpoint because a lot of the U.S. companies don't have the same geographic footprint [as Alibaba]."
他說：“此外，我認(rèn)為，從商業(yè)角度而言，上市不會(huì)產(chǎn)生太大的影響，因?yàn)槊绹脑S多公司地理分布與（阿里巴巴）并不相同。”
That may soon change. Alibaba is reportedly looking to bring its e-commerce business to the U.S. and is ramping up its investments in U.S.-based companies. (Ahead of its IPO, Alibabaparticipated in a $250 million funding round for ride-sharing app Lyft, as well as investedabout $200 million in the U.S. retail site ShopRunner and $215 million in the mobile messaging app Tango.) The company is expected to launch an e-commerce site, 11 Main, "where hand-picked shop owners connect with customers in a stylish and professionally merchandised marketplace."
不過，這種情況可能很快就會(huì)發(fā)生變化。據(jù)報(bào)道，阿里巴巴正尋求進(jìn)軍美國電子商務(wù)市場，加大對(duì)美國公司的投資。（上市之前，阿里巴巴參與了美國乘車應(yīng)用Lyft募集2.5億美元資金的計(jì)劃，并分別對(duì)美國的零售網(wǎng)站ShopRunner和移動(dòng)信息應(yīng)用Tango投資2億美元和2.15億美元。）預(yù)計(jì)阿里巴巴將推出電子商務(wù)網(wǎng)站11 Main，為“消費(fèi)者和精選商家搭建一個(gè)時(shí)尚、專業(yè)的商業(yè)平臺(tái)。”
It's far from certain that Alibaba will succeed in these endeavors. Chinese companies have faced significant challenges in the U.S. market; for example Weibo, China's answer to Twitter, raisedless money than it expected in its U.S. IPO. Other Chinese tech companies have delisted from the New York Stock Exchange because of lower-than-expected valuations.
目前還遠(yuǎn)遠(yuǎn)不能確定阿里巴巴能否在上述計(jì)劃中取得成功。中國企業(yè)在美國市場上面臨著巨大的挑戰(zhàn)。例如，被譽(yù)為“中國版Twitter”的微博（Weibo）在美國上市時(shí)募集的資金就少于預(yù)期。由于估值低于預(yù)期，有些中國科技公司從紐約證券交易所（the New York Stock Exchange）退市。
One of the largest challenges for any Chinese business seeking to go public in the U.S. is managing concerns about transparency, said Rice University's Yan. How Alibaba manages those concerns and how other investors respond to the IPO could have a major impact on Chinese businesses in the U.S.
美國萊斯大學(xué)張延教授指出，如何管理對(duì)于透明度的關(guān)注是尋求在美國上市的中國企業(yè)面臨的最大挑戰(zhàn)之一。阿里巴巴如何管理外界對(duì)于透明度的關(guān)注以及其他投資者對(duì)阿里巴巴IPO的反應(yīng)，這些將對(duì)在美國的中國企業(yè)產(chǎn)生重要影響。
"It will be very important for other Chinese companies who are also considering U.S. IPOs," Yan said. "If Alibaba's IPO does well, it will encourage other Chinese companies, especially technology companies, to consider IPOs in the U.S. market."
“這些對(duì)其他尋求在美國上市的中國企業(yè)來說非常重要，”張延說。“如果阿里巴巴上市順利，它將鼓勵(lì)其他中國企業(yè)考慮在美國上市，特別是科技企業(yè)。”
And it could have a big impact on the broader IPO market, which appears to be slowing down.
此外，這將給美國發(fā)展放緩的整個(gè)IPO市場帶來重要影響。
"The IPO market hasn't been the best market recently," Sinha said. "The market has been volatile. Maybe the Alibaba IPO, priced correctly, paves the way for other companies to go public as well."
“IPO市場近期表現(xiàn)欠佳，”辛哈說。“市場一直處于波動(dòng)之中。合理定價(jià)的阿里巴巴IPO或許會(huì)為其他公司的上市奠定基礎(chǔ)。”
Whatever happens, Alibaba will leave a lasting impact on the market, Sinha said. "This is one of the most highly anticipated IPOs in a long time."
無論如何，阿里巴巴將給市場帶來持久的影響。辛哈指出：“這是很長一段時(shí)間內(nèi)最令人矚目的IPO之一。”（財(cái)富中文網(wǎng)）
