評(píng)論
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The head of Hong Kong’s stock market operator has questioned the city’s commitment to the “one share, one vote” principle, in his clearest comments to date following Alibaba’s decision to take its blockbuster listing to the US.
香港股市運(yùn)營(yíng)商主管李小加(Charles Li)就阿里巴巴(Alibaba)赴美上市的決定發(fā)表了一份態(tài)度最為明確的評(píng)論。在該評(píng)論中，他對(duì)香港承諾的“同股同權(quán)”原則表示質(zhì)疑。
Charles Li, chief executive of Hong Kong Exchanges and Clearing, wrote on his blog yesterday that inaction on regulatory reform “appears to have helped nobody”, yet had “hurt Hong Kong’s competitiveness in attracting new economy companies”.
李小加是是香港交易及結(jié)算所有限公司(Hong Kong Exchanges & Clearing)的首席執(zhí)行官。昨天，他在博客上表示，監(jiān)管改革上的不作為“似乎并無(wú)益于目前香港市場(chǎng)中的任何一方，但它卻實(shí)實(shí)在在影響香港市場(chǎng)吸引新經(jīng)濟(jì)公司的核心競(jìng)爭(zhēng)力”。
“ ‘One share, one vote’ is a rule that ensures those who have more of a firm’s share capital have more influence over the company; that is: money is king,” wrote Mr Li.
李小加寫道：“‘同股同權(quán)’只是一條規(guī)則，其潛臺(tái)詞是：‘資本為王’，掌握資本者掌握公司命運(yùn)?！?/div>
“But investor protection is a much bigger concept; it is an overarching series of rules and regulations aimed at ensuring investors, particularly public investors, are as protected as possible from wrongdoing by those in power. In other words, investor protection is the end, and ‘one share, one vote’ is only one of the many means.”
“而投資者保護(hù)則是涵蓋一系列法律法規(guī)、保護(hù)投資者尤其是公共投資者不受侵害的綜合保障制度。也就是說(shuō)，保護(hù)投資者是目的，‘同股同權(quán)’是眾多手段之一。”
Debate has been raging in Hong Kong in the past six months over whether the city needs to overhaul its current listing rules to allow either dual-class share ownership, or partnership structures that allow company founders to control board nominations without a majority shareholding. Many Chinese internet and technology companies have chosen to list in the US due to the more relaxed rules on voting rights and on profitability. Many now worry that Hong Kong is missing out as Chinese tech companies look to go global.
過(guò)去6個(gè)月，一場(chǎng)辯論在香港激烈展開，其焦點(diǎn)是香港是否有必要徹底修改其上市規(guī)則，以允許多重股權(quán)所有制或合伙人制度之類的股權(quán)制度，讓公司創(chuàng)始人不必占有多數(shù)股權(quán)就能控制董事會(huì)提名。許多中國(guó)互聯(lián)網(wǎng)和高科技企業(yè)選擇在美國(guó)上市，就是因?yàn)槊绹?guó)在選舉權(quán)和盈利能力上的規(guī)定更為寬松。如今，許多人擔(dān)心香港在中國(guó)科技企業(yè)走向全球之際錯(cuò)失良機(jī)。
The discussion was sparked by the prospect of attracting Alibaba, China’s biggest ecommerce site, to Hong Kong for its initial public offering – which may yet be the largest in history. After months of negotiations, Alibaba said last month it would list in the US, where rules allow for the kind of partnership structure it is seeking.
引發(fā)這場(chǎng)辯論的是，香港本來(lái)有望吸引中國(guó)最大的電子商務(wù)網(wǎng)站阿里巴巴赴港首次公開發(fā)行(IPO)，這有可能成為史上最大規(guī)模的上市。在長(zhǎng)達(dá)數(shù)月的談判之后，阿里巴巴上月宣布將在美國(guó)上市，因?yàn)槟抢锏囊?guī)定能夠讓該公司采用合伙人制度。
Mr Li is among those eager to see a formal consultation over whether Hong Kong needs new rules to make sure it remains a global centre for capital raising, especially as more privately owned Chinese companies seek stock market listings.
和許多人一樣，李小加十分迫切地希望香港就是否需要新的規(guī)則來(lái)保障其全球募資中心地位舉行一場(chǎng)正式意見咨詢，尤其是在越來(lái)越多中國(guó)私有企業(yè)尋求上市之際。
In his blog post, Mr Li says he supports those in favour of change, as the issue of weighted share structures was of “l(fā)imited relevance” to investors.
他在博客文章中表示，他支持那些贊同改革的人，因?yàn)閷?duì)投資者來(lái)說(shuō)，加權(quán)股票結(jié)構(gòu)的問(wèn)題“并不重要”。
“It is difficult to conclude that US regulators chose to allow the dual-class share regimes because they do not care about investor protection. The success to date by firms like Google and Facebook makes it difficult for us to conclude that US investors have lost out as a result of such structures,” wrote Mr Li.
他寫道：“我們很難下結(jié)論說(shuō)美國(guó)監(jiān)管者允許多重股權(quán)架構(gòu)源于它對(duì)投資者保護(hù)的漠視，而如此多Google、Facebook之類的名企均堅(jiān)持并成功以多重股權(quán)架構(gòu)上市與發(fā)展，也很難證明美國(guó)投資者反對(duì)或受害于這種架構(gòu)?！?/p>
