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Chinese Internet giant Alibaba Group Holding Ltd. officially filed plans to offer its shares in the U.S., confirming the breadth and scale of its vast e-commerce operations ahead of what is expected to be one of the largest stock listings in history.
中國(guó)互聯(lián)網(wǎng)巨頭阿里巴巴集團(tuán)(Alibaba Group Holding Ltd.)正式提交在美國(guó)進(jìn)行首次公開募股(IPO)的計(jì)劃，在上市前證實(shí)了其龐大的電子商務(wù)業(yè)務(wù)的廣度和規(guī)模。預(yù)計(jì)阿里巴巴集團(tuán)的上市將可能是歷史上最大規(guī)模的IPO之一。
The filing showed the company had 231 million annual active buyers last year. A total of $248 billion was spent on Alibaba's three shopping sites last year, roughly the same as the economy of Finland.
阿里巴巴提交的IPO申請(qǐng)文件顯示，該公司去年擁有2.31億活躍買家。買家去年在阿里巴巴旗下三個(gè)購(gòu)物網(wǎng)站共消費(fèi)2,480億美元，規(guī)模與芬蘭的經(jīng)濟(jì)體量基本相當(dāng)。
That transaction volume, which in the fourth quarter was up 53% from the prior year, was more than twice as much as was spent on Amazon.com Inc., which had roughly $110 billion in transactions, according to Forrester Research.
去年第四季度交易額較上年同比增長(zhǎng)53%。據(jù)Forrester Research的數(shù)據(jù)顯示，去年的交易額比亞馬遜(Amazon.com Inc.)網(wǎng)站的交易額高一倍以上，亞馬遜去年的交易額約為1,100億美元。
The filing, released after the market closed, marks the first step toward a whirlwind sale season in which Wall Street will pitch the stock offering. Alibaba has lined up half dozen of the world's biggest banks to help place its shares, and money managers and small investors are expected to size up the company, which is familiar to many in the Western world more by reputation than firsthand experience.
周二盤后發(fā)布的IPO申請(qǐng)標(biāo)志著阿里巴巴在美銷售股票工作正式邁出第一步。阿里巴巴已聘請(qǐng)全球最大的六家投行負(fù)責(zé)打理上市事宜，預(yù)計(jì)基金經(jīng)理和小型投資者也將仔細(xì)考察這家公司。許多西方投資者更多是通過(guò)阿里巴巴的聲望而非第一手經(jīng)驗(yàn)熟悉這家公司的。
Alibaba valued itself at roughly $109 billion in April, based on disclosures in the document about the numbers of shares outstanding and its internal estimate of the value of each share. Including some stock-based compensation and the conversion of certain preferred shares, the valuation is $116 billion. However, the company could seek a higher valuation when it sells shares.
根據(jù)文件中披露的信息，4月份時(shí)阿里巴巴對(duì)自己的估值約為1,090億美元，這基于阿里巴巴在文件中公布的已發(fā)行股票數(shù)量以及該公司對(duì)其每股股票價(jià)值的內(nèi)部估算。如果將一些股權(quán)薪酬和部分優(yōu)先股轉(zhuǎn)換計(jì)算在內(nèi)，估值將達(dá)到1,160億美元。不過(guò)在進(jìn)行股票發(fā)售時(shí)，阿里巴巴可能尋求更高的估值。
Analyst estimates have ranged from $136 billion to $245 billion.
分析師給出的估值預(yù)期在1,360億美元至2,450億美元不等。
Alibaba said Monday that it plans to raise $1 billion, although that figure is widely seen as a placeholder. People familiar with the company have said it could raise more than $20 billion in the deal, not expected until at least later in summer.
阿里巴巴周一稱，計(jì)劃籌資10億美元，不過(guò)外界普遍認(rèn)為這只是一個(gè)暫定數(shù)字。熟悉阿里巴巴情況的人士曾表示，該公司可能在這宗交易中籌資逾200億美元，而且預(yù)計(jì)該交易最早也要等到今夏較晚時(shí)候才會(huì)啟動(dòng)。
Overall, the filing shows Alibaba's revenue growth is outpacing its growth in expenses.
整體而言，提交的上市文件表明，阿里巴巴的營(yíng)收增速超過(guò)了支出增速。
Alibaba's cost of revenue, which includes various operational expenses and traffic acquisition costs as well as payment processing fees it pays to Alipay and other financial institutions, increased 33% to 9.9 billion yuan ($1.59 billion) in the nine months through December from a year earlier. The company's product development costs rose 34% to 3.89 billion yuan in the same period.
在截至去年12月份的九個(gè)月中，阿里巴巴的營(yíng)收成本同比增加了33%，至人民幣99億元。營(yíng)收成本包括各種運(yùn)營(yíng)成本和流量獲得成本，以及向支付寶(Alipay)和其他金融機(jī)構(gòu)支付的支付處理費(fèi)用。同期，該公司的產(chǎn)品開發(fā)成本上升了34%，至人民幣38.9億元。
For those nine months, Alibaba's revenue jumped 57%, more than making up for the increase in expenses. Alibaba's largest business segment was its three Chinese retail markets, contributing 83% of its $6.5 billion in revenue in the nine months ended in December.
同一時(shí)期，阿里巴巴的營(yíng)收大幅增長(zhǎng)57%，超過(guò)了支出的增幅。阿里巴巴最大的一塊業(yè)務(wù)是其在中國(guó)的三個(gè)交易市場(chǎng)，截至去年12月份的九個(gè)月中，這三個(gè)市場(chǎng)貢獻(xiàn)了總計(jì)65億美元的營(yíng)收中的83%。
The filing also revealed details about Alibaba's cloud-computing business. In the last nine months of 2013, just 1.4% of Alibaba's revenue, or $90 million came from its cloud computing business. The company founded Alibaba Cloud Computing in 2009 to manage the data needs of its related companies. It could process 3.6 million transactions a minute as of Dec. 31. It now handles web traffic for third-party companies.
文件還透露了阿里巴巴云計(jì)算業(yè)務(wù)的詳細(xì)情況。2013年4月-12月，云計(jì)算業(yè)務(wù)實(shí)現(xiàn)收入9,000萬(wàn)美元，只占阿里巴巴總收入的1.4%。阿里巴巴在2009年成立了子公司阿里云(Alibaba Cloud Computing)，負(fù)責(zé)處理關(guān)聯(lián)企業(yè)的數(shù)據(jù)需求。截至去年12月31日，阿里云每分鐘可處理360萬(wàn)筆交易。目前阿里云為第三方企業(yè)處理網(wǎng)絡(luò)流量。
The filing showed that Alibaba's mobile transactions are growing. Mobile transactions accounted for about 20% of all the transactions on its Chinese shopping sites in the fourth quarter of last year, up sharply from 7.4% a year earlier, the company said. In December, Alibaba's shopping sites had 136 million monthly active users on mobile, the company said.
文件顯示，阿里巴巴的移動(dòng)支付交易量正在增長(zhǎng)。該公司稱，去年第四季度旗下中國(guó)在線購(gòu)物網(wǎng)站的移動(dòng)在線交易量占到了交易總量的20%左右，遠(yuǎn)高于上年同期的7.4%。去年12月，阿里巴巴購(gòu)物網(wǎng)站的月度移動(dòng)活躍用戶數(shù)量達(dá)到1.36億。
'The biggest thing I've learned so far is how much mobile is driving their growth, and it seems to be reaccelerating, even though they're already a big company,' said Jane Snorek, senior research analyst at Nuveen Asset Management, which oversees $120 billion.
管理著1,200億美元資產(chǎn)的Nuveen Asset Management的高級(jí)研究分析師斯諾里克(Jane Snorek)說(shuō)，到目前為止她了解到的最重要的一件事就是移動(dòng)業(yè)務(wù)正在推動(dòng)阿里巴巴的增長(zhǎng)，而且這一趨勢(shì)似乎正在加速，盡管阿里巴巴已經(jīng)是一家非常大的公司。
Ms. Snorek said she is looking for more data on user engagement, such as how much time customers are spending on Alibaba's sites and the history of their purchasing activity. 'My big thing on any Internet company is, you're growing your users and they're using your site more often,' she said.
斯諾里克表示，她希望看到與用戶參與度有關(guān)的更多數(shù)據(jù)，比如消費(fèi)者瀏覽阿里巴巴網(wǎng)站的時(shí)間，他們的購(gòu)物歷史等等。她說(shuō)，她對(duì)所有互聯(lián)網(wǎng)公司最看重的一點(diǎn)是，這些公司的用戶是否在增長(zhǎng)，用戶使用它們的網(wǎng)站是否更加頻繁。
Speaking of Alibaba's cloud computing business, Ms. Snorek said: 'The size of their cloud in revenue and users, I think will be an upside surprise to most people.' She added: 'They've only just recently been talking about that but it looks like they've been running that for a while and are already breaking out their revenues.'
對(duì)于阿里巴巴云計(jì)算業(yè)務(wù)，斯諾里克說(shuō)，她認(rèn)為其云業(yè)務(wù)的營(yíng)收和用戶數(shù)量對(duì)于大多數(shù)人來(lái)說(shuō)將是個(gè)驚喜。她還說(shuō)，他們最近才開始談?wù)撨@項(xiàng)業(yè)務(wù)，但看起來(lái)該業(yè)務(wù)已經(jīng)運(yùn)營(yíng)了一段時(shí)間，已經(jīng)開始產(chǎn)生收入。
'It's such a huge company, it's just amazing,' Ms. Snorek said.
斯諾里克說(shuō)，這是一家規(guī)模如此巨大的公司，十分驚人。
The company didn't say on which stock exchange it plans to list, though it is expected to choose the New York Stock Exchange.
阿里巴巴沒有說(shuō)明計(jì)劃在哪個(gè)交易所上市，但預(yù)計(jì)它將選擇紐約證交所。
Until now, estimates of Alibaba's value have been mostly guesswork based on comparable companies. Alibaba had only disclosed some bare-bones financial information via filings of Yahoo Inc., the holder of a 24% stake.
到目前為止，對(duì)于阿里巴巴價(jià)值的估計(jì)主要是根據(jù)類似公司情況進(jìn)行的猜測(cè)。在此之前，只有持有阿里巴巴24%股份的雅虎(Yahoo Inc.)在文件中披露了一些阿里巴巴的基本財(cái)務(wù)信息。
The Chinese company had $7.9 billion in cash, cash equivalents and short term investments, and $4.9 billion in total long-term debt as of the end of last year--important metrics as Alibaba continues an acquisition spree aimed at taking the company into new business areas and bolstering its hand against rivals.
截至去年年底，這家中國(guó)公司持有79億美元現(xiàn)金、現(xiàn)金等價(jià)物和短期投資，還有49億美元的長(zhǎng)期債務(wù)――這些是重要的衡量標(biāo)準(zhǔn)，因?yàn)榘⒗锇桶瓦€在繼續(xù)著收購(gòu)狂歡，旨在讓公司進(jìn)入新的業(yè)務(wù)領(lǐng)域并鞏固其面對(duì)競(jìng)爭(zhēng)對(duì)手的實(shí)力。
The IPO will mark the growing ambitions in China and abroad of Alibaba, which was founded in 1999 in the eastern city of Hangzhou, by a former English teacher named Jack Ma. Alibaba's first business was a site to connect Chinese suppliers with Western buyers.
此次IPO將標(biāo)志著阿里巴巴在中國(guó)國(guó)內(nèi)外日漸增長(zhǎng)的雄心。阿里巴巴于1999年在華東城市杭州成立，其創(chuàng)始人馬云(Jack Ma)曾是一位英語(yǔ)老師。阿里巴巴最早的業(yè)務(wù)是一個(gè)為中國(guó)供應(yīng)商與外國(guó)買家牽線的網(wǎng)站。
Today, Alibaba's main business are its two consumer marketplaces, Taobao and Tmall. The two sites together account for roughly 80% of all Chinese online shopping transactions, which stood at 1.84 trillion yuan ($296 billion) last year according to research firm iResearch.
目前，阿里巴巴的主營(yíng)業(yè)務(wù)是兩個(gè)消費(fèi)市場(chǎng)淘寶和天貓網(wǎng)站。這兩個(gè)網(wǎng)站的交易額占中國(guó)網(wǎng)購(gòu)交易總額的80%左右；調(diào)研公司iResearch稱，去年中國(guó)消費(fèi)者網(wǎng)購(gòu)交易總額為人民幣1.84萬(wàn)億元（合2,960億美元）。
Tuesday's filing didn't break out revenue or transaction volume for the two marketplaces.
周二的文件并沒有披露兩家網(wǎng)站各自的收入或交易額。
The filing said Alibaba intends to raise fresh funds for itself in the IPO, though the amount isn't clear. The company said it plans to use the proceeds of its offering for general corporate purposes, a standard clause used in stock offerings.
文件稱，阿里巴巴計(jì)劃通過(guò)IPO為自身籌集新資金，但金額不清楚。該公司稱，計(jì)劃將籌資所得用于一般公司用途，這是在股票發(fā)行中用到的標(biāo)準(zhǔn)條款。
The filing showed why it might need to raise more funds for itself. Alibaba noted it has 'incurred substantial indebtedness,' revealing it had drawn down all of the $8 billion credit facility it took out with a group of large banks last year. The company said it drew down $3 billion from that credit line in April.
文件反映出阿里巴巴需要籌集更多資金的可能原因。該公司指出，它已經(jīng)背負(fù)了高額債務(wù)，去年從一組大型銀行獲得的80億美元信貸額度已經(jīng)耗盡。該公司稱，今年4月份用掉了這80億美元信貸額度中的最后30億美元。
The filing also revealed more details about Alibaba's controversial corporate structure. Mr. Ma is part of an Alibaba partnership that nominates more than half the company's board directors. An objection to this practice was what torpedoed negotiations between Alibaba and the Hong Kong stock exchange, where the company initially considered listing.
申請(qǐng)文件也揭示出阿里巴巴在公司架構(gòu)上更多有爭(zhēng)議的細(xì)節(jié)。馬云是該公司的合伙人之一，而這些合伙人提名的董事占董事會(huì)人數(shù)的一半以上。這種合伙人制度是導(dǎo)致阿里巴巴與港交所上市談判破裂的原因，阿里巴巴最初曾考慮在香港上市。
On Tuesday, Alibaba described the Alibaba partnership as 28 members, of whom 22 are members of Alibaba Group's management and six are managers at related companies.
周二，阿里巴巴介紹了公司的28位合伙人，其中22人為阿里巴巴集團(tuán)的管理人士，另外6人為關(guān)聯(lián)公司的經(jīng)理。
Current insiders also have additional ways of maintaining control of the company. SoftBank Corp., a part owner, has the right to nominate one director, so as long as it is a 15% shareholder in the company. The filing said that Yahoo and Softbank, which together own 57% of the pre-offering shares, have further agreed to vote in favor of the partnership nominees. Yahoo's stake, however, is expected to drop as Yahoo sells about 40% of its holding in the IPO, under a prior agreement.
現(xiàn)有的內(nèi)部人也有其他方法維持對(duì)公司的控制。軟銀(SoftBank Corp.)作為一個(gè)實(shí)力強(qiáng)大的股東，只要它持有阿里巴巴15%的股權(quán)，就有權(quán)推薦一名董事。申請(qǐng)文件稱，雅虎和軟銀總共持有公開上市前阿里巴巴57%的股權(quán)，這兩個(gè)股東已進(jìn)一步同意投票支持合伙人提名。但雅虎的持股比例料將下降，因?yàn)榘凑障惹暗囊环輩f(xié)議，雅虎將在IPO過(guò)程中出售手中約40%的持股。
SoftBank, Alibaba's largest shareholder, will continue to own more than 30% of the Chinese company's shares after the IPO, Alibaba said in the filing.
阿里巴巴在申請(qǐng)文件中稱，軟銀是阿里巴巴最大的股東，IPO后，它仍將持有該公司超過(guò)30%的股權(quán)。
According to the IPO prospectus, Alibaba's current board directors are Mr. Ma, Executive Vice Chairman Joe Tsai, SoftBank Chief Executive Masayoshi Son, and Yahoo Chief Development Officer Jacqueline Reses.
招股書顯示，阿里巴巴目前的董事會(huì)成員包括馬云、執(zhí)行副主席蔡崇信(Joe Tsai)、軟銀首席執(zhí)行長(zhǎng)孫正義(Masayoshi Son)以及雅虎(Yahoo)首席開發(fā)長(zhǎng)杰奎琳•雷瑟斯(Jacqueline Reses)。
Alibaba's listing confirmed its lineup of banks it has tapped so far to run its deal: Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Morgan Stanley and Citigroup Inc. The five leads are listed alphabetically to reflect Alibaba's desire to give them equal status, people familiar with the company's thinking said, while Citi has somewhat of a lesser role.
招股書證實(shí)了目前為止承接阿里巴巴IPO工作的投行名單，它們是瑞士信貸集團(tuán)(Credit Suisse Group AG)、德意志銀行(Deutsche Bank AG)、高盛集團(tuán)(Goldman Sachs Group Inc.)、摩根大通(J.P. Morgan Chase & Co.)和摩根士丹利(Morgan Stanley)。熟悉阿里巴巴想法的知情人士稱，這幾家銀行在招股書中按字母順序排列，說(shuō)明阿里巴巴希望給予它們公平的地位，花旗(Citi)將在IPO交易中扮演相對(duì)次要的角色。
The banks have competed hard for the right to share in a fee pool that could approach $400 million in a $20 billion offering, according to people familiar with the deal. The fee will include a base of 1% of the proceeds, plus up to 1% more of the proceeds as an incentive component, the people said.
據(jù)知情人士透露，阿里巴巴的IPO規(guī)模有望達(dá)到200億美元，支付給投行的承銷費(fèi)可能達(dá)到4億美元，為了能分一杯羹，投行展開了激烈的競(jìng)爭(zhēng)；這筆費(fèi)用將包括相當(dāng)于IPO融資規(guī)模1%的基礎(chǔ)傭金，作為激勵(lì)機(jī)制，超出IPO計(jì)劃融資規(guī)模的部分將給予投行至多1%的傭金獎(jiǎng)勵(lì)。
Executives at the highest levels of the banks have flown to Hangzhou, Hong Kong and Tokyo regularly in recent years to court the company. For example, J.P. Morgan Chief Executive James Dimon and one of the bank's senior deal makers, James B. Lee Jr., had dinner with Mr. Ma in Hong Kong, people familiar with the matter said.
為了取悅阿里巴巴，上述銀行的高管近年來(lái)定期赴杭州、香港和東京與阿里巴巴高管會(huì)面。據(jù)知情人士透露，摩根大通首席執(zhí)行長(zhǎng)詹姆斯•戴蒙(James Dimon)和該行資深的交易撮合者小詹姆斯 •李(James B. Lee Jr.)就曾在香港與馬云共進(jìn)晚餐。
