阿里巴巴招股書(shū)中英文翻譯樣稿 上市后合伙人制-上海譯境整理

Alibaba is pitching itself as a way to invest in the rapid growth of ecommerce in China and beyond, as the Chinese internet giant filed documents for what could be one of the largest US initial public offerings on record. 中國(guó)互聯(lián)網(wǎng)巨頭阿里巴巴(Alibaba)周二為赴美首次公開(kāi)發(fā)行(IPO)遞交了招股說(shuō)明書(shū)。此次IPO有可能成為美國(guó)有記錄以來(lái)最大規(guī)模的IPO。在招股說(shuō)明書(shū)中，阿里巴巴稱(chēng)它將為投資者提供一個(gè)投資于中國(guó)國(guó)內(nèi)外快速增長(zhǎng)的電子商務(wù)事業(yè)的渠道。

According to the filing, Alibaba’s own estimate of its valuation was between $96.9bn and $121bn as recently as last month, double what it believed it was worth at the start of the year. 根據(jù)招股說(shuō)明書(shū)，截止上個(gè)月，阿里巴巴對(duì)自身的估值在969億美元到1210億美元之間，這比今年初該公司對(duì)自身的估值高了一倍。

The company, founded in 1999 by former English teacher Jack Ma, controls an estimated 80 per cent of China’s ecommerce market through its Tmall and Taobao sites, with almost $250bn worth of goods sold over its Chinese marketplaces last year. 阿里巴巴成立于1999年，創(chuàng)始人馬云曾擔(dān)任過(guò)英語(yǔ)教師。據(jù)估計(jì)，阿里巴巴通過(guò)旗下的天貓(Tmall)及淘寶(Taobao)網(wǎng)站控制了中國(guó)電子商務(wù)市場(chǎng)80%的份額。去年，阿里巴巴通過(guò)其國(guó)內(nèi)平臺(tái)銷(xiāo)售的商品總價(jià)值近2500億美元。

Describing itself as the world’s largest online and mobile commerce company, Alibaba said: “We aim to build the future infrastructure of commerce. We envision that our customers will meet, work and live at Alibaba, and that we will be a company that lasts at least 102 years.” 阿里巴巴稱(chēng)自己為全球最大的在線和移動(dòng)商務(wù)公司。它說(shuō)：“我們的目標(biāo)是打造未來(lái)的商貿(mào)基礎(chǔ)平臺(tái)?？梢韵胂?，我們的客戶(hù)將會(huì)在阿里巴巴會(huì)晤、工作和生活，我們作為企業(yè)將延續(xù)至少102年。”

Alibaba’s internal estimate of its valuation was between $40 and $50 per share in March and April. With the IPO pricing still months away, the final valuation could be swayed by internal performance, external market swings, and investor reaction to a roadshow spanning three continents. 今年3月到4月間，阿里巴巴對(duì)自身的內(nèi)部估值為每股40美元到50美元。目前距離IPO最終定價(jià)還有數(shù)月，最終估值可能會(huì)受到內(nèi)部業(yè)績(jī)、外部市場(chǎng)波動(dòng)以及投資者對(duì)三大洲路演的反響等因素影響。

The filing says Alibaba is seeking to raise $1bn, but people familiar with the group said this was a placeholder amount and the company would aim to raise about $20bn – which would make it the largest US public company offering. 招股說(shuō)明書(shū)顯示，阿里巴巴計(jì)劃籌集10億美元，不過(guò)知情人士表示，填寫(xiě)這個(gè)數(shù)字只是程序之需，阿里巴巴可能打算籌集約200億美元，這意味著它將成為美國(guó)歷史上最大規(guī)模的IPO。

Among the major shareholders set to profit from the IPO is Yahoo, which holds a 22.6 per cent stake, and SoftBank, the Japanese telecoms group which has 34.4 per cent. While SoftBank executives have said it plans to hold the stake, Yahoo will sell part of its holding and its current director on the Alibaba board will step down. 將從此次IPO中受益的主要股東包括持有阿里巴巴22.6%股份的雅虎(Yahoo)，以及持有該公司34.4%股份的日本電信集團(tuán)軟銀(SoftBank)。其中，軟銀高管已表示計(jì)劃繼續(xù)持有相應(yīng)股份。而雅虎則計(jì)劃出售部分股份，該公司目前在阿里巴巴董事會(huì)的董事將會(huì)離職。

Other known investors include Singaporean sovereign wealth fund Temasek and US fund Silver Lake. Mr Ma himself holds 8.9 per cent of the company. 其他阿里巴巴知名投資者包括新加坡主權(quán)財(cái)富基金淡馬錫(Temasek)以及美國(guó)基金銀湖(Silver Lake)。馬云本人持有阿里巴巴8.9%的股份。

Corporate governance activists, however, have questioned the board structure that Alibaba is proposing. Under the terms, a 28-member management partnership of senior executives from Alibaba and affiliates has the “exclusive right” to appoint a majority of the board. 不過(guò)，企業(yè)治理方面的活動(dòng)人士對(duì)阿里巴巴希望采納的董事會(huì)結(jié)構(gòu)提出了質(zhì)疑。根據(jù)招股說(shuō)明書(shū)，來(lái)自阿里巴巴及其關(guān)聯(lián)公司的28名高管將組成一個(gè)合伙人團(tuán)隊(duì)，這個(gè)團(tuán)隊(duì)擁有提名多數(shù)董事的“專(zhuān)屬權(quán)”。

With that level of control kept by the partnership, “it really all comes down to what is the quality of those independent board members,” said Gary Hewitt, head of research for GMI Ratings, a governance analysis group. 企業(yè)治理分析集團(tuán)GMI Ratings研究部門(mén)主管加里?休伊特(Gary Hewitt)表示，合伙人擁有如此之高的控制權(quán)，意味著“一切都將取決于那幾位獨(dú)立董事們的素質(zhì)”。

The company named only three members of a board that will have nine people: Mr Ma, Joe Tsai, the executive vice chairman, and Softbank’s Masayoshi Son. 阿里巴巴董事會(huì)將有9名董事，阿里巴巴只提名了其中3位：阿里巴巴董事局主席馬云、董事局執(zhí)行副主席蔡崇信和軟銀的孫正義(Masayoshi Son)。

The company’s Chinese retail platforms had 231m buyers last year, just shy of one-fifth of China’s total population, and nearly 40 per cent of the number of Chinese who use the internet. Its ambitions are expanding, however, both across other sectors of China’s internet and outside its borders. 去年，阿里巴巴中國(guó)零售平臺(tái)的活躍買(mǎi)家高達(dá)2.31億，只比中國(guó)總?cè)丝跀?shù)的五分之一略低一點(diǎn)，占中國(guó)網(wǎng)民近40%。不過(guò)，阿里巴巴仍在雄心勃勃地向外擴(kuò)張，目標(biāo)不僅包括中國(guó)互聯(lián)網(wǎng)的其他產(chǎn)業(yè)，還包括境外業(yè)務(wù)。

Its many operations include a small business loans division, a group buying site, cloud computing business and an online advertising exchange. It is affiliated with China’s largest online payments processing network, Alipay, although that business was spun off in 2011 to a separate vehicle and is not part of the listing. 阿里巴巴目前業(yè)務(wù)廣泛，包括小企業(yè)貸款部門(mén)、團(tuán)購(gòu)網(wǎng)站、云計(jì)算業(yè)務(wù)以及在線廣告交易平臺(tái)。支付寶在2011年被剝離為一家單獨(dú)的企業(yè)后，未被列入此次上市計(jì)劃之內(nèi)。

Alibaba has also embarked on an ambitious and multi-billion dollar string of deals to broaden its reach beyond ecommerce. So far this year, it has taken stakes in companies ranging from China’s larger online video site to the US’ Lyft ride-sharing start-up. 另外，阿里巴巴近來(lái)展開(kāi)了規(guī)模達(dá)數(shù)十億美元的一系列雄心勃勃的并購(gòu)交易，以拓展其在電子商務(wù)之外的業(yè)務(wù)。今年到目前為止，該公司入股的公司既包括規(guī)模較大的中國(guó)在線視頻網(wǎng)站，也包括初創(chuàng)不久的美國(guó)拼車(chē)企業(yè)Lyft。

“You should think of them beyond an e-commerce player, just as Amazon is going beyond e-commerce to compete with Netflix for example in the so-called online video space,” said Jixun Foo, a partner at venture capital group GGV Capital, which had been an early investor in Alibaba. “They are testing the water on many fronts.” 風(fēng)險(xiǎn)投資集團(tuán)紀(jì)源資本(GGV Capital)合伙人符績(jī)勛(Jixun Foo)是阿里巴巴的早期投資者之一，他說(shuō)：“不能只把阿里巴巴看做電子商務(wù)企業(yè)。就好像亞馬遜的業(yè)務(wù)也已超出電子商務(wù)范疇，也在所謂在線視頻領(lǐng)域與Netflix開(kāi)展了競(jìng)爭(zhēng)。目前，阿里巴巴正在很多領(lǐng)域試水?！?/span>

Most of its revenue comes from online marketing, commissions on transactions and fees for its services. In the nine months to December 31, it generated revenue of $6.5bn and net income of $2.8bn, according to the filing. 阿里巴巴大多數(shù)營(yíng)收來(lái)自網(wǎng)絡(luò)營(yíng)銷(xiāo)、交易傭金及服務(wù)費(fèi)。根據(jù)該公司招股說(shuō)明書(shū)，在截至2013年12月31日的9個(gè)月內(nèi)，該公司營(yíng)收為65億美元，凈利潤(rùn)為28億美元。

Alibaba is being advised by Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Citigroup. 為阿里巴巴此次IPO提供咨詢(xún)服務(wù)的是瑞士信貸(Credit Suisse)、德意志銀行(Deutsche Bank)、高盛集團(tuán)(Goldman Sachs)、摩根大通(JP Morgan Chase)、摩根士丹利(Morgan Stanley)以及花旗集團(tuán)(Cigigroup)。

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