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. 中国互联网巨头阿里巴巴(Alibaba)周二为赴美首次公开发行(IPO)递交了招股说明书。此次IPO有可能成为美国有记录以来最大规模的IPO。在招股说明书中，阿里巴巴称它将为投资者提供一个投资于中国国内外快速增长的电子商务事业的渠道。
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. 根据招股说明书，截止上个月，阿里巴巴对自身的估值在969亿美元到1210亿美元之间，这比今年初该公司对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，创始人马云曾担任过英语教师。据估计，阿里巴巴通过旗下的天猫(Tmall)及淘宝(Taobao)网站控制了中国电子商务市场80%的份额。去年，阿里巴巴通过其国内平台销售的商品总价值近2500亿美元。
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.” 阿里巴巴称自己为全球最大的在线和移动商务公司。它说：“我们的目标是打造未来的商贸基础平台。可以想象，我们的客户将会在阿里巴巴会晤、工作和生活，我们作为企业将延续至少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月间，阿里巴巴对自身的内部估值为每股40美元到50美元。目前距离IPO最终定价还有数月，最终估值可能会受到内部业绩、外部市场波动以及投资者对三大洲路演的反响等因素影响。
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. 招股说明书显示，阿里巴巴计划筹集10亿美元，不过知情人士表示，填写这个数字只是程序之需，阿里巴巴可能打算筹集约200亿美元，这意味着它将成为美国历史上最大规模的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. 将从此次IPO中受益的主要股东包括持有阿里巴巴22.6%股份的雅虎(Yahoo)，以及持有该公司34.4%股份的日本电信集团软银(SoftBank)。其中，软银高管已表示计划继续持有相应股份。而雅虎则计划出售部分股份，该公司目前在阿里巴巴董事会的董事将会离职。
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资者包括新加坡主权财富基金淡马锡(Temasek)以及美国基金银湖(Silver Lake)。马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. 不过，企业治理方面的活动人士对阿里巴巴希望采纳的董事会结构提出了质疑。根据招股说明书，来自阿里巴巴及其关联公司的28名高管将组成一个合伙人团队，这个团队拥有提名多数董事的“专属权”。
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. 企业治理分析集团GMI Ratings研究部门主管加里?休伊特(Gary Hewitt)表示，合伙人拥有如此之高的控制权，意味着“一切都将取决于那几位独立董事们的素质”。
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. 阿里巴巴董事会将有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马云、董事局执行副主席蔡崇信和软银的孙正义(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，阿里巴巴中国零售平台的活跃买家高达2.31亿，只比中国总人口数的五分之一略低一点，占中国网民近40%。不过，阿里巴巴仍在雄心勃勃地向外扩张，目标不仅包括中国互联网的其他产业，还包括境外业务。
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. 阿里巴巴目前业务广泛，包括小企业贷款部门、团购网站、云计算业务以及在线广告交易平台。支付宝在2011年被剥离为一家单独的企业后，未被列入此次上市计划之内。
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，阿里巴巴近来展开了规模达数十亿美元的一系列雄心勃勃的并购交易，以拓展其在电子商务之外的业务。今年到目前为止，该公司入股的公司既包括规模较大的中国在线视频网站，也包括初创不久的美国拼车企业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.” 风险投资集团纪源资本(GGV Capital)合伙人符绩勋(Jixun Foo)是阿里巴巴的早期投资者之一，他说：“不能只把阿里巴巴看做电子商务企业。就好像亚马逊的业务也已超出电子商务范畴，也在所谓在线视频领域与Netflix开展了竞争。目前，阿里巴巴正在很多领域试水。”
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. 阿里巴巴大多数营收来自网络营销、交易佣金及服务费。根据该公司招股说明书，在截至2013年12月31日的9个月内，该公司营收为65亿美元，净利润为28亿美元。
Alibaba is being advised by Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Citigroup. 为阿里巴巴此次IPO提供咨询服务的是瑞士信贷(Credit Suisse)、德意志银行(Deutsche Bank)、高盛集团(Goldman Sachs)、摩根大通(JP Morgan Chase)、摩根士丹利(Morgan Stanley)以及花旗集团(Cigigroup)。
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