楼主:健信息 时间:2018年10月19日 20:59:30 点击:0 回复:0
Car buffs love to debate which luxury brand is most prestigious in the cosmos of three-pointed stars, prancing horses and airplane propellers, the last being the symbol denoting current sales champion, BMW.There’s little argument, however, that Audi and its logo of four interlocking circles boast the most momentum and the biggest business bounce of recent years, a trend the German subsidiary of Volkswagen is determined to maintain through 2015. The automaker is tightening its finances ahead of introducing a spate of new models, fuel-saving configurations and a revised design language.Audi says it will cut .5 billion from costs in areas such as purchasing and manufacturing in order to protect profits while spending heavily to expand electric and hybrid drive models, as well as advanced assisted driving and communications technology.A big worry, said Rupert Stadler, CEO, is further tightening of global emissions standards, which potentially create vast new costs beyond the sums invested so far in technologies to minimize fossil fuel consumption. “It is far too early to know if the (consumer) market is going to respond” to new fuel-saving technologies, he said.Audi this year introduced the A3 in the U.S., its smallest and lightest vehicle, which helps it comply with average fleet efficiency required by the U.S. At a combined 33 miles per gallon, it’s slightly more fuel efficient than the larger A4 – but it can be ordered with a diesel engine that achieves 43 miles per gallon in city and highway driving.The VW subsidiary in 2011 passed Mercedes-Benz in global unit sales to grab the No. 2 spot among premium brands, behind BMW. This year Audi expects to sell 1.7 million vehicles globally for the first time. But Daimler’s Mercedes unit is pressing hard to regain its position and managed to edge Audi in September by a few thousand cars.Mercedes has concentrated on creating a younger, more dynamic and fluid look to appeal to younger buyers. The German automaker created a small sedan, CLA, that starts at a retail price less than ,000 in the U.S., bringing it within reach of less affluent prospects.Responding to Daimler’s challenge, and with dreams of one day catching BMW, Audi is gearing up to launch new models and an updated design language, hints of which were shown this month at the Paris auto show to mostly positive reviews. Next year, Audi will introduce a new A4, Q7 and R8 supercar in the U.S.The performance of Audi, the biggest profit contributor among VW’s several brands, will be key to VW’s stated goal of passing Toyota as No. 1 in sales worldwide by 2018. But with the rising cost of technology and the resurgence of competition, VW now is making the point publicly that that it intends to maintain profitability.Helping in that effort will be U.S. dealer franchisees of Audi, who are in the midst of spending a collective billion to renovate and spruce up their stores. Audi sales rose 86% in south Orlando since April, according to Automotive News, after Auto Nation spent million on a new dealership.Up-and-coming premium auto franchises like Infiniti and Cadillac GM -2.38% have watched and taken notes from Audi. Studying and imitating aren’t the same as matching, which is what the wannabes have in mind.车迷们很热衷讨论的一件事是,在三叉星(奔驰)、跃马(法拉利)和飞机螺旋桨(宝马)这三个豪华品牌中,谁才是最声名显赫的。就目前而言,宝马(BMW)稳坐豪华品牌销量之王的宝座。但少有争议的一点是,奥迪(Audi)及其环环紧扣的四环标识是近年来增长势头最猛、销售反弹力度最大的品牌。而其母公司大众汽车公司(Volkswagen )则决意要在2015年继续保持这股势不可挡的势头。在推出一系列搭载省油配置及具备全新设计语言的新车型前,奥迪正在大力削减成本,严控财务状况。奥迪表示,在斥巨资开发全新电动及混动车型,以及先进的辅助驾驶和交通技术的同时,还将在采购和生产等领域削减25亿美元的成本,以提高利润率。奥迪首席执行官鲁伯特?施泰德称,公司的一大担忧是,随着全球进一步提高排放标准,可能会让迄今已投入巨资开发、旨在大幅降低油耗的技术成本更高。他说,对全新的省油技术,“现在就看出消费者是否会真正买账实在为时过早”。今年奥迪在美国市场上投放了A3车型。由于它是奥迪家族最小最轻的车,这有助于它达到美国的平均燃油效率要求。它每加仑综合行驶里程为33英里,比体积稍大的A4要省油些——但如果订购柴油引擎版,其城市路况和高速公路综合行驶里程就能达到每加仑43英里。2011年,奥迪的全球销量一举超过梅赛德斯奔驰(Mercedes-Benz),夺得第二的宝座,仅次于宝马。今年奥迪的全球销量则有望首次达到170万辆。但奔驰也毫不示弱,目前正开足马力要夺回自己原有的位置,且9月销量比奥迪要多几千辆。奔驰一直致力于打造一种更年轻动感、更流畅的外形来吸引年轻车主。它为美国市场打造了一款较小的车型CLA,零售价不到3万美元,使很多不那么富裕的潜在车主不再对奔驰可望而不可即。作为对奔驰挑战的回应,同时怀揣有朝一日赶超宝马的梦想,奥迪正加速推出新车型及全新的设计语言,本月的巴黎车展上这种设计初露端倪即赢得广泛好评。明年奥迪将在美国市场上推出全新的A4、Q7和R8超跑。作为大众集团旗下最赚钱的品牌,奥迪的业绩对大众号称要在2018年销量力压丰田汽车(Toyota)称霸全球的目标至关重要。但是随着技术开发的成本不断上涨和竞争加剧,大众现在又公开表示要努力保持盈利能力。奥迪在美国的特许经销商将为大众实现这一目标效力,它们已斥资10亿美元重新装修店面,使其焕然一新。据《汽车新闻》(Automotive News)称,在全美汽车租赁公司(Auto Nation)投资2100万美元和奥迪签下新的合作协议后,今年4月以来奥迪在南奥兰多的销量已增长86%。而像英菲尼迪(Infiniti)和凯迪拉克(Cadillac)这样雄心勃勃的厂商则一直密切关注着奥迪的动向并潜心学习。当然,琢磨和模仿跟同台竞技可不是一回事,这是那些胸怀大志的人一向了然于心的。Police arrested an ultra-Orthodox Jew accused of stabbing and wounding six people on Thursday in a gay pride march in Jerusalem — two of them seriously.警方逮捕了一名被控在周四耶路撒冷同性恋游行中刺伤6人的极端正统派犹太人,其中2人伤势严重。Officers identified the assailant as Yishai Schlissel, recently released from prison after serving 10 years for stabbing participants in a similar gay parade in Jerusalem.警方确认行凶者名为伊沙伊奇利赛尔(Yishai Schlissel),曾因在耶路撒冷一场类似的同性恋游行中刺伤游行参与者被判10年徒刑,最近被释放。Mr Schlissel is said to have pulled a knife from his jacket and run after the young marchers as they walked through streets decorated with rainbow flags, leaving bleeding victims on the ground before he was pinned down by police.据说,在游行人群穿过用虹旗帜装饰的街道时,他从上衣掏出一把刀,追赶年轻的游行者,受伤的游行者倒在地上,他随后被警方摁倒。Two marchers who had been stabbed in the chest were reported to be in serious condition.据报道,两名游行者胸部被刺,伤势严重。In recent public statements, Mr Schlissel made no secret of his hostility to the gay pride marchers — raising questions over whether police had been adequately prepared to secure the parade.在最近的公开声明中,奇利赛尔毫不掩饰他对同性恋游行者的敌意,这让外界对警方是否为确保此次游行做出了充分的准备产生怀疑。The annual gay pride march in Jerusalem has raised strong objections from ultra-Orthodox Jews and is held under heavy security.耶路撒冷一年一度的同性恋游行一直遭到极端正统派犹太人的强烈反对,每年都是在严密安保措施下举行。Ultra-Orthodox protesters have denounced what they call the defiling of the holy city, dubbing the march “the parade of abomination”.超级正统派抗议者对他们所说的这种对这个神圣城市的亵渎行为予以谴责,他们把这场游行称为“令人憎恨的游行”。Mr Schlissel received a 12-year sentence for stabbing three people in a gay pride march in Jerusalem in 2005, but his sentence was reduced by two years. Israeli media said he had been released three weeks ago.奇利赛尔曾在2005年耶路撒冷的一次同性恋游行中刺伤3人被判12年监禁,后来减刑两年。以色列媒体称,他是3周前被释放的。A large gay pride parade is held annually in Tel Aviv, and Israeli officials often tout their country’s tolerance toward gays and lesbians as a sign of Israeli democracy in a region characterised by authoritarian rule.特拉维夫每年举行大型同性恋游行,在这个以威权统治为特征的地区,以色列官员经常称赞自己的国家对同性恋的宽容,并把这视为以色列民主的象征。“Individual freedom of choice is one of the basic values of Israel,” Benjamin Netanayahu, the prime minister, said in a statement denouncing the attack. “We must ensure that in Israel every man and woman will live in security in any way they choose.”“个人选择自由是以色列的基本价值观之一,”以色列总理本雅明蔠呑尼亚胡(Benjamin Netanyahu)在一份谴责此次袭击事件的声明中表示,“我们必须确保,在以色列,不管选择什么,所有人都将生活在安全环境中。” /201508/389976

The observation that gold has been a disappointing investment of late should come as no surprise to anyone in the investment world. The fact that this has occurred in the context of developments that would normally push gold prices higher is notable. But the most consequential hypothesis of all is that gold might be losing its traditional role in a diversified investment portfolio.对于有称近期的黄金投资令人失望,投资界的任何人应该都不会感到意外。值得注意的一个现象是,与此同时发生的一系列事件通常而言原本会推高金价。但在所有假设中,最重大的假设是黄金或许正失去其在多元化投资组合中的传统地位。To say gold has underwhelmed investors in the past couple of years is an understatement. It did not participate in the surge upwards in nearly all financial asset prices; and it has not provided protection in the more recent downturn in risk markets. Throughout this period, gold has not benefited from rock-bottom interest rates that compensated for one of its main disadvantages as a financial holding — namely, that gold holders do not earn any interest or dividend payments. It has also shown an unusual lack of sensitivity to multiple geopolitical shocks, Greek-related concerns about the single European currency, and the vast injection of liquidity by central banks.说过去几年黄金让投资者感到失望,算是轻描淡写了。当几乎所有金融资产价格都在飙升时,它没有参与;而当风险市场最近出现回落时,它没有提供避险保障。低利率可以弥补黄金作为金融资产的一个主要缺点——黄金持有者不会获得任何利息或股息付,但在这段时期里,黄金并没有从极低的利率中受益。而且对于地缘政治的多次冲击,希腊危机引起的对欧洲单一货币的担忧,以及各央行大量注入流动性,黄金的表现都异常缺乏敏感性。The performance of gold has been so dreary as to encourage a growing number of hedge funds to bet against the asset, notwithstanding its price decline of 8 per cent year to date (and 16 per cent over the past 12 months). Indeed, positioning reports point to large shorts.黄金的表现实在令人沮丧,于是鼓励了越来越多的对冲基金押注于金价下跌,尽管今年到目前为止金价已下跌8%(过去12个月下跌了16%)。事实上,持仓报告已指向大规模做空。Several reasons may be advanced to explain these historical anomalies. They suggest that while cyclical factors have played a role, the main drivers are much more structural and secular in nature.或许可提出几个原因来解释这一历史性的异常现象。从这几个原因看,虽然周期性因素发挥了作用,但主要驱动力远更具有结构性,以及长期性。First, investors have found more direct ways to express their views about the future, particularly in a world in which central banks have had such an important influence on asset prices — from the explosion in equity exchange traded funds globally to the deepening of interest rate and credit products.首先,投资者已经找到了更直接的方式来表达他们对未来的看法,从交易所交易基金(ETF)出现全球性爆发,到利率和信贷产品深化。在央行对资产价格具有重大影响的当今世界尤其如此。Second, gold has become a lot less attractive to investors as a result of the lack of meaningful inflationary pressures. It has also suffered from the more general decline in interest in commodities among institutional and retail investors, due in part to slower global growth.其次,由于缺乏切实通胀压力,黄金对投资者的吸引力已经小了很多。此外,部分受到全球经济增长放缓的影响,机构和散户投资者对大宗商品的兴趣普遍下降,黄金也受到波及。Third, gold faces the growing risk of lower demand from central banks, once deemed reliable core holders. Part of this is driven by the fall in holdings of international reserves by the emerging world, particularly as they try to cope with the impact of lower commodity prices.第三,黄金还面临着一个越来越大的风险,即央行需求降低,央行曾被认为是可靠的核心持有者。这部分是受到新兴经济体所持国际储备下跌的影响,特别是当它们试图应对大宗商品价格走低时。Fourth, as historical correlations have broken down, the analytical case for investing in gold has been increasingly challenged. In particular, prices have failed to respond positively to some notable geopolitical shocks, eroding the metal’s attraction as a diversifier and risk mitigator.第四,随着历史关联性断裂,投资黄金的理由日益受到挑战。特别是金价没能对一些显著的地缘政治冲击作出积极响应,削弱了黄金在分散投资和风险缓冲方面的吸引力。Fifth, the main drivers of most asset prices — liquidity injection by central banks and deployment of some of the large corporate cash holdings via dividends, buybacks and Mamp;A activity — have not spilled over in any meaningful way to gold; neither directly through reallocation of investor funds due to price movements, nor indirectly due to concerns that all this liquidity would fuel inflation.第五,大部分资产价格的主要驱动力——央行注入的流动性,以及部分大企业通过分红、回购以及并购对所持现金进行部署——没有对黄金产生任何有意义的影响。既没有由于价格变动影响投资者的资金配置而直接产生影响,也没有因为人们担心这么多流动性会加剧通胀而间接产生影响。Sixth, the size of the demand response induced by the lower prices — from jewellery and other physical uses of gold — is too small to offset the erosion of investor interest.第六,因为金价降低而增加的珠宝等黄金制品需求太小,不足以抵消投资者兴趣的减弱。Finally, there is the price level argument. Before its recent lacklustre performance, the price had surged (eg, at one stage it had risen more than ,000 an ounce from its November 2008 level of 0). Thus, it is the earlier price move that could be deemed unusual and excessive.最后一个理由是价格水平。在近期表现低迷之前,金价曾出现飙升(举个例子,金价一度涨至比2008年11月的每盎司700美元高出1000美元)。因此可以认为之前那轮金价变动才是异常和过度的。Assessing the cyclical versus secular/structural balance of these seven factors, it is hard not to conclude that gold may well be experiencing an erosion in its positioning as a core holding in diversified institutional and retail investment portfolios. The more this happens, the more enticing it will be for “fast money” to short the metal as a way of inducing even greater sales by disappointed core holders.权衡这七个因素的周期性成分与长期结构性成分,很难不得出一个结论:黄金作为机构和散户多样化投资组合中核心资产的这一定位,很可能正在受到削弱。而越是如此,黄金就越能吸引“快钱”来做空,从而引诱失望的核心持有者进一步抛售。This situation is unlikely to change soon but it need not be terminal. A shift would probably require a broader normalisation of financial markets, including a diminution in the direct and indirect role of central banks in determining asset prices and their correlations. Until that happens, the glittering metal is likely to continue to languish.这种情况不太可能很快改变,但它未必已成定局。要想出现转变,很可能需要金融市场全面正常化,包括降低央行在决定资产价格及资产价格相关性方面的直接和间接作用。在此之前,黄金这一闪闪发光的金属可能会继续疲软。 /201508/392149

China’s internet sector is a curious paradox – it enjoys the most foreign equity investment of any part of the Chinese economy, while at the same time, foreigners do not own a single share.中国互联网行业有一个奇怪的悖论——虽然它是中国经济中接受境外股权投资最多的领域,但外资企业对该领域并不持有一丝一毫的股份。A curious regulatory loophole known as a VIE, or variable interest entity, has allowed foreigners to get around Beijing’s prohibitions against foreign ownership of internet assets. They have amassed huge holdings in companies such as Tencent, Baidu and Alibaba, the ecommerce group that on Tuesday filed for a US IPO that could value it at up to 0bn.通过可变利益实体(VIE)这个奇怪的监管漏洞,外资企业得以绕开中国政府禁止外资拥有境内互联网资产的规定。它们已在腾讯(Tencent)、百度(Baidu)和阿里巴巴(Alibaba)等公司持有大量利益。电商集团阿里巴巴本周二向美国提交了首次公开发行(IPO)申请,其估值最高可能达2000亿美元。Prospective investors in Alibaba’s listing – likely to raise about bn and to be the biggest stock flotation in the world since Facebook – will know that in any dispute with Alibaba’s Chinese investors, their shares could be invalidated and rendered worthless in a Chinese court.阿里巴巴股票的未来投资者应该明白,一旦与该公司的中国投资者发生争议,他们的股票可能被中国法院判定无效,变得一文不值。阿里巴巴IPO可能融资约200亿美元,成为自Facebook上市以来全球规模最大的IPO。Alibaba’s blockbuster IPO caps a revival for US listings of Chinese companies after a two-year drought brought on by a series of financial scandals at Chinese groups. Ironically, one of the biggest involved none other than Alibaba, which was accused of abusing its VIE to strip assets out of the company in 2011.阿里巴巴声势浩大的IPO将成为中国企业赴美上市活动复苏的高潮。此前两年里,由于多家中国企业相继曝出财务丑闻,中概股在美国遇冷。讽刺的是,最轰动的丑闻之一恰恰涉及到阿里巴巴,该公司被指控于2011年滥用VIE架构将资产从公司剥离出去。But memories are short, and this year “Alibaba is the tide which is lifting all boats after two years of scepticism towards most US listed Chinese companies”, according to Nicholas Manganaro of Ogilvy Financial in Beijing.北京奥美金融(Ogilvy Financial)的尼古拉斯#8226;曼加纳罗(Nicholas Manganaro)表示,人的记忆是短暂的,“在大多数在美上市中国企业普遍遭到怀疑两年后,(今年)阿里巴巴IPO就相当于涨潮,能把所有船只都抬高”。Investors will have to have strong nerves. “Every so often someone will a [IPO] prospectus and say ‘hold on a minute, what do I really own here?’” says Mr Manganaro, adding that the ownership issue has been “hiding in plain sight” for years.投资者仍需有极大的勇气。“人们时常会读到一份(IPO)招股说明书,然后发问,‘等一下,我投资进去到底能拥有什么?’”他补充道,所有权问题“隐藏在人们眼皮底下”有好几年了。“Chinese regulators have always turned a blind eye, but the fear is what if they don’t? What if it is challenged in court?”“中国监管机构一直故意视而不见,但令人担心的是,如果他们一反常态怎么办?如果这个问题被告到法院怎么办?”A convenient loophole一个便于利用的漏洞Since the first Chinese internet IPO in 2000, Chinese start-ups wanting to list abroad have skirted ownership restrictions by setting up offshore companies known as VIEs. They are domiciled mainly in the Cayman Islands and have a series of contracts that “simulate” ownership in the Chinese company. In the event of a lawsuit, analysts doubt the contractual powers would be enforceable.自从2000年中国互联网企业第一次IPO以来,中国希望到境外上市的初创企业,一直通过设立VIE架构的离岸公司,绕开外资所有权限制。这些公司主要把注册地设在开曼群岛(Cayman Islands),并利用一系列协议“模拟”取得中国企业的所有权。倘若被诉至法院,分析师怀疑这些协议是否真的具有法律执行力。“It appears that the VIE structure works – until you need it to work, and then it won’t work. That is a concern that has many investors scared to jump back into Chinese stock,” said Paul Gillis, a professor of accounting at Peking University.“VIE架构现在看来管用,但到你需要它真管用时,它就不管用了。许多投资者不敢再碰中国企业股票,就是存在这种担忧,”北京大学会计学教授保罗#8226;吉利斯(Paul Gillis)说。Of the more than 200 Chinese companies to list in the US since 1999, roughly half have used VIEs, according to Fredrik Oqvist, a Beijing-based accountant. These are mainly internet and education companies which are restricted from having foreign shareholders.驻北京会计师弗雷德里克#8226;奥基维斯特(Fredrik Oqvist)表示,自1999年以来共有200多家中国企业在美上市,其中大约一半采用了VIE架构。由于互联网和教育行业的企业在外资持股方面受限制,采用VIE架构的主要是这两类企业。Gene Buttrill, of the Jones Day law firm, says the main risks of a VIE are that the individuals holding the shares of the operating company will abscond with the assets and good name of the company. The other is that the Chinese government will deem the structures illegal and “collapse them”.众达律师事务所(Jones Day)的卜嘉男(Gene Buttrill)表示,VIE的主要风险是,持有运营公司股份的个人可能卷走公司资产,并损害公司的良好声誉。另一点担忧是,中国政府可能认为VIE架构非法,并“摧毁该结构”。The Alipay scandal付宝(Alipay)丑闻Everything could go horribly wrong, and has on a number of occasions. In Alibaba’s case, chairman Jack Ma in 2011 transferred ownership of Alipay, the company’s payments arm, out from a VIE and into a structure that he controlled personally. At the time Alibaba Group, the VIE, was 40 per cent owned by Yahoo, and 34 per cent owned by Japan’s SoftBank.一切事情都可能变得非常糟糕,而且在很多情况下这确实发生了。以阿里巴巴为例,该公司董事长马云(Jack Ma) 2011年将付业务子公司付宝转移出VIE,转入他本人控股的一家公司。在当时的VIE阿里巴巴集团(Alibaba Group)中,雅虎(Yahoo)持股40%,日本软银(SoftBank)持股34%。Executives at Yahoo complained that they were not informed of the transfer, though Mr Ma says he consulted Alibaba’s board, on which Yahoo and SoftBank have a seat. Yahoo and SoftBank deny this. The three companies came to a settlement in which if Alipay ever went public, it would pay Alibaba between bn and bn.雅虎的高管抱怨称,他们对付宝被转移毫不知情,不过马云则表示他已咨询过阿里巴巴董事会——雅虎和软银在其中皆有席位。雅虎和软银对此予以否认。这三家公司后来达成了和解,约定倘若付宝上市,将向阿里巴巴付20亿至60亿美元。Mr Gillis says Mr Ma’s history of taking advantage of a VIE structure should set off alarm bells. But Alibaba’s prospectus outlined bold plans to mitigate investor fears by holding most of its assets, aside from licences, in the foreign-owned part of its business, and to ensure that most revenue is generated directly by the foreign-owned business.吉利斯说,马云善于利用VIE结构的过往应给人们敲响警钟。但阿里巴巴招股说明书简要列出了旨在化解投资者担忧的大胆计划,包括让外资控股的那一部分业务持有大部分阿里巴巴资产(牌照除外),并确保绝大部分收入直接由外资控股公司产生。“Mr Ma seems to have gotten some religion from his past VIE experience,” says Mr Gillis. “The present VIEs are structured better than most, putting most operations in wholly owned subsidiaries and leaving only the licences and permits in the VIEs.”“马云看来十分崇尚过去操持VIE架构的那一套,”吉利斯说,“目前的VIE架构设计得比过去更巧妙,将大部分业务置于全资子公司内,VIE仅持有牌照和许可。”The VIE structure has always been a grey area in the Chinese legal system, and the Chinese government prefers to look the other way. In 2012, according to a number of lawyers, China’s ministry of commerce drafted a memo suggesting the VIE structure be abolished. But the suggestion “never made it out of committee”, said one.VIE架构在中国法律体系中一直属于灰色地带,而中国政府更乐于从另一个角度看问题。据多名律师称,2012年中国商务部草拟了一份提议取缔VIE架构的备忘录。但一名律师表示,该提议“最终胎死腹中”。Mr Buttrill said that the VIE structure has actually been strengthened by the scrutiny. US and Chinese regulators “have each re-examined the structure over the past couple of years, with the result that it is here to stay”, he said.卜嘉男表示,审查实际上反而强化了VIE架构。他说,美中两国监管机构“过去两年里分别重新审查了该架构,结果是该架构保留到了现在”。Auditors under scrutiny被审查的审计机构VIEs are just one of the risks that prospective Alibaba investors will have to consider. Another relates to the auditing of Alibaba’s financial statements.VIE架构不过是阿里巴巴潜在投资者必须考虑的风险之一。另一个风险牵涉到对阿里巴巴财务报表的审计。After several US-listed Chinese companies, such as Longtop Financial and Sino Forest, were accused of financial fraud last year, there has been a diplomatic stand-off between the US Securities and Exchange Commission and China’s financial regulators over access to the audit papers of Chinese companies.去年,东南融通(Longtop Financial)和嘉汉林业(Sino Forest)等多家在美上市中国企业被控实施了财务欺诈。随后,美国交会(SEC)与中国金融监管机构,在获取上市中国企业审计工作底稿的问题上陷入了一场外交对峙。This means, as Alibaba writes in its prospectus, that the audit of its accounts by PwC is not fully inspected by the Public Company Accounting Oversight Board, the US’s top audit watchdog, and could, as with all other US-listed Chinese companies, be barred from being listed on a US stock exchange.正如阿里巴巴在其招股说明书中所写,这意味着,普华永道(PwC)对阿里巴巴账目的审计结果,没有经过美国最高审计监管机构——上市公司会计监管委员会(Public Company Accounting Oversight Board,PCAOB)的完全审查,因此,可能像所有其他在美上市中国企业一样,被禁止在美国的股票交易所挂牌上市。“The path we’re on now is that all US-listed Chinese companies could eventually get kicked off US exchanges,” said Mr Gillis.吉利斯说:“我们现在面临的是,所有在美上市中国企业可能最终被踢出美国的交易所。”“What we’re hoping for is a diplomatic agreement, because at the end of the day this is not between the SEC and Chinese regulators. It is between the US and China trying to figure out their respective places in the world.”“我们希望美中达成一项外交协议,因为归根结底,这不仅仅是美国交会与中国监管机构之间的事。此事牵涉到美中两国努力厘清各自在世界上的位置。”Treasures abound回报丰厚Yet if the risks can be daunting, investors have in many cases been compensated richly as well. Shares in 58.com, a Chinese version of Craigslist that listed in November, has nearly doubled since its debut.不过,如果说风险可能大得吓人的话,投资者在许多情况下也得到了丰厚的补偿。中国版Craigslist——58同城(58.com)去年11月在美上市,如今其股价自上市以来几乎上涨了一倍。South Africa’s Naspers, the publishing company, bought a 46 per cent stake in then-lossmaking Tencent in May 2001 for m. Thirteen years later, Hong Kong-listed Tencent is one of Asia’s biggest technology companies, with a market capitalisation of 4bn.2001年5月,南非传媒公司Naspers斥资3200万美元,买入当时处于亏损状态的腾讯46%的股份。13年之后,在香港上市的腾讯已成为亚洲最大科技企业之一,市值达到1140亿美元。According to its internal estimates disclosed in the prospectus, Alibaba in April valued itself at up to 1bn, though the final valuations at its IPO could be swayed by internal performance, the market and investor reaction to a roadshow spanning three continents.据招股说明书披露的内部估算,今年4月阿里巴巴对自身估值高达1210亿美元,不过,IPO的最终估值可能受到内部业绩、以及市场与投资者对一场跨三大洲路演的反应的影响。Nevertheless, the message is clear – the risk-reward calculation is heavily skewed in favour of the reward.然而,这向外界传达了明确的信息——关于风险与回报的权衡考量在很大程度上偏向了回报。“The scenario is so binary,” says one lawyer. “You can’t afford not to invest in these things. But if something goes wrong, you are left with nothing.”一名律师说:“这个情况太极端了,非此即彼。你没法不投资这样的公司。但如果哪个环节出了问题,你就血本无归。” /201405/296908

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