阿里巴巴爲剝離支付寶辯護

Alibaba executives have defended a controversial deal to split off its payments arm, as investors expressed their concerns about corporate governance at the Chinese internet behemoth’s fundraising roadshow.

阿里巴巴(Alibaba)的高管們爲該公司拆分支付部門的有爭議交易進行了辯護。在這家中國互聯網巨擘上市路演期間，投資者對其公司治理表示質疑。

Fund managers have questioned the 2011 transfer of Alipay to a company controlled by Alibaba founder Jack Ma at private meetings and it has come up at well-attended group lunches in Boston and New York this week, even as executives generate growing excitement over the $21bn share sale.

基金經理們在不公開會議上質疑2011年支付寶(Alipay)被轉移至阿里巴巴創始人馬雲(Jack Ma)控股的一家公司之事。這件事本週在波士頓和紐約舉行的午餐會上也被提及，即便高管們成功爲這宗210億美元的上市交易激起了越來越大的興趣。

A knockdown price has enabled bankers to build strong interest ahead of the flotation, planned for next week.

較低的價格讓銀行家們得以在定於下週進行的上市前夕吸引投資者的強烈興趣。

Ownership of Alipay was transferred to a company called SFMS and replaced with a profit-sharing agreement because of unclear Chinese regulations surrounding foreign ownership of payments companies, Alibaba told investors this week.

阿里巴巴本週對投資者表示，由於中國針對支付公司外資所有權的法規不明朗，支付寶的所有權被轉移至一家名爲SFMS的公司，阿里巴巴集團的權益被一份利潤分享協議取而代之。

“It was the hardest decision of my life,” Mr Ma said.

“那是我一生中最艱難的決定，”馬雲說。

Tony Ursillo, technology analyst and portfolio manager at Loomis Sayles, said the Alipay transfer process had seemed “not totally transparent”, but executives’ answers assuaged concerns at a lunch meeting in Boston.

科技業分析師、Loomis Sayles投資組合經理託尼•烏斯羅(Tony Ursillo)表示，支付寶的轉移過程此前似乎是“不完全透明的”，但高管們在波士頓午餐會上的回答緩解了擔憂。

“At the end of the day, my bet is on management, and Jack Ma talked about Alibaba like it was his child and he was nurturing it into an adult,” Mr Ursillo said. “There are clear strengths that this company has, from a substantial market share and a trusted brand, to a very experienced management team.”

“最終而言，我押注的是管理層，馬雲談到阿里巴巴就像談到自己的孩子，他在把它撫養成人，”烏斯羅表示。“這家公司擁有明顯的優勢，從龐大的市場佔有率和受到信賴的品牌，到一個非常有經驗的管理團隊。”

One investor who is due to meet management next week said the Alipay deal and other aspects of corporate governance topped a list of concerns. The company that shareholders will own does not have direct ownership of Alibaba’s assets and business, which operates through “variable interest entities” owned by its founders. A partnership of 30 individuals will retain the right to nominate a majority of the board after the IPO.

定於下週會晤管理層的一位投資者表示，在令人擔憂的問題中，支付寶交易和公司治理的其它幾個方面是最主要的。股東們將要擁有的這家公司並不直接擁有阿里巴巴的資產和業務，這些業務通過創始人擁有的“可變利益實體”經營。首次公開上市(IPO)完成後，由30個人組成的一個合夥人團隊將保留提名多數董事會成員的權利。

The Alipay switch three years ago underscored how these relationships can be shifted, the investor said. “It is worrisome, and although it sounds far-fetched, I fear coming into the office one day to discover the whole thing has unravelled.”

這位投資者表示，3年前的支付寶交易突顯這些關係可能發生怎樣的轉變。“這一點令人擔憂，雖然這聽起來有些牽強，但我怕有一天到辦公室後發現事情發生了鉅變。”

Other investors said they had already come to terms with Alibaba’s corporate governance and focused their time with management on grasping the scope of the business and the growth potential instead.

其他投資者表示，他們已經明白阿里巴巴的公司治理是怎麼回事，因而將利用與管理層會面的時間着重瞭解業務情況和增長潛力。