龐然大物上市 阿里巴巴將啓動IPO路演

Alibaba is expected to begin an eagerly awaited roadshow for what could be the largest ever initial public offering early in the week of September 8, and its shares could list as soon as September 18 or 19, according to a person familiar with the situation.

據知情人士透露，阿里巴巴預計在9月8日當週稍早時間爲首次公開發行(IPO)舉行市場熱切期待的路演程序，其股票最早可能於9月18日或19日上市。這或許將成爲史上規模最大的IPO。

The marketing trip, when company executives and Wall Street bankers meet with prospective investors, will kick off in Asia and include stops in Europe and the US, the person said. The Chinese ecommerce company is expected to raise about $20bn when it lists on the New York Stock Exchange, rivalling the Agricultural Bank of China’s $22.1bn IPO from July 2010, currently the largest on record. A price range for the shares is typically given just ahead of the start of the roadshow.

該知情人士稱，路演將在亞洲啓動，包括歐洲和美國的行程，路演行程中，阿里巴巴的高管和華爾街銀行家會與未來的投資者會面。外界預計這家中國電商公司將通過在紐約證交所(NYSE)上市募得200億美元的資金，這將與中國農業銀行(ABC)在2010年7月募資221億美元的IPO比肩，後者是史上規模最大的IPO。在路演前夕，公司通常會提供股票發行價區間。

Alibaba’s ability to make a transition to mobile has been a focus of analysts and investors as China’s tech groups square off for customers glued to smartphones. Last week, the company announced a surge in mobile revenues for the second quarter.

阿里巴巴轉移到移動端的能力一直是分析師和投資者的關注焦點，目前中國的科技集團正擺開架勢爭奪沉迷於智能手機的顧客。上週，阿里巴巴宣佈第二季度移動端收入激增。

A tenfold jump from mobile devices helped to drive overall revenues 46 per cent higher to Rmb15.8bn ($2.6bn).

其移動端收入增長了9倍，助推整體收入提高46%，達到158億元人民幣（合26億美元）。

Alibaba also increased its internal valuation to $140bn, from $133bn earlier this month and $119bn in June, according to regulatory filings.

根據其監管申報文件，阿里巴巴的內部估值從6月的1190億美元，提高到8月初的1130億美元，再提至目前的1400億美元。

“[IPO] prospectuses are very backward looking,” said Grace Su, a technology analyst at ClearBridge. “With companies that have very strong growth prospects, the roadshow will be helpful to pick management’s brain about how the future growth rates will pan out.”

“(IPO)招股書非常着眼於過去，”ClearBridge的科技產業分析師Grace Su說，“對於發展前景非常強勁的公司，市場可以通過路演徵求管理層對未來增長率發展的看法。”

She added: “It will come down to your opinion on what management is saying. I am less concerned with revenue or top-line growth – the market is big enough. How Alibaba chooses to spend to generate those sales, that is the big question.

她補充：“這會歸結到你如何看待管理層的話。我對收入即頂線增長不是那麼擔心——市場足夠大。阿里巴巴會選擇如何使用資金來產生那些銷售，纔是關鍵問題。”

“That is what affects your bottom line and that is what you need to speak to management about to get a sense of it.”

“那是影響你的盈虧底線的問題，是你需要通過與管理層溝通來把握的問題。”

Alibaba’s debut on the public markets slid past August as the company was completing a standard vetting process of its IPO paperwork with the US Securities and Exchange Commission amid the impending summer holidays in the US when trading typically slumps on Wall Street. The company is still in dialogue with the SEC.

阿里巴巴未能在8月成功地在公開市場上第一次亮相，原因是該公司此前忙於向美國證券交易委員會(SEC)提交IPO文件，完成標準的審覈過程，而美國的暑假即將開始，華爾街的交易量通常會猛跌。目前阿里巴巴還在與SEC溝通相關事宜。

Chinese and Silicon Valley tech entrepreneurs are watching closely what Alibaba will do with the proceeds of its listing. Alibaba has been carrying out a string of acquisitions recently, snapping up start-ups in whole or in part to fuel its ambitions at home and abroad.

中國和硅谷的科技企業家正密切關注阿里巴巴會如何使用上市所得。最近阿里巴巴進行了一系列收購，對一些初創公司進行了全部或者部分收購，以推進其在國內和國際的雄心。