阿里巴巴已經提交在美上市申請

Chinese Internet giant Alibaba Group Holding Ltd. officially filed plans to offer its shares in the U.S., confirming the breadth and scale of its vast e-commerce operations ahead of what is expected to be one of the largest stock listings in history.

中國互聯網巨頭阿里巴巴集團(Alibaba Group Holding Ltd.)正式提交在美國進行首次公開募股(IPO)的計劃，在上市前證實了其龐大的電子商務業務的廣度和規模。預計阿里巴巴集團的上市將可能是歷史上最大規模的IPO之一。

The filing showed the company had 231 million annual active buyers last year. A total of $248 billion was spent on Alibaba's three shopping sites last year, roughly the same as the economy of Finland.

阿里巴巴提交的IPO申請文件顯示，該公司去年擁有2.31億活躍買家。買家去年在阿里巴巴旗下三個購物網站共消費2,480億美元，規模與芬蘭的經濟體量基本相當。

That transaction volume, which in the fourth quarter was up 53% from the prior year, was more than twice as much as was spent on Inc., which had roughly $110 billion in transactions, according to Forrester Research.

去年第四季度交易額較上年同比增長53%。據Forrester Research的數據顯示，去年的交易額比亞馬遜( Inc.)網站的交易額高一倍以上，亞馬遜去年的交易額約爲1,100億美元。

The filing, released after the market closed, marks the first step toward a whirlwind sale season in which Wall Street will pitch the stock offering. Alibaba has lined up half dozen of the world's biggest banks to help place its shares, and money managers and small investors are expected to size up the company, which is familiar to many in the Western world more by reputation than firsthand experience.

週二盤後發佈的IPO申請標誌着阿里巴巴在美銷售股票工作正式邁出第一步。阿里巴巴已聘請全球最大的六家投行負責打理上市事宜，預計基金經理和小型投資者也將仔細考察這家公司。許多西方投資者更多是通過阿里巴巴的聲望而非第一手經驗熟悉這家公司的。

Alibaba valued itself at roughly $109 billion in April, based on disclosures in the document about the numbers of shares outstanding and its internal estimate of the value of each share. Including some stock-based compensation and the conversion of certain preferred shares, the valuation is $116 billion. However, the company could seek a higher valuation when it sells shares.

根據文件中披露的信息，4月份時阿里巴巴對自己的估值約爲1,090億美元，這基於阿里巴巴在文件中公佈的已發行股票數量以及該公司對其每股股票價值的內部估算。如果將一些股權薪酬和部分優先股轉換計算在內，估值將達到1,160億美元。不過在進行股票發售時，阿里巴巴可能尋求更高的估值。

Analyst estimates have ranged from $136 billion to $245 billion.

分析師給出的估值預期在1,360億美元至2,450億美元不等。

Alibaba said Monday that it plans to raise $1 billion, although that figure is widely seen as a placeholder. People familiar with the company have said it could raise more than $20 billion in the deal, not expected until at least later in summer.

阿里巴巴週一稱，計劃籌資10億美元，不過外界普遍認爲這只是一個暫定數字。熟悉阿里巴巴情況的人士曾表示，該公司可能在這宗交易中籌資逾200億美元，而且預計該交易最早也要等到今夏較晚時候纔會啓動。

Overall, the filing shows Alibaba's revenue growth is outpacing its growth in expenses.

整體而言，提交的上市文件表明，阿里巴巴的營收增速超過了支出增速。

Alibaba's cost of revenue, which includes various operational expenses and traffic acquisition costs as well as payment processing fees it pays to Alipay and other financial institutions, increased 33% to 9.9 billion yuan ($1.59 billion) in the nine months through December from a year earlier. The company's product development costs rose 34% to 3.89 billion yuan in the same period.

在截至去年12月份的九個月中，阿里巴巴的營收成本同比增加了33%，至人民幣99億元。營收成本包括各種運營成本和流量獲得成本，以及向支付寶(Alipay)和其他金融機構支付的支付處理費用。同期，該公司的產品開發成本上升了34%，至人民幣38.9億元。

For those nine months, Alibaba's revenue jumped 57%, more than making up for the increase in expenses. Alibaba's largest business segment was its three Chinese retail markets, contributing 83% of its $6.5 billion in revenue in the nine months ended in December.

同一時期，阿里巴巴的營收大幅增長57%，超過了支出的增幅。阿里巴巴最大的一塊業務是其在中國的三個交易市場，截至去年12月份的九個月中，這三個市場貢獻了總計65億美元的營收中的83%。

The filing also revealed details about Alibaba's cloud-computing business. In the last nine months of 2013, just 1.4% of Alibaba's revenue, or $90 million came from its cloud computing business. The company founded Alibaba Cloud Computing in 2009 to manage the data needs of its related companies. It could process 3.6 million transactions a minute as of Dec. 31. It now handles web traffic for third-party companies.

文件還透露了阿里巴巴雲計算業務的詳細情況。2013年4月-12月，雲計算業務實現收入9,000萬美元，只佔阿里巴巴總收入的1.4%。阿里巴巴在2009年成立了子公司阿里雲(Alibaba Cloud Computing)，負責處理關聯企業的數據需求。截至去年12月31日，阿里雲每分鐘可處理360萬筆交易。目前阿里云爲第三方企業處理網絡流量。

The filing showed that Alibaba's mobile transactions are growing. Mobile transactions accounted for about 20% of all the transactions on its Chinese shopping sites in the fourth quarter of last year, up sharply from 7.4% a year earlier, the company said. In December, Alibaba's shopping sites had 136 million monthly active users on mobile, the company said.

文件顯示，阿里巴巴的移動支付交易量正在增長。該公司稱，去年第四季度旗下中國在線購物網站的移動在線交易量佔到了交易總量的20%左右，遠高於上年同期的7.4%。去年12月，阿里巴巴購物網站的月度移動活躍用戶數量達到1.36億。

'The biggest thing I've learned so far is how much mobile is driving their growth, and it seems to be reaccelerating, even though they're already a big company,' said Jane Snorek, senior research analyst at Nuveen Asset Management, which oversees $120 billion.

管理着1,200億美元資產的Nuveen Asset Management的高級研究分析師斯諾里克(Jane Snorek)說，到目前爲止她瞭解到的最重要的一件事就是移動業務正在推動阿里巴巴的增長，而且這一趨勢似乎正在加速，儘管阿里巴巴已經是一家非常大的公司。

Ms. Snorek said she is looking for more data on user engagement, such as how much time customers are spending on Alibaba's sites and the history of their purchasing activity. 'My big thing on any Internet company is, you're growing your users and they're using your site more often,' she said.

斯諾里克表示，她希望看到與用戶參與度有關的更多數據，比如消費者瀏覽阿里巴巴網站的時間，他們的購物歷史等等。她說，她對所有互聯網公司最看重的一點是，這些公司的用戶是否在增長，用戶使用它們的網站是否更加頻繁。

Speaking of Alibaba's cloud computing business, Ms. Snorek said: 'The size of their cloud in revenue and users, I think will be an upside surprise to most people.' She added: 'They've only just recently been talking about that but it looks like they've been running that for a while and are already breaking out their revenues.'

對於阿里巴巴雲計算業務，斯諾里克說，她認爲其雲業務的營收和用戶數量對於大多數人來說將是個驚喜。她還說，他們最近纔開始談論這項業務，但看起來該業務已經運營了一段時間，已經開始產生收入。

'It's such a huge company, it's just amazing,' Ms. Snorek said.

斯諾里克說，這是一家規模如此巨大的公司，十分驚人。

The company didn't say on which stock exchange it plans to list, though it is expected to choose the New York Stock Exchange.

阿里巴巴沒有說明計劃在哪個交易所上市，但預計它將選擇紐約證交所。

Until now, estimates of Alibaba's value have been mostly guesswork based on comparable companies. Alibaba had only disclosed some bare-bones financial information via filings of Yahoo Inc., the holder of a 24% stake.

到目前爲止，對於阿里巴巴價值的估計主要是根據類似公司情況進行的猜測。在此之前，只有持有阿里巴巴24%股份的雅虎(Yahoo Inc.)在文件中披露了一些阿里巴巴的基本財務信息。

The Chinese company had $7.9 billion in cash, cash equivalents and short term investments, and $4.9 billion in total long-term debt as of the end of last year--important metrics as Alibaba continues an acquisition spree aimed at taking the company into new business areas and bolstering its hand against rivals.

截至去年年底，這家中國公司持有79億美元現金、現金等價物和短期投資，還有49億美元的長期債務――這些是重要的衡量標準，因爲阿里巴巴還在繼續着收購狂歡，旨在讓公司進入新的業務領域並鞏固其面對競爭對手的實力。

The IPO will mark the growing ambitions in China and abroad of Alibaba, which was founded in 1999 in the eastern city of Hangzhou, by a former English teacher named Jack Ma. Alibaba's first business was a site to connect Chinese suppliers with Western buyers.

此次IPO將標誌着阿里巴巴在中國國內外日漸增長的雄心。阿里巴巴於1999年在華東城市杭州成立，其創始人馬雲(Jack Ma)曾是一位英語老師。阿里巴巴最早的業務是一個爲中國供應商與外國買家牽線的網站。

Today, Alibaba's main business are its two consumer marketplaces, Taobao and Tmall. The two sites together account for roughly 80% of all Chinese online shopping transactions, which stood at 1.84 trillion yuan ($296 billion) last year according to research firm iResearch.

目前，阿里巴巴的主營業務是兩個消費市場淘寶和天貓網站。這兩個網站的交易額佔中國網購交易總額的80%左右；調研公司iResearch稱，去年中國消費者網購交易總額爲人民幣1.84萬億元（合2,960億美元）。

Tuesday's filing didn't break out revenue or transaction volume for the two marketplaces.

週二的文件並沒有披露兩家網站各自的收入或交易額。

The filing said Alibaba intends to raise fresh funds for itself in the IPO, though the amount isn't clear. The company said it plans to use the proceeds of its offering for general corporate purposes, a standard clause used in stock offerings.

文件稱，阿里巴巴計劃通過IPO爲自身籌集新資金，但金額不清楚。該公司稱，計劃將籌資所得用於一般公司用途，這是在股票發行中用到的標準條款。

The filing showed why it might need to raise more funds for itself. Alibaba noted it has 'incurred substantial indebtedness,' revealing it had drawn down all of the $8 billion credit facility it took out with a group of large banks last year. The company said it drew down $3 billion from that credit line in April.

文件反映出阿里巴巴需要籌集更多資金的可能原因。該公司指出，它已經揹負了高額債務，去年從一組大型銀行獲得的80億美元信貸額度已經耗盡。該公司稱，今年4月份用掉了這80億美元信貸額度中的最後30億美元。

The filing also revealed more details about Alibaba's controversial corporate structure. Mr. Ma is part of an Alibaba partnership that nominates more than half the company's board directors. An objection to this practice was what torpedoed negotiations between Alibaba and the Hong Kong stock exchange, where the company initially considered listing.

申請文件也揭示出阿里巴巴在公司架構上更多有爭議的細節。馬雲是該公司的合夥人之一，而這些合夥人提名的董事佔董事會人數的一半以上。這種合夥人制度是導致阿里巴巴與港交所上市談判破裂的原因，阿里巴巴最初曾考慮在香港上市。

On Tuesday, Alibaba described the Alibaba partnership as 28 members, of whom 22 are members of Alibaba Group's management and six are managers at related companies.

週二，阿里巴巴介紹了公司的28位合夥人，其中22人爲阿里巴巴集團的管理人士，另外6人爲關聯公司的經理。

Current insiders also have additional ways of maintaining control of the company. SoftBank Corp., a part owner, has the right to nominate one director, so as long as it is a 15% shareholder in the company. The filing said that Yahoo and Softbank, which together own 57% of the pre-offering shares, have further agreed to vote in favor of the partnership nominees. Yahoo's stake, however, is expected to drop as Yahoo sells about 40% of its holding in the IPO, under a prior agreement.

現有的內部人也有其他方法維持對公司的控制。軟銀(SoftBank Corp.)作爲一個實力強大的股東，只要它持有阿里巴巴15%的股權，就有權推薦一名董事。申請文件稱，雅虎和軟銀總共持有公開上市前阿里巴巴57%的股權，這兩個股東已進一步同意投票支持合夥人提名。但雅虎的持股比例料將下降，因爲按照先前的一份協議，雅虎將在IPO過程中出售手中約40%的持股。

SoftBank, Alibaba's largest shareholder, will continue to own more than 30% of the Chinese company's shares after the IPO, Alibaba said in the filing.

阿里巴巴在申請文件中稱，軟銀是阿里巴巴最大的股東，IPO後，它仍將持有該公司超過30%的股權。

According to the IPO prospectus, Alibaba's current board directors are Mr. Ma, Executive Vice Chairman Joe Tsai, SoftBank Chief Executive Masayoshi Son, and Yahoo Chief Development Officer Jacqueline Reses.

招股書顯示，阿里巴巴目前的董事會成員包括馬雲、執行副主席蔡崇信(Joe Tsai)、軟銀首席執行長孫正義(Masayoshi Son)以及雅虎(Yahoo)首席開發長傑奎琳•雷瑟斯(Jacqueline Reses)。

Alibaba's listing confirmed its lineup of banks it has tapped so far to run its deal: Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Morgan Stanley and Citigroup Inc. The five leads are listed alphabetically to reflect Alibaba's desire to give them equal status, people familiar with the company's thinking said, while Citi has somewhat of a lesser role.

招股書證實了目前爲止承接阿里巴巴IPO工作的投行名單，它們是瑞士信貸集團(Credit Suisse Group AG)、德意志銀行(Deutsche Bank AG)、高盛集團(Goldman Sachs Group Inc.)、摩根大通(J.P. Morgan Chase & Co.)和摩根士丹利(Morgan Stanley)。熟悉阿里巴巴想法的知情人士稱，這幾家銀行在招股書中按字母順序排列，說明阿里巴巴希望給予它們公平的地位，花旗(Citi)將在IPO交易中扮演相對次要的角色。

The banks have competed hard for the right to share in a fee pool that could approach $400 million in a $20 billion offering, according to people familiar with the deal. The fee will include a base of 1% of the proceeds, plus up to 1% more of the proceeds as an incentive component, the people said.

據知情人士透露，阿里巴巴的IPO規模有望達到200億美元，支付給投行的承銷費可能達到4億美元，爲了能分一杯羹，投行展開了激烈的競爭；這筆費用將包括相當於IPO融資規模1%的基礎佣金，作爲激勵機制，超出IPO計劃融資規模的部分將給予投行至多1%的佣金獎勵。

Executives at the highest levels of the banks have flown to Hangzhou, Hong Kong and Tokyo regularly in recent years to court the company. For example, J.P. Morgan Chief Executive James Dimon and one of the bank's senior deal makers, James B. Lee Jr., had dinner with Mr. Ma in Hong Kong, people familiar with the matter said.

爲了取悅阿里巴巴，上述銀行的高管近年來定期赴杭州、香港和東京與阿里巴巴高管會面。據知情人士透露，摩根大通首席執行長詹姆斯•戴蒙(James Dimon)和該行資深的交易撮合者小詹姆斯 •李(James B. Lee Jr.)就曾在香港與馬雲共進晚餐。