*注：本文摘自11月4日《福布斯》
Jack Ma’s Wealth Drops $2.6 Billion As Ant Group Suspends IPO
蚂蚁集团暂停上市，马云财富缩水26亿美元
1. Chinese billionaire Jack Ma saw his wealthplunge$2.6 billion afterregulatorsabruptlysuspendedthe $35 billioninitialpublic offering of Ant Group—a surprise decision that came just days before thefintechgiant had been scheduled togo publicthrough adual-listingin Shanghai and Hong Kong.
蚂蚁集团首次公开募股350亿美元，但是就在蚂蚁集团计划在上海和香港同步上市前几天，监管机构突然叫停了蚂蚁集团此次募股后，马云财富缩水26亿美元。
2. Citing significant changes in theregulatoryenvironment aftercofounderMa and other senior executives weresummonedto a joint meeting with four top financial regulators, the Shanghai Stock Exchange decided to postpone themuch-anticipatedIPO. Alibaba said in a filing that Ant “may not meet listingqualificationsor disclosure requirements” in light of recent changes in the fintech regulatory environment. In a public letter to investors, the company said it had decided to halt its Hong Kong listing as well.
在联合创始人马云和其他高管参加了四个最高金融监管机构召开的联席会议后，上海证券交易所以监管环境发生重大变化为由，决定推迟蚂蚁集团备受期待的上市募股。阿里巴巴在一份文件中表示，鉴于金融科技监管环境最近的变化，蚂蚁金服“可能不符合上市资格或披露要求”。在一封致投资者的公开信中，该公司表示，将停止在香港上市。
3. Thedramaticturn of events caused shares of the New York-listed Alibaba toplungemore than 8% overnight. Its sharesplummetedmore than 9% in Hong Kong after markets opened Wednesday. The e-commerce giant owns about one-third of Ant Group, which was founded in 2004 first as its paymentoffshootbut later expanded into markets including insurance, consumer loans and wealth management. Ma, whoderivesthe bulk of his fortune from his 4.8% stake in Alibaba, now has a net worth of $63.4 billion, according to the Forbes Real-Time Billionaire’s List.
这一戏剧性的变化导致在纽约上市的阿里巴巴股价一夜之间暴跌超过8%。周三香港股市开盘后，该公司股价暴跌超过9%。阿里巴巴持有蚂蚁集团约三分之一的股份。蚂蚁集团成立于2004年，最初是阿里巴巴支付业务分支，但后来扩展到保险、消费贷款和财富管理等领域。据《福布斯》实时亿万富翁榜显示，马云的大部分财富来自他在阿里巴巴4.8%的股份，目前他的净资产为634亿美元。
4. Ant Group apologized for the suspension of the listing in the public letter, but didn’t offer a timeline as to when it could be resumed. One possible reason for halting the IPO is to give the company more time to disclose how itssprawlingbusiness would beimpacted by the changingregulatoryenvironment, Sanford C. Bernstein analyst Kevin Kwek wrote in a research note.
蚂蚁集团在公开信中对暂停上市表示道歉，但没有明确何时上市。Sanford C. Bernstein分析师Kevin Kwek在一份研究报告中写道，暂停IPO的一个可能原因是为了给该公司更多时间来披露其庞大的业务将如何受到不断变化的监管环境的影响。
5. “We don't think Ant's model is fundamentally broken but there now are clear challenges to be addressed,” he wrote.
他写道:“我们认为蚂蚁模式并没有从根本上被打破，但现在有一些明确的问题需要解决。”
6. Regulators appear to be concerned about Ant’s rapidly expanding consumer loan business, which could run contrary to their goal of controllingleverageratios andsafeguardingagainst financial risks. On the same day Ma was summoned to meet regulators, the government released a set of draft rules targeting online micro lenders, whichstipulatedlimits on the amounts individuals can borrow, and required platform operators like Ant to fund at least 30% of the loans theyfacilitateon behalf of banks.
监管机构似乎对蚂蚁金服迅速扩张的消费贷款业务感到担忧，因为这可能不利于他们控制杠杆率和防范金融风险。就在马云会见监管机构的同一天，政府发布了一套针对在线微贷款的规定草案，规定了个人可以借入的金额限制，并要求蚂蚁金服等平台运营商提供至少30%的资金。
7. The proposed percentage is significantly up from the 2% of loans Ant currently has on its balance sheet. The company has facilitated $254 billion in credit as of June this year, but 98% wasunderwrittenby partner banks, according to its prospectus. It seeks to position itself as a technology service provider, generating revenues as banks pay to use its technologies such as risk-control software when they extend credit.
这一比例大大高于蚂蚁金控目前资产负债表上2%的贷款比例。该公司的招股说明书显示，截至今年6月，该公司已提供了2,540亿美元的信贷，但其中98%是由合作银行承销的。该公司将自己定位为技术服务提供商，通过银行在发放信贷时付费使用其风险控制软件等技术来创造收入。
8. “Taking more on the balance sheet means moving away from the 'asset-light' model that goes well with techvaluations,and they resemble (a little bit) more a bank,” Kwek wrote in the note. “For investors that believe Ant can manage regulators well…this delay will cast some doubt on that.”
Kwek在报告中写道: “在资产负债表上承担更多资产意味着蚂蚁金服不再是其之前适合科技产业的“轻资产”模式，而更像是一家银行。对于那些相信蚂蚁金服能更好处理监管关系的投资者来说，此次的推迟上市让他们对此产生了怀疑。”
篇章结构
P1—P2：蚂蚁推迟上市，马云财富缩水。
P3：蚂蚁推迟上市产生的影响：阿里巴巴股价大跌，马云财富大幅缩水。
P4—P5：蚂蚁推迟上市的原因：“投资环境变化。”
P6—P7：监管机构对蚂蚁做出的调整。
P8：调整带来的影响。
重点单词
dual-listing双重上市（证券在不只一个市场上市）
go public上市
plunge/plʌn(d)ʒ/ n. 投入；跳进v. 投入；跳进；陷入
【短语】
plunge into 投入；跳入；突然或仓促地开始某事
【例句】
He plunged from a tenth floor window.
他从10 楼的窗户跳下。
regulator/'regjʊleɪtə/ n. 调节器; 校准器; 整时器
【例句】
The big obstacle to any deal would be regulators.
对所有协议来说最大的障碍就是监管机构。
suspend/sə'spend/ vt. 延缓，推迟；使暂停；使悬浮
【例句】
A lamp was suspended from the ceiling.
天花板上吊着一盏灯。
initial/iˈniʃəl/ adj. 最初的；字首的vt. 用姓名的首字母签名
【例句】
The ban was initially opposed by the US.
这一禁令首先遭到美国的反对。
Fintech= Financial technology金融科技
【例句】
Yet this same fintech firm is likely to receive a big equity cheque from Singapore Inc in its next funding round, which will value it at more than $1bn.
然而，这家金融科技公司很可能在下一轮融资中获得来自新加坡企业的大笔投资，其估值将超过。
much-anticipated备受期待的
regulatory/'reɡjulətəri/ adj. 管理的；控制的；调整的
【例句】
They're just horrifically opposed to anything regulatory.
他们反对任何形式的监管措施令人震惊和深恶痛绝。
cofounder/kəʊ'faʊndə/ n. 共同创办人,共同创始人
【例句】
He's the co-founder of Promethean Power Systems.
他是普罗米修斯电力系统的联合创始人。
summon/'sʌmən/ vt. 召唤；召集；鼓起；振作
【短语】
summon up 鼓起，唤起；振作
【例句】
Robyn summoned up every ounce of strength.
罗宾使出了全身的力气。
qualification/ˌkwɒlɪfɪ'keɪʃ(ə)n/ n. 合格证书；资格, 条件；限制, 限定性条件
【例句】
He lacks the qualifications for the post.
他不具备担任这一职务的资格。
dramatic/drə'mætɪk/ adj. 戏剧的, 剧本的；戏剧性的, 激动人心的；引人注目的, 给人深刻印象的
【例句】
His dramatics made all of us laugh.
他那戏剧性的动作使我们大家都笑了。
plunge/plʌn(d)ʒ/ n. 投入；跳进v. 投入；跳进；陷入
【短语】
plunge into 投入；跳入；突然或仓促地开始某事
take the plunge 冒险尝试；采取决定性步骤
plunge pool n. 瀑布下的水潭
【例句】
He plunged from a tenth floor window.
他从10 楼的窗户跳下。
plummet/'plʌmɪt/ n. 铅锤，坠子vi. 垂直落下
【例句】
A plane plummeted to earth.
一架飞机一头栽向地面。
offshoot/'ɒfʃuːt/ n. 分支；支流；衍生物
【例句】
The World Wide Web is a CERN offshoot.
万维网就是欧洲核研究组织的一个衍生事物。
derive/dɪ'raɪv/ vt. & vi. 得到；源于
【例句】
He derives his income from freelance work.
他以自由职业获取收入。
sprawl/sprɔ:l/ vi. 伸开四肢坐〔躺〕；蔓延;杂乱无序地拓展；四肢伸展坐着(或躺着)n. (城市)杂乱无序拓展的地区；随意扩展;蔓延;蔓延物
【例句】
He sprawled his signature over the paper.
他在纸上潦草地签了名。
regulatory/'reɡjulətəri/ adj. 管理的；控制的；调整的
【例句】
They're just horrifically opposed to anything regulatory.
他们反对任何形式的监管措施令人震惊和深恶痛绝。
leverage/'liːv(ə)rɪdʒ/ n.杠杆作用, 杠杆的力量；力量, 影响vt. 促使…改变
【例句】
He has some leverage over the politician.
他对这位政界人士有些影响。
safeguard/'seɪfgɑːd/ n. 防护措施, 安全设施vt. 保护; 保卫; 防护
【例句】
Their full political rights must be safeguarded.
他们的全部政治权利必须得到保障。
stipulate/'stɪpjʊleɪt/ vt. (尤指在协议或建议中)规定, 约定, 讲明(条件等)
【短语】
stipulate for v. 制订；规定
【例句】
There’s no stipulation as to the amount you can invest.
没有关于投资额的规定。
facilitate/fə'sɪlɪteɪt/ vt. 使便利, 减轻…的困难
【例句】
Tractors and other agricultural machines greatly facilitate farming.
拖拉机及其它农业机械大大方便了农业耕作。
underwrite/ʌndə'raɪt/ vt. 在(保险单,尤指船舶保险单)下方签署并承担责任(承保损失或损坏之责);给...保险；(按商定的价格)认购(某公司)的全部剩余证券;包销(证券)；同意资助(某事业)vi. 经营保险业n. 保险业
【例句】
No bank would be willing to underwrite such a loss.
没有哪家银行愿意承担这样的损失。
valuation/'væljʊeɪt/ vt. 对…作估价
【例句】
She asked for a valuation of her house.
她要求对她的房舍作一估价。
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