螞蟻集團暫停上市，馬雲財富縮水26億美元
*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
螞蟻集團暫停上市，馬雲財富縮水26億美元
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.
螞蟻集團首次公開募股350億美元，但是就在螞蟻集團計劃在上海和香港同步上市前幾天，監管機構突然叫停了螞蟻集團此次募股後，馬雲財富縮水26億美元。
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.
在聯合創始人馬雲和其他高管參加了四個最高金融監管機構召開的聯席會議後，上海證券交易所以監管環境發生重大變化為由，決定推遲螞蟻集團備受期待的上市募股。阿里巴巴在一份文件中表示，鑑於金融科技監管環境最近的變化，螞蟻金服“可能不符合上市資格或披露要求”。在一封致投資者的公開信中，該公司表示，將停止在香港上市。
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.
這一戲劇性的變化導致在紐約上市的阿里巴巴股價一夜之間暴跌超過8%。週三香港股市開盤後，該公司股價暴跌超過9%。阿里巴巴持有螞蟻集團約三分之一的股份。螞蟻集團成立於2004年，最初是阿里巴巴支付業務分支，但後來擴展到保險、消費貸款和財富管理等領域。據《福布斯》實時億萬富翁榜顯示，馬雲的大部分財富來自他在阿里巴巴4.8%的股份，目前他的淨資產為634億美元。
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.
螞蟻集團在公開信中對暫停上市表示道歉，但沒有明確何時上市。Sanford C. Bernstein分析師Kevin Kwek在一份研究報告中寫道，暫停IPO的一個可能原因是為了給該公司更多時間來披露其龐大的業務將如何受到不斷變化的監管環境的影響。
5. “We don't think Ant's model is fundamentally broken but there now are clear challenges to be addressed,” he wrote.
他寫道:“我們認為螞蟻模式並沒有從根本上被打破，但現在有一些明確的問題需要解決。”
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.
監管機構似乎對螞蟻金服迅速擴張的消費貸款業務感到擔憂，因為這可能不利於他們控制槓桿率和防範金融風險。就在馬雲會見監管機構的同一天，政府發佈了一套針對在線微貸款的規定草案，規定了個人可以借入的金額限制，並要求螞蟻金服等平台運營商提供至少30%的資金。
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.
這一比例大大高於螞蟻金控目前資產負債表上2%的貸款比例。該公司的招股説明書顯示，截至今年6月，該公司已提供了2,540億美元的信貸，但其中98%是由合作銀行承銷的。該公司將自己定位為技術服務提供商，通過銀行在發放信貸時付費使用其風險控制軟件等技術來創造收入。
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在報告中寫道: “在資產負債表上承擔更多資產意味着螞蟻金服不再是其之前適合科技產業的“輕資產”模式，而更像是一家銀行。對於那些相信螞蟻金服能更好處理監管關係的投資者來説，此次的推遲上市讓他們對此產生了懷疑。”
篇章結構
P1—P2：螞蟻推遲上市，馬雲財富縮水。
P3：螞蟻推遲上市產生的影響：阿里巴巴股價大跌，馬雲財富大幅縮水。
P4—P5：螞蟻推遲上市的原因：“投資環境變化。”
P6—P7：監管機構對螞蟻做出的調整。
P8：調整帶來的影響。
重點單詞
dual-listing雙重上市（證券在不只一個市場上市）
go public上市
plunge/plʌn(d)ʒ/ n. 投入；跳進v. 投入；跳進；陷入
【短語】
plunge into 投入；跳入；突然或倉促地開始某事
【例句】
He plunged from a tenth floor window.
他從10 樓的窗户跳下。
regulator/'regjʊleɪtə/ n. 調節器; 校準器; 整時器
【例句】
The big obstacle to any deal would be regulators.
對所有協議來説最大的障礙就是監管機構。
suspend/sə'spend/ vt. 延緩，推遲；使暫停；使懸浮
【例句】
A lamp was suspended from the ceiling.
天花板上吊着一盞燈。
initial/iˈniʃəl/ adj. 最初的；字首的vt. 用姓名的首字母簽名
【例句】
The ban was initially opposed by the US.
這一禁令首先遭到美國的反對。
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，這家金融科技公司很可能在下一輪融資中獲得來自新加坡企業的大筆投資，其估值將超過。
much-anticipated備受期待的
regulatory/'reɡjulətəri/ adj. 管理的；控制的；調整的
【例句】
They're just horrifically opposed to anything regulatory.
他們反對任何形式的監管措施令人震驚和深惡痛絕。
cofounder/kəʊ'faʊndə/ n. 共同創辦人,共同創始人
【例句】
He's the co-founder of Promethean Power Systems.
他是普羅米修斯電力系統的聯合創始人。
summon/'sʌmən/ vt. 召喚；召集；鼓起；振作
【短語】
summon up 鼓起，喚起；振作
【例句】
Robyn summoned up every ounce of strength.
羅賓使出了全身的力氣。
qualification/ˌkwɒlɪfɪ'keɪʃ(ə)n/ n. 合格證書；資格, 條件；限制, 限定性條件
【例句】
He lacks the qualifications for the post.
他不具備擔任這一職務的資格。
dramatic/drə'mætɪk/ adj. 戲劇的, 劇本的；戲劇性的, 激動人心的；引人注目的, 給人深刻印象的
【例句】
His dramatics made all of us laugh.
他那戲劇性的動作使我們大家都笑了。
plunge/plʌn(d)ʒ/ n. 投入；跳進v. 投入；跳進；陷入
【短語】
plunge into 投入；跳入；突然或倉促地開始某事
take the plunge 冒險嘗試；採取決定性步驟
plunge pool n. 瀑布下的水潭
【例句】
He plunged from a tenth floor window.
他從10 樓的窗户跳下。
plummet/'plʌmɪt/ n. 鉛錘，墜子vi. 垂直落下
【例句】
A plane plummeted to earth.
一架飛機一頭栽向地面。
offshoot/'ɒfʃuːt/ n. 分支；支流；衍生物
【例句】
The World Wide Web is a CERN offshoot.
萬維網就是歐洲核研究組織的一個衍生事物。
derive/dɪ'raɪv/ vt. & vi. 得到；源於
【例句】
He derives his income from freelance work.
他以自由職業獲取收入。
sprawl/sprɔ:l/ vi. 伸開四肢坐〔躺〕；蔓延;雜亂無序地拓展；四肢伸展坐着(或躺着)n. (城市)雜亂無序拓展的地區；隨意擴展;蔓延;蔓延物
【例句】
He sprawled his signature over the paper.
他在紙上潦草地簽了名。
regulatory/'reɡjulətəri/ adj. 管理的；控制的；調整的
【例句】
They're just horrifically opposed to anything regulatory.
他們反對任何形式的監管措施令人震驚和深惡痛絕。
leverage/'liːv(ə)rɪdʒ/ n.槓桿作用, 槓桿的力量；力量, 影響vt. 促使…改變
【例句】
He has some leverage over the politician.
他對這位政界人士有些影響。
safeguard/'seɪfgɑːd/ n. 防護措施, 安全設施vt. 保護; 保衞; 防護
【例句】
Their full political rights must be safeguarded.
他們的全部政治權利必須得到保障。
stipulate/'stɪpjʊleɪt/ vt. (尤指在協議或建議中)規定, 約定, 講明(條件等)
【短語】
stipulate for v. 制訂；規定
【例句】
There’s no stipulation as to the amount you can invest.
沒有關於投資額的規定。
facilitate/fə'sɪlɪteɪt/ vt. 使便利, 減輕…的困難
【例句】
Tractors and other agricultural machines greatly facilitate farming.
拖拉機及其它農業機械大大方便了農業耕作。
underwrite/ʌndə'raɪt/ vt. 在(保險單,尤指船舶保險單)下方簽署並承擔責任(承保損失或損壞之責);給...保險；(按商定的價格)認購(某公司)的全部剩餘證券;包銷(證券)；同意資助(某事業)vi. 經營保險業n. 保險業
【例句】
No bank would be willing to underwrite such a loss.
沒有哪家銀行願意承擔這樣的損失。
valuation/'væljʊeɪt/ vt. 對…作估價
【例句】
She asked for a valuation of her house.
她要求對她的房舍作一估價。
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