2014.06.02【英译中】The 'Singapore Solution' to China's Stock Woes(一)

ydyinglluk (Erin) 译坛新秀
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发表于:2014-06-02 11:33 [只看楼主] [划词开启]

The 'SingaporeSolution' toChina's Stock Woes

新加坡方案:接手中国股市的烂摊子

Allowing companies to list directly overseas is good for regulators and investors.

允许公司直接在海外上市,无论对于投资者还是管理者,都有利无害。

By 

PAUL GILLIS

March 19, 2014 11:34 a.m. ET

Alibaba has finally announced its plan to list its shares inNew York, after months of speculation about the location. This is a blow toHong Kong, which had courted the Chinese tech company but was unwilling to change its rules to allow founder Jack Ma to keep control of the company after the listing. But this is also a blow to Chinese investors, who will yet again be denied an opportunity to invest in one of their country's most successful firms.

在考虑了好几个月之后,阿里巴巴终于宣布了其在纽约的上市计划。这对于香港来说无疑是一个冲击,后者一直想要吸引中国的科技公司,却不愿意改变他们的规定,让马云在阿里巴巴上市后继续保持对公司的控制权。但是这对于中国投资者也是一大冲击,对于这些人来说,一扇向本国最成功的公司投资的大门已经又一次关上了。

The problem is that so many Chinese companies are forced to list overseas because it is still so difficult to win permission to issue shares on the mainland. That makes the deals a lose-lose for investors everywhere. Chinese citizens can't buy offshore shares because of the mainland's capital controls. Meanwhile, foreign investors technically don't buy the company, either. To circumvent foreign-ownership restrictions, Chinese firms use the so-called variable-interest entity (VIE) structure. With the VIE structure, offshore shell companies have contractual claims to the revenues from, but no actual ownership of, the Chinese firms.

问题在于有许多中国公司是被迫在海外上市的,因为在中国大陆要获得发行股票的许可仍然困难。这就使得这注定是一场失败的交易,无论是对哪里的投资者都是如此由于大陆的资本管制制度中国公民不能购买离岸股票。与此同时,确切来说国外投资者也不购买这些公司。为了规避外国所有权的限制规定,中国公司采用了一种所谓的“可变利益实体”(VIE)的结构。在VIE结构下,连空壳公司按照合同可以享有中国公司的利润,而并不对它们享有实际的所有权。

Fortunately, a solution is finally coming into sight, from an unexpected quarter:Singapore. The China Securities Regulatory Commission (CSRC) in November reached an agreement with Singaporean authorities to allow Chinese companies to list directly in theLionCitywithout first setting up an offshore holding company. If this becomes a template for other jurisdictions—and a seed of further reforms inChina—investors everywhere stand to benefit.

幸运的是,一种解决方式终于浮出水面,然而却是从意料之外的地方出现的:新加坡。十一月,中国证券监督管理委员会(CSRC)与新加坡官方达成协议:允许中国公司在不设立离岸持股公司的情况下直接在新加坡上市。如果这种样板制度能在其他法域实施,并且成为未来中国进一步改革的伏笔,这无疑对国内外的投资者都有好处。

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