2014.06.02【英译中】The 'Singapore Solution' to China's Stock Woes(二)

ydyinglluk (Erin) 译坛新秀
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发表于:2014-06-02 11:39 [只看楼主] [划词开启]

The Singapore Solution addresses several serious flaws with the VIE overseas-listing model. First and foremost, it clarifies regulatory authority over the listed companies by specifying that the CSRC will retain jurisdiction. A major problem with overseas listed Chinese companies is that because they are neither wholly Chinese nor wholly foreign, regulators have struggled to determine whose laws the firms must follow and who will enforce them.

“新加坡方案”解决了VIE海外上市模式的几个重要的漏洞。首先,这一模式通过确定中国证监会对上市公司的管辖,来明确上市公司的官方管理机构。海外上市的中国公司存在的一个重要问题是因为他们并非完全的中国公司也并非完全的外国公司,不同的管理部门会互相斗争,以决定这些公司应该遵循谁(制订)的法律以及谁来实施执行这些法律。

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Reuters

The offshore holding companies are not subject to Chinese regulation, and Beijing has been slow to cooperate with foreign regulators investigating Chinese companies that it considers domestic. Because the Singapore Solution makes it a requirement under Chinese law that companies comply with the laws of the jurisdiction where they list, this method also resolves the thorny sovereignty issues that arise when foreign regulators try to enforce foreign laws against Chinese companies on Chinese soil.

离岸控股公司不属于中国监管机构管辖,而中国方面在对其认为是国内公司的监管上与外国管理机构的合作已经滞后。因为新加坡模式在遵守中国法律的前提下,设置了上市公司应当遵守该上市法域的法律的规定,这一模式也解决了当国外监管者试图在中国境内对中国公司适用外国法律所产生的尖锐的主权问题。

Another flaw with the VIE model is that the domestic Chinese company and the overseas-listed entity are technically not the same enterprise, and are only tenuously connected. This makes it impossible to do a traditional secondary listing onshore, leaving domestic investors permanently cut off from the opportunity to buy the shares.

VIE模式的另一个瑕疵则在于国内公司和海外上市实体,严格来说并非同样的公司,它们之间的联系也微乎其微。这导致了传统的在国内二次上市成为不可能,从而永远阻断了国内投资者购买这些股份的机会。

By allowing the Chinese enterprise to list abroad without a VIE, the Singapore Solution opens the door to secondary listings onChina's stock exchanges. This would finally allow local investors to benefit from the growth of domestic companies. Indeed, this could open the door to the eventual "return" of such firms toChinaif, as the domestic financial markets grow, it becomes possible to use the proceeds of local share issues to buy out foreign investors.

通关过允许中国企业不用通过VIE模式上市,新加坡模式为中国股票市场的二次上市大开方便之门。这终将使得国内投资者从国内公司的发展中获利,确实,这也将使这些公司有可能最终“回到”中国,随着中国国内金融市场的发展,通过国内股票的上市程序的方式来迫使国外投资者抛售他们手里的份额变得可能。

字数统计:509字

最后编辑于:2014-06-02 15:52
分类: 英语
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