阿里巴巴收購螞蟻金服股權
Alibaba buys stake in Ant Financial
阿里巴巴收購螞蟻金服股權
By He Wei in Shanghai | China Daily | Updated: 2018-02-03 10:21
Jack Ma, executive chairman of Alibaba, answers customers" calls at its customer service department in Hangzhou, Zhejiang province. Alibaba spun off Ant Financial in 2011.Niu Jing / For China Daily
阿里巴巴執行董事長馬雲在浙江杭州客戶服務部接客戶電話。2011年螞蟻金融從阿里巴巴中分拆。牛晶/來自中國日報
Deal to make payment company more appealing to investors ahead of IPO
新政讓上市公司在IPO前更吸引投資者
Country"s e- commerce behemoth, Alibaba Group Holding Ltd, announced to have purchased 33 percent stake in its payment arm, Ant Financial Services Group, which is reportedly a move aiming at clearing the way for an initial public offering.
商業巨頭阿里巴巴集團控股公司宣布，將通過一家中國子公司入股並獲得螞蟻金服33%的股權。據說此舉的目的是為首次公開募股掃清道路。
The equity purchase was announced late on Thursday, as e- commerce giant Alibaba reported robust quarterly sales that shrugged off concerns amid a broader market slowdown.
星期四晚，由於電子商務巨頭阿里巴巴公布巨大的季度銷售額，使人們對市場放緩的擔憂減小。
Although initially created to facilitate online transactions for Alibaba"s Taobao site, Alipay and its parent Ant Financial have not been held by Alibaba since founder Jack Ma spun off the unit in 2011.
雖然最初創立了阿里巴巴在線交易的淘寶網站、支付寶和螞蟻金融，但在創始人馬雲2011年拆分前都尚未由阿里巴巴持有。
Li Chengdong, an independent tech analyst, said the move came as no surprise to the market, as it is something "the company needs to do to take Ant Financial public".
獨立技術分析師李成東表示，對此舉市場並不感到意外，因為這是「公司需要採取的措施」。
The new relationship between the two is expected to make Ant Financial a more attractive investment due to its stronger financial standing. Alibaba acquired new shares in its finance affiliate in exchange for certain intellectual property rights, the company said in a statement. That means Ant Financial will consequently cease royalty and technology payments to Alibaba that hit roughly 2.09 billion yuan ($333 million) last fiscal year.
由於其財務實力的增強，兩者之間的新關係有望使螞蟻金融成為更具吸引力的投資。該公司在一份聲明中說，阿里巴巴收購了其金融子公司的新股份，以換取某些知識產權。這意味著，螞蟻金融將因此停止對阿里巴巴的版稅和技術付費，而該費用在上一財年約為20億9000萬元人民幣（合3億3300萬美元）。
The company said Ant Financial would also "bring strategic benefits", such as promoting mobile payments, increasing user retention through collaboration with Alipay, and facilitating international expansion.
該公司表示，螞蟻金融也將「帶來戰略利益」，例如通過與Alipay合作促進移動支付、增加與保留用戶，以及促進國際擴張。
Alibaba"s revenue in October through December last year jumped 56 percent year- on- year to 83.03 billion yuan. It raised its 2018 revenue forecast to 55 to 56 percent, up from 49 to 53 percent.
阿里巴巴去年十月至十二月的收入同比增長56%，達到830億3000萬元。它將2018的收入預期從55%提高到56%，從49%提高到53%。
The stellar growth came on the back of its deepened push into New Retail, an internal strategy to use tech to optimize online and offline commercial resources, which reported a more than fivefold jump in year-on-year sales.
這一巨大的增長來自於它進一步推動新零售業的發展，這是一項利用技術來優化在線和離線商業資源的內部戰略，據說使該公司的年銷售額增長了五倍多。
"Many investors have embraced this idea of New Retail, mainly prototyped by Alibaba"s Hema Fresh Market model, with the majority of responses being highly positive," said Shi Jialong, chief analyst at China Internet & New Media at Nomura Securities Co Ltd.
「許多投資者已經接受了這個觀念的新的零售業，主要由阿里巴巴的Hema Fresh Market 模式作為模型，此舉得到了多數人的肯定。」首席分析師在中國互聯網和新媒體在野村證券公司的石佳龍說。
Despite the possible pressure on operating margins in the near term, New Retail should encourage brands to better manage demand and should help major e- commerce players increase their market share in the grocery category, making profitability more predictable, Shi said.
石說，儘管短期內運營利潤可能受到壓力，但新的零售業應該鼓勵品牌更好地管理需求，並應幫助主要電子商務用戶提高其在雜貨品類中的市場份額，使盈利變得更可預測。
However, Alibaba"s buying spree - which covers brick- and- mortar retailers, department stores and logistics businesses - has dented its profitability, with its operating margin shrinking to 31 percent in the last quarter, from 39 percent a year earlier.
然而，阿里巴巴的收購熱潮——包括實體零售商、百貨公司和物流企業——已經削弱了其盈利能力，上一季度的營業利潤率從去年同期的39%下降到了31%。
Another noted trend is that Alibaba"s sales and marketing budget climbed 90 percent in the last quarter of 2017, significantly higher than the 42 percent growth rate for research and development.
另一個值得注意的趨勢是，阿里巴巴的銷售和市場預算在2017的最後一個季度增長了90%，明顯高於研發增長率42%。
Social commerce is a critical pillar for Alibaba to fuel growth on its Taobao and Tmall sites, and to fend off archrival Tencent Holdings Ltd for user attention. The latter"s mini program functionality is likely to pose a challenge as a new source of entry to social advertisements, mobile payments and gaming services, Shi noted.
社會化電子商務是阿里巴巴在淘寶和天貓網站增長的重要支柱，同時也是抵擋競爭對手騰訊控股有限公司用戶關注。石指出，後者的迷你程序功能可能會成為社交廣告、移動支付和遊戲服務的新入口。
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