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阿里软银 难舍难分
2017-06-27 11:19    来源:未知    作者:中国同传口译网
Lex专栏:软银减持阿里巴巴 Lex_Alibaba/SoftBank: hard sell 英国《金融时报》 Lex专栏 Not all small things are beautiful. On Wednesday SoftBank, the Japanese technology and telecoms group, said it would sell a portion of its stake in Alibaba. SoftBank will cut the holding by four percentage points, leaving it with 28 per cent of the Chinese online retailer. The selldown is overdue, but it is unnecessarily complicated and too small to have a meaningful impact on Softbank’s poor financial situation. 小巧的东西并非样样精美。日本科技和电信集团软银(SoftBank)周三表示,将出售一部分它所持有的阿里巴巴(Alibaba)股份。软银将减持4个百分点,保留这家中国网络电商28%的股份。这次减持早该进行,但搞得过于复杂,而且规模太小,对软银状况不佳的财务不能产生实质影响。 SoftBank does not want to sell Alibaba, but it needs the cash. The company’s balance sheet has been weakened by its acquisition of Sprint, the US mobile carrier, in 2013. Interest expenses have mushroomed since. In the 12 months ended in March they ate up more than 40 per cent of operating profit, up from 8 per cent for the financial year before the purchase. Although SoftBank is confident of a Sprint turnround, the sale of Alibaba suggests that is some way off. 软银不愿出售阿里巴巴的股份,但它需要现金。这家公司的资产负债表因其2013年收购美国移动运营商Sprint而遭到削弱。从那以后利息支出源源不绝。在截至3月份的12个月,利息支出吞噬了逾40%的营业利润,而在收购交易前那个财政年度这个比例仅为8%。虽然软银有信心将Sprint扭亏为盈,但减持阿里巴巴股份似乎表明实现这一点还有很长路要走。 Because of its reluctance to sell, SoftBank has attempted to retain an interest in the Alibaba shares it is selling. Of the $8bn total, $2.4bn worth of ordinary shares will go to Alibaba and members of its management. Of the balance, $5bn will go into a mandatory exchangeable trust (MET). Similar to a convertible bond, the MET will vest into Alibaba shares after three years. If the shares perform well, MET holders will receive fewer of them. To compensate for this forfeit, SoftBank will pay them a quarterly coupon. 因为不舍得出售,软银试图在售出的阿里巴巴股份中保留一部分利益。在总价值80亿美元的减持股份中,价值24亿美元的普通股将售给阿里巴巴与其管理层成员。剩余股份中有50亿美元股份将售给一个强制可转换证券信托基金(MET)。与可转换债券类似,该MET基金将在三年后转换成阿里巴巴股票。如果这期间股票表现良好,MET持有人将获得较少的股票。为弥补这一损失,软银将向其支付季度息票。 The deal is not transformational enough to warrant such financial engineering; the $8bn proceeds will barely dent its net debt of $85bn and even after the sale, net debt to earnings before interest, tax depreciation and amortisation will still be an elevated 3.3 times. Before the Sprint purchase, the ratio was 2 or less. 这笔交易根本不够重大,不值得进行这种“金融工程”;80亿美元的减持所得对其850亿美元的净债务几乎没有任何影响,而且即便是在减持之后,净债务与未计利息、税项、折旧及摊销前利润(Ebitda)之比仍然高企,达3.3倍。在收购Sprint之前,该比例是2或更低。 SoftBank should be selling more. But Alibaba’s large take-up suggests there is poor external appetite for its shares (which fell 3 per cent after the transaction was revealed). The deal is both too large and yet too small. But it is the minutiae that make it truly ugly. 软银应该出售更多股份。但阿里巴巴大量回购似乎表明,外部股东对其股票的胃口不大(这笔交易的消息公开后股价下跌了3%)。这笔交易的规模既太大,又太小。但那些细节令它变得真正难看。 Lex专栏是由FT评论家联合撰写的短评,对全球经济与商业进行精辟分析 译者/艾卜
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