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本文摘要：Alibaba has finally made its entrance. But for Yahoo investors, the exit beckons.阿里巴巴(Alibaba)再一登场。

Alibaba has finally made its entrance. But for Yahoo investors, the exit beckons.阿里巴巴(Alibaba)再一登场。然而对雅虎(Yahoo)投资者而言，退场的铃声响起了。

Alibaba Group Holding filed for an initial public offering late Tuesday. Shares of Yahoo, which owns a 22.6% stake in the Chinese e-commerce giant and has been the primary way for U.S. investors to participate in its growth, slid the following day.阿里巴巴集团周二晚间递交了首次公开发表IPO(IPO)申请人。雅虎股价第二天之后下降。雅虎持有人这家中国电子商务巨头22%的股份，也是美国投资者共享阿里巴巴快速增长的主要途径。

Alibabas filing showed it had 231 million active buyers and sales of $248 billion across its three retail sites in 2013. It also disclosed that last month, the company valued itself at $121 billion, including stock-based compensation and the conversion of certain preferred shares. Analyst estimates for its valuation range from $136 billion to $250 billion. Beyond that, though, the filing was scant on details investors crave, such as a breakdown of Alibabas individual business units and more information about affiliate Alipay.阿里巴巴的文件表明，2013年该公司三个零售网车站共计2.31亿活跃买家，交易额总计为2,430亿美元。阿里巴巴还透露，上个月该公司对自身的估值为1,210亿美元，其中还包括股票薪酬和某些优先股的切换。分析人士预计其估值在1,360亿美元至2,500亿美元之间。但除此之外，阿里巴巴的文件缺少投资者渴求理解的细节，比如阿里巴巴各项业务的细分和有关支付宝(Alipay)业务的更好信息。

In summary: Alibaba is just as huge as everyone thought it was.总的来说：阿里巴巴的规模之巨与所有人想象的一样。That is actually underwhelming for Yahoos investors because Alibaba has already juiced the U.S. companys shares. These are up 122% over the past two years, against 38% for the Nasdaq Composite. Alibabas growth explains most of this given that Yahoos core Internet advertising business has faced declining revenues.这对雅虎的投资者来说觉得不算什么，因为阿里巴巴早就推高了雅虎的股价。

过去两年中，雅虎下跌了122%，同期纳斯达克综合指数升幅为38%。鉴于雅虎核心互联网广告业务的收益仍然在下降，阿里巴巴的快速增长是促使雅虎股价下跌的主要原因。Granted, Yahoo only has to part with about 9% of Alibaba in the IPO. It can retain the rest of its stake, the value of which could continue to bolster its stock.当然，雅虎在阿里巴巴IPO过程中只需出售大约9%的股权。雅虎需要保有只剩的股权，而这部分股份的价值或之后承托雅虎股价。

At that point, though, investors will be able to own Alibaba directly. An added incentive to lose the middleman is the fear that Yahoos investors wont see much of the Alibaba sale proceeds. Chief Executive Marissa Mayer has said Yahoo would be good stewards of its capital and continue its strategy of making acquisitions, leaving other moves--buybacks, perhaps?--up to the discretion of its board.但阿里巴巴上市时，投资者就可以必要持有人该股。充满著雅虎这个中间人的更进一步动因是外界担忧，出售雅虎的股票不如必要投资阿里巴巴更加能从后者的销售业绩中获益。雅虎的首席执行长玛丽莎梅耶尔(Marissa Mayer)曾回应，雅虎将是资本的“好管家”，将继续执行其并购策略，并保有采行其他行动（有可能是指买入）的余地。

所有这些都将各不相同董事会的考量。Alibabas filing merely confirmed the excitement already baked into Yahoos valuation. It has also brought home the reality that Yahoos days as a Chinese e-commerce tracking stock are numbered.阿里巴巴的上市申请人只是印证了雅虎价值中早已反映的伤心。但同时也让人意识到这样的现实：即雅虎作为一只中国电子商务巨头跟踪股的日子早已屈指可数了。

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