经济学人下载:马云被约谈,蚂蚁暂缓上市(1)

Regulators v Ant Group 

监管者 V 蚂蚁集团

Ant agonises 

热锅上的蚂蚁

The world's biggest IPO is now the world's biggest suspended IPO 

世界上最大的IPO现在是世界上最大的暂缓IPO

Jack Ma was in a triumphant mood shortly after Ant Group, his Chinese fintech firm, priced its initial public offering—set to be the world's biggest ever, with almost $40bn worth of shares sold. Speaking at a summit in Shanghai on October 24th, he chided regulators for being too focused on preventing financial risks. Red tape, he said, only held up innovation. Ten days later his words came back to haunt him. Less than 48 hours before its stock was to begin trading in Hong Kong and Shanghai, Ant was forced by Chinese regulators to halt the flotation. 

就在马云旗下的中国金融科技公司“蚂蚁集团”首次公开募股确定发行价后不久，马云情绪高涨。蚂蚁集团发行的股票价值近400亿美元，将成为全球有史以来规模最大的IPO。10月24日在上海的一次峰会上，他指责监管机构过于关注防范金融风险。他说，繁文缛节只会阻碍创新。10天后，他的话再次令他困扰。就在蚂蚁金服在香港和上海上市不到48小时前，中国监管机构迫使蚂蚁金服暂缓上市。

The group said in a regulatory notice to the Hong Kong exchange that the IPO, scheduled for November 5th, had been suspended because the company "may not meet listing qualifications or disclosure requirements", after the regulator conducted an interview with Mr Ma and other executives. The filings also mentioned "recent changes in the fintech regulatory environment", hinting that newly published rules may have got in the way. The sudden suspension also suggests that some powerful officials may be displeased with Mr Ma, a self-made man who, by the conservative standards of big business in China, has an outspoken streak. 

该集团在一份提交给香港交易所的监管通知中表示，原定于11月5日进行的首次公开募股已被暂缓，原因是该公司“可能不符合上市条件或披露要求”。此前监管机构对马和其他高管进行了约谈。这些文件还提到了“近期金融科技监管环境的变化”，暗示新公布的规则可能造成了阻碍。突然的暂缓也表明一些有权有势的官员可能对马感到不满。按照中国大企业的保守标准，马是一个白手起家的人，直言不讳。

Yet the turn of events is not just painful for Ant. It reflects poorly on China's regulators. IPOS are rarely stopped at such a late stage. The deal was more than 800 times oversubscribed in Shanghai, and in Hong Kong last week the firm closed its book a day early. It was set to float in Shanghai on the star Market, China's answer to Nasdaq, designed to lure home Chinese tech groups that have listed abroad. Instead, the last-minute halt of Ant's listing highlights the opacity of the Chinese political system and the risks that can trip up even its most successful companies. 

然而，事态的转变痛苦的不只是“蚂蚁”，这反映的是中国监管机构的糟糕表现。IPOS很少会在如此晚的阶段停止。该交易在上海获得了800多倍的超额认购，而在香港，该公司上周提前一天收市。公司计划在上海的星空市场上市，目的是吸引已在海外上市的中国科技企业回国。相反，蚂蚁金服在最后一刻暂缓上市，突显出中国政治体系的不透明以及即便是最成功的企业也可能遭遇的风险。

It is also easily the most public, and most disruptive, of Ant's run-ins with regulators. The company has consistently adjusted its business as the rules around it have shifted. The IPO debacle appears to be partly related to one such case. Back in 2018 officials placed caps on asset-backed securitisation, upending Ant's model of selling its loans on to banks. So it pioneered a new approach: consumers and merchants borrowed through Alipay, its payments service, on their sMartphones, but the money came from banks. Ant was simply the conduit, collecting a "technology-service fee". This conduit business boomed, with credit growing to outstrip payments as Ant's biggest source of revenue. 

这也很容易成为蚂蚁金服与监管机构之间最公开、最具破坏性的冲突。随着周围规则的变化，该公司不断调整其业务。IPO的失败似乎在一定程度上与此类事件有关。早在2018年，官员们就对资产支持证券化设置了上限，颠覆了蚂蚁金服向银行出售贷款的模式。因此，它开创了一种新的方式：消费者和商户通过其智能手机上的支付服务支付宝借款，但资金来自银行。蚂蚁金服只是一个渠道，收取“技术服务费”。随着信贷的增长超过支付成为蚂蚁金服最大的收入来源，这一中转业务逐渐兴隆起来。