小米IPO受挫，但其它中國公司不必太過擔(dān)心

Xiaomi’s initial public offering was pitched as the first in a wave of stock market debuts by Chinese tech giants. It didn’t go well — but there are reasons to think that other companies following it could fare better.

小米公司的首次公開募股被視為中國科技巨頭上市浪潮中的先鋒。它進(jìn)行得并不順利——但有理由認(rèn)為隨后而來的其他公司可能會(huì)做得更好。

Expectations for Xiaomi were high when it filed to go public in May. News reports said that the smartphone-and-gadget company was seeking a valuation of up to $100 billion. Yet that dream appeared to be a fantasy: When share trading ended Monday, its market capitalization was about $47.8 billion.

5月份小米申請(qǐng)上市時(shí)，人們對(duì)它的期望很高。新聞報(bào)道說，這家智能手機(jī)和小設(shè)備公司追求高達(dá)1000億美元的估值。然而，這個(gè)夢想似乎成了白日夢：當(dāng)股票交易于周一收盤時(shí)，其市值約為478億美元。

So, why did it miss the mark?

那么，為什么它會(huì)遭到這樣的失敗?

Xiaomi pitched itself to investors as more than a producer of commodity electronics. (Its hardware division achieved a margin of just 8.8 percent last year.) Instead, the company said it was pushing further into internet services, like online music and video, from which it generated a 60 percent margin in 2017.

小米在投資者面前給自己的定位不僅僅是電子產(chǎn)品生產(chǎn)商(其硬件部門去年的利潤率僅為8.8%)。相反，該公司表示，它正在進(jìn)一步參與互聯(lián)網(wǎng)服務(wù)，如在線音樂和視頻，從而在2017年產(chǎn)生了60%的利潤率。

But according to the company’s prospectus, those internet services accounted for just 8.6 percent of its revenue last year. Smartphones represented 70.3 percent of the total. Investors don’t appear to believe that Xiaomi has yet made the leap from hardware company to internet giant.

但根據(jù)該公司的招股說明書，去年這些互聯(lián)網(wǎng)服務(wù)僅占其收入的8.6%。智能手機(jī)占總收入的70.3%。投資者似乎并不認(rèn)為小米已從硬件公司躍升為互聯(lián)網(wǎng)巨頭。

(One factor that probably wasn’t responsible for Xiaomi’s woes: the trade war between the United States and China. The company’s biggest markets are India and China.)

(美中之間的貿(mào)易戰(zhàn)可能不是導(dǎo)致小米陷入困境的因素：公司最大的市場是印度和中國。)

Analysts have speculated that this I.P.O. may pose problems for other Chinese tech titans’ plans to go public. But that may not be the case. Here is DealBook’s look at why the forthcoming market debuts of other Chinese technology companies could play out more smoothly.

分析師推測，這次首次公開募股可能會(huì)給其他中國科技巨頭的上市計(jì)劃帶來問題。但情況可能并非如此。下面是交易錄(DealBook)的分析，為什么其他中國科技公司即將到來的上市可能會(huì)進(jìn)展得更順利。

Ant Financial

螞蟻金服

Once the financial arm of the Alibaba Group, the company is now a full-fledged behemoth in its own right. It operates Alipay, China’s most dominant mobile payment app, and Yu’e Bao, a giant money-market fund, cementing its centrality in its country’s internet ecosystem.

作為阿里巴巴集團(tuán)的金融機(jī)構(gòu)，該公司現(xiàn)在已經(jīng)成為一個(gè)成熟的大企業(yè)。它運(yùn)營著中國最重要的移動(dòng)支付應(yīng)用支付寶和巨大的貨幣市場基金余額寶，從而鞏固了它在中國互聯(lián)網(wǎng)生態(tài)系統(tǒng)中的核心地位。

Reasons to be confident: Ant Financial offers profitable internet services, but, unlike Xiaomi, they make up the vast majority of its business. Last month, it raised $14 billion in what was the biggest-ever fund-raising round by a private company, drawing upon investors like the investment firm Warburg Pincus and the sovereign wealth fund Temasek.

有信心的理由：螞蟻金服提供盈利的互聯(lián)網(wǎng)服務(wù)，但與小米不同，它們構(gòu)成了該公司的絕大部分業(yè)務(wù)。上個(gè)月，該公司籌集了140億美元，這是私資公司有史以來規(guī)模最大的融資活動(dòng)，吸引了華平投資集團(tuán)(Warburg Pincus)和主權(quán)財(cái)富基金淡馬錫(Temasek)等投資公司。

Reasons to be cautious: Ant Financial faces heavy regulatory scrutiny from Beijing, which has tightened its leash on the Chinese financial industry. And Tencent’s WeChat Pay is fighting hard to become a more competitive rival.

謹(jǐn)慎的理由：螞蟻金服面臨來自北京的嚴(yán)格監(jiān)管審查，北京已經(jīng)收緊了對(duì)中國金融業(yè)的控制。而騰訊的微信支付正在努力成為更有競爭力的對(duì)手。

Tencent Music Entertainment

騰訊音樂娛樂集團(tuán)

Tencent’s music arm is a significant part of its parent company’s empire. And it already has a lock on Chinese music listeners’ ears: The business controls more than 70 percent of that country’s market for music streaming, according to analysts at Citigroup.

騰訊的音樂部門是其母公司帝國的重要組成部分。花旗集團(tuán)(Citigroup)分析師稱，它已鎖定了中國音樂聽眾的耳朵：該公司控制著中國音樂流媒體市場的70%以上。

Reasons to be confident: Again, Tencent Music actually is a fast-growing internet company. It has about 700 million monthly users, with news reports estimating that 15 million of those pay for the service.

有信心的理由：騰訊音樂實(shí)際上是一家快速發(fā)展的互聯(lián)網(wǎng)公司。它每月有大約7億用戶，新聞報(bào)道估計(jì)，有1500萬用戶為服務(wù)支付費(fèi)用。

Reasons to be cautious: By comparison, Spotify, its closest counterpart, has 170 million monthly users, but 75 million of whom pay. Tencent Music will need to convince investors that more people are willing to pay for its services.

謹(jǐn)慎的理由：相比之下，與它最接近的對(duì)手Spotify每月有1.7億用戶，但有7500萬人為之付費(fèi)。騰訊音樂需要讓投資者相信，會(huì)有更多人愿意為其服務(wù)付費(fèi)。

Meituan-Dianping 美團(tuán)點(diǎn)評(píng)

The company, which was founded in 2010, offers food delivery, Groupon-like discounts and more. It’s now one of China’s most valuable tech start-ups, with a valuation of roughly $30 billion.

該公司成立于2010年，提供食品配送和類似Groupon的折扣等服務(wù)。它現(xiàn)在是中國最有價(jià)值的科技初創(chuàng)企業(yè)之一，估值約為300億美元。

Reasons to be confident: Meituan-Dianping is still growing fast, having doubled its revenue last year to 33.9 billion yuan, or $5.1 billion. Tencent is one of its investors.

有信心的理由：美團(tuán)點(diǎn)評(píng)仍在快速增長，去年的收入翻了一番，達(dá)到339億元人民幣。騰訊是其投資者之一。

Reasons to be cautious? It’s worth noting that the company’s losses nearly tripled last year from the prior year, to $2.9 billion. And while it has a lead over rival offerings from Alibaba, it is unclear how long that will last.

謹(jǐn)慎的理由：值得注意的是，該公司去年的虧損幾乎是去年的三倍，達(dá)到29億美元。雖然它領(lǐng)先于其阿里巴巴旗下的競爭對(duì)手，目前還不清楚這能持續(xù)多久。