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TEXT 1540
经济学人:马云被约谈,蚂蚁暂缓上市(2)
01
On November 2nd the Chinese central bank and banking regulator published new draft rules for online micro-lending, which looked almost perfectly tailored to undercut Ant. Online lenders will need to fund at least 30% of any loan they supply jointly with banks. That could force Ant to keep much more of the credit that it originates on its books; currently, 98% is held as assets by other firms, off Ant's balance-sheet. Additional disclosure requirements could also make it much more cumbersome for banks to partner with the group. Officials at China's banking regulator have already pressed commercial lenders to adhere to the new rules, according to Bloomberg, in effect making many of Ant's transactions non-compliant.
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11月2日，我国央行和银行监管机构发布了网上小额告贷的新规则草案，看起来几乎是为冲击蚂蚁金服而量身定做的。在线告贷机构与银行一起供给的告贷中，至稀有30%需要融资，这可以迫使蚂蚁保存更多源自其账簿的信贷。当前，其间98%被其他公司作为资产持有，不在蚂蚁金服的资产负债表内。额定的信息宣告需求也可以使银行与该集团的协作变得愈加费事。据彭博社报导，我国银作业监管机构的官员现已向商业银行施压，需求它们恪守新规则，这实践上使得蚂蚁金服的许多生意有悖规则。
02
Depending on how the rules are implemented—they will not be finalised until December—Ant's capital-light model could end up looking much less sleek. "It will be valued more like a financial firm than a tech firm," said a strategist with an Asian sovereign-wealth fund. Given Ant's track record, it seems a fair bet that it will quickly adapt to the new rules, but its credit operations are likely to face much slower growth and lower profitability.
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取决于这些规则如何施行——它们要到12月才会究竟敲定——蚂蚁金服的“轻本钱”方法可以会看起来不那么光鲜。一家亚洲主权财富基金的战略师标明：?墓乐到袷且患医鹑诠径皇强萍脊尽！奔诼煲辖鸱墓窃兀缤崃槊粝捌鹿嬖颍湫糯挛窨梢悦媪僭黾臃哦盖陀拍芙档汀?
03
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出资者此前给蚂蚁金服的预期市盈率为40倍，与大型全球付出公司相仿。比较之下，大都我国银行的市盈率不到10倍。此前，蚂蚁金服的市值有望打破3000亿美元，高于世界就任何一家银行。如今，它很有可以离这个方针渐行渐远。具有蚂蚁三分之一股份的我国电子商务巨子阿里巴巴，在暂缓上市的消息发布后股价下跌了8%。
04
Some investors may at least be grateful to regulators for introducing the new rules before the IPO, however late in the process, allowing them to reprice Ant before they buy its shares. But it is not as if the IPO came as a surprise or the company was an unknown entity; regulators could have acted far earlier. The possibility that they were motivated by a grudge against Mr Ma, and perhaps irritated by his recent speech, cannot be ruled out.
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一些出资者可致使少会谢谢监管机构在IPO之前就出台了新规则，这答应他们在收购蚂蚁金服股市之前对其从头定价。但这次IPO并不出其不料，也不是啥不知道的实体。监管机构本可以在好久前采纳行为，不打扫他们是出于对马的仇恨，亦或是被他迩来的讲演激怒的可以。
05
Ant had gone to great lengths to brand itself as a tech firm, not a bank. It describes its business as "techfin"—ie, putting technology first—not fintech. In the lead-up to its listing, it asked brokerages to assign tech analysts, not just banking analysts, to cover it. Ultimately, though, its focus has always been on China's financial sector. That is the industry ripe for disruption, and where the money is. But as Ant and legions of investors have been reminded, that is also where the regulators lurk.
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蚂蚁金服费尽心思把自个打构成一家科技公司，而不是一家银行。它将自个的事务描绘为“科技金融”——即把科技放在首位——而不是“金融科技”。在上市前，该公司曾需求券商指派科技分析师、而不只是是银作业分析师来对它进行报导。不过，归根究竟，它的要点一向都在我国的金融领域。这就是推翻这个作业的机缘，也是挣钱的当地。但正如蚂蚁金服和大批出资者被提示的那样，这也是监管机构匿伏的当地。
