|
It is easy to find bankers sighing about Chinese technology, media and telecoms deals these days. Since July, when the US Securities and Exchange Commission began an investigation into New Oriental Education and Technology Group, a New York-listed company that runs language schools in China, investors have been reluctant to touch Chinese TMT initial public offerings – a traditional driver of deals in the sector. 最近，人们容易见到银行家们对中国TMT（电信、媒体和科技）企业交易案唉声叹气。今年7月，美国证交会(SEC)启动对纽约上市公司新东方教育科技集团(New Oriental Education and Technology Group，下称新东方，该公司在中国经营语言培训学校)的调查。自那以后，投资者一直对中国TMT企业的首次公开发行(IPO)敬而远之。在过去，TMT领域的交易案主要为IPO。 The US regulator looked into whether the company should be allowed to include profits earned by the variable interest entity, or VIE, that operates the English schools. Far from being a single company’s problem, the probe poisoned an entire sector since most of China’s internet companies use VIEs. These include large, established players that have been listed in the US for many years such as Sina, the web portal company that also runs China’s largest Twitter equivalent. 美国证交会调查希望查明一个问题：新东方将通过“可变利益实体(VIE)赚得的利润计入自身财务报表是否违法。新东方采用VIE结构在中国经营语言学校。这次调查伤害了整个TMT行业，因为采用VIE结构绝非一家企业的特例，而是大多数中国互联网企业的普遍做法。这些企业包括一些在美上市多年的大型成熟企业，比如新浪(Sina)。新浪是一家门户网站，旗下的新浪微博也是中国版Twitter中经营得最大的。 | 
