|
Could Alibaba be China's next $100 billion stock market listing? The Hangzhou-based e-commerce giant continues to be coy over when it will take the plunge. But sooner or later founder Jack Ma will need to offer some kind of exit for his backers, not to mention employees, and an initial public offering is the most likely solution. Now is a good time to start asking how the company should be valued. 阿里巴巴（Alibaba）能否成为中国下一家千亿美元级别的上市公司？何时迈出这关键的一步？这家位于杭州的电子商务巨头对这个问题依然含糊其辞。但公司创始人马云迟早需要为投资者提供退路，更不用提公司的员工了。因此，首次公开募股将是最有可能的解决方案。公司应该获得怎样的估值？目前应该是开始思考这个问题的时候了。 Alibaba's main business is selling. Its Tmall online stores provide a shop front for brands like Nike (NKE) and Unilever (UL), while Taobao is focused on consumer-to-consumer trade. The closest U.S. peers might be Amazon (AMZN) and eBay (EBAY). Sadly for valuation purposes, there's no perfect match: unlike Amazon, Alibaba doesn't hold inventory or manage warehouses, and unlike eBay, it gets most of its revenue from advertising, not charging users. 阿里巴巴的主营业务是销售。它的在线商城天猫（Tmall）为耐克（Nike）和联合利华（Unilever）等品牌提供了一个网络店面，而淘宝则主要用于C2C交易。和它最为接近的同行应该是亚马逊（Amazon）和eBay。可惜的是，在估值方面，并没有一家与阿里巴巴完美匹配的公司：与亚马逊不同，阿里巴巴并未持有库存或管理仓库；而与eBay不同，阿里巴巴公司的大多数收入都来自广告，而不是用户收费。 | 
