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港交所提议收购伦交所,这可能意味着什么?

  Hong Kong -- the stock exchange, a powerful national symbol of capitalist influence, on Wednesday made a surprise bid for its rival in London that could set off a cross-continental tug-of-war.

  香港——股票交易所是资本主义影响力的有力国家象征,周三,香港证交所出人意料地提出收购它在伦敦的竞争对手,可能引发一场横跨大陆的拉锯战。

  The Hong Kong Stock Exchange has offered to buy the London Stock Exchange for $36.6bn, a deal that would create a market giant and a marriage of the top exchanges in Europe and Asia that would create a formidable rival to the leading us exchanges.

  港交所主动提出以366亿美元收购伦敦证券交易所(London Stock Exchange),该交易一旦实现,将创造出一个市场巨头,欧亚顶尖交易所的联姻,将构成一个敢于挑战美国主要交易所的强大竞争对手。

  Hong Kong officials said Wednesday that merging the two exchanges would allow companies and investors to profit from an 18-hour-a-day stock and bond trading platform.

  香港官员周三表示,合并两家交易所将使企业和投资者能够从一个每天开放18小时的股票和债券交易平台中获利。

  However, the proposed deal comes at a painful time for the UK and Hong Kong amid economic, political and social turmoil that is jeopardising their status as regional financial centres.

  不过,拟议中的协议出台之际,英国和香港正经历经济、政治和社会动荡的痛苦时期,这些动荡正在危及它们作为地区金融中心的地位。

  In Hong Kong, China's efforts to control the semi-autonomous territory have sparked weeks of angry protests. In Britain, the government is in disarray over plans to leave the European Union, which could lead to economic austerity.

  在香港,中国试图控制这片半自治领土的努力引发了持续数周的愤怒抗议。而在英国,政府正因脱欧计划而陷入混乱,该计划可能导致经济紧缩。

  Hong Kong's proposal would require Britain to give up one of its crown jewels, which dates back to 1571. London's centuries-old status as a leading financial centre has been called into question by brexit.

  香港的提议将要求英国放弃企业皇冠上的一颗明珠,它的历史可以追溯到1571年。目前,由于英国脱欧,伦敦数百年来作为领先金融中心的地位已经受到质疑。

  Compared with other western countries, Britain is more open to investment from China and Hong Kong. Hong Kong tycoon li ka-shing has been investing in British infrastructure for years; London did not take immediate action on pressure from Washington not to use equipment from huawei, the Chinese telecoms equipment maker. But the protests in Hong Kong have brought the issue of China's influence to the forefront.

  与其他西方国家相比,英国对来自中国和香港的投资更加开放。香港大亨李嘉诚多年来一直投资英国的基础设施;对于华盛顿要求伦敦不要使用中国电信设备制造商华为的设备这一压力,伦敦没有立即采取行动。但香港的抗议活动将中国影响力的问题推到了风口浪尖。

  The Chinese government is the largest shareholder in hkex, with six seats on its 13-member board; Beijing's reaction to the antigovernment demonstrations in Hong Kong is likely to cause British officials to watch closely for signs of Chinese influence. Andrea Leadsom, the business secretary, said in an interview with Bloomberg Television on Wednesday that regulators would "look very carefully at any incident that has an impact on the safety of the UK".

  中国政府是港交所的最大股东,在其13名董事会成员中拥有6个席位;北京对香港反政府示威活动的反应,可能会导致英国官员密切关注是否存在中国政府施加影响的迹象。英国商务大臣安德烈娅·利德索姆(Andrea Leadsom)周三在接受彭博电视(Bloomberg Television)电视采访时表示,监管机构将“非常仔细地调查任何对英国安全有影响的事件”。

  Foreign takeovers of UK companies have previously been blocked or delayed for similar reasons, such as the proposed takeover of Northern Aerospace by a Chinese rival last year. Last year, the British government announced plans to sharply increase scrutiny of foreign takeovers, with particular focus on those from China.

  此前外国对英国企业的收购也曾因类似的原因受阻或推迟,比如去年一家中国竞争对手拟议收购北方航空(Northern Aerospace)。英国政府去年宣布,计划大幅加强对外资收购的审查,特别关注来自中国的收购。

纽约时报中英文网 www.qqenglish.com

  The proposed takeover in Hong Kong is the latest in a decade-long wave of consolidation on global stock exchanges. The move comes as the world's stock exchanges struggle to withstand the onslaught of emerging competitors and new technology that threatens to eliminate trading in traditional markets.

  香港拟议中的此次收购是全球证券交易所10年来整合浪潮的最新一波。目前,全球证券交易所正努力抵御新兴竞争对手的冲击,以及威胁淘汰传统市场交易的新技术。

  Both Hong Kong and the lse are looking for merger partners. They and other exchanges are crossing borders to better attract companies that no longer view one country as their base. Us executives, for example, frequently travel to Asia to try to persuade fast-growing private companies to list in the us rather than Hong Kong or Tokyo.

  香港和伦敦证交所都在寻求合并伙伴。它们及其他交易所正在跨越国界,以便更好地吸引那些不再把某一个国家视为基地的公司。例如,美国高管经常前往亚洲,试图说服快速增长的私人企业在美国上市,而不是在香港或东京。

  The stock exchange changed. In the United States, the New York Stock Exchange and Nasdaq are now part of a broader, more global company.

  证券交易所因此发生了变化。在美国,纽约证券交易所(New York Stock Exchange)和纳斯达克(Nasdaq)现在都是更广泛、更全球化公司的一部分。

  Lse, in particular, is a coveted target: Deutsche Borse and the Toronto Stock Exchange have both tried and failed to buy it in the past decade.

  伦敦证交所集团尤其是其他交易所觊觎的目标:过去10年,德意志交易所(Deutsche Borse)和多伦多证交所(Toronto Stock Exchange)都曾尝试收购它,但均以失败告终。

  To cement its position as an independent company, lse last month agreed to buy data provider Refinitiv for $27 billion. The pending deal makes a Hong Kong bid even more unlikely because it would make the exchange bigger than its Asian rival.

  为了巩固其作为一家独立公司的地位,伦交所上月同意以270亿美元收购数据提供商路孚特(Refinitiv)。这桩悬而未决的交易使得香港的竞购更加渺茫,因为它将使伦交所的规模超过它在亚洲的这个竞争对手。

  Hkex's interest surprised lse's management.

  港交易所的收购兴趣令伦交所管理层感到意外。

  Executives from the two exchanges met Monday, according to people familiar with the matter. British executives had expected the meeting to be an informal discussion of the state of the industry.

  据知情人士透露,这两家交易所的高管于周一举行了会晤。英国高管们本以为这次会面是有关行业状况的非正式讨论。

  As a result, Hong Kong officials announced they wanted to buy lse for nearly $37 billion.

  结果,香港官员宣布,他们希望以近370亿美元的价格收购伦交所。

  Less than 48 hours later, the Hong Kong company went public with its offer, hoping for strong shareholder support for the deal.

  不到48小时后,这家香港公司公开了自己的报价,希望得到伦交所股东对这笔交易的大力支持。

  Under the terms of the offer, the Hong Kong company will pay about 8,361p a share in cash and shares as of September 10, a 23 per cent premium to lse's share price.

纽约时报中英文网 www.qqenglish.com

  根据收购要约的条款,截至9月10日,这家香港公司将支付每股约8361便士的现金和股票,较伦交所的股价溢价23%。

  Under current UK takeover rules, hkex has 28 days to either make a confirmed offer to lse or walk away.

  根据英国现在的收购规则,港交所有28天的时间,要么向伦交所提出确认的收购要约,要么退出。

  It is not clear what will happen. Shares in the London stock exchange group rose 6.6 percent to 7, 254 pence on Wednesday. That is still below the hkex offer, suggesting that the London company's shareholders are sceptical that a deal can be done.

  目前尚不清楚会发生什么。伦敦证券交易所集团的股价周三上涨6.6%,至7254便士。这仍低于港交所的报价,表明这家伦敦公司的股东对交易能否达成持怀疑态度。

  In a statement, the exchange said it would consider an unsolicited offer from its Hong Kong counterpart but remained committed to completing the $27bn acquisition of rover. That deal will push lse further into selling and managing market data, which has been growing in importance and profitability for exchanges.

  伦交所在一份声明中表示,它将考虑来自香港同行的主动报价,但仍致力于完成270亿美元收购路孚特的交易。那笔交易将推动伦交所进一步涉足销售和管理市场数据的业务,对交易所而言,这部分业务的重要性和盈利能力一直在提升。

  But supporters of the Hong Kong offer are likely to argue that being part of a Eurasian giant is a more reliable business bet than buying rover, which has long lagged Bloomberg L.P. in market data.

  但香港收购要约的支持者可能会辩称,与收购路孚特相比,成为一个欧亚巨头的一部分是更可靠的商业赌注,后者在市场数据行业长期落后于彭博社(Bloomberg L.P.)。

  Li xiaojia, chief executive of hkex's parent company, said on a conference call with the media on Wednesday that lse's acquisition of rover had prompted his company to rush to bid. "We know we're late," he said. "we can't be late."

  港交所母公司的首席执行官李小加周三在与媒体的电话会议上表示,伦交所收购路孚特的交易推动了他的公司赶紧出价。“我们知道自己迟了,”他说,“不能再迟了。”

  The offer comes amid political turmoil at the exchanges' headquarters. The British government remains clueless about how Britain should leave the European Union, and business remains in the dark about what impact brexit will have on London's place on the world business stage.

  提出这一要约的同时,两家交易所的总部所在地正处于政治动荡之中。英国政府在英国应该如何脱欧的问题上依然毫无头绪,而且商界对于脱欧将给伦敦在世界商业舞台上的地位带来怎样的影响,也仍然一无所知。

  Hong Kong, meanwhile, has been thrown into turmoil by massive demonstrations by protesters who see Beijing as becoming more assertive in the semi-autonomous Chinese territory, which has its own laws and which international companies and investors find more attractive than mainland conditions.

  与此同时,香港因为大规模的示威活动而陷入混乱,抗议者认为北京在中国的这个半自治领土上变得更加为所欲为,而这里有自己的法律,国际企业和投资者认为与大陆的条件相比,这里更具吸引力。

  On Wednesday, Mr. Li dismissed Suggestions that the exchange wanted to loosen its ties with China. He pointed to London's ambition to become a global centre for renminbi trading and said hkex could help achieve that goal. The Chinese government tightly restricts the flow of its currency across borders, but some Chinese officials have openly discussed a day when the yuan would be as widely used around the world as the dollar, giving China a bigger voice in the global financial system. If London becomes a trading hub for the yuan, more Chinese companies and investors will see London as an even more attractive place to do business.

  周三,李小加否认了港交所希望放松与大陆联系的说法。他指出,伦敦有成为全球人民币交易中心的雄心,并表示港交所可能有助于实现这一目标。中国政府严格限制人民币跨境流通,但一些中国官员公开讨论过,有朝一日人民币会跟美元一样在世界上广为使用,这将使中国在全球的金融体系中拥有更大的话语权。如果伦敦成为人民币的交易中心,更多的中国公司和投资者会认为伦敦在经商上的吸引力更上一层楼。

  Mr. Li dismissed concerns about a Chinese company buying an iconic British company. He points out that hkex has controlled the lme for seven years, investing in the British platform and keeping it out of China's hands.

  由一家中国公司来收购一家标志性英国企业引起了担忧,李小加对此不以为然。他指出,港交所掌控伦敦金属交易所七年,对这个英国平台投资,而且使其不受中国的管理。

  We are not a Chinese company, or even a pure Hong Kong company, Mr. Li said. "We are a global company."

  “我们不是一个中国公司,甚至不是一个单纯的香港公司,”李小加说。“我们是一家全球性的企业。”

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