2014年的交易：阿里巴巴将IPO记录与纽约证券交易所首次亮相

When Jack Ma appeared on the floor of the New York Stock Exchange on September 19 for the initial public offering of Alibaba Group Holding, it was slightly disappointing to see him decked out in sensible pants, a navy shirt and a simple black jacket. Ma has built a reputation as an eccentric showman since founding sprawling中国电子商务帝国阿里巴巴1999年。他以朋克摇滚摇摆公司在服装中的公司职能出现;去年，他举办了4万阿里巴巴员工的派对，庆祝作为首席执行官踩下踩下（他保留了主席的称号），并用它作为一个机会来剥离流行的人们“我爱你”;6月，他在广州埃弗格兰德足球俱乐部买了50％的股份，同时宣布，“我对足球一无所知。”

但在9月19日为戏剧的没有必要s from the 50-year-old Ma. The size of the deal spoke for itself: The most anticipated IPO in recent history was also, once bankers exercised the so-called green shoe and released an additional 48 million shares for trading on Alibaba’s first day as a U.S.-listed company, the biggest-ever public offering. At $25 billion, Alibaba’s share sale smashed the previous world record of $22.1 billion that Agricultural Bank of China had raised with its 2010 IPO in Hong Kong and Shanghai. In the wake of the smaller U.S. listings of Qunar and 58.com in late 2013 and JD.com last May, Alibaba’s IPO capped a comeback for China-based businesses pursuing cross-border listings, just three years after NYSE delisted more than 100 Chinese companies for fraud and accounting malpractice. Those with global ambitions, especially in the consumer Internet sector, now have an established, well-trodden path to the U.S. public market.

在2013年底，杭州杭州的阿里巴巴列出的战斗将于2014年到2014年，有三个场地 - 香港联交所，纳斯达克股市和纽约证券交易所。香港拒绝股东保护问题，拒绝允许阿里巴巴维持其特殊的企业治理结构，其中28个合作伙伴，尽管只有10％的股份控制，但委任大部分董事会;关于拙劣的2012年Facebook提供玷污纳斯达克音高的剩余问题。

留下了纽约证券交易所。阿里巴巴交易的最终成功是交易所独特的拍卖过程的结果，依赖于电子和人为驱动的价格 - 以最大限度地减少技术意外的可能性，以及银行承保产品的非凡协调水平。

In a departure from Wall Street custom, the six firms — Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley — functioned as a band of equals, with no dealer assigned the lead role of allocating shares. The IPO also set a record for underwriting fees, if only in nominal terms, with Alibaba paying its bankers $300 million; Morgan Stanley and Credit Suisse each reaped more than $50 million. (As a percentage of the overall offering, however, these fees were well below Wall Street’s customary ratio.)

The exercise of the green shoe on the first day of trading was a testament to the sheer demand for the company, vindicating banker attempts to ensure that allocations at the IPO went to investors interested not in a quick flip but in Alibaba’s long-term growth story. The following months have seen a steady uptick in the stock price, from $92.70 at opening to more than $110 by November 6. With a market capitalization topping $271 billion, Alibaba is already bigger than General Electric Co., Procter & Gamble Co., Chevron Corp. and Facebook.

自IPO通常是侏儒和难以捉摸，MA的试图铺设阿里巴巴的扩张战略。他的混合声明有意在美国生长的意图与名义的地方竞争对手Amazon.com和eBay一起举行。但令人口平仍然存在 - 鉴于马的净值现在超过240亿美元，毫不奇怪。“我会说我的模特是好的;亚马逊会说他们的模型很好，“他在中国武镇的11月世界互联网会议上说。“我们会看到谁在现在仍然可以到20年。”