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港交所提議收購倫交所,這可能意味著什么?

  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——股票交易所是資本主義影響力的有力國家象征,周三,香港證交所出人意料地提出收購它在倫敦的競爭對手,可能引發一場橫跨大陸的拉鋸戰。

  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.

  港交所主動提出以366億美元收購倫敦證券交易所(London Stock Exchange),該交易一旦實現,將創造出一個市場巨頭,歐亞頂尖交易所的聯姻,將構成一個敢于挑戰美國主要交易所的強大競爭對手。

  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.

  香港官員周三表示,合并兩家交易所將使企業和投資者能夠從一個每天開放18小時的股票和債券交易平臺中獲利。

  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.

  不過,擬議中的協議出臺之際,英國和香港正經歷經濟、政治和社會動蕩的痛苦時期,這些動蕩正在危及它們作為地區金融中心的地位。

  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,中國試圖控制這片半自治領土的努力引發了持續數周的憤怒抗議。而在英國,政府正因脫歐計劃而陷入混亂,該計劃可能導致經濟緊縮。

  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.

  香港的提議將要求英國放棄企業皇冠上的一顆明珠,它的歷史可以追溯到1571年。目前,由于英國脫歐,倫敦數百年來作為領先金融中心的地位已經受到質疑。

  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.

  與其他西方國家相比,英國對來自中國和香港的投資更加開放。香港大亨李嘉誠多年來一直投資英國的基礎設施;對于華盛頓要求倫敦不要使用中國電信設備制造商華為的設備這一壓力,倫敦沒有立即采取行動。但香港的抗議活動將中國影響力的問題推到了風口浪尖。

  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".

  中國政府是港交所的最大股東,在其13名董事會成員中擁有6個席位;北京對香港反政府示威活動的反應,可能會導致英國官員密切關注是否存在中國政府施加影響的跡象。英國商務大臣安德烈婭·利德索姆(Andrea Leadsom)周三在接受彭博電視(Bloomberg Television)電視采訪時表示,監管機構將“非常仔細地調查任何對英國安全有影響的事件”。

  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.

  此前外國對英國企業的收購也曾因類似的原因受阻或推遲,比如去年一家中國競爭對手擬議收購北方航空(Northern Aerospace)。英國政府去年宣布,計劃大幅加強對外資收購的審查,特別關注來自中國的收購。<紐約時報中英文網 http://www.244129.buzz/>

  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.

  香港擬議中的此次收購是全球證券交易所10年來整合浪潮的最新一波。目前,全球證券交易所正努力抵御新興競爭對手的沖擊,以及威脅淘汰傳統市場交易的新技術。

  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.

  香港和倫敦證交所都在尋求合并伙伴。它們及其他交易所正在跨越國界,以便更好地吸引那些不再把某一個國家視為基地的公司。例如,美國高管經常前往亞洲,試圖說服快速增長的私人企業在美國上市,而不是在香港或東京。

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

  證券交易所因此發生了變化。在美國,紐約證券交易所(New York Stock Exchange)和納斯達克(Nasdaq)現在都是更廣泛、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.

  倫敦證交所集團尤其是其他交易所覬覦的目標:過去10年,德意志交易所(Deutsche Borse)和多倫多證交所(Toronto Stock Exchange)都曾嘗試收購它,但均以失敗告終。

  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.

  為了鞏固其作為一家獨立公司的地位,倫交所上月同意以270億美元收購數據提供商路孚特(Refinitiv)。這樁懸而未決的交易使得香港的競購更加渺茫,因為它將使倫交所的規模超過它在亞洲的這個競爭對手。

  Hkex's interest surprised lse's management.

  港交易所的收購興趣令倫交所管理層感到意外。

  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.

  據知情人士透露,這兩家交易所的高管于周一舉行了會晤。英國高管們本以為這次會面是有關行業狀況的非正式討論。

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

  結果,香港官員宣布,他們希望以近370億美元的價格收購倫交所。

  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小時后,這家香港公司公開了自己的報價,希望得到倫交所股東對這筆交易的大力支持。

  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.<紐約時報中英文網 http://www.244129.buzz/>

  根據收購要約的條款,截至9月10日,這家香港公司將支付每股約8361便士的現金和股票,較倫交所的股價溢價23%。

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

  根據英國現在的收購規則,港交所有28天的時間,要么向倫交所提出確認的收購要約,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.

  目前尚不清楚會發生什么。倫敦證券交易所集團的股價周三上漲6.6%,至7254便士。這仍低于港交所的報價,表明這家倫敦公司的股東對交易能否達成持懷疑態度。

  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.

  倫交所在一份聲明中表示,它將考慮來自香港同行的主動報價,但仍致力于完成270億美元收購路孚特的交易。那筆交易將推動倫交所進一步涉足銷售和管理市場數據的業務,對交易所而言,這部分業務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.

  但香港收購要約的支持者可能會辯稱,與收購路孚特相比,成為一個歐亞巨頭的一部分是更可靠的商業賭注,后者在市場數據行業長期落后于彭博社(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執行官李小加周三在與媒體的電話會議上表示,倫交所收購路孚特的交易推動了他的公司趕緊出價?!拔覀冎雷约哼t了,”他說,“不能再遲了?!?/P>

  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.

  提出這一要約的同時,兩家交易所的總部所在地正處于政治動蕩之中。英國政府在英國應該如何脫歐的問題上依然毫無頭緒,而且商界對于脫歐將給倫敦在世界商業舞臺上的地位帶來怎樣的影響,也仍然一無所知。

  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.

  與此同時,香港因為大規模的示威活動而陷入混亂,抗議者認為北京在中國的這個半自治領土上變得更加為所欲為,而這里有自己的法律,國際企業和投資者認為與大陸的條件相比,這里更具吸引力。

  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,李小加否認了港交所希望放松與大陸聯系的說法。他指出,倫敦有成為全球人民幣交易中心的雄心,并表示港交所可能有助于實現這一目標。中國政府嚴格限制人民幣跨境流通,但一些中國官員公開討論過,有朝一日人民幣會跟美元一樣在世界上廣為使用,這將使中國在全球的金融體系中擁有更大的話語權。如果倫敦成為人民幣的交易中心,更多的中國公司和投資者會認為倫敦在經商上的吸引力更上一層樓。

  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.

  由一家中國公司來收購一家標志性英國企業引起了擔憂,李小加對此不以為然。他指出,港交所掌控倫敦金屬交易所七年,對這個英國平臺投資,而且使其不受中國的管理。

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

  “我們不是一個中國公司,甚至不是一個單純的香港公司,”李小加說?!拔覀兪且患胰蛐缘钠髽I?!?/P>

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