人人网上市中的Facebook因素

人人网上市中的Facebook因素 Joe Chen does not usually like to hear his company referred to as a Facebook clone. But when the chief executive of Renren, China‘s largest social networking site, was marketing the group‘s initial public offering in the US last week, it was clear the comparison could pay off. 中国最大的社交网站人人网(Renren)首席执行官陈一舟(Joe Chen)平时不喜欢听别人说自己的公司是Facebook的复制品。但当他上周在 美国为人人网的首次公开发行(IPO)做推介时，这种比拟明显是有益的。 According to bankers working on the deal, the New York event that kicked off the roadshow more closely resembled a wedding banquet than an investor lunch, with more than 360 people present and most in high spirits. 负责此笔交易的银行家 表 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 示，人人网在纽约举办的路演启动活动更像一场婚宴、而非投资者午餐会——共有逾360人出席，其中大多数 人显得兴高采烈。 The strong interest stems from the fact that there is no major social media or social networking company open to public investment. With a Facebook IPO at least a year off, many investors are keen for a slice of ―the Facebook of China‖. 与会者之所以兴趣浓厚，是源自于这样一个事实:即迄今还没有一家重要社交媒体或社交网站公开上市。鉴于Facebook至少还有一年才 会启动IPO，许多投资者渴望从―中国版Facebook‖的增长中分得一杯羹。 The offering is set to price today in the US and begin trading on Wednesday. Highlighting the success of the pitch to market Renren as a Facebook proxy, the price range was raised on Friday from the initial $9-$11 to $12-$14. 人人网此次在美IPO将于周三开始交易。上周五，该公司定价区间从最初的9-11美元提高至12-14美元，突显出将人人网誉为 Facebook翻版的营销策略的成功。 That could increase the deal size to as much as $743m, from the $584m planned originally. 定价区间的上调，可能将使此次IPO规模从起初 计划 项目进度计划表范例计划下载计划下载计划下载课程教学计划下载 的5.84亿美元，扩大到7.43亿美之多。 But while Renren started out as a Facebook copy, the two services now have more differences than they have in common. ―Almost all internet services have to evolve to adapt to the Chinese market,‖ says Benjamin Joffe, chief executive of Plus Eight Star, an Asia-focused digital strategy consultancy. 但尽管人人网当初是以复制Facebook的模式起家，如今这两家网站的不同之处已超过了相同点。―几乎所有互联网公司都必须不断发展 演变，以适应中国市场，‖以亚洲为重点的数字策略咨询公司Plus Eight Star首席执行官本杰明?乔夫(Benjamin Joffe)表示。 While Facebook operates an open platform where external developers can launch services, Renren has so far allowed only 1,000 of more than 100,000 applications submitted by third parties. The company also has its own games. Facebook是在一个开放的平台上运营，外部开发商可以在上面推出服务;而面对第三方提交的逾10万个应用软件，人人网迄今仅为其 中的1000个开了绿灯。人人网还有自己的游戏。 The two companies‘ monetisation models are also quite different. Facebook‘s is much more mature. The company is expanding aggressively, with the recent rollout of a daily deals initiative, its courtship of advertising agencies and the increasing number of uses for credits, Facebook‘s currency for virtual goods from which it takes a 30 per cent commission on each transaction. 两家公司的盈利模式也大不相同。Facebook的模式要成熟得多。该公司正在积极地扩张:于近期推出了―每日交易(daily deals)‖服务; 努力取悦广告公司;―信用币‖(Credits)的使用不断增多。―信用币‖是Facebook推出的一种用以购买虚拟物品的货币，该公司可从每笔交易中 抽取30%的佣金。 Compared with Facebook, Renren‘s model is in its infancy. Its ads are much less targeted because there is much less reliable data available in China. Advertising accounts for only 42 per cent of the Chinese company‘s revenues, with most of the remainder coming from Renren‘s own games. 与Facebook相比，人人网的模式尚处于初级阶段。其广告的针对性要弱得多，因为在中国可获取的可靠数据要少得多。广告仅占到人人 网收入的42%，其余收入大部分来自于该公司自己的游戏。 Renren‘s lag in monetisation could be a weakness, says Sumeet Jain, a partner with the venture capital firm CMEA Capital in San Francisco. But if ultimately modelled on Facebook‘s success, it could be an opportunity. 旧金山风险投资公司CMEA Capital的合伙人苏米特?贾因(Sumeet Jain)表示，人人网在盈利上的落后可能会是一个缺陷。但如果它最终 复制了Facebook的成功，投资该公司可能是一次机遇。 ―Looking at Renren, you see a company that‘s in a huge market that still has lots of room to grow,‖ says Mr Jain. ―So it‘s almost akin to saying, ?If you could invest in Facebook one year ago, would you have?‘ Most would say ?Yes‘.‖ 贾因说:―看着人人网，你看到的是一家身处巨大市场、仍有很多增长空间的公司。这几乎等同于是说，?如果你一年前可以投资 Facebook，你会投吗,‘大多数人会说?当然‘。‖ Revenue shares for third parties on Renren are also much lower than on Facebook. ―Renren seems to be welcoming applications mostly to avoid having users visit other platforms for content they might be missing,‖ says Mr Joffe. 人人网的第三方收入份额也远低于Facebook。―人人网接受第三方提供的应用，主要目的似乎是为了避免用户浏览其它平台，寻找他们可 能错过的内容，‖乔夫表示。 Renren is right to be stingy. While Facebook is mostly unrivalled in the US, there is a lot of competition in the Chinese market. Tencent, which operates the world‘s largest instant messaging service, is a strong contender for building China‘s largest social network, as are the country‘s booming Twitter clones, or microblogs. 人人网这样谨慎是对的。Facebook在美国几乎难逢敌手，但中国市场上的竞争却异常激烈。全球最大即时通讯服务运营商——腾讯 (Tencent)是构建中国最大社交网络、以及中国正蓬勃发展的Twitter复制品(或称微博)领域强有力的竞争对手。 Renren also has a long way to go to match Facebook in size, which now has more than 500m monthly active users. Although Renren operates in the world‘s most populous internet market with an online population of more than 450m, the company had no more than 31m monthly active users. And its revenue was just $77m last year. Facebook has been accorded a valuation of $75bn on private markets. 要赶上Facebook的规模，人人网也有很长的一段路要走。Facebook目前每月的活跃用户数已超过5亿人。尽管人人网是在人口最多 (网民人数超过4.5亿)的互联网市场运营，但该公司目前每月的活跃用户数不超过3100万。该公司去年的收入仅为7700万美元。而 Facebook在私人市场上的估值已达到750亿美元。 Done right, the main attraction for US investors is the potential growth among those 450m Chinese users – something that has so far evaded Facebook, which is blocked in China and has yet to find a way into that market. 对于美国投资者而言，人人网的主要吸引力在于4.5亿中国网民的增长潜力。Facebook在中国受到屏蔽，迄今尚未找到进入中国市场的 途径，因此一直未能分享中国网民的增长。 But the context of operating in China also makes investors wary, according to Mr Jain. 但贾因表示，(人人网)在华经营的背景也让投资者留意提防。 ―You‘re already thinking about the risk of investing in China with the overarching government and regulatory bodies, and the exposure you have to not having full transparency of the business.‖ ―人们已经在考虑在华投资的风险——至高无上的政府和监管机构，以及企业不完全透明所带来的风险。‖ The revision to certain parts of Renren‘s prospectus last week raised the spectre of risk. But that does not appear to have taken off much of the shine. 人人网上周修改招股 说明 关于失联党员情况说明岗位说明总经理岗位说明书会计岗位说明书行政主管岗位说明书 书部分内容的举动，引发了投资者对于风险的担忧。但这似乎并未影响此次IPO的吸引力。 ―This is a rare chance to buy into SNS, and in a particularly fast-growing market, too,‖ says one of the bankers working on the deal. ―That makes it one of the most important deals of the decade.‖ 参与该交易的一位银行家表示:―这是投资社交网站增长概念——而且是在一个增长尤其迅速的市场——的难得机遇。它由此成为本十年 内最重要的(发行)交易之一。‖ 译者/何黎