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US private equity firm Silver Lake has placed another big bet on the booming Chinese consumer internet industry, leading a $500m convertible bond round in publicly traded online travel site Qunar.
美国私人股本公司银湖(Silver Lake)对蒸蒸日上的中国消费互联网行业再次投下重大赌注，带领其他机构共购买已上市在线旅游网站——去哪儿网(Qunar)发行的5亿美元可转债。
The deal echoes the firm’s backing of Alibaba in 2011 and 2012, when it invested around $500m in the then private ecommerce company. That stake has brought a return of about six times the original investment, based on disposals and the value of the remaining 86 per cent.
此交易跟银湖2011年和2012年两次投资阿里巴巴(Alibaba)如出一辙，当时对这家电商公司仍是私人持有，银湖入股约5亿美元。根据资产处置和阿里巴巴剩余86%股份的价值计算，这笔股份已带来了约6倍于原始投资的回报。
The news came as Qunar, which went public in 2013, announced plans to sell an additional 8m American depositary receipts, currently worth about $380m.
银湖投资去哪儿网的消息传来之际，2013年上市的去哪儿网宣布打算再出售800万份美国存托凭证(ADR)——当前价值约3.8亿美元。
With search group Baidu controlling a majority of Qunar’s stock following a 2011 investment in the company, Silver Lake’s latest deal aligns it with a second of China’s leading internet companies. Robin Li, Baidu’s chief executive, is chairman of the travel site’s board.
2011年，搜索集团百度(Baidu)入股去哪儿网，成为其控股股东。银湖通过最新交易，与第二家中国主要互联网企业站到了一起。目前，百度首席执行官李彦宏(Robin Li)担任去哪儿网的董事会主席。
One person close to Silver Lake said that, despite the ownership interest, Qunar management operated at arm’s length from Baidu. There was no significant overlap between the Qunar and Alibaba businesses, reducing the risk of any conflict from the latest investment.
一名接近银湖的人士表示，尽管百度拥有其控股股权，但去哪儿网的管理层在运营中仍与百度保持着一定距离。去哪儿网与阿里巴巴的业务重叠不大，降低了最近这笔投资引发利益冲突的风险。
Qunar’s rapid growth has been underpinned by mobile travel bookings in China. On Monday it reported that revenues had climbed 97 per cent in US dollar terms in the first quarter, to $108.3m, with mobile revenues rising 257 per cent. Mobile represented 59.4 per cent of revenues in the quarter, nearly double the 31.6 per cent of a year before. The company reported a net loss attributable to shareholders of $113m for the period.
去哪儿网的快速增长得到了中国移动旅行预订业务的支撑。去哪儿网周一公告称，一季度以美元计的营收大增97%，增至1.083亿美元，而移动业务营收增加了257%。移动业务营收占到公司季度总营收的59.4%，几乎为去年同期31.6%的两倍。该公司公告称，一季度归属于股东的净亏损为1.13亿美元。
The bonds, which carry an interest rate of 2 per cent, can be converted into Qunar American depositary receipts at $55, a premium of around 20 per cent to the price at which the ADSs closed on Monday before the announcement of the investment. The investment round included $170m from a local Chinese investment firm whose identity was not disclosed.
此次所发债券的利息为2%，可以按55美元的价格转换为去哪儿网的美国存托凭证，较投资消息公布之前的周一美国存托凭证收盘价高出约20%。此次所发债券中，还有一家未披露身份的中国国内投资公司认购了1.7亿美元。
