新加坡交易所擬允許雙層股權架構
Singapore Exchange is poised to allow dual-class voting rights for listed companies, following legal changes aimed at boosting the city-state’s ability to compete for initial public offerings.
新加坡交易所(SGX)準備允許上市公司實行雙層股權結構，此前這個城市國家修訂了相關法律，旨在提高其爭奪首次公開發行(IPO)交易的能力。
The SGX move follows efforts by its Hong Kong rival to relax rules on dual-class shares — which the regulator shot down last year before a consultation phase could be reached.
新交所出臺此舉之前，其香港競爭對手作出了放鬆有關雙層股票規則的努力；去年香港監管機構否決了這種架構，要求先完成一個公開諮詢階段。
Hong Kong lost Alibaba’s IPO to the US in 2014 because the Chinese ecommerce group wanted a different governance structure. Manchester United shifted its IPO from Singapore to New York in 2012 in a move that allowed the Glazer family to retain control through a dual-class structure.
香港曾在2014年把阿里巴巴(Alibaba)的IPO業務拱手讓給美國，因爲這家中國電子商務集團希望實行一種不同的治理結構。曼聯(Manchester United)在2012年將其IPO從新加坡轉移到紐約，讓格雷澤(Glazer)家族通過雙層股權結構保留控制權。
SGX’s listings advisory committee, an independent body, is expected to recommend allowing dual-class shares in the coming weeks, according to two people familiar with the plans.
據兩名知情人士介紹，獨立的新交所上市諮詢委員會預計將在未來幾周內建議允許雙層股票架構。
The move, which will be subject to a public consultation, follows a legal amendment this year to allow the structure. SGX is struggling to attract big listings amid declining equities turnover.
此舉將徵求公衆意見；今年早些時候新加坡修訂了法律以允許這種結構。在股票成交額下降之際，新交所正竭力吸引大型上市交易。
Stefanie Yuen Thio of the local TSMP law firm said: “The Singapore market is moribund. Our advantage is that we are small and nimble. We have to leverage that.”
新加坡義正律師事務所(TSMP Law Corporation)的張祉盈(Stefanie Yuen Thio)表示：“新加坡市場現在死氣沉沉。我們的優勢在於小而靈巧。我們必須充分利用這一點。”
Multi-class structures give companies the opportunity to raise funds and make acquisitions with stock, without founders giving up control.
多級股權結構讓企業有機會在創始人不放棄控制權的情況下籌集資金，並用股票進行收購。
Two-tier voting rights are common in the US, and have been favoured by technology groups that have listed since Google's founders argued that holding class B stock — with 10 votes a share compared with one for class A — let them pursue innovation without coming under pressure from new investors.
兩級投票權在美國是常見的，並受到上市高科技集團的青睞。谷歌(Google)的創始人曾經辯稱：持有B類股票——每股有10份投票權，而A類股票是1股1票——讓他們可以在不受新投資者壓力的情況下追求創新。
Singapore’s move, first reported by the Business Times, fits with regulatory efforts to foster a technology start-up sector in the city-state.
新加坡的舉動最初是由新加坡《商業時報》(Business Times)報道的，此舉與監管機構在這個城市國家培育高科技初創部門的努力相吻合。
“This is about SGX and the Singapore authorities realising that tech companies need a space where they are safe and able to grow, at every stage of their development,” said Ms Yuen Thio.
“這件事的意義在於新交所和新加坡當局意識到，高科技企業在每一個發展階段都需要一個安全和有利於發展壯大的空間，”義正律師事務所的張祉盈表示。
SGX said: “The proposal for dual-class shares has been submitted to the listings advisory committee for consideration.”
新交所表示：“有關雙級股票的提案已提交上市諮詢委員會審議。”
The committee is expected to publish its report before SGX’s annual meeting on September 22.
該委員會預計將在9月22日新交所年會之前發佈相關報告。
Alibaba’s switch away from a Hong Kong listing reignited a debate over the city’s one-share-one-vote principle, which critics said was bad for business and weakened claims to provide a financial gateway to China.
阿里巴巴把上市地點從香港轉移至美國的決定，在香港重新引發了圍繞1股1票制的辯論，批評者稱，這項規則不利於商業，並削弱了有關充當通往中國內地的金融門戶的說法。
After discussions with the Hong Kong listing committee, the ecommerce group proposed a structure that was not exactly dual-class but allowed a self-selecting minority of shareholders to nominate most of the board.
在與香港上市委員會討論後，這家電子商務集團提議了一種特別結構，它不完全是雙級結構，但允許少數自我挑選的股東提名大部分董事人選。
When that did not win acceptance, Alibaba chose to list in New York, producing the world’s largest IPO in the process.
在那個提議仍未獲得認可的情況下，阿里巴巴選擇在紐約上市，最終進行了世界最大規模的IPO。
