中国拉手网估值10亿美元

飞雪寒冰

The soaring valuation of group-buying services on the internet has spilt over into China, with Lashou.com, one of several Groupon copycats, announcing that it had been valued at $1.1bn by its latest fundraising round.
在线团购业务估价飞涨的趋势已经蔓延至中国。作为Groupon（团购业务始创者）众多的模仿者之一，拉手网(Lashou.com)宣布，该公司在最近一轮融资中估值高达11亿美元。

The extra $110m investment takes the total raised by the company, which was launched only in March last year, to $170m, and marks an intensification of the land-grab under way in one of the fastest-growing corners of e-commerce.
这轮1.1亿美元的最新融资，使得拉手网的融资总额达到1.7亿美元，标志着在电子商务行业发展最为迅速的团购领域中，地盘争夺正在进一步加剧。拉手网去年3月才上线。

Groupon itself sought to buy a controlling stake in Lashou late last year, in a deal that would have valued the Chinese company at the time at $500m, according to one person familiar with its bid. It has since launched its own service there, alongside local internet company TenCent.
去年晚些时候，Groupon曾试图买下拉手网的控股权。据一位知情人士透露，如果成功，当时的出价将这家中国公司估值为5亿美元。但在那之后，Groupon已经转而携手中国互联网公司腾讯(Tencent)在中国推出了自己的业务。

飞雪寒冰

Lashou has been growing in its early months at a faster rate than Groupon achieved, said Richard Lim, a founder of GSR Ventures, the Chinese company’s largest shareholder. Based on its revenues last December, the company was already seeing annualised revenues of $150m and doubling every eight weeks, he added.
拉手网最大股东——金沙江创业投资基金(GSR Ventures)创始人林仁俊(Richard Lim)表示，拉手网在上线后最初几个月的增长速度，比Groupon成立之初还要快。他补充说，按拉手网去年12月的业绩计算，该公司的年收入已达1.5亿美元，并且每8周就翻一番。

While Groupon had the market largely to itself in its first year, however, Lashou has faced a handful of other well-funded local competitors. That has resulted in a business with a gross profit margin of 20-30 per cent, according to Mr Lim – considerably lower than the 50 per cent margin of Groupon, though the US company is also widely expected to see its profitability decline as it faces more competition.
Groupon上线后的第一年中，几乎占领了整个市场。然而，拉手网却要面对五六个资金充足的本地竞争对手。林仁俊表示，竞争使得拉手网的毛利率处于20%至30%之间。这远远低于Groupon当年50%的利润率，不过外界广泛认为，这家美国公司也将由于竞争加剧而出现利润下滑。

飞雪寒冰

The escalation in Lashou’s valuation in a matter of months comes as investors have pushed up the prices of Chinese e-commerce companies more widely. The rising share prices have aroused memories of the US dotcom bubble of more than a decade ago, though venture capital investors argue that the boom has a long way to run.
拉手网的估值仅仅在几个月内就迅速攀升，而与此同时，投资者们正在更普遍地推高中国电子商务公司的价格。不断上涨的股价已经勾起人们对于十几年前美国互联网泡沫的记忆，不过风险投资者们称，这一轮繁荣还会持续很长一段时间。

“Eventually [valuations] will settle down – but valuation is a factor of growth, and these companies are experiencing super-high growth,” said David Chao, a partner in Doll Capital Management, one of the earliest venture capital firms to invest in Chinese internet companies.
Doll资本管理公司(Doll Capital Management)董事合伙人赵克仁(David Chao)说，“最终，（估值）将稳定下来。不过，估值是增长的一个因素，而这些公司正在经历超高速的增长。” Doll资本是最早投资于中国互联网企业的风险投资公司之一。

“I think there will be a shake-out, though not as much as there was in the US,” he added.
他补充说：“我觉得，（中国团购市场）将面临洗牌，只是程度没有美国（互联网泡沫破裂时）那么深。”

飞雪寒冰

The level Iraq has now reached – the highest since November 2001 – would probably prove sustainable, said David Fyfe, head of the IEA’s oil industry and markets division.
IEA石油和市场部负责人戴维•费夫(David Fyfe)表示，伊拉克石油产量目前已达到2001年11月以来的最高水平，而且可能能够维持在这一水平上。

Iraq’s production capacity has climbed by 250,000 b/d since August, according to IEA monthly reports, and reflects the improved condition of its oilfields.
IEA的月度报告显示，自去年8月以来，伊拉克石油最大日产能已提高了25万桶，这反映出该国油田的状况有所改善。

Hussain al-Shahristani, deputy Iraqi prime minister in charge of energy, has made ambitious plans to increase output, setting a target of 11m b/d by 2020. Experts believe this to be unrealistic because Iraq lacks the volume of water needed to pump so much oil, and export facilities are woefully inadequate.
伊拉克主管能源事务的副总理侯赛因•沙赫里斯塔尼(Hussain al-Shahristani)制定了雄心勃勃的增产计划，目标是到2020年日产1100万桶石油。专家们认为这一目标不切实际，因为伊拉克欠缺抽取这么多石油所需的水量，且出口设施也严重不足。

飞雪寒冰

Three bidding rounds have been held for the development of 11 Iraqi oilfields since 2008. Speaking in Paris, Mr Shahristani said work had begun and was “in some cases, ahead of schedule”.
从2008年以来，伊拉克先后举行过3轮招标，涉及11块油田的开发。沙赫里斯塔尼在巴黎发表讲话时表示，工程已经启动，“有些比原计划有所提前”。

In August, Iraqi output was 2.33m b/d and production capacity – the level the country could reach in 30 days and sustain for 90 – stood at 2.5m b/d, according to the IEA. In February, these figures had climbed to 2.68m b/d and 2.75m b/d respectively.
去年8月份，伊拉克的石油日产量为233万桶，最大日产能（30天内能够达到、并可维持90天的产量水平）为250万桶。今年2月，这两个数字分别提高到了268万桶和275万桶。

As for whether the production increase was sustainable, Mr Fyfe said: “We think it is, given a clear run in terms of security and given the companies who are investing in joint venture projects being able to carry on with their work.”
至于增产后的产量水平能否持续下去，费夫表示：“考虑到安全方面一直畅通无阻，考虑到参与合资项目的企业能够持续开展工作，我们认为这个产量水平是可持续的。”

飞雪寒冰

BP, the British energy company, has won the right to redevelop Rumaila, Iraq’s biggest oilfield, in partnership with CNPC of China. Royal Dutch Shell is renovating Majnoon field alongside Petronas of Malaysia.
英国石油(BP)已获得重新开发伊拉克最大油田鲁迈拉(Rumaila)油田的资格，其合作伙伴是中国石油(CNPC)。荷兰皇家壳牌(Royal Dutch Shell)正与马来西亚石油公司(Petronas)重新开发马吉努(Majnoon)油田。

While Baghdad’s official production targets are highly unlikely to be met, the IEA forecasts Iraq will add another 1m b/d of output capacity by about 2015, bringing the total to about 3.7m b/d. If so, the country could then overtake its old rival, Iran, and become the second-biggest producer, after Saudi Arabia, in Opec, the oil producers’ cartel.
虽然伊拉克实现其官方产量目标的可能性很小，但IEA预测，到2015年前后，伊拉克石油日产量有望再提高100万桶，达到370万桶左右。届时，该国可能超越老对手伊朗，成为欧佩克(Opec)成员国中仅次于沙特的第二大产油国。

Iraq has been outside Opec’s quota system for 21 years. If output rises strongly, Baghdad would eventually be asked to accept these constraints. However, other members could have to cut ­quotas to make room for Iraq – a highly-charged issue that would change the balance of power within the group.
伊拉克21年来一直游离在欧佩克配额系统之外。假如产量大幅增长，该国最终可能被要求接受配额限制。不过，届时其他成员国可能不得不削减配额，以便为伊拉克留出空间。这个极具争议性的问题可能打破欧佩克内部的权力平衡。