欢聚时代在美IPO检验投资者信心

With investors raising difficult questions for Chinese listings in the U.S., YY Inc. seems to have all the answers.

尽管投资者对在美上市的中国公司提出了各种高难度问题，不过所有答案似乎都能在欢聚时代(YY Inc.)身上找到。

The online communication and gaming platform that boasts more than 400 million registered users debuted on Nasdaq Wednesday. That marked the first initial public offering for a Chinese company in New York since March. It was a test of investor sentiment after previous internet offerings have failed to perform and allegations of fraud against other Chinese firms have battered their stocks.

这家拥有4亿多注册用户的在线通讯与游戏平台于上周三登陆纳斯达克(Nasdaq)，这是今年3月份以来第一家在纽约举行首次公开募股(IPO)的中国企业。它是在前面几家互联网企业上市表现不佳、其他中国公司的股价因欺诈指控受到冲击之后，对投资者信心的一次检验。

Several factors worked in YY's favor.

多个因素对欢聚时代有利。

First, it's generating not just rapid growth but profits and positive cash flow from operations, too, mostly from advertising and online gaming. Revenue in the first nine months was 553.2 million yuan ($88.8 million), up 168% year-on-year. The company also saw net income of 55.9 million yuan in the same period as well as positive net cash inflow from operations of 235 million yuan.

首先，它不只是在快速扩张，而且也实现了盈利和正的运营现金流，大部分来自广告和在线游戏业务。今年头九个月收入为5.532亿元（合8,880万美元），同比增长168%，同期利润为5,590万元，并实现净运营现金流2.35亿元。

Next, the IPO was not priced aggressively. The $10.50 IPO price was at the bottom of the range YY's bankers had been looking for. That valued YY at about 5.2 times annualized revenues for 2012, meaning the shares look cheap for a fast growing internet company. Indeed, the share price popped on the first day of trading, rising 7.7%.

其次，IPO定价不算太高。10.50美元的IPO价格处在投行之前所划区间的底端。按这个价格，欢聚时代的市值相当于2012年年化收入的5.2倍左右。对于一家成长迅速的互联网企业来说，显得很便宜。事实上该股交易首日即实现了上涨，涨幅7.7%。

There are concerns. The pre-IPO owners are hanging on to 85.3% of the company, but they control 98.3% of the shareholder vote. The rise in popularity of mobile Internet poses a problem─YY's core competence in online text, voice and video communication is a more obvious fit with PC.

有些问题值得注意。IPO之前的所有者继续持有85.3%的股份，但他们却控制着98.3%的股东表决权。移动互联网的流行也是一个问题──欢聚时代的核心竞争力是在线文字、语音和视频通讯，明显更适合PC。

There's also the threat of more competition from other, deep-pocketed Chinese internet companies, such as giant Tencent that already has a popular mobile messaging system.

另外还有其他财大气粗的中国互联网企业加强竞争的威胁。比如腾讯(Tencent)就已经有一个很流行的移动通讯系统。

Still, answers to that next set of questions don't have to come immediately. YY's priced cheaply enough investors won't mind for now.

但是，后面的几个问题不需要马上回答。欢聚时代的估值已经够低，投资者暂时不会在意这些问题。