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With demand for the Alibaba Group’s stock market debut proving even stronger than expected, the Chinese e-commerce giant has done the only logical thing: set its fund-raising sights even higher.
随着事实证明阿里巴巴集团上市的需求高于预期，这家中国电子商务巨头做了一件十分合乎逻辑的事情：将筹资目标定得更高。
The company raised the price range for its initial public offering to $66 to $68 for each American depositary share, up from $60 to $66, according to a regulatory filing on Monday, pushing up its potential haul from the stock sale to as much as $21.8 billion.
根据周一的一份监管文件，该公司将首次公开募股(IPO)定价区间从每股美国存托股票(ADS)60美元（约合370元人民币）到66美元上调至66美元到68美元，筹资的资金可能最多达到218亿美元。
That would value the e-commerce giant at $165.5 billion at the midpoint of the new range.
以新定价区间的中间值计算，这家电子商务巨头市值将达到1655亿美元。
But while the order book is significantly oversubscribed — enough that Alibaba’s army of underwriters plans to begin closing order books Tuesday afternoon — the company and its advisers were conscious of not significantly raising the price range just because they could, according to people briefed on the offering’s plans.
但据了解上市计划的人士透露，虽然已经出现了严重超额认购的情况——阿里巴巴的承销商计划从周二下午开始结束订购，但该公司及其顾问意识到，不能仅仅因为他们可以这样做就大幅上调定价区间。
Potential investors have been eagerly awaiting the stock debut of Alibaba for months. More than 800 people showed up at a luncheon presentation in New York last week just to hear directly from the company’s executive chairman and co-founder, Jack Ma.
数月来，潜在的投资者急切地等待阿里巴巴上市。上周，800多人参加在纽约举行的午餐会，只为能听到公司执行主席、联合创始人马云的讲话。
Purchase orders have been coming in huge portions as investors place enormous orders in the hope of receiving even a fraction of the shares requested. One hedge fund with about $3 billion in assets under management even put in an order for several billion dollars’ worth of American depositary shares, one of these people said.
订单蜂拥而至，投资者下了大量订单，希望能够获得一部分股份，即便是订单的一小部分也可以。前述了解内情人士中有一位表示，一家掌管30亿美元资产的对冲基金甚至订购了价值数十亿美元的美国存托股票。
But the company is hoping to attract plenty of big mutual funds and other investors that are expected to hold onto shares forthe long term rather than quickly flip their holdings. Keeping the price range modest means that Alibaba will be able to pick more of those firms for share allocations, another one of these people said.
但该公司希望吸引大量大型共同基金，及其他有望长期持有股份而不是迅速出售所持股份的投资商。另一名人士表示，将定价区间保持在适度水平意味着阿里巴巴将能够从中挑选更多公司，进行股权分配。
At a luncheon on Monday in Hong Kong’s Ritz-Carlton hotel, which occupies the top floors of the city’s tallest building and overlooks Victoria Harbor, Mr. Ma told several hundred potential investors that the company was being careful not to set valuations too high or too low, one audience member said.
一名出席者说，周一在位于香港最高建筑顶层、俯瞰维多利亚港的丽兹-卡尔顿酒店的午餐会上，马云对数百名潜在投资者说，公司正小心避免把估值定得过高或过低。
One of the most obvious examples of what not to do, according to the people briefed on the public offering plans, was to repeat what happened in Facebook’s $16 billion stock market debut. The company bumped up its price range to take advantage of strong investor demand, but that left little potential upside to investors who did not participate in the stock offering. Coupled with technical issues that affected the trading of the company’s stock, that helped lead to a terrible first-day showing.
听取了IPO计划的人说，阿里巴巴最应该做的，就是防止Facebook上市时的悲剧重演。Facebook当时的融资规模为160亿美元。为了利用强劲的投资者需求，Facebook提高了价格区间，为没有参与首次发行的投资者留下的上涨的空间几乎为零。再加上影响了股票交易的技术问题，导致Facebook上市首日一片混乱。
(Facebook’s stock has since recovered, and then some, with the company now commanding a market value of more than $200 billion.)
（Facebook的股价此后反弹并有所上涨，现在的市值已超过2000亿美元。）
Alibaba and its underwriters have taken that lesson to heart and resisted bumping up the top of the price range to $70, as one news report suggested on Monday. That will cost the company the bragging rights for the biggest public offering of all time — a title that will stay with the Agricultural Bank of China, which raised $22.1 billion — but it sends the message that the company is focusing on the long term rather than trying to pick up every possible penny from potential investors.
周一的媒体报道称，阿里巴巴及其承销商已经把Facebook的教训牢记于心，它们拒绝把价格区间上限提高到70美元。阿里巴巴因此将永远失去了炫耀史上最大IPO的权利——这个纪录仍然由中国农业银行保持，其IPO规模为221亿美元——但此举传递的信息是：阿里巴巴专注的是长期，而不是为了尽可能地拿走潜在投资者的每一分钱。
Nor has the company or the relatively few shareholders who are selling some of their holdings increased the number of shares available for the offering, again in contrast to Facebook’s market debut.
阿里巴巴和即将出售部分持股的少数股东也没有增加股票发行量，这再次与Facebook上市时的情况形成了鲜明对比。
One of the people briefed on the company’s plans said that if the I.P.O. “left a little money on the table,” or did not raise as much as it could have, that would suit Alibaba’s management fine.
了解该公司计划的人说，如果这次IPO“漏掉了一些钱”，或者，本来能筹到更多的钱，但实际上却没有筹到，阿里巴巴管理团队也是完全能接受的。
