饥肠辘辘的独角兽(上)
日期:2022-04-28 10:00

(单词翻译:单击)

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Business

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商业

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Technology -- Hungry, hungry unicorns

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科技——饥肠辘辘的独角兽

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After a fat year, tech startups are bracing for lean times

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在经历了繁荣的一年后,科技初创公司准备迎来不景气时期

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After a stunning run during the pandemic, which put a premium on all things digital, tech stocks have hit a rough patch.

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在疫情期间,科技股涨势惊人,所有数字化产品都获得了红利,如今它们处境艰难p6XWdNX3cv=_HFJTf)Z

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The Nasdaq, a technology-heavy index, has fallen by 15% from its peak in November, weighed down by a new outbreak of Covid-19 in China and the Russia-Ukraine war, which are gumming up supply chains, and inflation, which erodes the value of future cashflows, making risky growth stocks less attractive to investors.

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以科技股为主的纳斯达克指数相比去年11月的峰值下跌了15%,原因是中国爆发的新一轮新冠疫情、堵塞供应链的俄乌战争以及侵蚀未来现金流的价值的通货膨胀,降低了高风险成长型股票对投资者的吸引力B6A.@Lf%MQW]WAO

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On April 20th the market value of Netflix crashed by a third, or $54bn, after the video-streaming titan reported the first quarterly net loss of subscribers in more than a decade.

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4月20日,在视频流媒体巨头Netflix公布了十多年来的首次季度订阅净亏损后,该公司市值暴跌三分之一,即540亿美元5r_hX*0ktS-IHU3.ZD.

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The bloodletting in public markets has left many wondering about private technology startups.

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公开市场上的大出血让许多人对私营科技初创公司产生了怀疑6esR^6IHGdxKEp!

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Like their listed peers, they have enjoyed a Covid-fuelled bonanza.

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与它们已经上市的同行一样,它们也拥有着新冠助推产生的财运d]DGKx59888*

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Thanks in part to new types of investor, such as hedge funds and corporations, ploughing more cash into the sector, last year was a bumper one for venture-capital (VC) deals.

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部分原因是对冲基金和公司等新型投资者向该行业投入了更多资金,去年是风险投资交易的丰收之年7vPlYm7%^Nq.2]Eq

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According to CB Insights, a research firm, global tech startups raised $628bn in 2021, more than double the previous year's tally.

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根据研究公司CB Insights的数据,全球科技初创企业在2021年融资6280亿美元,是前一年的两倍多WDKf.aM5iUcqHWx+s

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In the same period the number of deals jumped by a third, to more than 34,000.

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同期交易数量激增三分之一,超过3.4万笔RPZBBt@AuT-UsQd_&

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Fully 528 private firms became "unicorns", valued at $1bn or more.

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总共有528家私营企业成为“独角兽企业”,估值达到或超过10亿美元4zim0uMR8.L

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Are these rich valuations now also about to take a tumble?

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这些高估值企业如今也将经历暴跌吗?

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The short answer: almost certainly.

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简短的答案是:几乎可以肯定Sj6xVH~D;bc_^F

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Dealmaking has already slowed.

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交易已经放缓.yvdB%vX-~qL(pco

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The number of transactions sealed between January and March fell by 5% compared with the previous quarter.

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与上一季度相比,1月到3月之间达成的交易数量下降了5%vuw7]dK)oX@0ir0QWm8H

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The amount invested dropped by 19%, the biggest quarterly decline since 2012.

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投资额下降了19%,这是2012年以来的最大季度降幅^Bzb4nBfMzL|^S(,j

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Some of the factors behind the slowdown are those unsettling the public markets, supply-chain snags and inflation chief among them.

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经济放缓背后的部分原因是令公开市场不安的因素,其中最主要的是供应链障碍和通货膨胀m|Fwe*G%J@_8BYI[)

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Another cause is the public markets themselves.

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另一个原因是公开市场本身er!~~tWM3KLlo(h%

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An index of stocks that have floated via an initial public offering (IPO) within the past two years, compiled by Renaissance Capital, a hedge fund, is down by around a third in the past 12 months.

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由对冲基金Renaissance Capital编制的一项股票指数显示,在过去的12个月里,通过首次公开募股上市的股票下跌了约三分之一wR!hhJao2(*_

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This has discouraged many startups from going public.

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这打消了许多初创公司上市的念头z76h*&KKzNb2(z)7ja

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In the last three months of 2021, 296 firms listed.

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在2021年的最后三个月,有296家公司上市]]U9B%wCTkuxTBD

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In the first three months of 2022, just 164 did -- mostly in Asia.

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而在2022年的前三个月,只有164个国家上市——大部分是在亚洲pqB)~51!+zQ.T!CKSdT

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Worried that they will be unable to monetise their stakes soon, venture capitalists have tightened their purse strings.

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由于担心无法很快将所持股份变现,风险投资家们捂紧了自己的钱包;7MRq;61zI[

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Private valuations are beginning to be affected.

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私营企业的估值开始受到影响)sNQwOxq55qX^#oE|,

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Last month Instacart, a grocery-delivery firm, took the unusual step of announcing its own devaluation, from $39bn in March last year to $24bn, even without an accompanying "down round" of fund raising at a lower price.

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上个月,食品杂货配送公司Instacart采取了一项不同寻常的举措,自己宣布其资产贬值,从去年3月的390亿美元降至240亿美元,甚至没有伴随着一轮以更低价格进行的“下行”融资-5hLufQuOflt6N;V

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Valuations are falling in secondary markets, too.

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二级市场的估值也在下降L9rPcRt;AS

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Phil Haslett, co-founder of EquityZen, which helps tech employees sell their pre-IPO stock options, says that the prices of some of those stocks have fallen by 30-40% since the second half of last year.

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EquityZen是一家帮助科技公司员工出售上市前股票期权的企业,其联合创始人菲尔·哈斯莱特表示,自去年下半年以来,其中一些股票的价格已经下跌了30%到40%xQ7rUn_6CJA8YVB

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译文由可可原创,仅供学习交流使用,未经许可请勿转载pyFq1NRQ~o1YZTgcpm

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