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| Didi, the leading Chinese ride-hailing platform, made its Wall Street debut on Wednesday, capping a year in which ride-hailing and travel companies have struggled to overcome intermittent pandemic lockdowns. |
| 中国领先的网约车平台滴滴周三在华尔街上市，为网约车和旅游公司因疫情断断续续遭受封锁困扰的一年画上了句号。 |
| Didi began trading at $16.82 a share on the New York Stock Exchange, up 20 percent from a $14-a-share offering price. But investor interest cooled throughout the day, and Didi closed at $14.20, pegging the company’s value at more than $69 billion. |
| 滴滴在纽约证券交易所的开盘价为每股16.82美元，较每股14美元的发行价上涨20%。但投资者兴趣在一天内降温，滴滴收盘报14.20美元，公司市值超过690亿美元。 |
| The company made its debut, trading under the ticker DIDI, as Wall Street continues to embrace fast-growing tech companies regardless of their ability to turn a profit. Ride-hailing companies like Uber and Lyft, in particular, have proved to be profligate money losers, often burning through billions in cash each year. |
| 该公司的股票代码为DIDI。华尔街继续欢迎快速增长的科技公司，不管它们的盈利能力如何。尤其是优步(Uber)和Lyft等网约车公司已被证明是挥霍无度的烧钱公司，每年经常烧掉数十亿美元的现金。 |
| Didi is no exception. It lost $1.6 billion last year, though it reported a profit of $30 million in the first quarter of this year. Revenues declined 8 percent to $21.63 billion last year because of the pandemic, the company said in a regulatory filing. |
| 滴滴也不例外。该公司去年亏损16亿美元，但今年第一季度报告盈利3000万美元。该公司在一份监管文件中表示，受疫情影响，去年的收入下降了8%至216.3亿美元。 |
| Despite its dominance in China and other countries, Didi could face unusual scrutiny from investors because of continued tensions between the United States and China. The American government has placed some Chinese tech companies on lists that restrict their ability to do business with the United States or its trade partners. |
| 尽管滴滴在中国和其他一些国家占据主导地位，但由于中美之间的持续紧张局势，该公司可能会面临来自投资者的特别审查。美国政府已将一些中国科技公司列入限制与美国或其贸易伙伴开展业务能力的名单。 |
| “Didi, for good and bad, is in the center of the U.S.-China cold tech war,” said Daniel Ives, managing director of equity research at Wedbush Securities. “It’s a successful I.P.O. coming out of the gates,” he said, but it still has a lot to prove to investors worried about tension between the countries. |
| “无论是好是坏，滴滴都处于美中冷科技战争的中心，”韦德布什证券(Wedbush Securities)证券股票研究董事总经理丹尼尔·艾夫斯(Daniel Ives)表示。“这是一次一上来就成功的首次公开募股”，他说，但对于担心两国之间紧张局势的投资者来说，仍有很多事情需要证明。 |
| Investors could also be wary of regulators in Didi’s home country. China’s antitrust authorities have begun to aggressively scrutinize the country’s big internet companies. Last year, Chinese regulators began cracking down on what they called unfair and anticompetitive business practices in the internet industry. |
| 投资者还可能对滴滴所在国的监管机构保持警惕。中国的反垄断机构已开始大力审查该国的大型互联网公司。去年，中国监管机构开始打击他们所谓的互联网行业不公平和违反竞争原则的商业行为。 |
| “China’s regulators already have them in their cross hairs,” said David Trainer, the chief executive of New Constructs, an investment research firm. |
| “中国的监管机构已经盯上了它们，”投资研究公司New Constructs的首席执行官戴维·特雷纳(David Trainer)说。 |
| A taxi industry group wrote the country’s antitrust watchdog in December, urging the agency to take a second look at Didi’s purchase of Uber’s business in China in 2016. It had already investigated the sale on antitrust grounds without any action taken. The letter accused Didi of using unfair subsidies to retain passengers and of giving ride orders to unlicensed drivers and vehicles. |
| 去年12月，一个出租车行业组织致信中国的反垄断监管机构，敦促它重新评估滴滴在2016年收购优步在中国的业务。该机构已经以反垄断为由调查了这笔交易，但没有采取任何行动。这封信指责滴滴使用不公平的补贴来留住乘客，并向无照司机和车辆派单。 |
| In April, Didi was one of nearly three dozen Chinese internet companies that were hauled before regulators and ordered to ensure their compliance with antimonopoly rules and to “put the nation’s interests first.” |
| 今年4月，滴滴是30多家被监管机构约谈的中国互联网企业之一，监管机构责令它们确保遵守反垄断规则，并“将国家利益放在首位”。 |
| Didi promptly issued a statement, which the antitrust regulator published on its website, vowing to “promote the development and prosperity of socialist culture and science” and to strictly obey the law. The regulatory pressure raised questions about whether Didi would be permitted to grow large enough to be consistently profitable, Mr. Trainer said. |
| 滴滴迅速发表声明，反垄断监管机构将其发在了自己的网站上。声明誓言“促进社会主义文化和科学事业的发展与繁荣”，并严格遵守法律。特雷纳说，监管压力引发了对滴滴的质疑，即它是否会被允许发展到足以持续盈利的规模。 |
| Both Didi and Uber have made Latin America a focus for their global expansion. But the region continues to experience rising coronavirus caseloads, potentially throwing a wrench into growth plans. |
| 滴滴和优步都把拉丁美洲作为全球扩张的重点。但该地区的新冠病毒病例数量继续上升，可能会给增长计划带来不利影响。 |
| “How are they going to do in places like Africa, the Middle East, or South America? Will you be hailing a Didi or an Uber?” said Drew Bernstein, the co-chairman of Marcum BP, an audit and advisory firm focused on Asia. |
| “他们在非洲、中东或者南美这些地方会怎么做？你会叫滴滴还是优步？”专注亚洲业务的审计和咨询公司麦楷博平(Marcum BP)联席董事长德鲁·伯恩斯坦(Drew Bernstein)说。 |
| Didi Dache was founded in Beijing in 2012 and merged with a Chinese rival, Kuaidi Dache, in 2015 to form Didi Chuxing. In China, Didi’s ascent has mirrored that of other tech powerhouses including ByteDance, TikTok’s parent, and the food-delivery giant Meituan. |
| 滴滴打车于2012年在北京创办，并于2015年与中国竞争对手快的打车合并，成立滴滴出行。在中国，滴滴的崛起与其他科技巨头——包括TikTok的母公司字节跳动和外卖巨头美团的崛起几乎是同一波。 |
| Although Uber tried to compete in the Chinese market, it eventually sold its Chinese operations to Didi in exchange for a stake in the company. Now that Didi is public, Uber’s stake is worth about $8 billion. |
| 尽管优步试图角逐中国市场，但最终它将中国业务出售给了滴滴，以换取该公司的股份。现在滴滴已经上市，优步的股份价值约80亿美元。 |
| Two separate incidents in 2018 in which Didi drivers raped and killed female passengers spurred the company to make changes to its service but did not severely mar its appeal to users. Still, even as scores of companies both large and small have entered the ride-booking business in China, Didi has remained a leader. |
| 2018年发生的两起滴滴司机奸杀女乘客的事件，促使该公司对其服务做出改变，但并未严重影响其对用户的吸引力。不过，尽管有数十家大大小小的公司进入了中国的叫车业务，滴滴仍是领先者。 |
| Although Didi is dominant in China and operates in 14 other countries, including Australia, Brazil, Mexico and Russia, its valuation is notably smaller than Uber’s $94 billion. But unlike Uber in its trading debut two years ago, Didi was able to remain above its I.P.O. price during its first day of trading. Didi dwarfs Lyft, the second largest ride-hailing company in the United States, which is valued at nearly $20 billion. |
| 尽管滴滴在中国占据主导地位，并在澳大利亚、巴西、墨西哥和俄罗斯等14个国家开展业务，但其估值明显低于优步的940亿美元。不过，与优步两年前上市首日不同的是，滴滴能够在上市首日保持在其IPO价格之上。滴滴令美国第二大叫车公司Lyft相形见绌，后者的估值不到200亿美元。 |
| Didi said that it had the ability to grow further as it expands its business to new international markets. “We aspire to become a truly global technology company,” Didi’s founders, Cheng Wei and Jean Liu, wrote in a letter included with its regulatory filing. |
| 滴滴表示，随着业务扩展到新的国际市场，它有能力进一步增长。“我们渴望成为一家真正的全球科技公司，”滴滴的创始人程维和柳青在随监管文件一起提交的一封信中写道。 |
| Didi was valued at $56 billion in 2017, and its investors include SoftBank of Japan; Mubadala, an Abu Dhabi state fund; Alibaba and Tencent, China’s two main internet Goliaths; and Apple, which invested $1 billion in 2016 to show its support for the Chinese market. |
| 2017年，滴滴的估值为560亿美元，其投资者包括日本软银(SoftBank)、阿布扎比的国家基金穆巴达拉(Mubadala)，以及中国两大互联网巨头阿里巴巴和腾讯；2016年，苹果投资了10亿美元，以示对中国市场的支持。 |
| A number of Chinese businesses have sold shares on American exchanges in recent months, including ones in industries, such as electric vehicles, that have been snared in trade tensions between Washington and Beijing. The Chinese electric carmaker Nio raised $2.6 billion in a December offering on the New York Stock Exchange. |
| 最近几个月，许多中国企业在美国上市，其中一些来自陷入华盛顿和北京之间贸易紧张关系的电动汽车等行业。去年12月，中国电动汽车制造商蔚来汽车在纽约证券交易所上市，筹资26亿美元。 |
| Before leaving office this year, President Donald J. Trump barred Americans from investing in companies identified as having links to China’s military. But his administration did not move forward with efforts to curb access to American capital markets for a wider range of Chinese companies. |
| 在今年离任之前，唐纳德·J·特朗普(Donald J. Trump)总统禁止美国人投资被认定与中国军方有关联的公司。但他的政府并没有采取措施，限制更多中国公司进入美国资本市场。 |
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