香港的金融监管机构在找到市场治理的替代途径之后，基本上放弃了改革上市流程的计划。目前该监管机构正准备展开一场激烈辩论，其焦点问题是应不应该允许双层股权结构。
The proposals, published more than a year ago, were effectively the first salvo in what has since become a multi-pronged effort by the Hong Kong Exchange and the Securities and Futures Commission to improve oversight. It is examining how the city can best compete against New York and London for new listings.
一年多前发表的改革上市流程提议，实际上是香港交易所(HKEx)和证券及期货事务监察委员会(SFC)改进监管的多方面努力的第一步，目的是研究该市如何以最好的方式与纽约和伦敦开展竞争，争取新上市交易。
Last year’s plans generated nearly 9,000 responses — a record for the city — with most opposing the changes, according to sources familiar with the process.
根据熟悉这一过程的消息来源，去年提出的计划收到了近9000份回应——创下香港公众咨询的纪录——多数意见是反对改变。
The proposals sought to give the SFC a greater role in approving listings by diluting the power of the Listing Committee, a group of industry professionals whose status is prized by the banks, accountants and law firms that dominate its membership.
这些提议寻求通过稀释上市委员会(Listing Committee)的权力，使证监会在批准上市方面扮演更大角色。上市委员会由业界专业人士组成，他们的地位受到主导其成员资格的银行、会计师事务所和律师事务所的重视。
An official conclusion to the consultation could be published as early as today.
此轮咨询的官方结论最快在今日就能公布。
But instead of pushing itself deeper into the listings process, the SFC has already begun to focus on better use of its existing powers by more actively questioning, and in some cases blocking, applications for initial public offerings and capital raisings.
但是，证监会无意让自己更深入地介入上市流程，而是已经开始着眼于如何更好地利用其现有权限，更加积极地质疑、在某些情况下阻止首次公开发行(IPO)和资本募集申请。
Senior regulators say privately that this more robust frontline enforcement essentially superseded last year’s proposals.
高级监管者私下表示，这种更为强势的“前置式”执法基本上取代了去年发布的提议。
今年以来，证监会已责令8只股票停牌(是此前三年要求停牌总数的两倍)，还至少阻止了一次筹资活动。
This year the regulator has suspended eight stocks — double its total actions in the previous three years — and blocked at least one capital raising.
这一姿态改变也有助于为有关双层股权结构的辩论作好铺垫。此前香港交易所提议创建“三板”，允许公司发行具有不同投票权的股票。
The change in approach also helps clear the decks for a debate on dual-class shares after the HKEX proposed creating a third board that would allow companies to issue shares with varying voting rights. 在坚持“一股一票原则”30年的香港，这场辩论触及一个存在已久的痛处。就在两年前，该市拒绝了一项有关多重股权结构的提议。
The debate is a long-running sore in the city that has stuck to a one share, one vote principle for 30 years. It is only two years since it rejected a proposal for multiple classes.
对于这个问题，大致上有两派意见：一派是寻求维护股东权益的投资者，另一派是投资银行家、交易员和律师，后一个阵营仍对2014年的一件事情耿耿于怀：在香港当局拒绝接受阿里巴巴(Alibaba)有争议的治理结构之后，该公司转赴纽约进行创纪录的上市，融资额高达250亿美元。
The issue broadly pits investors guarding shareholder rights against investment bankers, traders and lawyers still mourning the loss of Alibaba’s record-breaking $25bn float to New York in 2014 after Hong Kong authorities refused to accept its controversial governance structure.
上周，香港交易所行政总裁李小加(Charles Li)表示，他觉得该交易所拥有足够支持，可以推进一个具体的建议。
“如果我们认为有必要，我们是否……引入潜在加权投票权，允许一些大型(科技)公司在本港上市?”他在一个论坛上表示，“我认为答案是非常强烈地赞成。”
投资者私下担心，李小加信心满满，表明接受双层股权结构是有政治支持的，足以克服任何异议。
Last week Charles Li, chief executive of the HKEX, said he felt the exchange had the support to push ahead with a concrete proposal. “If we think it’s necessary, do we . . . introduce potentially weighted voting rights to allow some of the major [tech] companies to be listed here?” he told a forum. “I think theChinese investment group Fosun says it has revised an offer for Indian pharmaceutical company Gland Pharma after regulators in India held up the $1.1bn deal during a time of political discord between the two countries.
中国投资集团复星(Fosun)表示，已调整对印度制药商Gland Pharma的报价，此前印度监管机构在两国政治不和的背景下叫停了这笔11亿美元的交易。
Fosun Pharma said in a regulatory filing that it would lower the stake it planned to take in the company from 86 to 74 per cent, below the threshold needed for certain regulatory approval in India.
复星医药(Fosun Pharma)在一份监管申报文件中表示，该公司将把拟收购的Gland Pharma股份从86%降到74%，低于需要某些印度监管审批的门槛。
The founders of the company will retain a higher stake in Gland but Fosun will still take control over the group, which produces anti-coagulants, anaesthetics and other injectable medicines, mainly for export to the US.
Gland Pharma创始人将保留对该公司的较多持股，但复星仍将控制该集团，这家印度公司生产抗凝剂、麻醉剂和其他注射用药物，主要出口到美国。
New Delhi’s Cabinet Committee on Economic Affairs, which has the power to block buyouts of more than 75 per cent of certain types of companies, had halted the deal earlier this year, leading to speculation it could fail.
印度经济事务内阁委员会(Cabinet Committee on Economic Affairs)有权阻止对某些公司持股比例超过75%的收购，今年早些时候该委员会叫停了这笔交易，令外界猜测此交易可能落空。
The committee had concerns about India losing its edge in some areas of the pharmaceutical industry, the Financial Times reported at the time.
据英国《金融时报》当时报道，该委员会担心印度在制药业某些领域失去优势。
Fosun said on Sunday that the deal no longer required the approval of the Cabinet Committee on Economic Affairs and that it had received approval from competition regulators in India and the US, as well as from authorities in China.
复星周日表示，这笔交易不再需要经济事务内阁委员会的批准，并已获得印度和美国竞争监管机构以及中国相关部门的批准。
Private equity firm KKR, an investor in Gland Pharma, will sell its holdings to Fosun.
Gland Pharma投资者之一，私人股权投资公司KKR将向复星出售其持股。
The deal stalled during a serious flare-up in a territorial dispute between China and India in a remote part of the Himalayas.
此前中印两国在喜马拉雅山一处偏僻地区的领土纠纷严重升级，其间这笔交易被搁浅。
