快手上市了，抖音还会远吗

今日，著名科技公司快手在香港上市。

无注释原文：

Shares in TikTok rival Kuaishou almost triple on Hong Kong debut

FT

Shares in Kuaishou nearly tripled on their first day of trading in Hong Kong, propelling the valuation of the Chinese streaming video platform to within touching distance of ByteDance, the owner of its chief rival TikTok.

The company’s stock opened 194 per cent higher in early trading on Friday at HK$338 (US$43.60), up from the initial public offering price of HK$115.

Kuaishou, which raised about $5.4bn in the biggest tech IPO since Uber, competes in China with ByteDance, the owner of TikTok and its Chinese sister app Douyin. ByteDance is also considering a listing this year for some of its businesses, according to two people directly familiar with the matter.

The pop in Kuaishou’s stock on Friday brought its market capitalisation to almost $180bn. ByteDance was valued at about $180bn at its most recent December fundraising round, according to a person directly familiar with the matter.

“For a sizeable IPO like this one I can’t recall any . . . reaching this sort of extraordinary performance” on day one, said Ronald Wan, chief executive and founder of Hong Kong investment firm Partners Capital. “The valuation [of Kuaishou] was really high already at the IPO price, but the sky’s the limit,” he added.

The first day jump boosted the value of Kuaishou chief executive Su Hua’s 11.8 per cent stake in the group to more than $21bn. The 9.2 per cent stake held by Cheng Yixiao, the company’s founder and chief of product, is also worth nearly $17bn. The two men effectively control the company through a special class of stock with 10 times the voting power of ordinary shares.

Early stage backer 5Y Capital, which kept Kuaishou alive in its first three years, holds a 13.7 per cent stake worth $24.5bn. Its early $1.3m investment alone is now worth $15.5bn — a 1,178,458 per cent gain that makes it one of the best venture capital bets of all time. 

The rise in Kuaishou’s stock valued the 17.8 per cent stake held by Chinese technology group Tencent at almost $32bn.

Cheng founded Kuaishou about a decade ago as a tool for users to create GIFs — short animated images — on smartphones. The company pivoted toward short videos as smartphone cameras and data networks became faster and more powerful.

More than 262m Chinese users check the Kuaishou app an average of 10 times per day, spending an average of 86 minutes watching videos and chatting with the creators who make them.

These interactions produce the app’s main revenue stream, as Kuaishou takes a cut of the tips viewers shower on content creators. These include small virtual gifts such as stickers, ranging from ones depicting beer for Rmb1.5 (US$0.23) each to ones of golden dragons that cost Rmb1,400. Such tips contributed 62 per cent of Kuaishou’s revenue in the nine months to September 30 last year.

Total revenue in the period rose 49 per cent from a year earlier to Rmb41bn as it reported a Rmb9bn operating loss.

Kuaishou’s buoyant debut could pave the way for its much larger rival ByteDance to move quickly for a listing with markets at historic highs. ByteDance’s Douyin app, just one in its stall of hit offerings, had 602m average monthly users in China last year, versus Kuaishou’s 460m, according to Analysys.

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注：中文文本为机器翻译仅供参考，并非一一对应

含注释全文：

Shares in TikTok rival Kuaishou almost triple on Hong Kong debut

FT

Shares in Kuaishou nearly tripled on their first day of trading in Hong Kong, propelling the valuation of the Chinese streaming video platform to within touching distance of ByteDance, the owner of its chief rival TikTok.

快手（Kuaishou）在香港上市首日股价上涨近两倍，将这家中国流媒体视频平台的市值推至接近字节跳动（ByteDance）的水平，后者是快手的主要竞争对手抖音（中国版TikTok）的母公司。

表示“（使）成三倍，（使）增加两倍”，英文解释为“to increase three times in size or amount, or to make something do this”举个🌰：

We have tripled our output over the past two years.

过去两年里，我们的产量增加了两倍。

表示“推动；驱动；推进”，英文解释为“To propel something in a particular direction means to cause it to move in that direction.”举个🌰：

The tiny rocket is attached to the spacecraft and is designed to propel it toward Mars.

微型火箭附在宇宙飞船上，用来推进飞船飞向火星。

The film propelled him to international stardom.

这部电影使他成为了国际巨星。

The company's stock opened 194 per cent higher in early trading on Friday at HK$338 (US$43.60), up from the initial public offering price of HK$115.

该公司股票周五早盘开盘上涨194%，报338港元（合43.60美元），高于首次公开发行（IPO）定价每股115港元。

首次公开募股（Initial Public Offering, IPO）是指一家企业第一次将它的股份向公众出售。一旦首次公开上市完成后，这家公司就可以申请到证券交易所或报价系统挂牌交易。（百度百科）

Kuaishou, which raised about $5.4bn in the biggest tech IPO since Uber, competes in China with ByteDance, the owner of TikTok and its Chinese sister app Douyin. ByteDance is also considering a listing this year for some of its businesses, according to two people directly familiar with the matter.

在优步（Uber）之后最大的一次科技IPO中，快手融资约54亿美元，在中国，快手是抖音及其姐妹应用TikTok母公司字节跳动的竞争对手。据两位知情人士透露，字节跳动也在考虑今年将旗下部分业务上市。

list作动词，表示“使（公司）上市；（公司）上市”（If a company is listed, or if it lists, on a stock exchange, it obtains an official quotation for its shares so that people can buy and sell them.）举个🌰：

Last month, thirty new companies were listed.

上个月有30家公司上市。

📍listing作名词，除了表示“（表册上的）位置，项目”，也有“上市”的含义，英文解释为“a position or an item on a list”举个🌰：

The company is seeking a stock exchange listing (= for trading shares).

这家公司正在争取上市。

The pop in Kuaishou's stock on Friday brought its market capitalisation to almost $180bn. ByteDance was valued at about $180bn at its most recent December fundraising round, according to a person directly familiar with the matter.

快手周五股价的爆涨使其市值达到近1800亿美元。据一位知情人士透露，字节跳动在去年12月的一轮融资中估值约为1800亿美元。

“For a sizeable IPO like this one I can't recall any . . . reaching this sort of extraordinary performance” on day one, said Ronald Wan, chief executive and founder of Hong Kong investment firm Partners Capital. “The valuation [of Kuaishou] was really high already at the IPO price, but the sky’s the limit,” he added.

香港投资公司Partners Capital首席执行官兼创始人Ronald Wan表示，“对于像这样规模庞大的IPO，我不记得有哪家......在第一天就达到了这样的非凡表现”。他补充说：“（快手）的估值在IPO价格上已经很高了，但没有上限，一切皆有可能"。

表示“相当大的”，英文解释为“fairly large”，如：a sizeable amount of money 数目可观的一笔钱，举个🌰：

Part-time students make up a sizeable proportion of the college population.

非全日制学生在大学生总人数中占了很大的比例。

表示“没有限制”，英文解释为“there is no limit”举个🌰：

The sky's the limit to what you can win in our competition.

在我们的比赛中可以赢得的奖品是没有限制的。

The first day jump boosted the value of Kuaishou chief executive Su Hua’s 11.8 per cent stake in the group to more than $21bn. The 9.2 per cent stake held by Cheng Yixiao, the company's founder and chief of product, is also worth nearly $17bn. The two men effectively control the company through a special class of stock with 10 times the voting power of ordinary shares.

首日的暴涨将快手公司首席执行官宿华持有的11.8%股份的价值提升至210亿美元以上。该公司创始人兼首席产品官程一笑持有的9.2%股份也价值近170亿美元。两人通过拥有10倍于普通股投票权的特殊类别股票实际控制了公司。

Early stage backer 5Y Capital, which kept Kuaishou alive in its first three years, holds a 13.7 per cent stake worth $24.5bn. Its early $1.3m investment alone is now worth $15.5bn — a 1,178,458 per cent gain that makes it one of the best venture capital bets of all time.

早期的投资者五源资本（5Y Capital）在前三年让快手活了下来，持有13.7%的股份，价值245亿美元。其早期130万美元的投资就已经价值155亿美元--1,178,458%的收益，使其成为有史以来最好的风险投资赌注之一。 

The rise in Kuaishou’s stock valued the 17.8 per cent stake held by Chinese technology group Tencent at almost $32bn.

快手股价的上涨使中国科技集团腾讯持有的17.8%股份估值近320亿美元。

Cheng founded Kuaishou about a decade ago as a tool for users to create GIFs — short animated images — on smartphones. The company pivoted toward short videos as smartphone cameras and data networks became faster and more powerful.

程一笑大约在十年前创立了快手，作为用户在智能手机上创建GIF--短动图的工具。随着智能手机摄像头和数据网络变得更快、更强大，该公司转向了短视频。

表示“（使）在枢轴上旋转（或转动）；转动；扭曲”，英文解释为“to turn or balance on a central point (= a pivot ) ; to make sth do this”举个🌰：

Windows that pivot from a central point are easy to clean.

沿中轴转动的窗子容易擦洗。

🎬电影《奎迪》（Creed）中的台词提到：I can't pivot fast enough. 我转得还不够快。

More than 262m Chinese users check the Kuaishou app an average of 10 times per day, spending an average of 86 minutes watching videos and chatting with the creators who make them.

超过2.62亿的中国用户平均每天查看快手10次，平均花费86分钟观看视频并与视频创作者聊天。

These interactions produce the app’s main revenue stream, as Kuaishou takes a cut of the tips viewers shower on content creators. These include small virtual gifts such as stickers, ranging from ones depicting beer for Rmb1.5 (US$0.23) each to ones of golden dragons that cost Rmb1,400. Such tips contributed 62 per cent of Kuaishou’s revenue in the nine months to September 30 last year.

这些互动是该应用的主要收入来源，因为快手会从观众给内容创作者的礼物打赏中抽成，包括贴纸等虚拟小礼物，从每张1.5元人民币（0.23美元）的啤酒贴纸到1400元人民币的金龙贴纸不等。在截至去年9月30日的9个月里，此类礼物打赏收入占快手总收入的62%。

cut作名词，熟词僻义，表示“份额（通常指钱）”，英文解释为“a share of something, usually money”举个🌰：

When am I going to get my cut?

我什么时候能拿到我那份钱？

shower sth. on sb. = shower sb. with sth. 表示“大量给予（某人）（礼物或赞美）”，英文解释为“to give someone a lot of presents or praise”举个🌰：

She only sees her niece occasionally, so she showers her with presents when she does.

她只能偶尔见到自己的侄女，因此见面时，她都送给她很多礼物。

表示“描写，描述，描绘；描绘，绘画”，英文解释为“to describe something or someone in writing or speech, or to show them in a painting, picture etc”，举个🌰：

The artist had depicted her lying on a bed.

画家画了她躺在床上的画像。

此前价值1.8亿元毕加索名画被撕文中出现过，According to Tate, the artwork depicts Picasso's lover Dora Maar and was painted in Paris in May 1944, during the final months of the Nazi occupation.

Total revenue in the period rose 49 per cent from a year earlier to Rmb41bn as it reported a Rmb9bn operating loss.

当期总收入较上年同期增长49%，达到410亿元人民币，它的经营亏损为90亿元人民币。

Kuaishou’s buoyant debut could pave the way for its much larger rival ByteDance to move quickly for a listing with markets at historic highs. ByteDance’s Douyin app, just one in its stall of hit offerings, had 602m average monthly users in China last year, versus Kuaishou’s 460m, according to Analysys.

快手的蓬勃登场可能为其规模更大的竞争对手字节跳动铺平了道路，使其在市场处于历史高位的情况下迅速上市。根据Analysys的数据，字节跳动的抖音应用，只是其热门产品之一，去年在中国的月均用户数为6.02亿，而快手为4.6亿。

buoyant /ˈbɔɪənt/ 1）表示“愉快而自信的；欢欣鼓舞的；轻松愉快的”，英文解释为“happy and confident”举个🌰：

He was in a buoyant mood.

他心情愉快。

2）表示“成功的；有利可图的”，英文解释为“successful or making a profit”举个🌰：

The housing market remains buoyant.

房屋市场依旧是有赚头的。

表示“（演员、运动员等的）首次登台，初次亮相；新事物的问世”，英文解释为“The debut of a performer or sports player is their first public performance, appearance, or recording.”举个🌰：

She made her debut in a 1937 production of "Hamlet."

她在1937年《哈姆雷特》的演出中首次登台。

表示“（为…）铺平道路，（为…）创造条件”，英文解释为“If something paves the way for/to something else, it makes the other thing possible.”举个🌰：

Scientists hope that data from the probe will pave the way for a more detailed exploration of Mars.

科学家们希望探测飞船发回的数据会为更深入地探索火星提供条件。

1）表示“用品；剧作；作品；供消遣的产品”，英文解释为“something that is produced for other people to use, watch, enjoy etc.”如：the latest offering from the writer 那位作家的最新作品。

2）表示“祭品；供品”，英文解释为“An offering is a gift that people offer to their God or gods as a form of worship.”

📺美剧《康斯坦丁》（Constantine）中的台词提到：we present you offerings from life into death 吾等向汝供奉由生入死的祭品。

经常看到缩写vs，vs.或者是单单一个v，就是指的versus，表示“（比较两种不同想法、选择等）与…相对，与…相比”，英文解释为“used to compare two different ideas, choices, etc.”如：private education versus state education 私立教育与公共教育相比，举个🌰：

It is France versus Brazil in the final.

决赛是法国队对巴西队。

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