Alibaba executives have defended a controversial deal to split off its payments arm, as investors expressed their concerns about corporate governance at the Chinese internet behemoth’s fundraising roadshow.阿里巴巴(Alibaba)的高管们为该公司合并缴纳部门的有争议交易展开了申辩。在这家中国互联网巨擘上市路演期间，投资者对其公司管理回应批评。

Fund managers have questioned the 2011 transfer of Alipay to a company controlled by Alibaba founder Jack Ma at private meetings and it has come up at well-attended group lunches in Boston and New York this week, even as executives generate growing excitement over the $21bn share sale.基金经理们在不公开发表会议上批评2011年支付宝(Alipay)被移往至阿里巴巴创始人马云(Jack Ma)有限公司的一家公司之事。这件事本周在波士顿和纽约举办的午餐会上也被提到，即便高管们顺利为这宗210亿美元的上市交易引发了更加大的兴趣。A knockdown price has enabled bankers to build strong interest ahead of the flotation, planned for next week.较低的价格让银行家们以求在订于下周展开的上市前夕更有投资者的反感兴趣。

Ownership of Alipay was transferred to a company called SFMS and replaced with a profit-sharing agreement because of unclear Chinese regulations surrounding foreign ownership of payments companies, Alibaba told investors this week.阿里巴巴本周对投资者回应，由于中国针对缴纳公司外资所有权的法规不明朗，支付宝的所有权被移往至一家取名为SFMS的公司，阿里巴巴集团的权益被一份利润共享协议取而代之。“It was the hardest decision of my life,” Mr Ma said.“那是我一生中最艰苦的要求，”马云说。Tony Ursillo, technology analyst and portfolio manager at Loomis Sayles, said the Alipay transfer process had seemed “not totally transparent”, but executives’ answers assuaged concerns at a lunch meeting in Boston.科技业分析师、Loomis Sayles投资人组经理纳尼乌斯罗(Tony Ursillo)回应，支付宝的移往过程此前或许是“不几乎半透明的”，但高管们在波士顿午餐会上的问减轻了忧虑。“At the end of the day, my bet is on management, and Jack Ma talked about Alibaba like it was his child and he was nurturing it into an adult,” Mr Ursillo said. “There are clear strengths that this company has, from a substantial market share and a trusted brand, to a very experienced management team.”“最后而言，我押注的是管理层，马云谈及阿里巴巴就像谈及自己的孩子，他在把它养育成人，”乌斯罗回应。

“这家公司享有显著的优势，从可观的市场占有率和受到信赖的品牌，到一个十分有经验的管理团队。”One investor who is due to meet management next week said the Alipay deal and other aspects of corporate governance topped a list of concerns. The company that shareholders will own does not have direct ownership of Alibaba’s assets and business, which operates through “variable interest entities” owned by its founders. A partnership of 30 individuals will retain the right to nominate a majority of the board after the IPO.订于下周会谈管理层的一位投资者回应，在令人担忧的问题中，支付宝交易和公司管理的其它几个方面是最主要的。

股东们即将享有的这家公司并不必要享有阿里巴巴的资产和业务，这些业务通过创始人享有的“星型利益实体”经营。首次公开发表上市(IPO)已完成后，由30个人构成的一个合伙人团队将保有奖提名多数董事会成员的权利。The Alipay switch three years ago underscored how these relationships can be shifted, the investor said. “It is worrisome, and although it sounds far-fetched, I fear coming into the office one day to discover the whole thing has unravelled.”这位投资者回应，3年前的支付宝交易凸显这些关系有可能再次发生怎样的改变。

“这一点令人担忧，虽然这听得一起有些可笑，但我害怕有一天到办公室后找到事情再次发生了巨变。”Other investors said they had already come to terms with Alibaba’s corporate governance and focused their time with management on grasping the scope of the business and the growth potential instead.其他投资者回应，他们早已明白阿里巴巴的公司管理是怎么回事，因而将利用与管理层会面的时间侧重理解业务情况和快速增长潜力。

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