Alibaba executives have defended a controversial deal to split off its payments arm, as investors² expressed their concerns about corporate³ governance at the Chinese internet behemoth’s fundraising roadshow.

阿里巴巴(Alibaba)的高管们为该公司拆分支付部门的有争议交易进行了辩护。在这家中国互联网巨擘上市路演期间，投资者对其公司治理表示质疑。

Fund managers have questioned the 2011 transfer of Alipay to a company controlled by Alibaba founder⁴ Jack⁵ 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会议上质疑2011年支付宝(Alipay)被转移至阿里巴巴创始人马云(Jack Ma)控股的一家公司之事。这件事本周在波士顿和纽约举行的午餐会上也被提及，即便高管们成功为这宗210亿美元的上市交易激起了越来越大的兴趣。

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得以在定于下周进行的上市前夕吸引投资者的强烈兴趣。

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表示，由于中国针对支付公司外资所有权的法规不明朗，支付宝的所有权被转移至一家名为SFMS的公司，阿里巴巴集团的权益被一份利润分享协议取而代之。

“It was the hardest decision of my life,” Mr Ma said.

“那是我一生中最艰难的决定，”马云说。

Tony Ursillo, technology analyst⁶ and portfolio⁷ manager at Loomis Sayles, said the Alipay transfer process had seemed “not totally transparent⁸”, but executives’ answers assuaged⁹ concerns at a lunch meeting in Boston.

科技业分析师、Loomis Sayles投资组合经理托尼•乌斯罗(Tony Ursillo)表示，支付宝的转移过程此前似乎是“不完全透明的”，但高管们在波士顿午餐会上的回答缓解了担忧。

“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 nurturing¹⁰ 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.”

“最终而言，我押注的是管理层，马云谈到阿里巴巴就像谈到自己的孩子，他在把它抚养成人，”乌斯罗表示。“这家公司拥有明显的优势，从庞大的市场占有率和受到信赖的品牌，到一个非常有经验的管理团队。”

One investor¹ 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 shareholders¹¹ will own does not have direct ownership of Alibaba’s assets and business, which operates through “variable interest entities¹²” owned by its founders¹³. A partnership¹⁴ of 30 individuals will retain the right to nominate a majority of the board after the IPO.

定于下周会晤管理层的一位投资者表示，在令人担忧的问题中，支付宝交易和公司治理的其它几个方面是最主要的。股东们将要拥有的这家公司并不直接拥有阿里巴巴的资产和业务，这些业务通过创始人拥有的“可变利益实体”经营。首次公开上市(IPO)完成后，由30个人组成的一个合伙人团队将保留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 unravelled¹⁵.”

这位投资者表示，3年前的支付宝交易突显这些关系可能发生怎样的转变。“这一点令人担忧，虽然这听起来有些牵强，但我怕有一天到办公室后发现事情发生了巨变。”

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.

其他投资者表示，他们已经明白阿里巴巴的公司治理是怎么回事，因而将利用与管理层会面的时间着重了解业务情况和增长潜力。