去哪兒獲銀湖領投再融資5億美元

US private equity firm Silver Lake has placed another big bet on the booming Chinese consumer internet industry, leading a $500m convertible bond round in publicly traded online travel site Qunar.

美國私人股本公司銀湖(Silver Lake)對蒸蒸日上的中國消費互聯網行業再次投下重大賭注，帶領其他機構共購買已上市在線旅遊網站——去哪兒網(Qunar)發行的5億美元可轉債。

The deal echoes the firm’s backing of Alibaba in 2011 and 2012, when it invested around $500m in the then private ecommerce company. That stake has brought a return of about six times the original investment, based on disposals and the value of the remaining 86 per cent.

此交易跟銀湖2011年和2012年兩次投資阿里巴巴(Alibaba)如出一轍，當時對這家電商公司仍是私人持有，銀湖入股約5億美元。根據資產處置和阿里巴巴剩餘86%股份的價值計算，這筆股份已帶來了約6倍於原始投資的回報。

The news came as Qunar, which went public in 2013, announced plans to sell an additional 8m American depositary receipts, currently worth about $380m.

銀湖投資去哪兒網的消息傳來之際，2013年上市的去哪兒網宣佈打算再出售800萬份美國存託憑證(ADR)——當前價值約3.8億美元。

With search group Baidu controlling a majority of Qunar’s stock following a 2011 investment in the company, Silver Lake’s latest deal aligns it with a second of China’s leading internet companies. Robin Li, Baidu’s chief executive, is chairman of the travel site’s board.

2011年，搜索集團百度(Baidu)入股去哪兒網，成爲其控股股東。銀湖通過最新交易，與第二家中國主要互聯網企業站到了一起。目前，百度首席執行官李彥宏(Robin Li)擔任去哪兒網的董事會主席。

One person close to Silver Lake said that, despite the ownership interest, Qunar management operated at arm’s length from Baidu. There was no significant overlap between the Qunar and Alibaba businesses, reducing the risk of any conflict from the latest investment.

一名接近銀湖的人士表示，儘管百度擁有其控股股權，但去哪兒網的管理層在運營中仍與百度保持着一定距離。去哪兒網與阿里巴巴的業務重疊不大，降低了最近這筆投資引發利益衝突的風險。

Qunar’s rapid growth has been underpinned by mobile travel bookings in China. On Monday it reported that revenues had climbed 97 per cent in US dollar terms in the first quarter, to $108.3m, with mobile revenues rising 257 per cent. Mobile represented 59.4 per cent of revenues in the quarter, nearly double the 31.6 per cent of a year before. The company reported a net loss attributable to shareholders of $113m for the period.

去哪兒網的快速增長得到了中國移動旅行預訂業務的支撐。去哪兒網週一公告稱，一季度以美元計的營收大增97%，增至1.083億美元，而移動業務營收增加了257%。移動業務營收佔到公司季度總營收的59.4%，幾乎爲去年同期31.6%的兩倍。該公司公告稱，一季度歸屬於股東的淨虧損爲1.13億美元。

The bonds, which carry an interest rate of 2 per cent, can be converted into Qunar American depositary receipts at $55, a premium of around 20 per cent to the price at which the ADSs closed on Monday before the announcement of the investment. The investment round included $170m from a local Chinese investment firm whose identity was not disclosed.

此次所發債券的利息爲2%，可以按55美元的價格轉換爲去哪兒網的美國存託憑證，較投資消息公佈之前的週一美國存託憑證收盤價高出約20%。此次所發債券中，還有一家未披露身份的中國國內投資公司認購了1.7億美元。