阿里巴巴何时开盘交易？

    本周五，即美国东部时间9月19日上午9:30分，纽约证券交易所（NYSE）将启动程序，确定阿里巴巴（Alibaba）首次公开募股的开盘价，据预测，阿里巴巴此次将至少募资210亿美元。

    不过，这家中国电子商务公司的具体开盘交易时间仍未确定。阿里巴巴由马云担任CEO，全称为“阿里巴巴集团控股有限公司”，也被称为中国的亚马逊（Amazon）。

    之所以时间无法确定，是因为纽约证券交易所推迟了阿里巴巴首次公开发行股票的开盘时间。推迟的时间长短取决于一系列因素，包括主承销商以及交易的热门程度。在阿里巴巴这次，主承销商为高盛（Goldman Sachs），而且它显然很受投资者的追捧。

    一般而言，纽约证券交易所的新股开盘时间为敲响开市钟后15分钟之内。但与竞争对手纳斯达克（Nasdaq）不同，纽约证券交易所从未设定官方的新股开盘时间。而两年前，纳斯达克搞砸了Facebook的IPO，结果未能按计划开始交易。

    通用汽车（General Motors）再上市时曾在上午9:36开始交易。其他热门科技公司IPO开始交易的时间通常都晚于15分钟。去年， Twitter在纽约证券交易所上市，其股票直到上午10:49才开始交易。

    纽约证券交易所的管理人员认为，鉴于阿里巴巴此次IPO的规模和投资者的兴趣，其股票开盘的时间可能会推迟。曾担任Twitter IPO承销商的高盛，一贯都是不急不徐的。那么，阿里巴巴开始交易的具体时间到底是什么时候？答案是，大约在上午11点。

    纽约证券交易所总裁汤姆•法利周二对《财富》杂志（Fortune）表示：“纽约证券交易所的伟大之处在于，它并非完全依赖科技，对于一只股票来说，到了某个合适的时间点，它必须开始交易。我们在销售点的员工会做出合理的决定。其中一项合理决定是：‘这是一次大规模的IPO，似乎有一点失衡。让我们稍微放慢一下速度。’”

    以下是阿里巴巴上市的具体流程：周四晚上，阿里巴巴从华尔街选择的主承销商将根据收到的订单，一起确定阿里巴巴IPO的发行价——主承销商除高盛之外，还包括摩根大通（JPMorgan Chase）、摩根士丹利（Morgan Stanley）、花旗集团（Citigroup）、瑞士信贷（Credit Suisse）和德意志银行（Deutsche Bank）。发行价格区间为每股66 - 68美元。不过，阿里巴巴股票的上市价格可能为68美元，因为投资者对其股票的需求旺盛，并且阿里已经提高了之前60 - 66美元的价格区间。

    发行价最早将在周四收盘后的下午4:01确定。但这个过程也可能需要数个小时，有可能要到晚上才能确定最终发行价。之后，有幸在IPO中买到股票的投资者，就能知道他们获得了多少股份。

    但这还不是阿里巴巴股票的开盘价格。周五上午，纽约证券交易所将开始所谓的“新股盘前竞价程序”，纽约证券交易所的官方名称是“价格发现程序”。在此期间，股票经纪商可以提交买进或卖出订单。这些订单将进入系统，但要在阿里巴巴开始交易之后才能实际完成。在周五上午9:30之后的某个时间点，纽约证券交易所将在现场宣布并在系统中显示，交易所将“冻结账目”，意思是其将临时停止接受新订单。这也意味着阿里巴巴的股票将很快开始交易。交易开始后，买卖交易将恢复正常。

    而阿里巴巴上市的漫长旅程也将在那一刻到达终点。（财富中文网）

    翻译：刘进龙/汪皓

    On Friday, September 19 at 9:30 a.m. ET, the NYSE stock exchange will begin the process to determine the opening price for trading Alibaba’s IPO, which is expected to raise at least $21 billion.

    But the exact time in which the stock of the Chinese e-commerce company—which is run by CEO Jack Ma, officially known as Alibaba Group Holding Ltd , and is sometimes referred to as the Amazon of China—will begin trading is unknown.

    That’s because the New York Stock Exchange delays the opening of shares of initial public offerings. How big a delay that will be depends on a number of factors, including the underwriter leading the offering, which in this case is Goldman Sachs , and how hot the deal is, which in this case is very.

    Generally, IPOs open on the NYSE within 15 minutes of the opening bell. But unlike at rival Nasdaq , which two years ago flubbed the IPO of Facebookand did not begin trading on schedule, the NYSE does not set an official trading start time for IPOs.

    General Motors started trading at 9:36 a.m. Other hot technology IPOs have taken much longer than the typical 15 minutes. When Twitter went public last year on the NYSE, the stock did not start trading until 10:49 a.m.

    Officials at the NYSE think the size of Alibaba’s IPO and the interest around it could mean it will take even longer to open. And Goldman, which was also the underwriter for Twitter, has a history of not rushing IPOs. The best guest for an Alibaba trading start? Around 11 a.m.

    “What’s great about the NYSE is that it’s not all about technology and that at a moment in time a stock has to open up,” Tom Farley, president of the NYSE, told Fortune on Tuesday. “We have humans at the point of sale who can make rational decisions. And one rational decision is, ‘this is a big IPO, feels like a bit of an imbalance, let’s slow it down a bit.'”

    Here’s how it will go down: On Thursday night, Alibaba’s lead Wall Street bankers—which, along with Goldman, include JPMorgan Chase , Morgan Stanley , Citigroup , Credit Suisse, and Deutsche Bank—will get together and set, based on the orders they have received, an offering price for Alibaba’s IPO. The range for that offering price was $66-to-$68 a share. But it’s likely that Alibaba’s shares will go public at $68, given that there has been a lot of demand for the offering and that an earlier range of $60-to-$66 was raised.

    The price for the offering could be set as early as 4:01 p.m. on Thursday, after the market closes for the day. But the process is likely to take a few hours, and it might not happen until later in the evening. After that, investors lucky to get stock in the IPO will find out how many shares they received.

    But that’s not the price Alibaba’s shares will begin trading at. On Friday morning, the exchange will start the process of what some people call the “IPO cross,” which NYSE officially calls the “price discovery process.” During that time, brokers can submit buy or sell orders. Those orders will be put into the system but won’t actually be completed until Alibaba starts trading. At some point after 9:30 a.m. on Friday, the NYSE will call out on the floor, and indicate on its systems, that it is “freezing the book,” meaning it will temporarily stop taking new orders. That’s the indication that Alibaba will soon start trading. Once it does, the buying and selling will resume.

    And Alibaba’s long journey toward becoming a public company will come to an end.