该公司的上市曾多次被推迟，令外界对这家全球盈利能力最强的公司能否达到沙特梦寐以求的2万亿美元估值产生怀疑。
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全文共510个词。
Saudi Aramco launched its long-awaited initial public offering on Sunday, kicking off the centrepiece of Crown Prince Mohammed bin Salman’s ambitious plan to overhaul the kingdom’s oil-addicted economy.
沙特阿美(Saudi Aramco)周日启动了市场期待已久的首次公开发行(IPO)，这是王储穆罕默德•本•萨勒曼(Mohammed bin Salman)雄心勃勃改革计划的核心部分，目的是彻底改革依赖石油的沙特经济。
The listing had faced a series of delays triggering doubts over the ability of the world’s most profitable company to secure the $2tn valuation coveted by the kingdom.
该公司的上市曾多次被推迟，令外界对这家全球盈利能力最强的公司能否达到沙特梦寐以求的2万亿美元估值产生怀疑。
A milestone in Prince Mohammed’s aggressive drive to deliver on his pledge to modernise the conservative kingdom, the IPO was tipped to be the world’s largest. Riyadh is hoping to raise as much as $60bn with a sale of up to 3 per cent of the company. Bankers privately believe that $1.2tn to $1.5tn is a more realistic valuation.
作为穆罕默德王储为了将这个保守王国现代化而采取的激进举措的里程碑，此次IPO有望成为世界上规模最大的IPO。沙特政府希望通过出售该公司最高达3%的股份，募资高达600亿美元。银行家们私下认为，1.2万亿至1.5万亿美元的估值更为现实。
Screenshot: FTChinese
The company said it would issue the IPO prospectus on November 9. The final offer price, the size of the listing and the valuation would be determined at the end of the bookbuilding period.
该公司表示，将于11月9日发布招股说明书。最终定价、上市规模和估值将在簿记建档结束时确定。
Yasir al-Rumayyan, Saudi Aramco’s chairman, said the announcement “marks a significant milestone in the history of the company” and showed progress towards delivering Prince Mohammed’s Saudi Vision 2030 economic reform plan.
沙特阿美董事长亚西尔•鲁迈扬(Yasir al-Rumayyan)表示，这一公告“是公司历史上的一个重要里程碑”，并表明穆罕默德王储的“沙特愿景2030”经济改革计划取得进展。
Saudi Aramco’s formal announcement is the closest the government has come to finalising the listing, which Saudi officials said would take place solely on the domestic Tadawul exchange for now.
沙特阿美的正式公告是沙特政府距离最终敲定上市最接近的一步。沙特官员表示，该公司目前将仅在国内的Tadawul交易所上市。
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Saudi Aramco reported $111bn in net income in 2018. Until now, the world’s biggest IPO has been that of Chinese ecommerce company Alibaba in 2014, which raised $25bn.
沙特阿美报告的2018年净利润为1110亿美元。迄今为止，全球规模最大的IPO是中国电商公司阿里巴巴(Alibaba) 2014年进行的募资250亿美元的IPO。
However, two people briefed on the process said despite the formal announcement of an intention to float, Saudi Aramco could still pull the listing at a later stage depending on the response from investors.
不过，两名知情人士表示，尽管沙特阿美已正式宣布了上市意向，但取决于投资者的反应，其仍有可能在稍后阶段撤消上市计划。
The IPO stalled last year amid concerns about the valuation and after the royal court ordered Saudi Aramco to buy a 70 per cent stake in Sabic, the kingdom’s biggest petrochemicals company, from the Public Investment Fund, the country’s sovereign wealth fund.
去年，由于对估值的担忧，加上王室命令沙特阿美从该国主权财富基金“公共投资基金”(Public Investment Fund)买下沙特最大石化公司——沙特基础工业公司(SABIC) 70%的股份，该公司的IPO陷入停滞。
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After the company’s oversubscribed debut $12bn bond in April, Riyadh revived the listing despite missile and drone attacks on Saudi Aramco’s infrastructure, which temporarily knocked out half of the kingdom’s crude oil production.
在该公司今年4月发行的120亿美元债券获得超额认购之后，利雅得方面重启了上市计划，尽管沙特阿美的基础设施遭到导弹和无人机袭击导致沙特的原油产量暂时减少了一半。
Although Riyadh postponed the launch of the IPO again last month, it continued to press advisers to ensure that the listing went ahead this year, with Prince Mohammed keen to prove that his economic reforms are on track, analysts say.
分析师们表示，尽管沙特上月再次推迟IPO，但沙特一直在向顾问机构施压，要求确保IPO能在今年完成，因为穆罕默德王储热衷于证明他的经济改革正在按计划推进。
Bankers say there is enthusiasm among Saudis for the listing, with domestic investors expected to comprise the bulk of the offering. Local banks are expected to lend heavily to Saudis to enable them to buy shares. Wealthy merchant families, many of whom were ensnared in Prince Mohammed’s corruption crackdown in 2017, have been pressed to invest.
银行家们表示，沙特人对此次上市热情高涨，预计国内投资者将构成此次发行的主体。预计当地银行将向沙特人大举放贷，方便他们购买股票。富有的商界家族——其中许多被卷入穆罕默德王储2017年的反腐行动——受到参与投资的压力。
Foreign investors, meanwhile, have been more sceptical about the kingdom’s valuation expectations, citing governance issues, state interference in corporate strategy and the kingdom’s inability to protect its energy facilities.
与此同时，外国投资者对沙特的估值预期持更为怀疑的态度，理由包括治理问题、政府对公司战略的干涉，以及沙特无力保护其能源设施。
Riyadh has also approached sovereign wealth funds in the Middle East and elsewhere to invest in the IPO. Most of the world’s major banks, including JPMorgan, Goldman Sachs, Morgan Stanley and Citigroup, have been working on the listing.
沙特政府还与中东和其他地区的主权财富基金接触，希望他们投资于此次IPO。包括摩根大通(JPMorgan)、高盛(Goldman Sachs)、摩根士丹利(Morgan Stanley)和花旗集团(Citigroup)在内的全球多数大型银行，一直在筹备此次上市。
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