參考翻譯：

When Warren Buffett spends $12bn on Heinz, a $125m stake by Prince Alwaleed bin Talal in Chinese online retailer 360 Buy looks trivial. But it is a sign that while the most famous value investor is plumping for quality, if not value exactly, his rival is still backing shoot-for-the-stars propositions. And they don’t get much starrier, or riskier, than China’s cut-throat retail world.
相比沃倫·巴菲特投資亨氏(Heinz)的120億美元，阿爾瓦利德·本·塔拉爾王子(Prince Alwaleed Bin Talal)投資中國網(wǎng)絡(luò)零售商京東商城(360 Buy)所花的1.25億美元看起來微不足道。但這一跡象表明，當(dāng)最富盛名的價(jià)值投資者選擇質(zhì)量（若非嚴(yán)格意義上的“價(jià)值”的話）之時(shí)，他的對手卻仍在尋覓“一鳴驚人”式的投資對象。再?zèng)]有比競爭激烈的中國零售市場更具“驚人”潛力，或者說更具風(fēng)險(xiǎn)的領(lǐng)域了。

Based on sheer size, ecommerce in the world’s second-largest economy has enormous potential. Only about two-fifths of China’s population is online, half the proportion of the US or South Korea. At 200m, there are already 25 per cent more online shoppers in China than the US, yet this still only constitutes a third of all Chinese netizens. Three quarters of web-savvy Americans are regular online spenders. China has far fewer retailers who can call themselves national too, so the web offers huge brand value potential to the outfit that can make it big online.
從規(guī)?？?，全球第二大經(jīng)濟(jì)體的電子商務(wù)市場存在巨大潛力。中國僅有約五分之二的人口使用網(wǎng)絡(luò)，比例不到美國或韓國的一半。但在線購物人數(shù)已達(dá)2億，超出美國25%，這還只占中國網(wǎng)民人數(shù)的三分之一。美國熟悉網(wǎng)絡(luò)的人口中，有四分之三會(huì)經(jīng)常上網(wǎng)消費(fèi)。此外，在中國可自稱全國經(jīng)營的零售商少得多，因此對于能夠在網(wǎng)上做大的商家，網(wǎng)絡(luò)為他們提供了巨大品牌價(jià)值潛力。

The trick is profiting from this market. Prince Alwaleed’s target, 360 Buy, is the second-largest online retailer, accounting for about a sixth of transaction value. Its sales have been rising at a compound 150 per cent. But so has the online market overall, according to Macquarie, suggesting little share gain in spite of extreme, and expensive, price war stunts that have hurt everyone. Gome, which competes in electronics, recently said its online unit was one factor in its first full-year loss last year. Macquarie expects market growth to slow to about 50 per cent by 2015. Most businesses would die for that, but there are as yet no signs of profits at 360 Buy as it builds a delivery network.
竅門是如何從這一市場獲利。阿爾瓦利德王子的投資目標(biāo)京東商城，是中國第二大網(wǎng)絡(luò)零售商，規(guī)模占網(wǎng)絡(luò)交易總量的六分之一。近年其銷售額的復(fù)合增長率達(dá)150%。但據(jù)麥格理(Macquarie)數(shù)據(jù)顯示，在線市場的整體規(guī)模擴(kuò)大速度也有這么快，似乎表明其市場份額幾乎沒有增長，盡管一場又一場極端且代價(jià)高昂的價(jià)格戰(zhàn)噱頭害慘了所有商家。電子產(chǎn)品市場的競爭者國美(Gome)日前表示，其網(wǎng)絡(luò)部門是造成去年首次全年虧損的因素之一。麥格理預(yù)計(jì)，到2015年，市場增長將放緩至50%左右。對大多數(shù)企業(yè)來說，這種增速是求之不得的，但忙于打造送貨網(wǎng)絡(luò)的京東商城還沒有任何盈利跡象。

Prince Alwaleed’s stake is part of a $400m injection for 360 Buy. Forget that last year the company said it was fully funded until 2015. Kingdom Holdings, the prince’s vehicle, says it invests in groups that seek to list in three years. That could be optimistic.
阿爾瓦利德王子的持股，是京東商城此輪4億美元注資的一部分。忘掉該公司去年所說的到2015年都資金充沛的話吧。阿爾瓦利德王子的投資工具——金達(dá)控股(Kingdom Holdings)表示，會(huì)投資于三年內(nèi)尋求上市的集團(tuán)。這可能樂觀了點(diǎn)兒。?

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