中英文本

On May 10th Uber, the world's biggest ride-hailing firm, listed on the New York Stock Exchange—and promptly tanked.
5月10日，世界最大的打车服务公司优步在纽约证券交易所上市，并迅速跳水(]PntHGyCDA)7。
As The Economist went to press it was trading at $41.29, 8% below its listing price.
在本期《经济学人》出版时，该公司股价为41.29美元，比上市价格低8%ceJQIcjkah[nO|Yu;[Se。
On the first day of trading investors lost about $650m. Some have called it the worst initial public offering (IPO) ever.
在交易首日，投资者损失约6.5亿美元.DHB|A97*t8C-d。一些人称它是有史以来最糟糕的首次公开发行股票（IPO）VPti42sz~f^iFQyL+4。
But it could give a boost to fresh thinking on how fast-growing startups should go public.
但这可能会促使人们重新思考快速增长的初创企业应该如何上市vZU67*^wLOm)obBZwA。
And even as Uber's first shares were trading, one such innovation got the go-ahead from
即便是在优步第一批股票交易的时候，其中一项这种创新获得了
the Securities and Exchange Commission(SEC), America's main financial regulator.
美国主要金融监管机构，证券交易委员会（SEC）的批准+ez]w_RiRYNE。
The Long-Term Stock Exchange (LTSE) is based in San Francisco and backed by Silicon Valley luminaries
长期证券交易所（LTSE）总部位于旧金山，并得到了硅谷名流的支持
including Marc Andreessen, Reid Hoffman and Peter Thiel.
包括马克·安德森、雷德·霍夫曼以及彼得·蒂尔9MiZu82@=v8hU。

They are animated by the weaknesses of conventional exchanges when it comes to startups.
当说起初创企业，传统交易所的弱点令他们兴奋不已n~;-tG=Nu^N9*=。
Things such as quarterly results, short-sellers and high-frequency trading distract from building businesses for the long term,
季度业绩、卖空者和高频交易等因素会分散建立长期业务的注意力，
says Eric Ries, the LTSE's boss and the author of "The Lean Startup".
LTSE的CEO兼《精益创业》的作者埃里克·莱斯说到8KT01&|)A^R。
Such distractions are not all unwelcome. Public markets can bring discipline to badly governed startups.
这样的干扰并非都不受欢迎q+#Ap[kJ]x。公开市场可以规范管理不善的初创企业5I7;+pv_nvQ。
Short-sellers help keep companies honest.
卖空者帮助公司保持诚信jZAet%~Pl#。
It would probably not have taken them long to sniff out the fraud at Theranos, for instance, had the blood-testing firm been public.
例如，如果血液检测公司Theranos上市，他们可能不用花很长时间就能嗅出这家公司的欺诈行为j|;iQfEc!~#Ol(GveAUh。
Nevertheless, the LTSE's backers are onto something. Startups have been staying private as long as possible
尽管如此，LTSE的支持者还是发现了一些问题UwP-FtH_j+c。初创公司一直尽可能保持私有
and granting shares conferring greater voting rights to their founders when they do finally go public.
并在公司最终上市时，授予他们的创始人更大投票权的股份GZw)qU1CfgZQ。
In turn big private investors, including sovereign-wealth and hedge funds,
反过来，大型私人投资者，包括主权财富和对冲基金，
have pumped billions into "unicorns" (private firms valued at more than $1bn),
将数十亿资金注入“独角兽公司”（估值十亿以上的民营企业），
capturing most of the value they create and leaving little for investors in public markets.
获取他们创造的大部分价值，而留给公开市场中投资者的资金所剩无几Y3y[J,6alN~_K|g8O=r。

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词语解释

1.list上市
It will list on the London Stock Exchange next week with a value of 130 million pounds.
它将以1.3亿英镑的市值于下星期在伦敦证券交易所上市sZ!@PLEmm7g6。
2.initial public offering上市
Initial public offering is the most important way to raise capital for joint-stock companies.
股票首次公开发行是股份公司募集资金的重要方式tJHxARAj@J+qpcU0He。
3.conventional 传统的
She's very conventional in her views.
她的观点很守旧T8zO5F;f6yl1q。
4.sniff out 发现；嗅出
They are training these dogs to sniff out drugs.
他们训练狗嗅出毒品来iYa-+o_237W^Z%~9tTe[。