????本周五,，即美國(guó)東部時(shí)間9月19日上午9:30分，紐約證券交易所（NYSE）將啟動(dòng)程序,，確定阿里巴巴（Alibaba）首次公開(kāi)募股的開(kāi)盤(pán)價(jià),，據(jù)預(yù)測(cè)，阿里巴巴此次將至少募資210億美元。

????不過(guò),，這家中國(guó)電子商務(wù)公司的具體開(kāi)盤(pán)交易時(shí)間仍未確定,。阿里巴巴由馬云擔(dān)任CEO，全稱(chēng)為“阿里巴巴集團(tuán)控股有限公司”,，也被稱(chēng)為中國(guó)的亞馬遜（Amazon）,。

????之所以時(shí)間無(wú)法確定，是因?yàn)榧~約證券交易所推遲了阿里巴巴首次公開(kāi)發(fā)行股票的開(kāi)盤(pán)時(shí)間,。推遲的時(shí)間長(zhǎng)短取決于一系列因素,，包括主承銷(xiāo)商以及交易的熱門(mén)程度。在阿里巴巴這次,，主承銷(xiāo)商為高盛（Goldman Sachs）,，而且它顯然很受投資者的追捧。

????一般而言,，紐約證券交易所的新股開(kāi)盤(pán)時(shí)間為敲響開(kāi)市鐘后15分鐘之內(nèi),。但與競(jìng)爭(zhēng)對(duì)手納斯達(dá)克（Nasdaq）不同，紐約證券交易所從未設(shè)定官方的新股開(kāi)盤(pán)時(shí)間,。而兩年前,，納斯達(dá)克搞砸了Facebook的IPO，結(jié)果未能按計(jì)劃開(kāi)始交易,。

????通用汽車(chē)（General Motors）再上市時(shí)曾在上午9:36開(kāi)始交易,。其他熱門(mén)科技公司IPO開(kāi)始交易的時(shí)間通常都晚于15分鐘。去年,， Twitter在紐約證券交易所上市,，其股票直到上午10:49才開(kāi)始交易。

????紐約證券交易所的管理人員認(rèn)為,，鑒于阿里巴巴此次IPO的規(guī)模和投資者的興趣,，其股票開(kāi)盤(pán)的時(shí)間可能會(huì)推遲。曾擔(dān)任Twitter IPO承銷(xiāo)商的高盛,，一貫都是不急不徐的,。那么，阿里巴巴開(kāi)始交易的具體時(shí)間到底是什么時(shí)候,？答案是,，大約在上午11點(diǎn)。

????紐約證券交易所總裁湯姆?法利周二對(duì)《財(cái)富》雜志（Fortune）表示：“紐約證券交易所的偉大之處在于,，它并非完全依賴(lài)科技,，對(duì)于一只股票來(lái)說(shuō)，到了某個(gè)合適的時(shí)間點(diǎn),，它必須開(kāi)始交易,。我們?cè)阡N(xiāo)售點(diǎn)的員工會(huì)做出合理的決定。其中一項(xiàng)合理決定是：‘這是一次大規(guī)模的IPO,，似乎有一點(diǎn)失衡,。讓我們稍微放慢一下速度?！?/p>

????以下是阿里巴巴上市的具體流程：周四晚上,，阿里巴巴從華爾街選擇的主承銷(xiāo)商將根據(jù)收到的訂單，一起確定阿里巴巴IPO的發(fā)行價(jià)——主承銷(xiāo)商除高盛之外,，還包括摩根大通（JPMorgan Chase）,、摩根士丹利（Morgan Stanley）、花旗集團(tuán)（Citigroup）,、瑞士信貸（Credit Suisse）和德意志銀行（Deutsche Bank）,。發(fā)行價(jià)格區(qū)間為每股66 - 68美元。不過(guò),，阿里巴巴股票的上市價(jià)格可能為68美元,，因?yàn)橥顿Y者對(duì)其股票的需求旺盛，并且阿里已經(jīng)提高了之前60 - 66美元的價(jià)格區(qū)間,。

????發(fā)行價(jià)最早將在周四收盤(pán)后的下午4:01確定,。但這個(gè)過(guò)程也可能需要數(shù)個(gè)小時(shí)，有可能要到晚上才能確定最終發(fā)行價(jià),。之后,，有幸在IPO中買(mǎi)到股票的投資者，就能知道他們獲得了多少股份,。

????但這還不是阿里巴巴股票的開(kāi)盤(pán)價(jià)格,。周五上午，紐約證券交易所將開(kāi)始所謂的“新股盤(pán)前競(jìng)價(jià)程序”,，紐約證券交易所的官方名稱(chēng)是“價(jià)格發(fā)現(xiàn)程序”,。在此期間，股票經(jīng)紀(jì)商可以提交買(mǎi)進(jìn)或賣(mài)出訂單,。這些訂單將進(jìn)入系統(tǒng),，但要在阿里巴巴開(kāi)始交易之后才能實(shí)際完成。在周五上午9:30之后的某個(gè)時(shí)間點(diǎn),，紐約證券交易所將在現(xiàn)場(chǎng)宣布并在系統(tǒng)中顯示,，交易所將“凍結(jié)賬目”，意思是其將臨時(shí)停止接受新訂單,。這也意味著阿里巴巴的股票將很快開(kāi)始交易,。交易開(kāi)始后，買(mǎi)賣(mài)交易將恢復(fù)正常,。

????而阿里巴巴上市的漫長(zhǎng)旅程也將在那一刻到達(dá)終點(diǎn),。（財(cái)富中文網(wǎng)）

????翻譯：劉進(jìn)龍/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.