做空机构香橼——中国商界的“公敌”？ Do empty institutions citron -- China's business"Public enemy"?

　　自8月27日李开复炮轰做空机构香橼以后，更多的人加入了战团。

Since aug. 27 kai-fu lee cannon do empty institutions citron later,More and more people joined the company.

　　近日，李开复发布了一封公开信，其题目叫作《中国商界领袖联名谴责Citron》，包括21名投资人、18名企业高管、4名投行人士和18名创业者。一场声势浩大的抗议在公众眼球下拉开了帷幕。尽管支持声不绝于耳，也有人以批判的态度指出，“他们中80%都被中概股做空者砸了饭碗”。

recently,Kai-fu lee issued an open letter,Its subject is called[Chinese business leaders joint condemned Citron],Including 21 name investors/18 enterprise executives/Four investment bankers and 18 founders.A raise a storm of protest in the public eye next pulled open heavy curtain.Although support sound can be heard,Some critical attitude pointed out,"80% of them are almost shares in short person to hit the bowl".

　　一些声音则质疑了李开复的个人炒作和论战背后的整套运作。

Some voice is questioned kai-fu lee personal speculation and controversy behind the operation of a complete set of.

　　但有签名者回应说，“这件事没有私下策划，就是一呼百应。”比如，青云创业投资管理有限公司总裁兼CEO叶东，在接到李开复在亚杰商会内发布的签名征集邮件后，毫不犹豫地加入了联署。

But there is the undersigned response said,"It has not private planning,Is responses to a call."For example,Qingyun business starting investment management co., LTD., President and CEO YeDong,After receiving kai-fu lee in the jie chamber of commerce issued within the signature of the mail collection,Do not hesitate to join the reserve.

　　乾龙创投、起点创业营创始合伙人查立表示，针对中概股被做空，与李开复的交流已有多时，在事先不知情的情况下，自愿选择了签名。

Dry dragon vc/Starting point venture camp founding partner check made said,The development of the stock will be done empty,Kai-fu lee and communication for long time,In advance without the knowledge of the,Voluntary choice the signature.

　　做出同样选择的还有华山资本合伙人、展讯通信创始人陈大同。在接受本报记者采访时，他开门见山地说道：“这跟我们公司的利益有切身关系。大家都知道中国公司连遭攻击对吧？展讯就是去年六七月被浑水攻击过的一家”。

To make the same choice and huashan capital partners/Exhibition - communication founder of Chen.In accepting our newspaper reporter to interview,He said come straight to the point:"This with our company's interests have intimate relationship.We all understand that Chinese company is under attack even to it?Exhibition - is actually the last year was a muddy water have attacked".

　　而据本报记者了解，名单上的创业者，几乎都来自于《创业家》杂志社社长牛文文创办的黑马营。

And according to our newspaper reporter understanding,The list of entrepreneurs,Almost all come from the[entrepreneurs]President NiuWenWen magazine founded dark horse camp.

　　在一些创业者看来，李开复的做法很勇敢，乡土乡亲的创始人赵翼认为，这不太符合常规意义上的中国人的行事方式。在他的眼中，中国的创业者往往内秀、不自信。另一位创业者表示，在国内对财务作假一类的事情司空见惯，看到浑水、香橼等公司质疑中概股的时候，甚至会天然地觉得他们的质疑合理。

In some entrepreneurs looks,Kai-fu lee practice is very brave,The founder of local folks ZhaoYi think,It's not too conforms to the conventional sense of Chinese ways.In his eyes,China's entrepreneurs often charming/Don't believe.Another entrepreneurs said,In the domestic financial false things all in a day's work,See the muddy water/Citron and other companies in question shall strands of time,Even natural to feel their questioning reasonable.

　　李开复说，“签名人肯定是有选择的，当然有些人并不愿意。”

Kai-fu lee said,"Signer must have a choice,Of course, some people do not want to."

　　搜狗CEO王小川无疑是联署人中最出乎意料的一个。他回应本报记者提问时说，“开复牵头的这件事大方向是好的，签名有何不可？”搜狗内部人士也表示，香橼做空报告里对搜狗的描述确实令人啼笑皆非。李开复在微博私信对王小川“愿意去回应一个把你们捧上天的公司”表达了尊敬。

Sogou CEO WangXiaoChuan is undoubtedly the most unexpected of reserve a.He responded by our reporter said questions,"Open complex lead the way it is good,Signature why not?"Sogou insiders also said,Citron short the report for the description of the wry chronicling sogou indeed.Kai-fu lee in micro bo to WangXiaoChuan usually letters tell"Willing to response to a holding company your god"Expressed respect.

　　实际上，李开复也联络过产业链上的其它机构，包括两家对冲基金和5家投行，它们给出的回复大致是，香橼这样的公司没有必要去搭理，“我们做投资都会做自己的调研，看自己的报告”，一家投行负责人告诉李开复。华兴资本CEO包凡和易凯资本CEO王冉等四位投行人士则位列抗议名单当中。

In fact,Kai-fu lee also contacted the industrial chain of other institutions,Including two hedge funds and investment Banks five,They give reply is roughly,Citron such company did not need to respond,"We do investment will do their own research,See his report",A person in charge told li kaifu investment Banks.Huaxing capital CEO bag all and kay capital CEO WangRan four investment banker in protest of the list.

　　9月5日下午，李开复微博再次更新，称俞敏洪、孙陶然等五名商界人士亦加入联署阵营。众所周知，新东方教育集团七月末遭遇浑水公司的狙击，刚在风口浪尖走了一遭。对于俞敏洪签名的姗姗来迟，李开复告诉本报记者，俞敏洪前几天没上微博，看到之后立即同意签名。

On September 5th afternoon,Kai-fu lee micro bo update again,Says Mr Yu/TaoRan sun and five people in the business also join reserve faction.As is known to all,New Oriental education group at the end of July encounter muddy water company's sniper,Just in the outlet wave go a was.For Mr Yu signature be late,Kai-fu lee told our reporter,Mr Yu a few days ago was not micro bo,See agreed immediately after signature.

　　本报在此之前已联系俞敏洪采访，他本人未作出正面回应，但新东方公司方面表示，由于尚在接受SEC调查，调查内容包括VIE结构和浑水报告，遵照SEC规定，在此期间不能对相关事件发表任何评论。“俞敏洪在抗议书上签字是一回事，但主动发表言论是另一回事。” 一位消息人士表示。

Our newspaper before this has contact Mr Yu interview,He himself did not make a positive response,But new Oriental company said,Because is still in the accept SEC investigation,The content includes VIE structure and muddy water report,Follow the SEC regulations,During this period can't comment on related events."Mr Yu sign in protest is one thing,But active speech is one thing and doing another." A source said.

　　论战收兵？ Controversy withdraw troops?

　　李开复与香橼大战三个半回合，战斗檄文往来七封。截至记者发稿时，香橼还未回复李开复9月4日发布的第四封公开信。随着周末的到来，这场论战虽未鸣金，但已有了收兵的预期。

Kai-fu lee and citron war three and a half round,Fighting an official call to arms current seven seal.At press time,Citron is not reply kai-fu lee released on September 4, the fourth seal open letter.Along with the arrival of the weekend,The controversy is not MingJin,But have withdraw troops expected.

　　李开复认为，目前的效果已经达成了他的目的，“至少会引起美国人的关注，了解香橼的不实之处，下次它再想发动攻击恐怕没那么容易了。再者，中国企业以后会有些意识，遇到情况可以发出自己声音。”

Kai-fu lee that,The present effect has reached his goal,"At least will cause the attention of people in the United States,Understand citron of the false place,The next time it want to attack I'm afraid not so easy.moreover,Chinese enterprise will some consciousness,Meet conditions can have a voice."

　　对于这个预期，查立略有不同的看法。他认为，抗议香橼事件对中国市场的意义远大于对美国市场

To the expected,Check made a slightly different views.He thinks,Protest citron event to the Chinese market meaning far outweigh the us market

　　——倡导市场化，不需要过多监管和政策法规，市场法则也能自然形成。正是如此，香橼和抗议香橼的声音才可以存在。查立说，“这场游戏在美国没什么，在中国就很敏感。事情的关键在于教育中国”。

- advocate marketization,Don't need too much regulation and policies and regulations,Market law can also natural form.It is so,Citron and protest citron voice could exist.Check made said,"The game in the United States nothing,In China is very sensitive.The whole point is that China's education".

　　对于论战可能达成的效果，赵翼说，“这不会是一件短期内见分晓的事”。但至少让中国的创业者和投资人联合了起来。更重要的是，创业者在香橼们前面有了更多的危机感，反而会促进行业自律，敦促中国的创业公司遵守游戏规则，并且懂得用规则保护自己。

For controversy may achieve effect,ZhaoYi said,"This is not a short-term outcome of the matter".But at least let Chinese entrepreneurs and investors joint up.More important is,In front of the citron entrepreneurs have more crisis awareness,It will promote self-discipline,Urged China's venture company follow the rules of the game,And know how to use rules to protect themselves.

　　而下一步怎么走，李开复并没有明确的计划，“没想那么清楚，边走边看吧”。虽然创立了“香橼诡计”的网站，但维护起来恐怕太耗精力，更不用说请调查公司之类。

And how to get to the next step,Kai-fu lee and no definite plan,"Didn't want to so clear,Walk while see".Although founded the"Citron trick"website,But I'm afraid it's too maintenance up energy consumption,Not to mention please examine the company and so on.

　　王小川向李开复提出了一个建议，“香橼诡计”指向安德鲁·莱福特及其做空公司，针对点有偏差，如果将重树中国企业的信誉作为主旨，效果会更为持久。

WangXiaoChuan kai-fu lee to put forward a suggestion,"Citron trick"Pointing to Andrew lai ford and its short company,According to point a deviation,If the heavy tree China enterprise reputation as a theme,The effect will be more lasting.

　　但李开复是否还需要在这上面继续做文章，人们不得而知。

But kai-fu lee is still need to continue to make a fuss about it,People unknown.

　　在实战层面，陈大同则透露，已有数家中概股公司准备对不实的做空行为提起法律诉讼。

In the practical level,Chen datong is revealed,Already there are home almost shares of the company are ready to false do empty lawsuit behavior.