而阿里巴巴上市的漫长旅程也将在那一刻到达终点。
And Alibaba's long journey toward becoming a public company will come to an end.
国际互联网公司一向难以取代本土网络品牌，而阿里巴巴所瞄准的特定市场的规模目前尚不清楚。
International Internet companies have poor track records of unseating homegrown Internet brands and the size of the niche Alibaba is targeting remains unclear.
没人指望能在阿里巴巴的IPO中捞到便宜货，但这样的定价水平已经远远超出了即便是一家完美的公司所能获得的估值，而阿里巴巴并不完美。
Nobody would expect an Alibaba IPO to be a bargain, but those levels go far beyond pricing the company for perfection – and this is a company that's not perfect.
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