本周我先把問題提出來，然後請大家看正文。
1/ Such a handsome profit ought to be a cue to crack open the champagne and roast some Beijing duck. 這句話裏的 CUE 是什麽意思
2/ listed their shares 是否是證券上市的意思
3/ 您是否同意這句話的翻譯 These initial public offerings typically included “cornerstone” investments by big Western firms. 這些首次發售的重要特征是包含了大型西方企業的"基礎"投資
4/ 這裏的BOUGHT是否是購買股票的意思 And Western banks bought chunks of the leading Chinese state banks when they were listed.
5/ 這裏的 FLY IN 是什麽意思 . “Fly-in” expat managers were often unfamiliar with China...
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AT FIRST glance, Vodafone has nothing to complain about. On September 8th it sold for $6.6 billion the 3.2% stake in China Mobile that it had bought for $3.3 billion between 2000 and 2002. Such a handsome profit ought to be a cue to crack open the champagne and roast some Beijing duck. Yet the British mobile-phone giant did not get what it really wanted: a way into China. In other countries, Vodafone has had a knack of turning a small investment into a controlling stake, but not in the Middle Kingdom. And it is not alone.
初看之下，沃達豐公司無可抱怨 . 9 月 8 日，該公司以 66 億美元的價格售出其在中國移動持有的 3.2% 的股份， 該公司在 2000 年到 2002 年間購入的價格僅為 33 億美元 . 如此豐厚的收益應該以開香檳，烤北京烤鴨來慶祝 . 但是此英國移動電話巨頭並沒有得到他們曾經想要的: 打開中國市場 . 在其他國家，該公司有能力以小投資轉為控股權，但是在中國卻做不到 . 而且他們並非個別案例 .
Since the late 1990s, several large state-owned Chinese companies have listed their shares. These initial public offerings typically included “cornerstone” investments by big Western firms. For example, BP, Exxon and Shell (three oil firms) and ABB (a Swiss-Swedish conglomerate) took strategic stakes in PetroChina and Sinopec (two big Chinese oil companies). Alcoa, an American aluminium company, invested in Chalco, a Chinese one. And Western banks bought chunks of the leading Chinese state banks when they were listed.
從 20 世紀 90 年代後期開始，中國數個國營企業的證券上市 . 這些首次發售的重要特征是包含了大型西方企業的"基礎"投資 . 比如，英石油公司，埃克森石油公司和 ABB 公司(一瑞士和瑞典合並公司)戰略性地購入了中石油和中石化(兩家大型中國石油企業)的股份. . 一家美國鋁公司 ALCOA 投資了中國鋁公司 CHALCO. 中國大型國有銀行上市時，西方銀行購買了其大量股票 .
Foreign firms brought several things to the table: capital, technology, management skills and the prospect of better corporate governance. The Chinese press often referred to them as “elder brothers”. In return, these Western firms wanted access to China’s huge domestic market.
西方公司帶來的好處是: 資金，技術，管理技能和更好的公司管理前景 . 中國媒體時常稱他們為"老大哥" . 相應地，西方公司希望的是得到進入巨大的中國國內市場的途徑.
It did not work out that way. The Chinese state-owned firms did not need capital so badly that they were prepared to cede control to foreigners. Some also found that the Westerners had less to teach them than they had hoped. “Fly-in” expat managers were often unfamiliar with China, says David Michael, a partner at the Boston Consulting Group. Chinese firms tended to learn more from multinationals that had taken the trouble to build their own large sales forces in China, he says.
此路並沒有行通 . 中國國有企業並沒有缺乏資金到準備把控製權交給外國企業的地步 . 一些中國企業發現西方企業可教給他們的東西比期望的少 . 波斯頓谘詢集團的一個合作夥伴 DAVID MICHAEL 說，被稱為飛進去的外派經理經常對中國並不熟悉 . 他說，中國企業通常從跨國公司學到的東西更多，而跨國公司則在建立他們自己的巨大銷售力量時困難重重 .
Chinese firms no longer feel like little brothers. China Mobile now has a market value half as large again as Vodafone’s. PetroChina is much bigger than BP. Both Chinese firms are now rich enough to buy whatever expertise they want.
中國企業不再感到是小弟 . 現在，中國移動的市場價值重又達到沃達豐的一半 . 中國石油比英石油的更高 . 這兩家中國公司都有足夠的財力購買他們想要的任何專門技術 .
Western energy companies were quick to notice this shift. BP, Shell, ABB and Exxon all sold their holdings in state-owned Chinese firms by 2005. Alcoa got out in 2007. Financial firms followed, in whole or part, during the financial crisis. When China’s state-owned Agricultural Bank was recently listed, no big Western bank bought a significant stake.
西方能源公司很快注意到這些變化 . 英石油，殼牌石油， ABB 公司和埃克森公司在 2005 年前售出了他們在中國國有企業的股份 . 美國鋁公司在2007年退出. 金融行業跟隨其後，在金融危機期間，全部或者部分推出. 當最近國有的中國農行上市時，不再有西方銀行購買大量股票.
Western firms grumble about their failure to turn their stakes in China Inc into a foothold in the Chinese market, but not too loudly, so that they do not annoy the government. Besides, thanks to a rising stockmarket, most made sacks of money from their investments.
西方企業抱怨他們在中國公司的股份未能成為中國市場的立足點，但為了不激惱中國政府，他們的抱怨聲並不響亮 . 另外，由於股市上升，大部分企業都從他們的投資中賺得金缽滿盆 .
A few have not yet cashed out. Telefónica, a Spanish telecoms firm, owns 8.8% of China Unicom and politely rebuffs bankers who advise it to sell. AT&T has 25% of a telecoms business in the Pudong district of Shanghai. Despite regulatory problems, it provides a nationwide service from Pudong, largely to multinational clients. It is a nice business, but a far cry from the dreams some Westerners once had about China.
有幾個企業尚未兌現其股份 . 持有中國聯通的 8.8% 股份的西班牙電信公司 Telefónica ，禮貌地回絕了建議其售出股份的銀行 . AT&T公司在上海浦東區持有一電信企業25%的股份，盡管出現監管問題，此公司從浦東提供全國性服務，大部分客戶為跨國公司 . 生意不錯，但與某些西方企業從前的中國夢相距甚遠 .
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