美国周四结束了很久没有大型科技公司首次公开发行(IPO)的局面。Snap的股票在上市首日飙升44%，尽管人们对阅后即焚服务Snapchat所有者的公司治理和盈利能力存在疑问。

　　A pack of traders huddled around the desk of Snap’s designated market maker for more than an hour after the opening bell at the New York Stock Exchange to strike the opening price, when cheers rang out across the floor. The IPO was priced at $17, above the indicated range of $14 to $16, with the shares opening at $24.

　　纽交所(NYSE)开盘后报出开盘价时，交易大厅里响起了欢呼声。随后的1个多小时里，一群交易员围拢在Snap指定做市商的办公桌周围。IPO定价为17美元，高于14美元至16美元的指导价区间，而开盘价为24美元。

　　Shares rose above $25 in afternoon trading, valuing the group at close to $30bn.

　　最终，Snap股价以24.48美元报收，公司估值接近290亿美元。

　　At that valuation Snap is worth two and a half times social media rival Twitter, and about the same as food manufacturer Kellogg, video games maker Electronic Arts and electronics company Panasonic. But it is dwarfed by its two main rivals for advertising dollars: Google, at $590bn, and Facebook, at $400bn.

　　Snap的这一估值是社交媒体对手Twitter的2.5倍，跟食品生产商家乐氏(Kellogg's)、电子游戏发行商电子艺界(Electronic Arts)和电子产品公司松下(Panasonic)相当，但在Snap在与其争夺广告支出的两大对手谷歌(Google)和Facebook面前相形见绌。谷歌与Facebook的估值分别为5900亿美元和4000亿美元。

　　Some 75m Snap shares traded hands at 11.35am New York time, when it began trading, the highest volume of any stock worth more than $50m on US exchanges, according to data from Bloomberg.

　　彭博(Bloomberg)数据显示，截至纽约时间上午11点35分，Snap股票交易量已达到约7500万股，是美国交易所估值高于5000万美元的上市公司中最高的。

　　The enthusiasm came despite the decision by some portfolio managers to shun the stock over concerns about the company’s decision to issue shares with no voting rights, a first in the US, and to ensure control for the co-founders even if they leave the company.

　　投资热情高涨的背景是，一些投资组合经理决定避开该股，原因是担忧该公司决定发行无投票权的股票。这是美国首次发行不附带投票权的股票，此举为共同创始人确保了控制权，即使他们离开公司也是如此。

　　In addition, some analysts questioned whether an app with no profits and fierce competition from other social media groups warranted such a lofty valuation. Last year the company recorded a net loss of $515m, up from $373m in 2015, on revenue of $405m.

　　此外，一些分析师质疑，一个没有利润且面对来自其他社交媒体集团激烈竞争的App，是否配得上如此高的估值？去年，该公司实现营收4.05亿美元，而净亏损为5.15亿美元，较2015年3.73亿美元的净亏损有所增加。