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重难点词汇：
outstandingly['aut’stændiŋli] adv. 醒目地
backdrop ['bæk’drɑp] n. 背景；背景幕；交流声
aplomb [ə’plɑm] n. 自信，沉着，泰然自若
bundle ['bʌndl] n.束；捆 vt. 捆 vi. 匆忙离开
双语原文：
经济学人 | 马云即将卸任 从阿里巴巴看中国的科技公司(中)
马云即将卸任(中)来自每日双语经济学人
(全文共418个词)
JD.com is outstandingly bad.
京东的问题极其严重。
According to its articles of association, its board of directors is inquorate without Mr Liu, even if he has been arrested somewhere—a structure “unusual not just in China, but anywhere”, says Mr Allen.
艾哲伦表示，根据京东的章程规定，在刘强东未出席甚至是在某地被捕的情况下，董事会将无法达到法定人数，这种结构“在中国乃至全世界都实属罕见”。
The board has only five members, allowing Mr Liu huge clout.
董事会只有五名成员，使刘强东具有巨大的影响力。
Like many other Chinese companies listed in America, JD.com has a “dual-class” share structure, which allows founders to own a special class of shares with superior voting rights.
正如其他许多在美国上市的中国公司一样，京东具有“双重股权结构”，这一结构使得创始人拥有具有高级投票权的特殊股票。
JD.com set the ratio for those weighted voting rights at one share to 20 votes (it is typically half that).
京东的加权投票权的比例为1：20（其他公司通常为一半，即1:10）。
The result is that Mr Liu is able to control four-fifths of JD.com’s voting rights even though he owns less than one-fifth of the stock.
结果刘强东持有不到五分之一的股票，却控制着五分之四的投票权。
JD.com has not convened an annual shareholders’ meeting since its flotation, which it is allowed to do under the lax governance laws of the Cayman Islands, where it was incorporated.
京东自上市以来从没召开过年度股东大会，公司注册地是开曼群岛，其宽松的法律政策允许这种做法。
Baidu, listed in America in 2005 and also based in the Caymans, has not held one since 2008.
百度在2005年于美国上市，其公司注册地也在开曼群岛，自2008年以来也从未召开过年度股东大会。
News of Mr Liu’s arrest (on a university campus, while studying for a business-administration doctorate) was a reminder of how few Chinese tech giants have clear succession plans; no one is sure who is his second-in-command.
刘强东被捕的新闻（他在大学校园里被捕，当时正在攻读商业管理博士学位）让人们意识到，中国的科技巨头很少有明确的继任计划，没有人知道谁是二把手。
Lin Yu-Hsin, a corporate-law expert in Hong Kong, expects key-man risk to worsen in the next 15 years as tech-firm founders, now in their 40s and 50s, come closer to retirement.
香港企业法专家林雨馨预计，随着科技公司创始人（现在已经40多岁和50多岁）接近退休，未来15年关键人风险将进一步恶化。
Against this backdrop, Mr Ma has handled his own transition with aplomb.
在这种背景下，马云沉着地处理了交接工作。
Duncan Clark, author of a book, “Alibaba: The House That Jack Ma Built”, says it wanted to show it was different early on.
《阿里巴巴：马云的基业》一书的作者邓肯·克拉克说，阿里巴巴想显示它从一开始就有所不同。
To last at least 102 years (to span three centuries from its founding in 1999), it planned to build a culture that did not rely on a founder.
为了让公司延续至少102年（1999年创立，跨越三个世纪），阿里巴巴打算培养一种不依赖创始人的企业文化。
The firm has partly achieved that.
阿里巴巴在一定程度上实现了这一目标。
Mr Ma began to pull back in 2013, when he stepped down as chief executive. (By contrast, Mr Ma of Tencent, and Messrs Li and Liu, remain chief executives and chairmen of their firms.)
马云开始重回2013年的路，当年他卸任了首席执行官（相比之下，马化腾、李彦宏和刘强东仍在担任首席执行官兼董事长）。
He is the first founder of a big Chinese internet firm to announce his exit.
他是第一位宣布隐退的中国大型互联网公司的创始人。
His role is also being reduced in Alibaba’s “variable interest entities” (VIEs), a legal device beloved of Chinese tech firms.
他在阿里巴巴的“可变利益实体” (VIEs)中的地位也正在下降，这是中国科技公司钟爱的一种合法的工具。
China does not allow foreign entities to own sensitive assets, such as the government licences they need.
中国不允许外国实体拥有敏感资产，例如他们所需要的政府许可执照。
Alibaba, like others, bundled them into VIEs which are owned by individuals in China and that hand control of those assets to its international holding company.
正如其他公司一样，阿里巴巴将许可执照挂靠在中国人名下的“可变利益实体”中，后者将资产的控制权移交给国际控股公司。