从表面上看，中国东航股东周二否决新加坡航空回收东航24%股权的价格，好像标志着中国企业文化的一个转折点，与市场力量的胜利。
On the surface, Tuesdays rejection1 of Singapore Airlines bid to take a 24 per cent stake in China Eastern Airlines appears to mark a turning point for Chinese corporate2 culture and a triumph of market forces.
但周二的投票，与其说是小股东前所未有地拒绝一宗好像得到国家全力支持买卖的例证，不如说是反映出在国内角逐对手中国国航不屈不挠的努力下和东航股价暴涨后，权力走廊里出现了变化。
But rather than an unprecedented3 example of small investors4 rejecting a deal that appeared to have the full backing of the state, Tuesdays vote is more likely to reflect a reversal in the corridors of power following an unrelenting campaign by domestic rival Air China and a surge in CEAs share price.
东航的中小股东多数是大型基金管理公司。国航母公司中国航空集团公司（CNAC，简称：中航集团）出言反对此笔买卖，给这类中小股东壮了胆。中航集团上周承诺，假如新航价格遭否决，就会对东航提出更高价格。
Minority investors, most of them large fund managers, were emboldened5 by vocal6 opposition7 to the deal from China National Aviation Corp, Air Chinas parent company, which promised last week to launch its own higher bid for CEA if SIAs offer was rejected.
对很多投资者而言，国航母公司获准出言反对的事实，足以证明中国政府高层官员已改变了对这笔买卖的想法。大家觉得，这种转变要么是试图迫使新加坡方面提升价格，要么是中国航空业策略可能发生改变，允许中国三大航空公司中的两家进行合并。
The fact that Air Chinas parent was allowed to voice any opposition at all was proof enough to many investors that senior government officials had changed their minds about the deal. The shift was seen as a either a move to try to force the Singaporeans to come up with more cash or a possible change in strategy for the airline industry that would allow two of the countrys big three airlines to merge8.
这笔买卖是在好几个月之前批准的，显然，目前中央政府不再认可买卖条约。一位知情银行家表示。现在，中国的民族主义情绪很强烈，新航价格与市场价格之间的巨大差异，使高层官员没办法同意这一买卖，因此给中国国航阻止买卖开了绿灯。
The approval for the deal was given many months ago and the central government is clearly no longer happy with the terms, according to a banker familiar with the situation. Nationalist sentiment is very strong in China now and the huge gap between SIAs offer and the market price means TOP officials cant accept it and so gave Air China the green light to block it.
对于中国政府来讲，将国有资产供应给外国投资者是个微妙的问题。伴随东航的香港H股股价几乎达到新航价格的两倍，上海A股股价较新航价格高出近6倍，该买卖遭到强烈反对。
The sale of state assets to foreigners is a delicate issue for the Chinese government and with CEAs Hong Kong-listed share price nearly double SIAs offer and its Shanghai shares trading nearly six times higher, the deal was facing stiff opposition.
近两周前，曾任中航集团总经理兼国航董事长的李家祥升任中国民航总局局长，让人们确信中国政府已决定改变航空业改革策略。中国民航总局是中国航空业的监管机构。
The view that the government has decided9 to change its strategy for overhauling10 the airline industry was given credence11 when former CNAC and Air China chairman Li Jiaxiang was promoted to head the General Administration of Civil Aviation of China , the Chinese aviation regulator, less than two weeks ago.
投资银行里昂证券的航空业剖析师刘世君表示：尽管其前女友更同意引入更大的角逐，但大家都知道，李家祥是中国航空业整理的支持者。
Whereas his predecessor12 was more in favour of greater competition, Mr Li is well known as a supporter of consolidation13 in the Chinese airline industry, said Adrian Lowe, an aviation analyst14 at CLSA, an investment bank.
李家祥曾公开建议，缔造一家可以与新航等外国航空公司角逐的中国超级航空运营商。
Mr Li has publicly put forward a proposal to create a Chinese super-carrier that can compete with foreign airlines such as SIA.
国航和东航的多数股权均由中国政府通过双方的母公司持有，而其母公司则由中国国资委完全控股。
Air China and CEA are both majority owned by the Chinese government through parent companies which are in turn 100 per cent-owned by the State-owned Assets Supervision15 and Administration Commission .
有一个迹象显示，政府内部并不是一致反对新航回收东航。东航某大股东的一位高管表示，中国国资委一直在向一些中小股东施压，让他们不要反对新航投资，但中航集团则发出了一个与之冲突的信息。最后，很多大股东决定舍弃投票，以免得罪任何一方。
In a sign that opposition to the SIA bid was not unanimous within the government, an executive at one large CEA shareholder16 said SASAC had been applying pressure on some minority shareholders17 not to oppose the SIA investment, but CNAC had been sent a conflicting message and in the end many large shareholders had decided to abstain19 from the vote so as not to offend any party.
东航周二在上海召开了3次股东大会，与会成员分别是香港上市H股股东、上海上市A股股东，与同时持有A股和H股的股东。每次大会均需要，需要获得三分之二当日与会中小股东的支持，才能批准此项买卖。
CEA held three shareholder meetings on Tuesday in Shanghai one for holders18 of Hong Kong-listed H shares, one for holders of Shanghai-listed A shares and one for holders of both which each required two-thirds of the minority shares represented on the day to approve the deal.
中航集团持有东航12%的香港上市股份，因为股东大会出席率非常低，该集团的投票权占到当天出席股东所代表股票的三分之一以上，使中航单凭己力就可阻止这笔买卖。
CNAC holds 12 per cent of CEAs Hong Kong-listed shares and thanks to very low turnout at that meeting its vote against the deal made up more than a third of the shares represented on the day, allowing it to block the deal single-handedly.
初看起来，尽管这类股东大会并不完全像民主之举，但仍然是中国企业文化的进步。现在，中国企业文化已呈现出以市场为导向的进程。
While the shareholders meetings were not quite the democratic exercise they might appear at first glance, the event was still progress for Chinese corporate culture, which now has the appearance of market- orientated20 procedures.
在上海上市A股股东大会上，至少有50位个人投资者到场，会议过程活跃，偶尔还出现喧闹的局面。
In the meeting for holders of Shanghai-listed A-shares at least 50 inpidual investors showed up and the proceedings21 were lively and occasionally boisterous22.
新航周二表示，将继续支持与东航打造关系，但剖析师称，鉴于新航很难说服东航股东赞同每股3.80港元的价格，加之国航已表示将提出每股高于5港元的价格，因此新航非常难飞速提出角逐性价格。
SIA said on Tuesday that it will continue to support the building of a relationship with China Eastern but analysts23 say it will be hard for SIA to come up with a counter-bid quickly, given the difficulties it had in convincing shareholders to agree to pay HK$3.80 a share and the fact that Air China has said it will offer a minimum of HK$5 a share.
