????Twitter申请上市的消息迅速传遍了整个金融界：

????我的第一反应是吃惊。此前，外界一直认为，Twitter将于2014年初上市，所以现在秘密提交上市申请应该符合这个时间期限。就在上周四晚上早些时候，我还在美国全国广播公司财经频道（CNBC）上说过，需要注意的是，在250多家秘密提交上市申请的公司中，提交S-1文件的甚至不到100家。而且所有人都知道，这家公司的年收益不到10亿美元。

????不过，我的冷静或许用错了地方。

????有知情人士表示，我们将在几周内看到Twitter提交的S-1文件，它今天的公告更多是作为一种法律策略，而不是要控制其自己的媒体。要知道，Twitter并没有说公司在今天秘密提交上市申请，而是说公司已经秘密提交了上市申请。看出其中的区别了吗？我的理解是，公司早已提交了上市申请，而且美国证监会（SEC）的大多数审查工作也已完成。

????此外，预计Twitter将在提交S-1文件21天后进行路演。21天是它最短的等待期（有的公司需要等待数月，甚至数年）。换言之，Twitter公司的目的是在2013年而不是2014年上市。

????我们并不清楚Twitter是否已经决定在哪一家交易所上市，虽然有消息称它还没有确定。有报道称，高盛（Goldman Sachs）将成为Twitter上市的主承销商，另有消息称Twitter已经收到对冲基金的股票收购报价。根据该报价，公司市值约为140亿美元（今年夏天私人交易时，这家公司的市值仅100亿美元。）（财富中文网）

????译者：进龙/汪皓

????

????It was the tweet heard round the financial world:

????My initial response was mostly a shrug. Twitter had been widely expected to go public in early 2014, so a confidential filing now would fit that time-frame. I even said as much earlier this evening on CNBC, mindful that not even 100 of the 250+ confidential filers have even submitted public S-1s. All we really know, I added, is that the company has less than $1 billion in annual revenue.

????But my nonchalance may have been misplaced.

????A source close to the company says that we should see an actual S-1 from Twitter within the next several weeks, and that today's announcement was more about legal maneuvering than it was about controlling its own press. Remember, Twitter didn't say that it filed confidentially today. It said today that it had filed confidentially. See the distinction? My understanding is that the original filing was submitted a while ago, and that most of the SEC review is completed.

????Moreover, Twitter would expect to launch its road-show exactly 21 days after the S-1 is filed, which would be its minimum waiting period (some companies wait months, if not years). In other words, this is designed to be a 2013 offering rather than a 2014 offering.

????We do not yet know if Twitter has picked an exchange on which to list, although sources suggest it has not. There is a report that Goldman Sachs (GS) has been picked to be lead underwriter, and another that Twitter has been fielding hedge fund offers at a valuation of around $14 billion (which is a major bump from the $10 billion it was getting in private trades over the summer).