以色列每位公民拥有的科技独角兽数量在全球排名第一，是美国的两倍。伊塔伊·本-泽维的工作是让这些公司留在本国。
Israel has produced more tech unicorns per citizen than any country in the world, twice as many as the US. Ittai Ben-Zeev’s job is getting them to stay there.
特拉维夫证券交易所首席执行官的任务是说服下一家Wiz、Monday.com和Fiverr（它们均在纽约上市或被美国竞争对手收购）选择在国内上市。他还在争取全球投资者，他们的资金将有助于提升交易活跃度和估值。
The CEO of the Tel Aviv Stock Exchange is tasked with convincing the next Wiz, Monday.com, and Fiverr, which all went public in New York or sold to US rivals, to list at home instead. He’s also courting global investors whose money will help boost trading and valuations.
他表示，最大的顺风来自少数几家人工智能巨头对美国市场的主导。价值几十亿美元的以色列初创公司无法获得那些为SpaceX、Anthropic和OpenAI的万亿美元IPO而兴奋不已的投资者的关注。
His biggest tailwind, he said, is the takeover of US markets by a handful of AI giants. Israeli startups worth a few billion dollars can’t get the attention of investors rhapsodizing about trillion-dollar IPOs from SpaceX, Anthropic, and OpenAI.
“纽约已不再是一个选项，”本-泽维说，他自2016年起担任交易所首席执行官。
“New York is no longer an option,” said Ben-Zeev, the exchange’s CEO since 2016.
10月7日袭击事件发生后，该交易所7%的员工被征召入伍参军，其股市看跌前景显而易见。自2023年10月8日起，TA-125指数已跑赢标普500指数50个百分点，跑赢科技股为主的纳斯达克综合指数23个百分点。该国今年有望实现30只IPO的纪录。以色列股票的外国持有量从2023年9月到今年初已超过翻倍。
After the Oct. 7 attacks, 7% of its workforce was called up for military service and the bear case for its stock market was obvious. Since Oct. 8, 2023, the TA-125 has beaten the S&P 500 by 50 percentage points and the tech-heavy Nasdaq Composite by 23. The country is on track this year for a record 30 IPOs. Foreign holdings of Israeli shares more than doubled from September 2023 to the beginning of this year.
本-泽维驳回了战争民族主义是以色列创始人选择在国内上市或以色列投资者购买其股份的理由的说法。“以色列人会在某些问题上表现出爱国主义，但这不是他们看待交易所的方式，”他说。但他表示，犹太侨民已增加了投资。比尔·阿克曼及其出生于以色列的妻子内里·奥克斯曼在2024年与管理层进行45分钟会面后，购买了特拉维夫证券交易所4.9%的股份，阿克曼在一次采访中如此透露。
Ben-Zeev dismissed wartime nationalism as a reason for Israeli founders to list at home, or for Israeli investors to buy their shares. “Israelis will be patriotic about certain issues, but that’s not the way they view the exchange,” he said. But he said the Jewish diaspora has increased its investments. Bill Ackman and his Israeli-born wife, Neri Oxman, bought 4.9% of the Tel Aviv Stock Exchange in 2024 after a 45-minute meeting with management, Ackman said in an interview.
“拥有一家证券交易所，是押注一个国家发展前景最直接的方式，”他说道，随后花了一点时间算了一笔账：他最初投入的2300万美元如今已增值至2.3亿美元。他认为，人工智能在提升生产力方面的巨大潜力能够弥补以色列经济基础薄弱、人口稀少的短板。“未来定会有市值达万亿美元的企业从以色列诞生，这些财富也将惠及这个小国的全体民众。”
“Owning a stock exchange is the purest way to bet on a country,” he said, taking a minute to run the numbers: His $23 million investment is worth $230 million today. He said AI’s productivity-enhancing potential will overcome Israel’s economic weakness, its small population. “There will be a trillion-dollar company coming out of Israel, and that value will be shared among a tiny country.”
战争还为特拉维夫证券交易所提供了契机，使其交易时段从原先的周日至周四调整为周一至周五。在本国民众极为重视安息日的背景下，这样的调整并不容易推行，但本-泽夫表示，此举能“向全世界表明我们也是国际社会的一员”，还能帮助以色列进入那些长期对其视而不见的全球指数体系。
The war also gave TASE cover to move its Sunday-to-Thursday trading to Monday through Friday. It wasn’t an easy pitch in a country that takes Shabbat seriously, but a way “to signal the world that we are part of it” and gain entry into global indexes that have long snubbed it, Ben-Zeev said. Anti-Israel sentiment and antisemitism are fueling campaigns at many US institutions to divest from Israel.
当前，反以色列情绪与反犹主义正促使美国多家机构发起从以色列撤资的运动。他指出，政客们或许会出于政治目的行事，但“归根结底，投资者追求的还是投资回报。” 莉兹·霍夫曼问道：“以色列人均产生的科技独角兽企业数量位居世界之首，但这些企业都倾向于在纽约上市。该如何留住它们呢？”
Politicians will politick, he said, but “investors, at the end of the day, want to make a return.”Liz Hoffman: Israel has produced more tech unicorns per capita than any other country in the world, but they all want to go public in New York. How do you hold onto them? Ittai Ben-Zeev: It used to be that a tech company with $100 million [in annual revenue] could IPO in New York. That’s no longer the case.
伊泰·本-泽夫答道：“过去，年收入达1亿美元的科技公司就能在纽约上市，如今情况已大不相同——这一门槛提高到了5亿美元。由于未来将出现大量大规模IPO项目，对大多数以色列科技企业而言，纽约已不再是合适的上市地。”
The $100 million became $500 million. And because of the gigantic IPOs that are coming, for most Israeli tech companies, New York is no longer an option. Six or seven years ago, if an Israeli company couldn’t do an IPO on Nasdaq or NYSE, they were looking at Singapore, Toronto, Australia.
“六七年前，如果以色列企业无法在纳斯达克或纽约证券交易所上市，通常会考虑新加坡、多伦多或澳大利亚。如今我们成功扭转了外界的固有认知。我相信，到2027年，甚至2026年底，我们就会看到全球各大投资银行专门为特拉维夫证券交易所牵头组织IPO项目。”
We managed to change the perception. And I believe that in 2027, maybe before the end of 2026, we’ll start seeing global investment banks leading global IPO offerings on TASE, and only for TASE.
“值此10月7日事件周年纪念周之际与您交谈，我想问：在招商引资过程中，爱国主义是否也是一项重要卖点呢？”
I’m mindful, speaking to you the week of the anniversary of Oct. 7 — is patriotism part of the pitch?
编号：10月7日之后，我看到散居各地的犹太人，尤其是美国的犹太人，在投资以色列时出现了真正的转变，他们不仅追求回报，还希望与以色列建立更广泛的联系。但以色列企业家并非如此。以色列人，我必须告诉你们，在某些议题上会表现出爱国情怀，但他们并不以这种方式看待交易。那么，推销的重点是什么？
No. Post-Oct. 7, I see a genuine change in the way that Jewish people in the diaspora, especially in the States, want to invest in Israel, not only to make a return but also to get a broader connection to Israel. But that’s not the case with the Israeli entrepreneurs. Israelis, I have to tell you, will be patriotic about certain issues, but that’s not the way they view the exchange. Then what’s the pitch?
你是以色列人。你不懂美国人的思维方式。美国市场可能非常残酷。你只要偏差一分钱，股价就会下跌，然后怎么办？先在以色列市场上市，等准备好后随时可以双重上市。把特拉维夫证券交易所（TASE）当作通往纽约的一个站点来考虑。
You are Israeli. You don’t understand the American mentality. The American market can be brutal. You miss your estimates by one cent, your share price goes down, and then what? Start in the Israeli market and, once you’re ready, you can always do a dual listing. Think about TASE as a stop on the way to New York.
你们也曾邀请全球公司在特拉维夫双重上市。Palo Alto Networks 在收购以色列初创公司 CyberArk 后就这么做了，但大多数公司为何要费心？
You’ve also courted global companies to dual-list in Tel Aviv. Palo Alto Networks did that after buying [Israeli startup] CyberArk, but why would most companies bother?
我们有数据显示，双重上市可以为你的股票带来更高的流动性和更大的需求。你可以争辩说这并不显著，但这是一项免费选项。
We have data that shows you get more liquidity and more demand for your shares. You can argue that it’s not significant enough, but it’s a free option.
很少有人了解这一点，但如果你看一下以色列人在本国银行的现金存款总额，并将其与国内生产总值（GDP）比较，我们在任何西方社会中都是第一。这笔钱随时可以投入投资。
And not too many people are aware of it, but if you look at the amount of money Israelis have in cash deposits in Israeli banks and you compare it to GDP, we are No. 1 of any western society. That’s money that is just ready to be invested.
本周你在纽约，向投资者推介以色列经济。但中东目前是一个波动性极大的投资地区，而且一些美国机构正发起大规模的反以色列撤资运动。
You’re in New York this week, selling the Israeli economy to investors. But the Middle East is a volatile place to invest right now, and there are big anti-Israel divestment campaigns at some US institutions.
过去，人们会问我：如果伊朗出现问题，以色列会怎样？我记得几年前在纽约时，对一位美国投资者说，如果伊朗出现问题，你应该更担心自己的美国投资组合，而不是以色列投资组合。以色列的定位比过去更有优势，我不确定每个人都完全理解这一点。
In the old days, people would ask me: What will happen to Israel if something happens in Iran? I remember being in New York a couple of years ago, telling one of those American investors that if something happened in Iran, you should be more worried about your American portfolio than your Israeli portfolio. Israel is more well-positioned than it used to be, and I’m not sure that everybody fully understands it.
在BDS（即针对以色列的抵制、撤资和制裁运动）方面，全球各地都有政治家。投资者最终希望获得回报。而以色列市场是一个很好的获取回报的市场。此外，我认为以色列可以在公共关系方面做得更好。这是我们对企业所说的内容之一：你们需要知道如何推销自己的方案。这不仅仅是关于事实，还涉及讲故事。作为一个国家，我们在这方面需要做得更好。
In terms of BDS [the push for boycotts, divestment, and economic sanctions against Israel], there are politicians all over the world. Investors, at the end of the day, want to make a return. And the Israeli market is a good marketplace to make a return. Also, I think Israel can do a better job of PR. This is part of what we tell companies: You need to know how to sell the pitch. It’s not only about facts; it’s also about storytelling. As a country, this is something we need to do better.
你们将交易日从周日调整到周四，再调整到周一至周五。这是一个难以推销的决定吗？
You shifted trading from Sunday to Thursday to Monday to Friday. Was that a hard sell?
我们正处于战争之中。每个人都明白，向世界表明我们是其中一部分对我们来说很重要。我们需要与全球标准接轨，而我们今年正是这么做的。在你们的股东名单上有比尔·阿克曼是什么感觉？
re in the middle of a war. Everybody understood that it’s important for us to signal the world that we are part of it. We needed to get aligned to global standards, and this is what we did this year. What’s it like having Bill Ackman on your cap table?
当然，这有助于改变人们的看法。以色列的科技人士们向往纽约。当他们读到你们所写的内容时，他们会比读到以色列报纸上的内容更加信服。因此，像比尔这样非常成功的商商人谈论以色列经济、对特拉维夫证券交易所表示信任，有助于我的推销。
For sure it has helped change the perception. Israeli tech guys, they look to New York. When they will read what you’re writing, they will give it much more credit than what the Israeli newspaper writes. So a very successful businessman like Bill talking about the Israeli economy, putting faith in the Tel Aviv Stock Exchange, helps my pitch.