Double Eleven 268 Billion 400 Million Transaction Volume Escort Ali IPO Investment Organization "Ready To Fight" Aiming At Key Pricing

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After double eleven, Alibaba's IPO also set the process.

The largest IPO in the HKEx has attracted market attention since the beginning of the year. This is also the cooperation that the two sides finally completed after 2013.

Earlier news shows that Alibaba raised funds between 10 billion and 15 billion dollars, in addition to sponsors CICC and Credit Suisse, Ali has reportedly hired Citigroup, JP Morgan chase and Morgan Stanley to join the underwriting group, and has invited other European and Chinese banks to join the account manager. However, Ali did not formally respond to this.

Although the news is not yet true, but according to the twenty-first Century economic report reporter, Alibaba Hong Kong stock market IPO has long attracted the attention of market institutions.

"It is obvious that everyone's enthusiasm is quite high. Although we haven't invested a lot in Hong Kong stocks, we haven't made any decisions yet, but we are always concerned about the progress of events." In November 12th, a chief investment officer of a public fund in Southern China told the business reporter in twenty-first Century.

The two Hongkong listing

Referring to the story of Alibaba and HKEx, there is still a word "regret".

In fact, in 2007, Alibaba's B2B business was listed in Hongkong in 2007, when the fund-raising reached HK $11 billion 600 million, which was also a record of the scale of domestic Internet Co financing. Then, in 2012, Alibaba pulled out of the Hong Kong stock exchange.

Until 2013, Alibaba sought Hongkong's listing again. However, due to the establishment of "different rights" structure, the HKEx did not break rules for Alibaba.

Eventually, Alibaba abandoned the Hongkong listing plan. In 2014, Alibaba successfully listed on the New York stock exchange, which raised $25 billion at the time and the world's largest IPO transaction record.

Over the past few years, all kinds of regrets about "missed" have also been fermented in the capital market.

"The relationship between Ali and Hong Kong stocks has always been more subtle. Because of the gap between the Hong Kong stock system and other developed markets abroad, Ali chose the US stock market. Now, after the reform and innovation of the HKEx, it is also in the face of the challenges of Hongkong's overseas capital markets and domestic A share market, Alibaba's Hong Kong stock IPO, which is also significant for the HKEx, and is also a very positive signal for Hongkong's capital market. A brokerage analyst in Beijing pointed out.

Wind data show that as of November 12th, HKEx's IPO fundraising scale was HK $210 billion 261 million this year, compared with HK $256 billion 511 million in the first ten months of last year, which still differs by HK $46 billion 300 million. In contrast, the IPO financing scale in 2018 was HK $286 billion 497 million.

In fact, the HKEx is also seeking change. At the end of 2017, the HKEx announced that it would accept the listing of "different rights" companies on the main board, and gave the details of the scheme in early 2018.

This move is called the biggest reform of HKEx on Listing Rules in the past more than 20 years. Subsequently, Xiaomi and its comments were successfully listed on the Hong Kong stock exchange.

In view of the regret of seeking to make up for the failure of Alibaba 6 years ago, we can also see one or two from the previous views of the relevant leaders of the HKEx.

For example, Li Xiaojia, chairman of the HKEx, mentioned in an interview that when Ali thought that the Hongkong market could solve its problems, it would come back. At the moment, it did not need to raise capital or to have more trading places unless the trading place could bring new vitality. But Ali's 100% return is only a matter of time.

Investment institutions remain open.

On Monday, Tmall's double eleven ended with a turnover of 268 billion 400 million. It has increased by 54 billion 900 million yuan over last year. For investment institutions, Tmall's performance in double eleven may also bring greater expectations to the upcoming Alibaba IPO.

In fact, as early as the beginning of the year, many investment institutions set up related fund projects to attract investment.

"Alibaba is expected to be one of the most robust investment special funds in the second half of this year," he said in a promotional material for a private equity firm.

On the other hand, although Alibaba's single IPO has attracted much attention, many agencies still have a wait-and-see attitude before the key pricing details are out.

Because of the differences in the environment, valuation system, investment preferences, relevant standards and requirements, the same company will inevitably have different market capitalization performance in two different markets.

"Hongkong's fund has already been able to buy US stocks. This Alibaba in the HKEx IPO, in fact, the key is to see how the final pricing game, which also determines the enthusiasm of the market. In November 12th, a large international information management company, Hongkong company, told the business reporter in twenty-first Century.

"Ali is a good asset that can be actively involved, but it depends on specific pricing." A fund manager of a public fund in Beijing said.

According to previous reports, the original intention of the Ali side is to discount 4% of the shares according to the current US share price, but the market wants to discount at least 8% to 10%. Ali later said it intends to adjust the discount to 5%.

But for this information, the fund manager also said that the price discount of us shares to the Hong Kong stock exchange does not mean that it is a price difference. Many stocks also have a price difference discount in the US stock and in the Hong Kong stock market. For example, there are some stocks, and the discount will be 5% to 6% on the Hong Kong stock market.

Data show that, on the 11 day of November, US stocks closed, Alibaba's market capitalization was US $486 billion 100 million, and it was the highest Internet technology company in China.

In November 1st, Alibaba released its second quarter results for the year ended September 30, 2019. Data show that during the reporting period, Alibaba's single quarter revenue was 119 billion 20 million yuan, net profit of 72 billion 540 million yuan, an increase of 262% over the same period.

From the Research Report of the seller's analysts, the ratings given by many institutions are all "strongly recommended" and "buy".

Guoxin Securities believes that the core business of the company still has a high penetration potential in the sinking market. Ali users are expected to maintain growth under the high base number. Under the guidance of cross selling strategy, Ali traffic is expected to achieve mutual circulation in the ecosystem, and its single user value still has room for improvement. And its entertainment business, performance inflection point is now, the loss is expected to continue to narrow.

Ali returned to Hong Kong stock IPO to make up for that year's regret. The HKEx has changed the listing rules, and Alice has made better progress through the return of funds raised by IPO at the HKEx. This is the best of both worlds. " Yang Delong, chief economist of Qianhai open source fund, said.