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Alibaba may postpone the listing of Hong Kong shares

via:博客园     time:2019/8/15 11:45:01     readed:274


Luo Fei, author of Tencent News Front Line, is from Hong Kong.

Over the past 10 days, Tencent News "Front Line" has learned from different sources that Alibaba may postpone the listing of Hong Kong stocks; in addition, foreign media published the same report today.

Tencent News "Front Line" learned last week that Alibaba's listing hearing has not yet been approved, because the listing committee still has some questions to be answered by Alibaba.

As a second-listed company, Alibaba does not need to disclose its prospectus before hearing through the Hong Kong Stock Exchange. Alibaba submitted its application for listing to the Hong Kong Stock Exchange in mid-June. It was originally scheduled to be listed at the end of September.

Subsequently, Tencent News "Front Line" learned that Alibaba had planned to speed up its application for listing, that is, in early September.

Investors are so hot

Alibaba has become the investor in Central this year since it was reported at the end of May that he had submitted an application for listing in Hong Kong.

Many Hong Kong institutional investors, who did not want to be named, told Tencent News Front Line that due to changes in the international political and economic environment and the emergence of some uncontrollable factors, the market of Hong Kong stock capital market has not been optimistic in the past six months, and many institutional investors have suffered a loss on their books.

Data from the Hong Kong Stock Exchange show that by the end of July, 85 companies had obtained approval for listing applications. But most investors say they make little money from these projects.

What makes them even more pessimistic is that on July 13 Budweiser Asia Pacific, the world's largest brewer, cancelled plans to raise about HK $10 billion in Hong Kong. Budweiser gave an explanation at the time because of the downturn in Hong Kong stocks. Although Hong Kong financial institutions, including its sponsor Morgan Stanley, were eager for Budweiser to go public as scheduled, they even held a meeting until more than 2 a.m., in order to convince Budweiser.

Now, for the only foreseeable star project this year, Alibaba's listing, these institutional investors all hope

A head of the family office fund in Hong Kong told Tencent News that although the family office fund it manages is not small, it is not familiar with CICC and Ali teams and has thought of a variety of ways to contact each other, but the information received so far is that the amount of money is very tight.

But there are also some small institutions that give up completely. A small institutional investor told Tencent News "Front Line" that Ali's listing quota is very tight, as a small institution can not get the quota, it simply does not participate.

There are also large institutions that are more cautious. These large-scale investment institutions involved in the new Hong Kong stock market said to Tencent News "Front Line" that the market is depressed, they will be relatively cautious and interested in the new Ali Hong Kong stock IPO, but it depends on their final valuation before deciding whether to apply for a quota.

Alibaba strictly controls listing schedule

Unlike most IPO in Hong Kong before, Alibaba came to Hong Kong to list in a very low-key manner. As a second listed company, Alibaba applied

Tencent News "Front Line" has learned from different sources that Alibaba submitted its listing application to the Hong Kong Stock Exchange in mid-June.

Since then there has been little news about Ali's listing. Tencent News "Front Line" learns from people familiar with the situation that although Alibaba's sponsors of the listing are Jinjin and Credit Suisse, in fact the dominant one is Jinjin. Since Alibaba was ready to go public, most of its project team has been in Beijing.

Alibaba has strict control over Listing information. The above-mentioned insiders told Tencent News "Front Line" that even if the project team of CICC, except for six core senior people, other people will not know the timetable of Alibaba's listing process.

Before that, Alibaba split its common shares into eight shares in order to pave the way for listing in Hong Kong. That is to say, the number of common shares of Alibaba will expand from 4 billion shares to 32 billion shares after its share splitting. This is equivalent to lowering the investor threshold.

Liang Guanye, executive director of Haitong International Investment Strategy, told Tencent News Front Line that Alibaba's stock splitting is conducive to the company's discovery at a lower price per hand, which is good for future investors in Hong Kong, especially retail investors, and directly lowers the entry threshold. At the same time, such a split is also conducive to the liquidity of Alibaba shares.

Some of Alibaba's old shareholders told Tencent News that the split was not affected for the old shareholders and was more concerned about the valuation of future listings. As institutional investors in American stocks in Hong Kong, they will

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