Ali’s second trip to Hong Kong continued to advance.
On November 8, Tencent’s “First Line” said that Alibaba has decided to start a roadshow before the listing in Hong Kong next week. This week, Alibaba has started to communicate with some institutional investors in Hong Kong.
According to Alibaba on this matter, the other party said that it would not comment.
As of yesterday, according to the Financial Times, Alibaba has significantly lowered its financing target for secondary listing in Hong Kong to 10 billion US dollars, only half of its original target. Alibaba will complete this before the end of this year. Transaction.
Since May of this year, Alibaba has intensively reported that it will go to Hong Kong for listing. In June, a number of foreign media reported that Alibaba had applied for a second listing and would raise about $20 billion in financing, but the listing and financing plan was once shelved.
Tencent’s “First Line” said that Alibaba had postponed its listing plan due to factors such as the National Day and the bleak market. The narrowing of financing was also related to market sentiment. However, many sources from the secondary market believe: “Everyone will be very open to financing scale and pricing.” According to sources, Alibaba’s goal is to listen to the listing committee of the Hong Kong Stock Exchange as soon as next week. To meet the necessary conditions for the hearing before the listing.
Alibaba has a deep relationship with the Hong Kong Stock Exchange. When Ali, the founder of Ali, began to raise funds from the capital market, he chose the Hong Kong Stock Exchange. In 2007, Alibaba.com, a B2B e-commerce company owned by Ali, was listed in Hong Kong. However, retail investors were very enthusiastic about Alibaba’s stocks, but institutional investors did not fully realize the value of Ali. Many investment bank analysts believe that the pricing of Alibaba.com is “seriously high”. Since then, Alibaba’s share price has also fallen all the way, and finally chose to withdraw. In 2014, Alibaba chose to re-list on the NYSE, which is more tolerant of technology companies.
There may be three reasons for choosing to return to Hong Kong stocks at this time. The first is to raise additional funds to raise Ali’s valuation; the second is that the attitude of the Hong Kong Stock Exchange to mainland technology companies has changed since last year; the third is the change of the international environment, and the mainland regulatory authorities are also trying to attract technology giants to return to the domestic market. As a listed company, as the company with the highest market value, Ali also has the responsibility to play a demonstration role in supporting the government’s plan.
After Ali’s second visit to Hong Kong, the outside world was very concerned about its secondary listing, but Alibaba’s listing in Hong Kong was very low-key. As a secondary listed company, Alibaba has applied for “immunity”, that is, it is not necessary to disclose its prospectus before hearing through the HKEx.
According to the current timetable, Alibaba will be listed in Hong Kong at the end of November at the latest. If is all right, Ali is expected to become the largest stock exchange on the Hong Kong Stock Exchange since the $20.4 billion in financing of AIA in 2010.Trading.
The header image is from the official website of Alibaba.