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Mainly listed in Hong Kong before the end of the year

Mainly listed in Hong Kong before the end of the year

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In recent years, Alibaba (9988) has been constantly reduced by major shareholder Softbank and obscure big players. When the stock price has been fluctuating on the “red bottom” recently, it announced yesterday that it is seeking to list on the Hong Kong Stock Exchange (388) by the end of this year. The listing became a double master listing. The big bank believes the move will help Alibaba get it listed in the Southbound Stock Connect list next year, and could absorb a significant amount of Bishui to prop up the stock price.

Ali said that since the second listing in Hong Kong in November 2019, the general trading on the Hong Kong Stock Exchange has increased significantly. At the end of June this year, the average daily trading volume was about 700 million US dollars (about 5.46 US dollars). 1 billion Hong Kong dollars) The average daily turnover in the United States is about 3.2 billion dollars. As the group has a large number of business operations in Greater China, the case of a dual core listing is expected to help broaden the investor base and bring in additional liquidity, especially to reach more investors from the mainland and other parts of Asia.

Alibaba shares rose yesterday, up 4.8 yuan or 4.8% on the day to close at 104.4 yuan, the third largest increase in blue-chip stocks, and a bullish locomotive for Hong Kong stocks. However, Alibaba is still down 6.7% this month and 12.2% this year.

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Yamato is expected to be included in Hong Kong Stock Connect next year, attracting a large amount of capital
Currently, the list of traded Southern stocks does not include secondary listed stocks. Market speculation is related to regulatory issues of the main listing location. However, in recent months, the Hong Kong government has revealed that it is actively lobbying the mainland to allow all Chinese concept stocks to be included in southern trade. According to a report from Daiwa, Ali’s change this time does not involve issuing new shares, but must meet more local regulatory requirements, such as disclosing a share pledge to the controlling shareholder. Stock quotes, such as Tencent Holdings (700) and Meituan (3690), currently occupy 7% and 10% of Beishui’s positions, respectively. The bank maintained Ali’s “buy” rating, noting that since Ali’s current market position is relatively low, Bishoy’s absorption could boost the stock price significantly.

SoftBank reduced its stake by more than 300 million shares last year
While Ali is expected to absorb new money, major shareholders are secretly selling goods. According to Ali’s fiscal year 2022 annual report, major shareholder SoftBank owned 5.067 billion ordinary shares as of July 15 this year, down significantly by about 323 million shares from July 22 last year; American Depository Shares (ADS) owns 633 million shares, down 40.33 million shares, with a total position of 23.9%, down 0.9%. SoftBank did not reduce its holdings in Ali in fiscal year 2021, while the current market value of the group’s shares on common stock is about 529 billion yuan.

According to China Central Securities Depository (CCASS) data, Citi, accused of being the custodian of ADS Ali, since Ali’s second listing in Hong Kong, roughly every three months, the mysterious big players have moved to Hong Kong and sold goods. And they didn’t stop. According to the records, in September and December of last year, and in April and June of this year, about 700 million shares were transferred in one day, and almost all of them were sold in the following months, the last of which was 722 million in At the end of June, the shares were deposited, and the net ended Sales of about 200 million shares last week. Currently, Citi’s CCASS owns about 14.78% of Ali, including about 3.2 billion shares and a market capitalization of 334.6 billion yuan.

Ant executives quit partner, demanding better governance
In addition, Ali’s annual report also revealed that Jing Xiandong, Ni Xingjun, Zeng Songbai and Peng Yijie, who are associated with the management of Ant Group, are no longer Ali’s partners. According to the recently revised “Partnership Agreement” by the group, the partner must be a member of the Alibaba Group. From May 31 this year, the party associated with Alibaba will no longer be a partner. In response to foreign reports, a spokesperson for the Ant Group said that this time is part of the group’s ongoing efforts to improve the transparency and efficiency of governance.

Zhang Yong, Alibaba Chairman and CEO, said the government recently sent a clear message that the platform economy plays an important role in economic development. The group is committed to helping consumers achieve a better life, helping companies drive technological innovation, while closely monitoring policy developments to ensure the company’s compliance with regulatory requirements.

Zhang Yong said in an analyst conference call that total revenue in April experienced low negative single-digit growth, while in the Chinese retail market, Tao-based physical transactions fell by just over 10% year on year last month, but the mainland logistics Main was fast in late May. The previous backlog of parcels has been digested, and many dealers are preparing for the “Tmall 618”. At the moment, it has been observed that the number of core merchants and products that intend to participate in 618 will increase year on year.

He noted that the social logistics system has largely recovered compared to April, but it will take some time to absorb the backlog of packages. Given the risks and uncertainties posed by the uncontrollable and unpredictable outbreak, no financial guidance will be provided for this year. The Company will continue to generate strong operating cash flow to maintain strategic flexibility as the Group adjusts its operations to the changing economic and competitive environment.

“618” Shopping Festival activities have a clear and better trend
Regarding the “618” shopping festival, Zhang Yong said that from the degree of active registration of merchants, the number of core products, etc., there is a clear trend and better than last year. The group will fully support, increase investment, accelerate the flow of liquidity for merchants, etc., and we hope that the outbreak will continue to be controlled in the future, creating better conditions for activities.

Ali’s non-GAAP net profit was 19.799 billion yuan (RMB, as below) (about HK$23 billion), a year-on-year decrease of 24.4%, and revenue was 204.052 billion yuan, an increase of 8.9%. Quarterly loss widened to 16.241 billion yuan, compared to a loss of 5.479 billion yuan in the same period last year, mainly due to lower market price of equity investments held by listed companies, loss per share of 0.76 yuan.

For the whole year, Alibaba reported net profit of 61.959 billion yuan, down 58.8%, non-GAAP net profit of 136.388 billion yuan, down 20.7%, revenue of 853.062 billion yuan, up 18.9%, earnings per share of 2.84 yuan , does not keep profits. During this period, Ant Group’s dividend receivable was 3.945 billion yuan, the first dividend paid by Ant to shareholders.

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