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罗彻彻
2019-04-05
$如涵控股(RUHN)$ 这么多年的最大失手,mark一下记住这个教训 还是巴姥爷说的对 不要去做你不懂的东西!
罗彻彻
2019-10-17
$Netflix, Inc.(NFLX)$
下了个限价单就去睡觉 结果差一点没买到 恨不得穿越回昨天晚上把自己打醒 要你睡觉 盯盘去啊sb
罗彻彻
2019-10-28
$拼多多(PDD)$
啧 逆天
罗彻彻
2019-04-03
#春天正是读书天# 「学习成绩不能充分证明这个人是否具备你想要的价值观和能力」不是唯一标准,但是可以快速了解一个人过去的学习能力,意志力等。
罗彻彻
2020-04-14
$康方生物-B(09926)$
老虎没开打新诶
罗彻彻
2019-09-27
$老虎证券(TIGR)$
打卡
罗彻彻
2019-10-16
$网易(NTES)$
杀猪吃肉
罗彻彻
2019-10-15
$Roku Inc(ROKU)$
妖股本妖了
罗彻彻
2020-06-02
老虎可以打新么 求攻略
京东与网易据悉已向港交所提交上市申请,且通过上市聆讯
罗彻彻
2019-09-04
$Roku Inc(ROKU)$
硬生生错过这只股票 87到现在 一直关注但未购买 悔恨不已
罗彻彻
2019-10-29
$腾讯音乐(TME)$
心疼自己
罗彻彻
2019-03-21
#和老虎的故事# 原来一直在别的券商 后来看到wind的广告 觉得能想到在wind这样的渠道发广告的券商至少思路很清爽😂 于是就默默把之前别的券商的资金转进来啦 还有持仓 进来以后就买了网易粑粑 结果一言难尽 波荡起伏的价格 真的是让人头大 总的来说用的还比较流畅啦 几年下来年化10%的收益 就是本金太少 没多少钱 就当模拟盘玩啦~
罗彻彻
2019-09-15
$铂金主连(PLmain)$
铂金比黄金还便宜
罗彻彻
2020-01-26
$有道(DAO)$
就 人干事[笑哭][笑哭][笑哭][笑哭][抠鼻][抠鼻][抠鼻]
罗彻彻
2019-10-31
$拼多多(PDD)$
叹为观止
罗彻彻
2019-10-12
$老虎证券(TIGR)$
啧
罗彻彻
2019-09-26
$老虎证券(TIGR)$
日常打卡
罗彻彻
2020-02-03
$九毛九(09922)$
这种特殊情况洗 餐饮业该如何自保
罗彻彻
2019-10-30
$网易(NTES)$
养猪场出了个HP手游!简直!
去老虎APP查看更多动态
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老虎的打新板块都木有哭哭哭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/951720312","repostId":"951847101","repostType":1,"repost":{"id":951847101,"gmtCreate":1590747689796,"gmtModify":1704193607219,"author":{"id":"20733756400840","authorId":"20733756400840","name":"我是股神的小腿毛","avatar":"https://static.tigerbbs.com/3d2a54ec91bee908d0ce0a36809b8199","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"【悬赏900虎币】求问网易京东打新,该怎么选?","htmlText":"前一阵因为不懂医药股,错过了康方生物和沛嘉上市,感觉错过了好几个亿,这一段时间又经常看到各个公众号在推京东和网易打新,也想吃个肉,但是不知道该买哪只,想让大家帮我出个主意。先附上一张网传的小道消息,错了别怪我哦。 网易回港IPO 预计认购时间:6.2-6.5(下周二至周四) 预计上市时间:6.12 预计一手资金:10,000~12,000港元 保荐人:摩根大通、中金、瑞信等 京东回港IPO 预计认购时间:6.8-6.11 预计上市时间:6.18 预计一手资金:15,000~18,000港元 保荐人:瑞银、美林、中银国际等 按照网上的消息来看,虽然京东和网易中间有时间差,不过他俩离得实在太近了,很有可能申购网易的资金还没出来,京东的认购都已截止了,所以稳妥起见一个账户集中精力搞一只。 在附上一张<a target=\"_blank\" href=\"https://laohu8.com/S/JD\">$京东(JD)$</a> 的图和<a target=\"_blank\" 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href=\"https://laohu8.com/S/CMCM\">$猎豹移动(CMCM)$</a>啧","text":"$猎豹移动(CMCM)$啧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/980637112","isVote":1,"tweetType":1,"viewCount":1291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":980163849,"gmtCreate":1582252709281,"gmtModify":1704346229311,"author":{"id":"3434711123356815","authorId":"3434711123356815","name":"罗彻彻","avatar":"https://static.tigerbbs.com/ff42720c4d562072aaaf7fa2e460f413","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"你很好用的软件把老牌☁️ 未来可期","listText":"你很好用的软件把老牌☁️ 未来可期","text":"你很好用的软件把老牌☁️ 未来可期","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/980163849","repostId":"1175400802","repostType":2,"repost":{"id":"1175400802","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1582240305,"share":"https://www.laohu8.com/m/news/1175400802?lang=&edition=full","pubTime":"2020-02-21 07:11","market":"us","language":"zh","title":"Dropbox第四季度业绩好于预期,股价盘后大涨","url":"https://stock-news.laohu8.com/highlight/detail?id=1175400802","media":"老虎资讯综合","summary":"云存储公司Dropbox$(DBX)$周四盘后公布第四季度财报显示该公司亏损同比收窄,营收和每股收益均高于预期,当及业绩指引同样高于预期,刺激其股价周四盘后一度大涨超16%,涨破其2018年IPO发行","content":"<p><span>云存储公司Dropbox<a href=\"https://laohu8.com/S/DBX\">$(DBX)$</a>周四盘后公布第四季度财报显示该公司亏损同比收窄,营收和每股收益均高于预期,当及业绩指引同样高于预期,刺激其股价周四盘后一度大涨超16%,涨破其2018年IPO发行价21美元。</span></p><p><img src=\"https://static.tigerbbs.com/ef8cb8764c1bb5fbf20b68cdf5f82ce2\" /></p><p><b><span>Dropbox财报要点:</span></b></p><p><span>·第四季度营收为4.66亿美元,超出分析师预期的4.43亿美元,上年同期为3.759亿美元,同比增长18.65%;</span></p><p><span>·GAAP下毛利率76.5%,去年同期为74.9%;</span></p><p><span>·第四季度运营亏损660万美元,去年同期为亏损1200万美元,同比收窄45%;</span></p><p><span>·第四季度净亏损660万美元,去年同期净亏损950万美元,同比收窄30.53%;</span></p><p><span>·调整后每股收益为16美分,超出分析师平均预期的14美分;</span></p><p><span>·自由现金流1.613亿美元,去年同期为8830万美元;</span></p><p><span>·第四季度的付费用户为1430万,高于上一季度的1400万,且高于分析师预期的1420万;</span></p><p><span>·单位付费用户的平均收入为125美元,高于上一季度的123.15美元,高于分析师预期的123.81美元。</span></p><p><span>·2019全年营收16.61亿美元,同比增长19%;全年单位用户营收123.07美元,高于去年同期的117.64美元;</span></p><p><span>·2019全年净亏损5270万美元,2018年净亏损为4.849亿美元;</span></p><p><span>对于当季业绩,Dropbox预计营收区间为4.52亿美元至4.54亿美元之间,其预期中值高于分析师预期的4.484亿美元;此外,Dropbox预期2020全年营收区间为18.9亿美元至19.05亿美元,其中值18.98亿美元稍低于分析师预期的19亿美元;该公司预计2020年自由现金流为4.75亿美元至4.85亿美元,高于分析师预期的4.36亿美元。</span></p><p><span>Dropbox第四季度宣布其首席客户官Yamini Rangan离职;该公司首席执行官Drew Houston也于本月初加入了Facebook董事会。</span></p><p><span>Drew Houston在财报电话会议上表示,预期公司将在今年底取得盈利;此外,该公司首席财务官Ajay Vashee则表示,预计到2024年将产生超过10亿元的自由现金流。此外,该公司董事会还授权进行6亿美元的股票回购,但并未公布回购时间表。</span></p><p><span>目前Dropbox正在面临微软和谷歌提供的免费云储存服务带来的挑战;不过,该公司此前在其产品中加入了不少新功能,保证其竞争力。一份最近公布的研究显示,云储存服务市场未来几年将继续急速扩张,这一趋势利好Dropbox。</span></p><p><span>不过,贝尔斯登分析师Zane Chrane和Michelle Isaacs周三表示,自去年8月开始研究Dropbox以来,该公司app的使用量一直在下降,下载量第四季度下降20%左右,同時app內購買額也顯著下降;二人還表示,Dropbox的日活躍用戶數量第四季度降幅提速,月活躍用戶數量也同比減少大約20%;二人目前將Dropbox股價評級為“賣出”。</span></p><p><span>Dropbox在周四的常规交易时间中收高2.16%,收盘价为18.72美元。由于该公司公布的第四季度业绩和当及业绩指引高于分析师预期,Dropbox股价周四盘后大涨13%,涨破其2018年IPO发行价21美元。不过,Dropbox股价在过去12个月内以下跌26.9%,但今年迄今上涨3%。</span></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dropbox第四季度业绩好于预期,股价盘后大涨</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDropbox第四季度业绩好于预期,股价盘后大涨\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2020-02-21 07:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><span>云存储公司Dropbox<a href=\"https://laohu8.com/S/DBX\">$(DBX)$</a>周四盘后公布第四季度财报显示该公司亏损同比收窄,营收和每股收益均高于预期,当及业绩指引同样高于预期,刺激其股价周四盘后一度大涨超16%,涨破其2018年IPO发行价21美元。</span></p><p><img src=\"https://static.tigerbbs.com/ef8cb8764c1bb5fbf20b68cdf5f82ce2\" /></p><p><b><span>Dropbox财报要点:</span></b></p><p><span>·第四季度营收为4.66亿美元,超出分析师预期的4.43亿美元,上年同期为3.759亿美元,同比增长18.65%;</span></p><p><span>·GAAP下毛利率76.5%,去年同期为74.9%;</span></p><p><span>·第四季度运营亏损660万美元,去年同期为亏损1200万美元,同比收窄45%;</span></p><p><span>·第四季度净亏损660万美元,去年同期净亏损950万美元,同比收窄30.53%;</span></p><p><span>·调整后每股收益为16美分,超出分析师平均预期的14美分;</span></p><p><span>·自由现金流1.613亿美元,去年同期为8830万美元;</span></p><p><span>·第四季度的付费用户为1430万,高于上一季度的1400万,且高于分析师预期的1420万;</span></p><p><span>·单位付费用户的平均收入为125美元,高于上一季度的123.15美元,高于分析师预期的123.81美元。</span></p><p><span>·2019全年营收16.61亿美元,同比增长19%;全年单位用户营收123.07美元,高于去年同期的117.64美元;</span></p><p><span>·2019全年净亏损5270万美元,2018年净亏损为4.849亿美元;</span></p><p><span>对于当季业绩,Dropbox预计营收区间为4.52亿美元至4.54亿美元之间,其预期中值高于分析师预期的4.484亿美元;此外,Dropbox预期2020全年营收区间为18.9亿美元至19.05亿美元,其中值18.98亿美元稍低于分析师预期的19亿美元;该公司预计2020年自由现金流为4.75亿美元至4.85亿美元,高于分析师预期的4.36亿美元。</span></p><p><span>Dropbox第四季度宣布其首席客户官Yamini Rangan离职;该公司首席执行官Drew Houston也于本月初加入了Facebook董事会。</span></p><p><span>Drew Houston在财报电话会议上表示,预期公司将在今年底取得盈利;此外,该公司首席财务官Ajay Vashee则表示,预计到2024年将产生超过10亿元的自由现金流。此外,该公司董事会还授权进行6亿美元的股票回购,但并未公布回购时间表。</span></p><p><span>目前Dropbox正在面临微软和谷歌提供的免费云储存服务带来的挑战;不过,该公司此前在其产品中加入了不少新功能,保证其竞争力。一份最近公布的研究显示,云储存服务市场未来几年将继续急速扩张,这一趋势利好Dropbox。</span></p><p><span>不过,贝尔斯登分析师Zane Chrane和Michelle Isaacs周三表示,自去年8月开始研究Dropbox以来,该公司app的使用量一直在下降,下载量第四季度下降20%左右,同時app內購買額也顯著下降;二人還表示,Dropbox的日活躍用戶數量第四季度降幅提速,月活躍用戶數量也同比減少大約20%;二人目前將Dropbox股價評級為“賣出”。</span></p><p><span>Dropbox在周四的常规交易时间中收高2.16%,收盘价为18.72美元。由于该公司公布的第四季度业绩和当及业绩指引高于分析师预期,Dropbox股价周四盘后大涨13%,涨破其2018年IPO发行价21美元。不过,Dropbox股价在过去12个月内以下跌26.9%,但今年迄今上涨3%。</span></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b9645d5c14907cecead5d78f5957ecc","relate_stocks":{"DBX":"Dropbox Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175400802","content_text":"云存储公司Dropbox$(DBX)$周四盘后公布第四季度财报显示该公司亏损同比收窄,营收和每股收益均高于预期,当及业绩指引同样高于预期,刺激其股价周四盘后一度大涨超16%,涨破其2018年IPO发行价21美元。Dropbox财报要点:·第四季度营收为4.66亿美元,超出分析师预期的4.43亿美元,上年同期为3.759亿美元,同比增长18.65%;·GAAP下毛利率76.5%,去年同期为74.9%;·第四季度运营亏损660万美元,去年同期为亏损1200万美元,同比收窄45%;·第四季度净亏损660万美元,去年同期净亏损950万美元,同比收窄30.53%;·调整后每股收益为16美分,超出分析师平均预期的14美分;·自由现金流1.613亿美元,去年同期为8830万美元;·第四季度的付费用户为1430万,高于上一季度的1400万,且高于分析师预期的1420万;·单位付费用户的平均收入为125美元,高于上一季度的123.15美元,高于分析师预期的123.81美元。·2019全年营收16.61亿美元,同比增长19%;全年单位用户营收123.07美元,高于去年同期的117.64美元;·2019全年净亏损5270万美元,2018年净亏损为4.849亿美元;对于当季业绩,Dropbox预计营收区间为4.52亿美元至4.54亿美元之间,其预期中值高于分析师预期的4.484亿美元;此外,Dropbox预期2020全年营收区间为18.9亿美元至19.05亿美元,其中值18.98亿美元稍低于分析师预期的19亿美元;该公司预计2020年自由现金流为4.75亿美元至4.85亿美元,高于分析师预期的4.36亿美元。Dropbox第四季度宣布其首席客户官Yamini Rangan离职;该公司首席执行官Drew Houston也于本月初加入了Facebook董事会。Drew Houston在财报电话会议上表示,预期公司将在今年底取得盈利;此外,该公司首席财务官Ajay Vashee则表示,预计到2024年将产生超过10亿元的自由现金流。此外,该公司董事会还授权进行6亿美元的股票回购,但并未公布回购时间表。目前Dropbox正在面临微软和谷歌提供的免费云储存服务带来的挑战;不过,该公司此前在其产品中加入了不少新功能,保证其竞争力。一份最近公布的研究显示,云储存服务市场未来几年将继续急速扩张,这一趋势利好Dropbox。不过,贝尔斯登分析师Zane Chrane和Michelle Isaacs周三表示,自去年8月开始研究Dropbox以来,该公司app的使用量一直在下降,下载量第四季度下降20%左右,同時app內購買額也顯著下降;二人還表示,Dropbox的日活躍用戶數量第四季度降幅提速,月活躍用戶數量也同比減少大約20%;二人目前將Dropbox股價評級為“賣出”。Dropbox在周四的常规交易时间中收高2.16%,收盘价为18.72美元。由于该公司公布的第四季度业绩和当及业绩指引高于分析师预期,Dropbox股价周四盘后大涨13%,涨破其2018年IPO发行价21美元。不过,Dropbox股价在过去12个月内以下跌26.9%,但今年迄今上涨3%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":915396625,"gmtCreate":1580709440867,"gmtModify":1704341959125,"author":{"id":"3434711123356815","authorId":"3434711123356815","name":"罗彻彻","avatar":"https://static.tigerbbs.com/ff42720c4d562072aaaf7fa2e460f413","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/09988\">$(09988)$</a>重返港交所二次敲钟。</p>\n<p>今天之后,阿里将成为首个同时在香港和美国两地上市的内地互联网公司。而港交所也将成为继纽交所之后,聚集中国互联网巨头最多的证券交易所。</p>\n<p>2012年从港交所退市,2014年远走纽交所,2019年回归港交所,在国泰君安新股团队看来,阿里的七年回家路背后,就是一部中国资本市场新股发行制度的变迁历史。</p>\n<p>而阿里的二次上市,也将成为中国资本市场新股发行史上一座新的里程碑。</p>\n<p><b>01、阿里坎坷上市路</b></p>\n<p>2014年,因为“意见不合”,阿里巴巴没能在港交所上市,被迫远走美国。</p>\n<p>阿里巴巴和港交所牵手失败背后,最主要的原因出在了“同股不同权”这个问题上。</p>\n<p>同股不同权,指的是一种特殊的AB型股权结构。</p>\n<p>在这种体制的设定下,即便是持有相同股数的股东,拥有A股的人(往往是企业的创始团队),永远比拥有B股的人(外部投资者)更具有重大事件决策权,其主要目的在于,使得公司创始人在公司上市后,仍然能够保留对公司事物足够的控制权。</p>\n<p>这种双层股权结构在美国市场上很普遍,但同时也遭到主张优良企业治理的人士责备——大量权力集中在少数人手里,是企业内部治理极其不民主的做法。</p>\n<p>由于当时的港交所严格要求“同股同权”,阿里为保公司控制权,无奈之下远走纽交所。</p>\n<p>事实上,对于公司控制权这个问题,阿里有其特殊的执着。</p>\n<p>早年在和雅虎争夺控制权的过程中,阿里管理层曾面临过大权旁落的出局风险。此后,从2010年7月起,在阿里巴巴集团内部开始实行“湖畔合伙人制度”,而在阿里巴巴提交给香港证监会的材料中就提到了这种创新制度。</p>\n<p>虽然马云坚称合伙人制度不同于双重股权结构,但是香港联交所上市规则8.11条中规定,新申请人的股本不得包括股本与权利不对等的股票,除非交易所同意。</p>\n<p>香港证监会经讨论拒绝了阿里巴巴的上市申请,给予的理由是这样会损害中小股东的利益,如果为阿里破例上市就会损害法律的严谨性。</p>\n<p>因此,2013年10月11日,阿里巴巴集团CEO陆兆禧公开表示,放弃在香港上市。次年3月16日,阿里宣布IPO地址确定为美国。</p>\n<p>2014年9月19日,阿里巴巴成功在纽交所上市,发行价为68美元,总共募资218亿美元,完全超额认购后募资250.3亿美元,创下了史上最大的IPO记录。</p>\n<p>阿里巴巴上市当天开盘价为92.7美元,较发行价上涨36.32%,以开盘价计算的市值达到约2285亿美元。</p>\n<p>阿里在美上市期间,股价最高达到211.7美元,截至11月19日,阿里巴巴股价为185.25美元,较发行价68美元上涨172.4%,总市值达到4952亿美元。</p>\n<p>痛失阿里,也成为港交所多年来的一大遗憾。</p>\n<p><b>02、港交所的改变</b></p>\n<p>错失阿里的遗憾,一度成为港交所制度改革的最大推动力。</p>\n<p>2018年,港交所重新修订了《上市规则》,允许拥有不同投票权架构的公司在港交所上市,规则于当年4月30日生效,这也是港交所25年来最大的变革。</p>\n<p>首先赶上这波红利的,是内地互联网小巨头小米和美团。</p>\n<p>在香港资本市场更为开放的环境下,小米和美团先后以“同股不同权”的方式在香港上市,并于2019年10月28日正式纳入港股通。</p>\n<p>当时有不少猜测声音,阿里、京东、新东方是否会回归,几大互联网公司表达了积极的反馈,表示会等待合适时机。</p>\n<p>2019年6月,已有消息称阿里巴巴将在数周内提交香港上市申请,选择中金公司和瑞信牵头安排香港的股份发行,此次发行可能筹集高达200亿美元资金。</p>\n<p>阿里巴巴官方对此的回应为“不予置评”,但业界对于阿里回归港股的呼声却日益高涨。</p>\n<p>时隔数月后的11月13日,阿里巴巴集团正式向香港联交所提交初步招股文件,意味着阿里的返港上市启动。</p>\n<p>11月15日,阿里开始接受投资者认购,11月20日定价为每股176港元,完全超额配售的融资规模达1012亿港元。</p>\n<p>11月19日,阿里提前10小时结束机构认购,国际认购订单超额倍数为3-4倍。</p>\n<p>同时,阿里方面确认,其ADR将继续将在纽交所上市并交易,每一份ADR代表八股普通股,香港上市股份与纽交所上市的ADR将可互相转换。</p>\n<p>如这一目标顺利实现,阿里将成为港股历史上仅次于友邦保险的第二大IPO交易。</p>\n<p><b>03、阿里的选择</b></p>\n<p>阿里巴巴在香港二次上市,可以选择发行HDR或发行普通股两种途径。不过由于目前港交所HDR市场基本失去交易功能,最终阿里选择了发行普通股。</p>\n<p>事实上,H股+ADR是海外上市公司在港IPO的主流模式。自1980年以来,共有17家公司选择在美国、香港两地以“H股+ADR”的方式上市,包括汇丰控股、东方航空、中国移动、中国人寿等。</p>\n<p>从发行模式来看,主要又分为三种类型:同时发行港股普通股和ADR;先发行ADR再发行港股普通股;先发行港股普通股再发行ADR。目前仅有汇丰控股一家是先发行港股普通股再发行ADR,华能国际电力股份、保诚、百济神州-B是先发行ADR再发行港股普通股,其他皆为同时发行。</p>\n<p>截止2019年11月20日,以H股+ADR上市的17家公司港股平均市值超过3500亿港币,其中6家公司市值在港股排名前20,从经营指标来看,均表现出较为稳定的经营能力。</p>\n<p>阿里最终放弃了目前市场上仅存一只流通的HDR,而选择了发行港股普通股,证明了大中华区资本市场的包容度正在逐步提升,也是港交所去年以来大刀阔斧改革的必然结果。</p>\n<p><b>04、科创板捕兽计</b></p>\n<p>在港交所加强对企业包容度的同时,境内市场也不断开放,为企业拓宽融资渠道。</p>\n<p>2015年之后,中概股回归国内资本市场的步伐加快,仅当年即有30余家中概股公司计划回归。</p>\n<p>一般的回归途径为“私有化+拆除VIE架构+借壳上市”,分众传媒、巨人网络、完美风暴、奇虎360等公司均通过这种方式实现了境内上市,但整体流程较为复杂,监管审核也较为严格。</p>\n<p>2019年,上交所科创板启动,为中概股回归提供了另一种可能性——中概股公司既可以选择私有化后在境内上市,也可以分拆旗下的独角兽至科创板上市。</p>\n<p>2019年3月1日,证监会发布《科创板上市公司持续监管办法(试行)》,其中第三十一条写到:“达到一定规模的上市公司,可以依据法律法规、中国证监会和交易所有关规定,分拆其业务独立、符合条件的子公司在科创板上市”。</p>\n<p><b>▼分拆上市政策梳理,</b></p>\n<p><b>制度逐步完善</b></p>\n<p><img src=\"https://static.tigerbbs.com/3beef41b3d0e3cb192511a41d8d7e340\"></p>\n<p><b>中概股旗下独角兽众多,阿里旗下的蚂蚁金服、阿里云、菜鸟网络等可能分拆上市。</b></p>\n<p>下表中筛选的四家美股中的中概股:阿里、百度、京东和网易,它们均是大型互联网企业,符合国家创新企业的要求,且体量庞大(市值超过300亿美元),他们旗下有很多估值大于10亿美元的独角兽,可能实现境内分拆上市。</p>\n<p><b>▼中概股旗下部分可能分拆上市的独角兽</b></p>\n<p>此番阿里通过发行股票的形式在港二次上市,而阿里旗下的独角兽:蚂蚁金服、阿里云、菜鸟、饿了么等均符合科创型企业的要求,可能在科创板分拆上市。</p>\n<p>▼<b>2019财年阿里核心商务占总营收比重最高</b></p>\n<p><img src=\"https://static.tigerbbs.com/b30ba59acae920359d9831872bc3716a\"></p>\n<p>阿里2019年财务报告显示,其收入主要包括核心商务(淘宝、天猫、国际业务、菜鸟、饿了么、口碑等)、云计算(阿里云)、数字媒体与娱乐(UC、优酷土豆等)、创新及其他(高德、钉钉等)。</p>\n<p>2019全财年核心商务收入占总收入比重的85.8%,其中淘宝、天猫是公司业绩贡献的主力,分拆上市的可能性较低。</p>\n<p>除此之外:</p>\n<p>菜鸟在全年总收入中占比达到3.9%;</p>\n<p>本地生活服务(饿了么+口碑)2019年第一季度营收占比为5.6%;</p>\n<p>阿里云盈亏接近平衡,在全年总营收中占比6.6%,是亚太地区第一大云服务平台;</p>\n<p>数字媒体及娱乐全年总营收占比为6.4%。</p>\n<p>除阿里云之外,菜鸟、饿了么、口碑、优酷土豆尚处于战略发展阶段,目前处于亏损状态,但营业收入不断增长,发展前景广阔。</p>\n<p>蚂蚁金服未有详细财务数据披露,但根据18年最新一轮融资估值超1500亿美元,亦有分拆上市的可能。</p>\n<p><b>05、“欢迎回家”</b></p>\n<p>从纳斯达克到港交所,再到科创板,不难发现,中国资本市场放宽上市企业的盈利条件已成为趋势,生物医药、互联网等行业也越来越成为政策以及市场关注的重点。</p>\n<p>在过去多年中,由于中国资本市场的制度仍在完善过程中,国内投资者错失了不少享受中国新经济红利的好机会。</p>\n<p>据不完全统计,1996年至2005年间,中国上市公司总市值仅占GDP的31.4%,同期美国上市公司的总市值占比超过GDP的130%。</p>\n<p>而伴随着境内资本市场制度的逐渐完善,国内资本市场正在不断试验,如何为中概股公司提供新的回归渠道。</p>\n<p>此次阿里返港上市和科创板试点注册制引导下的IPO政策放开和推广,意味着包括沪深交易所和港交所在内的大中华地区资本市场将继续释放政策红利,同时也昭示,未来越来越多的红筹企业和独角兽公司,将通过多种方式回归。</p>\n<p>同时,随着国内资本市场进一步开放,随着市场制度的不断完善,我国的资本市场将更具吸引力。</p>","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里的七年回家路,是中国新股发行制度的一部变迁史\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1051739769\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8dd5c807ac304ce7a9da871e241d8323);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">国泰君安证券研究 </p>\n<p class=\"h-time\">2019-11-26 10:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>11月26日,也就是今天,阿里巴巴<a href=\"https://laohu8.com/S/09988\">$(09988)$</a>重返港交所二次敲钟。</p>\n<p>今天之后,阿里将成为首个同时在香港和美国两地上市的内地互联网公司。而港交所也将成为继纽交所之后,聚集中国互联网巨头最多的证券交易所。</p>\n<p>2012年从港交所退市,2014年远走纽交所,2019年回归港交所,在国泰君安新股团队看来,阿里的七年回家路背后,就是一部中国资本市场新股发行制度的变迁历史。</p>\n<p>而阿里的二次上市,也将成为中国资本市场新股发行史上一座新的里程碑。</p>\n<p><b>01、阿里坎坷上市路</b></p>\n<p>2014年,因为“意见不合”,阿里巴巴没能在港交所上市,被迫远走美国。</p>\n<p>阿里巴巴和港交所牵手失败背后,最主要的原因出在了“同股不同权”这个问题上。</p>\n<p>同股不同权,指的是一种特殊的AB型股权结构。</p>\n<p>在这种体制的设定下,即便是持有相同股数的股东,拥有A股的人(往往是企业的创始团队),永远比拥有B股的人(外部投资者)更具有重大事件决策权,其主要目的在于,使得公司创始人在公司上市后,仍然能够保留对公司事物足够的控制权。</p>\n<p>这种双层股权结构在美国市场上很普遍,但同时也遭到主张优良企业治理的人士责备——大量权力集中在少数人手里,是企业内部治理极其不民主的做法。</p>\n<p>由于当时的港交所严格要求“同股同权”,阿里为保公司控制权,无奈之下远走纽交所。</p>\n<p>事实上,对于公司控制权这个问题,阿里有其特殊的执着。</p>\n<p>早年在和雅虎争夺控制权的过程中,阿里管理层曾面临过大权旁落的出局风险。此后,从2010年7月起,在阿里巴巴集团内部开始实行“湖畔合伙人制度”,而在阿里巴巴提交给香港证监会的材料中就提到了这种创新制度。</p>\n<p>虽然马云坚称合伙人制度不同于双重股权结构,但是香港联交所上市规则8.11条中规定,新申请人的股本不得包括股本与权利不对等的股票,除非交易所同意。</p>\n<p>香港证监会经讨论拒绝了阿里巴巴的上市申请,给予的理由是这样会损害中小股东的利益,如果为阿里破例上市就会损害法律的严谨性。</p>\n<p>因此,2013年10月11日,阿里巴巴集团CEO陆兆禧公开表示,放弃在香港上市。次年3月16日,阿里宣布IPO地址确定为美国。</p>\n<p>2014年9月19日,阿里巴巴成功在纽交所上市,发行价为68美元,总共募资218亿美元,完全超额认购后募资250.3亿美元,创下了史上最大的IPO记录。</p>\n<p>阿里巴巴上市当天开盘价为92.7美元,较发行价上涨36.32%,以开盘价计算的市值达到约2285亿美元。</p>\n<p>阿里在美上市期间,股价最高达到211.7美元,截至11月19日,阿里巴巴股价为185.25美元,较发行价68美元上涨172.4%,总市值达到4952亿美元。</p>\n<p>痛失阿里,也成为港交所多年来的一大遗憾。</p>\n<p><b>02、港交所的改变</b></p>\n<p>错失阿里的遗憾,一度成为港交所制度改革的最大推动力。</p>\n<p>2018年,港交所重新修订了《上市规则》,允许拥有不同投票权架构的公司在港交所上市,规则于当年4月30日生效,这也是港交所25年来最大的变革。</p>\n<p>首先赶上这波红利的,是内地互联网小巨头小米和美团。</p>\n<p>在香港资本市场更为开放的环境下,小米和美团先后以“同股不同权”的方式在香港上市,并于2019年10月28日正式纳入港股通。</p>\n<p>当时有不少猜测声音,阿里、京东、新东方是否会回归,几大互联网公司表达了积极的反馈,表示会等待合适时机。</p>\n<p>2019年6月,已有消息称阿里巴巴将在数周内提交香港上市申请,选择中金公司和瑞信牵头安排香港的股份发行,此次发行可能筹集高达200亿美元资金。</p>\n<p>阿里巴巴官方对此的回应为“不予置评”,但业界对于阿里回归港股的呼声却日益高涨。</p>\n<p>时隔数月后的11月13日,阿里巴巴集团正式向香港联交所提交初步招股文件,意味着阿里的返港上市启动。</p>\n<p>11月15日,阿里开始接受投资者认购,11月20日定价为每股176港元,完全超额配售的融资规模达1012亿港元。</p>\n<p>11月19日,阿里提前10小时结束机构认购,国际认购订单超额倍数为3-4倍。</p>\n<p>同时,阿里方面确认,其ADR将继续将在纽交所上市并交易,每一份ADR代表八股普通股,香港上市股份与纽交所上市的ADR将可互相转换。</p>\n<p>如这一目标顺利实现,阿里将成为港股历史上仅次于友邦保险的第二大IPO交易。</p>\n<p><b>03、阿里的选择</b></p>\n<p>阿里巴巴在香港二次上市,可以选择发行HDR或发行普通股两种途径。不过由于目前港交所HDR市场基本失去交易功能,最终阿里选择了发行普通股。</p>\n<p>事实上,H股+ADR是海外上市公司在港IPO的主流模式。自1980年以来,共有17家公司选择在美国、香港两地以“H股+ADR”的方式上市,包括汇丰控股、东方航空、中国移动、中国人寿等。</p>\n<p>从发行模式来看,主要又分为三种类型:同时发行港股普通股和ADR;先发行ADR再发行港股普通股;先发行港股普通股再发行ADR。目前仅有汇丰控股一家是先发行港股普通股再发行ADR,华能国际电力股份、保诚、百济神州-B是先发行ADR再发行港股普通股,其他皆为同时发行。</p>\n<p>截止2019年11月20日,以H股+ADR上市的17家公司港股平均市值超过3500亿港币,其中6家公司市值在港股排名前20,从经营指标来看,均表现出较为稳定的经营能力。</p>\n<p>阿里最终放弃了目前市场上仅存一只流通的HDR,而选择了发行港股普通股,证明了大中华区资本市场的包容度正在逐步提升,也是港交所去年以来大刀阔斧改革的必然结果。</p>\n<p><b>04、科创板捕兽计</b></p>\n<p>在港交所加强对企业包容度的同时,境内市场也不断开放,为企业拓宽融资渠道。</p>\n<p>2015年之后,中概股回归国内资本市场的步伐加快,仅当年即有30余家中概股公司计划回归。</p>\n<p>一般的回归途径为“私有化+拆除VIE架构+借壳上市”,分众传媒、巨人网络、完美风暴、奇虎360等公司均通过这种方式实现了境内上市,但整体流程较为复杂,监管审核也较为严格。</p>\n<p>2019年,上交所科创板启动,为中概股回归提供了另一种可能性——中概股公司既可以选择私有化后在境内上市,也可以分拆旗下的独角兽至科创板上市。</p>\n<p>2019年3月1日,证监会发布《科创板上市公司持续监管办法(试行)》,其中第三十一条写到:“达到一定规模的上市公司,可以依据法律法规、中国证监会和交易所有关规定,分拆其业务独立、符合条件的子公司在科创板上市”。</p>\n<p><b>▼分拆上市政策梳理,</b></p>\n<p><b>制度逐步完善</b></p>\n<p><img src=\"https://static.tigerbbs.com/3beef41b3d0e3cb192511a41d8d7e340\"></p>\n<p><b>中概股旗下独角兽众多,阿里旗下的蚂蚁金服、阿里云、菜鸟网络等可能分拆上市。</b></p>\n<p>下表中筛选的四家美股中的中概股:阿里、百度、京东和网易,它们均是大型互联网企业,符合国家创新企业的要求,且体量庞大(市值超过300亿美元),他们旗下有很多估值大于10亿美元的独角兽,可能实现境内分拆上市。</p>\n<p><b>▼中概股旗下部分可能分拆上市的独角兽</b></p>\n<p>此番阿里通过发行股票的形式在港二次上市,而阿里旗下的独角兽:蚂蚁金服、阿里云、菜鸟、饿了么等均符合科创型企业的要求,可能在科创板分拆上市。</p>\n<p>▼<b>2019财年阿里核心商务占总营收比重最高</b></p>\n<p><img src=\"https://static.tigerbbs.com/b30ba59acae920359d9831872bc3716a\"></p>\n<p>阿里2019年财务报告显示,其收入主要包括核心商务(淘宝、天猫、国际业务、菜鸟、饿了么、口碑等)、云计算(阿里云)、数字媒体与娱乐(UC、优酷土豆等)、创新及其他(高德、钉钉等)。</p>\n<p>2019全财年核心商务收入占总收入比重的85.8%,其中淘宝、天猫是公司业绩贡献的主力,分拆上市的可能性较低。</p>\n<p>除此之外:</p>\n<p>菜鸟在全年总收入中占比达到3.9%;</p>\n<p>本地生活服务(饿了么+口碑)2019年第一季度营收占比为5.6%;</p>\n<p>阿里云盈亏接近平衡,在全年总营收中占比6.6%,是亚太地区第一大云服务平台;</p>\n<p>数字媒体及娱乐全年总营收占比为6.4%。</p>\n<p>除阿里云之外,菜鸟、饿了么、口碑、优酷土豆尚处于战略发展阶段,目前处于亏损状态,但营业收入不断增长,发展前景广阔。</p>\n<p>蚂蚁金服未有详细财务数据披露,但根据18年最新一轮融资估值超1500亿美元,亦有分拆上市的可能。</p>\n<p><b>05、“欢迎回家”</b></p>\n<p>从纳斯达克到港交所,再到科创板,不难发现,中国资本市场放宽上市企业的盈利条件已成为趋势,生物医药、互联网等行业也越来越成为政策以及市场关注的重点。</p>\n<p>在过去多年中,由于中国资本市场的制度仍在完善过程中,国内投资者错失了不少享受中国新经济红利的好机会。</p>\n<p>据不完全统计,1996年至2005年间,中国上市公司总市值仅占GDP的31.4%,同期美国上市公司的总市值占比超过GDP的130%。</p>\n<p>而伴随着境内资本市场制度的逐渐完善,国内资本市场正在不断试验,如何为中概股公司提供新的回归渠道。</p>\n<p>此次阿里返港上市和科创板试点注册制引导下的IPO政策放开和推广,意味着包括沪深交易所和港交所在内的大中华地区资本市场将继续释放政策红利,同时也昭示,未来越来越多的红筹企业和独角兽公司,将通过多种方式回归。</p>\n<p>同时,随着国内资本市场进一步开放,随着市场制度的不断完善,我国的资本市场将更具吸引力。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/041dc97dddc61a38c6151a410c1ae78c","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174909814","content_text":"11月26日,也就是今天,阿里巴巴$(09988)$重返港交所二次敲钟。\n今天之后,阿里将成为首个同时在香港和美国两地上市的内地互联网公司。而港交所也将成为继纽交所之后,聚集中国互联网巨头最多的证券交易所。\n2012年从港交所退市,2014年远走纽交所,2019年回归港交所,在国泰君安新股团队看来,阿里的七年回家路背后,就是一部中国资本市场新股发行制度的变迁历史。\n而阿里的二次上市,也将成为中国资本市场新股发行史上一座新的里程碑。\n01、阿里坎坷上市路\n2014年,因为“意见不合”,阿里巴巴没能在港交所上市,被迫远走美国。\n阿里巴巴和港交所牵手失败背后,最主要的原因出在了“同股不同权”这个问题上。\n同股不同权,指的是一种特殊的AB型股权结构。\n在这种体制的设定下,即便是持有相同股数的股东,拥有A股的人(往往是企业的创始团队),永远比拥有B股的人(外部投资者)更具有重大事件决策权,其主要目的在于,使得公司创始人在公司上市后,仍然能够保留对公司事物足够的控制权。\n这种双层股权结构在美国市场上很普遍,但同时也遭到主张优良企业治理的人士责备——大量权力集中在少数人手里,是企业内部治理极其不民主的做法。\n由于当时的港交所严格要求“同股同权”,阿里为保公司控制权,无奈之下远走纽交所。\n事实上,对于公司控制权这个问题,阿里有其特殊的执着。\n早年在和雅虎争夺控制权的过程中,阿里管理层曾面临过大权旁落的出局风险。此后,从2010年7月起,在阿里巴巴集团内部开始实行“湖畔合伙人制度”,而在阿里巴巴提交给香港证监会的材料中就提到了这种创新制度。\n虽然马云坚称合伙人制度不同于双重股权结构,但是香港联交所上市规则8.11条中规定,新申请人的股本不得包括股本与权利不对等的股票,除非交易所同意。\n香港证监会经讨论拒绝了阿里巴巴的上市申请,给予的理由是这样会损害中小股东的利益,如果为阿里破例上市就会损害法律的严谨性。\n因此,2013年10月11日,阿里巴巴集团CEO陆兆禧公开表示,放弃在香港上市。次年3月16日,阿里宣布IPO地址确定为美国。\n2014年9月19日,阿里巴巴成功在纽交所上市,发行价为68美元,总共募资218亿美元,完全超额认购后募资250.3亿美元,创下了史上最大的IPO记录。\n阿里巴巴上市当天开盘价为92.7美元,较发行价上涨36.32%,以开盘价计算的市值达到约2285亿美元。\n阿里在美上市期间,股价最高达到211.7美元,截至11月19日,阿里巴巴股价为185.25美元,较发行价68美元上涨172.4%,总市值达到4952亿美元。\n痛失阿里,也成为港交所多年来的一大遗憾。\n02、港交所的改变\n错失阿里的遗憾,一度成为港交所制度改革的最大推动力。\n2018年,港交所重新修订了《上市规则》,允许拥有不同投票权架构的公司在港交所上市,规则于当年4月30日生效,这也是港交所25年来最大的变革。\n首先赶上这波红利的,是内地互联网小巨头小米和美团。\n在香港资本市场更为开放的环境下,小米和美团先后以“同股不同权”的方式在香港上市,并于2019年10月28日正式纳入港股通。\n当时有不少猜测声音,阿里、京东、新东方是否会回归,几大互联网公司表达了积极的反馈,表示会等待合适时机。\n2019年6月,已有消息称阿里巴巴将在数周内提交香港上市申请,选择中金公司和瑞信牵头安排香港的股份发行,此次发行可能筹集高达200亿美元资金。\n阿里巴巴官方对此的回应为“不予置评”,但业界对于阿里回归港股的呼声却日益高涨。\n时隔数月后的11月13日,阿里巴巴集团正式向香港联交所提交初步招股文件,意味着阿里的返港上市启动。\n11月15日,阿里开始接受投资者认购,11月20日定价为每股176港元,完全超额配售的融资规模达1012亿港元。\n11月19日,阿里提前10小时结束机构认购,国际认购订单超额倍数为3-4倍。\n同时,阿里方面确认,其ADR将继续将在纽交所上市并交易,每一份ADR代表八股普通股,香港上市股份与纽交所上市的ADR将可互相转换。\n如这一目标顺利实现,阿里将成为港股历史上仅次于友邦保险的第二大IPO交易。\n03、阿里的选择\n阿里巴巴在香港二次上市,可以选择发行HDR或发行普通股两种途径。不过由于目前港交所HDR市场基本失去交易功能,最终阿里选择了发行普通股。\n事实上,H股+ADR是海外上市公司在港IPO的主流模式。自1980年以来,共有17家公司选择在美国、香港两地以“H股+ADR”的方式上市,包括汇丰控股、东方航空、中国移动、中国人寿等。\n从发行模式来看,主要又分为三种类型:同时发行港股普通股和ADR;先发行ADR再发行港股普通股;先发行港股普通股再发行ADR。目前仅有汇丰控股一家是先发行港股普通股再发行ADR,华能国际电力股份、保诚、百济神州-B是先发行ADR再发行港股普通股,其他皆为同时发行。\n截止2019年11月20日,以H股+ADR上市的17家公司港股平均市值超过3500亿港币,其中6家公司市值在港股排名前20,从经营指标来看,均表现出较为稳定的经营能力。\n阿里最终放弃了目前市场上仅存一只流通的HDR,而选择了发行港股普通股,证明了大中华区资本市场的包容度正在逐步提升,也是港交所去年以来大刀阔斧改革的必然结果。\n04、科创板捕兽计\n在港交所加强对企业包容度的同时,境内市场也不断开放,为企业拓宽融资渠道。\n2015年之后,中概股回归国内资本市场的步伐加快,仅当年即有30余家中概股公司计划回归。\n一般的回归途径为“私有化+拆除VIE架构+借壳上市”,分众传媒、巨人网络、完美风暴、奇虎360等公司均通过这种方式实现了境内上市,但整体流程较为复杂,监管审核也较为严格。\n2019年,上交所科创板启动,为中概股回归提供了另一种可能性——中概股公司既可以选择私有化后在境内上市,也可以分拆旗下的独角兽至科创板上市。\n2019年3月1日,证监会发布《科创板上市公司持续监管办法(试行)》,其中第三十一条写到:“达到一定规模的上市公司,可以依据法律法规、中国证监会和交易所有关规定,分拆其业务独立、符合条件的子公司在科创板上市”。\n▼分拆上市政策梳理,\n制度逐步完善\n\n中概股旗下独角兽众多,阿里旗下的蚂蚁金服、阿里云、菜鸟网络等可能分拆上市。\n下表中筛选的四家美股中的中概股:阿里、百度、京东和网易,它们均是大型互联网企业,符合国家创新企业的要求,且体量庞大(市值超过300亿美元),他们旗下有很多估值大于10亿美元的独角兽,可能实现境内分拆上市。\n▼中概股旗下部分可能分拆上市的独角兽\n此番阿里通过发行股票的形式在港二次上市,而阿里旗下的独角兽:蚂蚁金服、阿里云、菜鸟、饿了么等均符合科创型企业的要求,可能在科创板分拆上市。\n▼2019财年阿里核心商务占总营收比重最高\n\n阿里2019年财务报告显示,其收入主要包括核心商务(淘宝、天猫、国际业务、菜鸟、饿了么、口碑等)、云计算(阿里云)、数字媒体与娱乐(UC、优酷土豆等)、创新及其他(高德、钉钉等)。\n2019全财年核心商务收入占总收入比重的85.8%,其中淘宝、天猫是公司业绩贡献的主力,分拆上市的可能性较低。\n除此之外:\n菜鸟在全年总收入中占比达到3.9%;\n本地生活服务(饿了么+口碑)2019年第一季度营收占比为5.6%;\n阿里云盈亏接近平衡,在全年总营收中占比6.6%,是亚太地区第一大云服务平台;\n数字媒体及娱乐全年总营收占比为6.4%。\n除阿里云之外,菜鸟、饿了么、口碑、优酷土豆尚处于战略发展阶段,目前处于亏损状态,但营业收入不断增长,发展前景广阔。\n蚂蚁金服未有详细财务数据披露,但根据18年最新一轮融资估值超1500亿美元,亦有分拆上市的可能。\n05、“欢迎回家”\n从纳斯达克到港交所,再到科创板,不难发现,中国资本市场放宽上市企业的盈利条件已成为趋势,生物医药、互联网等行业也越来越成为政策以及市场关注的重点。\n在过去多年中,由于中国资本市场的制度仍在完善过程中,国内投资者错失了不少享受中国新经济红利的好机会。\n据不完全统计,1996年至2005年间,中国上市公司总市值仅占GDP的31.4%,同期美国上市公司的总市值占比超过GDP的130%。\n而伴随着境内资本市场制度的逐渐完善,国内资本市场正在不断试验,如何为中概股公司提供新的回归渠道。\n此次阿里返港上市和科创板试点注册制引导下的IPO政策放开和推广,意味着包括沪深交易所和港交所在内的大中华地区资本市场将继续释放政策红利,同时也昭示,未来越来越多的红筹企业和独角兽公司,将通过多种方式回归。\n同时,随着国内资本市场进一步开放,随着市场制度的不断完善,我国的资本市场将更具吸引力。","news_type":1},"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verif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