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Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai



After all the calls came out and discussed the issue price of Ant Group’s A shares for a whole day, the mystery was finally revealed. On the evening of October 26, Ant Group issued an initial public offering and listing on the Science and Technology Innovation Board. The issuer and the co-lead underwriters negotiated and determined the issue price of 68.80 yuan per share based on the preliminary inquiry results.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 1

The A-share code is 688688, and the price is 68.80 yuan/share, while the H-share issuance price is 80.00 Hong Kong dollars/share.

The old irons will sigh when they see this string of numbers, only Teacher Ma Yun can be so headstrong!

In fact, Ma Yun, the actual controller of the Ant Group, also revealed at the Bund Financial Summit on October 24 that the listing price of Ant has been determined. “I’m proud to announce that the price of Ant’s listing was confirmed last night. This is the first time a large technology company has set a price outside of New York. This was something that I couldn’t even think about three years ago, but it happened today. The world The change is magical.” Ma Yun said.

Mr. Fund compiled the 10 main points of this announcement.

1, 68.8 yuan/share!

According to news on October 26, the official website of the Shanghai Stock Exchange showed that the initial inquiry of Ant Group’s IPO was completed. After nearly 10,000 investment institution accounts, the final A-share issue price was determined to be 68.8 yuan per share.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 2

In addition, the issue price of Hong Kong stocks was also announced on the same day, at 80 Hong Kong dollars, which is basically the same as that of A-shares after excluding exchange rate effects.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 3

2. The amount of A-share fundraising is expected to exceed 100 billion yuan

Based on the issuance price of 68.80 yuan per share, before the exercise of the A-share over-allotment option, the total amount of funds raised by the issuer is expected to be 114.945 billion; if the A-share over-allotment option is fully exercised, the total amount of funds raised by the issuer is expected to be 1321.86 100 million yuan. Ant Group announced the list of strategic investors and the payment amount, with a total payment amount of 93.531 billion yuan.

According to the data, the top three A-share fund-raising scales are Agricultural Bank of China, PetroChina, and China Shenhua. The initial funds raised were 68.5 billion yuan, 66.8 billion yuan, and 66.6 billion yuan. In the history of the Science and Technology Innovation Board, the largest fundraising scale before this was SMIC, which reached 53.2 billion yuan, twice the fundraising scale of Ant Group.

3. The total market value of A-share issuance is 2.1 trillion yuan

Calculated at a price of 68.8 yuan per share, it means that the final total market value of A-share issuance is 2.1 trillion yuan.

What is the concept of 2.1 trillion? In one fell swoop, it surpassed Moutai and became the No. 1 stock market in terms of value of the A stock market.

The 2.1 trillion yuan is a 50% premium to the previous valuation of 200 billion US dollars at the beginning of the IPO, but it is estimated by many investment banks to be about 2.5 trillion-3 trillion yuan, a discount of about 20%-30%. .

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 4

4. 80% of the initial issuance of A shares was given to strategic placement

According to the announcement, the number of shares allocated for the initial strategic placement of the A shares is 1,336,564,800 shares, accounting for 80.00% of the initial issuance of A shares

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 5

5. The impact on A shares is not expected to be too great

The issuance plan shows that Ant will issue no more than 1.67 billion new shares in A shares, of which 1.34 billion shares will be initially strategically placed and 334 million shares will be “new” for institutional and individual investors (before the green shoe mechanism). Calculated according to the price per share, the total scale of green shoes’ A-share fundraising is 115 billion yuan, of which the scale of “news” for A-share institutions and individual investors exceeds 22 billion yuan.

According to industry insiders, the strategic placement ratio of Ant A shares is 80%, which should be the highest in the history of A shares. The strategic placement ratio is raised to such a high level, and the purpose is estimated to be to reduce the pressure on the secondary market.

In other words, although it is the world’s largest IPO, Ant’s impact on A shares is not that big! This time, the total financing in A-shares exceeded 100 billion, but offline strategic placements accounted for 80%, with a total of about 80 to 90 billion; only 20% of the secondary market is needed, which is about 22 billion.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 6

According to the data, the top three A-share fund-raising scales are Agricultural Bank of China, PetroChina, and China Shenhua. The initial funds raised were 68.5 billion yuan, 66.8 billion yuan, and 66.6 billion yuan. In the history of the Science and Technology Innovation Board, the largest fundraising scale before this was SMIC, which reached 53.2 billion yuan, twice the fundraising scale of Ant Group.

6. Only one hour after the sale started, the IPO of Ant Hong Kong stocks has been oversubscribed

According to market news, tonight, Ant Group’s Hong Kong issuance started just one hour, and the H-share institutional issuance part has been oversubscribed. The popularity is comparable to “Double 11”, setting a new market record. It is reported that most of these are large orders of $1 billion.

According to people familiar with the matter, orders from international investors flooded in after Ant’s pricing was announced.

7. When will it be launched?Top grid purchase or 100% winning

According to the arrangement, on October 27th, Ant Group will conduct an online roadshow; on the 29th, the purchase will be made; on the 30th, the winning rate will be announced.

According to the A-share issuance arrangement, Ant Group has set aside 334 million shares for institutional and individual investors to “make new”. Based on a market value of 2 trillion yuan, the scale of “news” for the A-share market will exceed 20 billion yuan.

Ant Group’s online top grid purchase limit is 317,000 shares. According to previous data, the upper limit of online top-tier purchases is basically positively correlated with the winning rate. The higher the upper limit of online top-tier purchases, the higher the mid-term rate.

Data shows that among the current sci-tech innovation board new shares, the China Stock Exchange has the highest success rate, reaching 0.23%, and the subscription limit is 252,000 shares; SMIC ranks second, reaching 0.21%, and the subscription limit is 421,000 shares. Based on this speculation, the winning rate of Ant Group may be around 0.2%. If Dingge subscribes for purchase, then 634 numbers will be allocated, and the result after multiplying by the winning rate is greater than 100%, that is to say, the winning rate of the Dingge purchase of Ant Group may be as high as 100%.

8. The shares of Ants are exposed, and the list of winning matches can be described as star-studded

In this Ant IPO, 80% of the newly issued shares are initial strategic placements. Most of this part of the funds comes from off-market incremental funds and has a lock-up period.

Ant has set a stricter lock-up period for strategic investors than the 12-month regulatory requirement. For strategic investors other than sponsoring and co-investment and ecological circle matching public offering funds, 50% of the allotment stocks that need to be promised are restricted for 12 months, and 50% are restricted for 24 months. This also means that the above-mentioned strategic investors, including the world’s top sovereign funds and Alibaba, are subject to the lock-up period.

The results of the strategic placement show that Tmall received 50.224 billion yuan; Temasek, Abu Dhabi Investment Authority and other institutions received 1.476 billion yuan; CATL received 787 million yuan.And many fund companies

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 7Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 8Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 9Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 10Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 11

9. The social security fund pursues investment of 7 billion yuan

Ant has also fulfilled its promise to let the people of the country earn another pension. The National Social Security Fund invested an additional 7 billion yuan and subscribed for more than 100 million new shares of Ant, becoming the largest strategic investor in addition to the Alibaba Group.

Chen Wenhui, vice chairman of the National Social Security Fund, called Ant Group at the Bund Financial Summit: I hope to give more war quotas to earn more pension money for the people across the country. In his subsequent speech, Jing Xiandong, chairman of Ant Group, responded, “We very much welcome the social security fund to continue to invest in Ant and become a long-term shareholder of Ant.”

In 2015, at the invitation of Jack Ma, the Social Security Fund invested 7.5 billion yuan in Ant and subscribed for nearly 700 million shares. Calculated based on the issue price of Ant A shares, this investment is currently worth more than 48 billion yuan, an increase of nearly 7 times in five years.

10. The National Society maintains 2.3% shares, and Li Ka-shing holds 0.06% shares

After the listing, Hangzhou Junhan’s shareholding was diluted to 23.37%, Hangzhou Junao was diluted to 16.17%, and Alibaba held 9.652 billion shares, which was diluted to 31.77% (Alibaba’s holdings include 7.763 billion A shares and 1.158 billion foreign shares. Shares, 730 million strategic subscription shares), Jack Ma’s control will be diluted to 39.55% by then, and he still has absolute control over the company.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 12

National Social Insurance is the largest institutional investor second only to Alibaba, Hangzhou Junao, and Hangzhou Junhan, holding 2.3%.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 13

Hutchison Whampoa Europe Investments, a subsidiary of CKH Holdings and Active Noble Limited, a subsidiary of Cheung Kong Properties, each hold 8.9127 million Class C shares, totalling 0.06% of Ant Group

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 14

Are A shares facing the “blood draw effect”?

The computer team of West China Securities believes that the blood-sucking effect brought about by the Big Mac IPO financing may not be significant, that is, “ants can’t step on elephants.” Looking back at the Big Mac IPO projects: SMIC, Beijing-Shanghai High-speed Railway, Postal Savings Bank of China, and Industrial Fortune Union. The team calculated the rise and fall of the Windtron A Index before and after the company’s listing. The results showed that the Big Mac’s listing The effect of capital diversion (blood drawing) is not significant.

West China Securities took SMIC as an example. In the weeks before listing, the market continued to rise. Around the listing day and the inquiry day, the market did experience a certain degree of decline due to capital diversion, but the market quickly digested in the later period without severe disturbance. It is judged that the short-term impact of A-shares on large-scale IPOs has gradually weakened after comprehensively deepening reforms, substantial expansion, and introducing foreign capital. As the A-share market matures, fundamentals and prosperity will be the core factors that determine the long-term value of individual stocks, whether for Ant Group itself or other A-share targets.

However, Industrial Securities believes that the diversion effect of Ant Group’s trading funds on the first day of listing may be higher than that of SMIC.

Industrial Securities believes that the market decline caused by the IPO financing effect may not be obvious, and the profit settlement and risk appetite shocks brought about by iconic companies after listing may have a greater impact. The A-shares, which have substantially expanded their capital and chips, may become more immune to the short-term impact of the IPO financing effect. The impact of the IPO on investors is more reflected in the risk appetite: SMIC’s listing promoted the profitability of the semiconductor sector whose valuation is at the top, the listing of Guotai Junan contributed to the downward catalysis of the fragile liquidity at the top of the bull market in 2015, and Industrial Fuli Listing is a wave of shocks in many markets in 2018. The impact of the listing date of giant IPO companies may be greater than the payment date.

Industrial Securities pointed out that it needs to pay attention to follow-up transactions by individual investors and institutions. If passive and active funds promote Ant Group’s outstanding performance after listing, on the one hand, it may attract individual investors to actively follow the allocation. On the other hand, because Ant Group has a relatively large share in the computer, science and technology board and other sectors, in order to avoid running Losing benchmarks and relative performance, some fund funds may face passive follow-up transactions and once again promote stock prices, thus forming a positive loop feedback. At that time, other technology growth sectors may face more drastic rebalancing of funds.

GF Securities believes that the “demonstration effect” of Ant Group is mainly reflected in the reshaping of the valuation system, and high-quality growth stocks of A shares may be given high valuations by the market for a long time. Ant, as a benchmarking company with the Internet giants of the US stocks “FANNG”, the future market value fluctuations may increase the linkage with US technology stocks.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 15

Jack Ma: “We couldn’t even think about it 5 years ago, or even 3 years ago.”

The scale of Ant’s IPO has always attracted the attention of the market. At the Bund Finance Summit 2020, Jack Ma revealed the latest progress of Ant Group’s IPO.

Jack Ma introduced in his speech, “We confirmed the pricing of Ant Financial in Shanghai the night before. This is the largest financing price in human history. It took place outside the US market and was the first time such a large volume was completed outside New York City in 5 years. Pricing.”

Ma Yun said frankly, “We couldn’t even think about it 5 years ago, or even 3 years ago.”

In an interview in 2014, Jack Ma once said: It is a pity that Alibaba failed to log in to A shares.

Sure enough, rich and willful!Ant pricing 68.8 yuan / stock market value 2.1 trillion to crush Moutai 16

Today, Ants will land in A shares, which means that Jack Ma has finally fulfilled the promise he made six years ago. It also means that the first Internet company to be listed on the A-share trillion market value list has finally appeared. What is even more gratifying is that after many years, the dreams have come true and each other has become better.

In his speech at the Bund Summit, Ma Yun said that many problems in the world today can only be solved by innovation; today’s global financial system must be reformed, otherwise it is not just a problem of losing opportunities, but also bringing the world into chaos.

Ma Yun said that we have always had some inertia in thinking, and always felt that in order to be in line with international standards, we must do the “so-called gaps” in developed countries in Europe and America, but we do not have “so-called gaps” to fill the gaps in China. Take filling in the gaps as a goal.

Ma Yun said that he has always felt that there is a problem with filling in the blanks, not because Europe and the United States are advanced, or we are going to fill it. In fact, today we should not be in line with which thing, which country’s standards, and which gaps should be filled. Today we have to think about how to integrate with the future, how to adapt to future standards, and how to make up for the gaps in the future. We must understand what the future is How, and what kind of system we have to make, and then we can see how others do it. If we always repeat other people’s language and discuss topics set by others, we will not only lose the present, but also the future.

“Many problems in the world today can only be solved by innovation; but true innovation must be led by no one, and someone must be responsible for it, because innovation will definitely make mistakes. The problem is not how to not make mistakes, but to make mistakes. After mistakes can be perfected and corrected and persisted in innovation. To do risk-free innovation is to stifle innovation. In many cases, controlling risk to zero is the biggest risk.” Ma Yun said.

Jack Ma also said that today’s global financial system must be reformed.

He said that if the global financial system is not reformed, it is not just a problem of losing opportunities, but a problem of causing the world to fall into chaos. Because it is normal for innovation to be ahead of regulation, but when innovation is far ahead of regulation, and when the richness of innovation far exceeds regulatory imagination, it is abnormal and the world will fall into chaos. New finance is the direction of the future. Whether we are happy or not, it will definitely rise; whether we do it or not, someone will definitely do it. The standards of the future must be inclusive, green and sustainable.