| From: Julius Wong | 10/23/2020 5:22:02 PM | | | | | | Investors scurry to get in on Ant Group's record $35B dual-listed IPO
Oct. 23, 2020 9:45 AM ET|About: Alibaba Group Holding Limited (BABA)|By: Brandy Betz, SA News Editor
Fintech Ant Group (NYSE: BABA) is reserving 80% of its Shanghai IPO shares for institutional investors, leaving smaller investors scrambling to secure a spot.
Smaller Chinese investors are turning to Shanghai's Regan Fund Management Co and other firms to help acquire shares in that arm of the offering, which Regan Fund says is easier to get in on than the Hong Kong arm.
The institutional investors who have a spot include Alibaba, which plans to buy 22% of the shares on offer.
STAR Market listings typically only set aside 19% for such buyers, according to Refinitiv data.
Some of Ant's strategic investors will have lock-up periods longer than the typical year, another unusual move.
On the Hong Kong side of the deal, Bloomberg sources say that T. Rowe Price, UBS, and Fidelity Investments parent FMR are considering investments worth several billion dollars.
Ant Group is reportedly seeking $35B in the dual listing, creating the world's largest IPO. The Hong Kong portion is expected to price as soon as October 29. |
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| To: Julius Wong who wrote (718) | 10/24/2020 10:02:19 PM | | From: Following-Mr.Pink | | | | | This will be such an exciting IPO; it's a shame that only global fund managers will have access to it from North America (and retail US investors will have a bit of a harder time -- will be on the lookout to buy an ADR) |
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| From: Julius Wong | 10/26/2020 7:07:13 AM | | | | | | BMW and Alibaba join hands to promote digital transformation across businesses
Oct. 26, 2020 6:15 AM ET|About: Alibaba Group Holding L... (BABA)|By: Niloofer Shaikh, SA News Editor
BMW ( OTCPK:BMWYY) and Alibaba (NYSE: BABA) signed a Memorandum of Understanding for strategic partnership in Beijing to leverage their own resources and carry out comprehensive cooperation in branding, marketing, channels, end-to-end operations, services, information technology, etc., aiming to implement the digitalization strategy into BMW’s full business process and enable dealers to provide an end-to-end and online-to-offline digital experience for customers.
BMW and Alibaba will jointly launch the first online sales and services businesses engaging dealers among premium auto brands, to create a seamless end-to-end online-to-offline digital experience.
In the future, online traffic will be directed to BMW dealers to create more business opportunities for them.
With the assistance of Alibaba’s membership system, BMW and MINI will launch brands’ membership services and marketing campaigns on Alibaba’s various online platforms to enhance customer loyalty, increase their level of activity, and drive business growth.
Jochen Goller, President and CEO of BMW Group Region China, said, “Cross industry collaboration and open innovation exchange are indispensable in accelerating the ongoing digital transformation of our company. As one of China’s leading tech enterprises, Alibaba has unique competencies in terms of digital technologies, large scale customer platforms and channels as well as targeted consumers operations. We are delighted to join hands to create holistic online-to-offline digital brand experiences for our Chinese consumers, and at the same time increase our portfolio of digital products and services.” |
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| To: Julius Wong who wrote (718) | 10/26/2020 8:02:50 AM | | From: Glenn Petersen | | | | Ant Group to raise $34.5 billion valuing it at over $313 billion in biggest IPO of all time
PUBLISHED MON, OCT 26 20207:42 AM EDT
UPDATED 7 MIN AGO
Arjun Kharpal
CNBC.com
KEY POINTS
-- Ant Group will raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares on Monday, making it the biggest listing of all time.
-- Ant’s valuation based on the pricing will be $313.37 billion, larger than some of the biggest banks in the U.S., including Goldman Sachs and Wells Fargo.
Ant Group will raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares on Monday, making it the biggest listing of all time.
The Chinese financial technology giant previously said it would split its stock issuance equally across Shanghai and Hong Kong, issuing 1.67 billion new shares in each location.
Ant Group’s Shanghai-listed shares will be priced at 68.8 yuan each. The issuing of 1.67 billion shares will raise 114.94 billion yuan or $17.23 billion, according to the exchange rate listed in the official filings.
The Hong Kong-listed shares have been priced at 80 Hong Kong dollars each, raising 133.65 billion Hong Kong dollars or $17.24 billion.
The listing will raise a total of just under $34.5 billion, with the possibility for that figure to go higher if the so-called over-allotment option is exercised, depending on demand. It makes it the largest IPO of all time, putting it ahead of previous record holder Saudi Aramco, which raised just over $29 billion.
Ant’s valuation based on the pricing will be $313.37 billion, larger than some of the biggest banks in the U.S., including Goldman Sachs and Wells Fargo.
Ant Group is expected to start trading in Hong Kong on Nov. 5, according to the regulatory filing. The company has not disclosed when its Shanghai shares will begin trading.
The Chinese company previously said that strategic investors have agreed to subscribe to 80% of the company’s Shanghai-issued shares. Alibaba, via its subsidiary Zhejiang Tmall Technology, has agreed to buy 730 million A-shares, which are yuan-denominated shares of Chinese companies listed in mainland exchanges. This will allow Alibaba to maintain its roughly 33% stake in Ant Group.
Ant’s pricing comes after regulators in mainland China and Hong Kong gave the green light for the listing last week.
https://www.cnbc.com/2020/10/26/ant-group-to-raise-tktk-billion-in-biggest-ipo-of-all-time.html |
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| From: Sr K | 10/26/2020 11:29:29 AM | | | | | | From the WSJ story on Ant.
Ant has already finished selling shares in Shanghai, with 80% of the offering going to so-called strategic investors, who will commit to hold the shares for at least 12 or 24 months. That proportion is a record for the STAR Market. Investors seeking to buy the remaining 20% of shares in Shanghai placed orders exceeding the stock on offer by more than 284 times, according to its filing.
On Monday, shares were already oversubscribed less than an hour after the order book was open for institutional investors in the Hong Kong leg of the IPO, according to a person familiar with the matter.
Strategic investors in the Shanghai shares include China’s national pension fund, and a slew of investment funds affiliated with China’s state-owned firms, insurance companies and banks, as well as mutual funds.
Foreign buyers include Singaporean state investors GIC Private Ltd. and Temasek Fullerton Alpha Pte. Ltd., the Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority.
Alibaba will also buy 51.1 billion yuan worth of shares, equivalent to $7.6 billion, to maintain its stake at around one-third of Ant. Mr. Ma and members of Ant’s top management will collectively own 39.5% of Ant after the IPO, before the exercise of any greenshoe.
The record-breaking deal will bring in hefty fees for a number of investment banks. Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley and China International Capital Corp. have top billing as joint sponsors of Ant’s Hong Kong IPO, while CICC and China Securities Co. are joint sponsors of the Shanghai share sale. In total 25 institutions are working on the Hong Kong share sale, and six on the Shanghai tranche. |
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| From: Sr K | 10/31/2020 6:49:45 AM | | | | | | Updated Oct. 30, 2020 12:48 pm ET
To Ant Group Co. ’s set of staggering statistics— a billion users, more than $17 trillion in yearly payment volumes—add one more: trillions of dollars in stock orders from small investors.
Late Thursday, the Chinese financial-technology giant said individual investors in mainland China had placed the equivalent of more than $2.8 trillion of orders for their slice of Ant’s record-breaking initial public offering, in which it is listing simultaneously in Shanghai and Hong Kong.
That sum exceeds the value of all the stocks listed on the exchanges of Germany or Canada. Mom-and-pop investors in Hong Kong have also clamored to buy into this IPO, betting that Ant will soar in value after it goes public next Thursday.
More than 5 million individuals placed orders for shares in Shanghai, a record for IPO subscriptions on the STAR Market, a Nasdaq-style technology-focused board that launched last year. Orders exceeded the shares reserved for small investors more than 870 times. |
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| From: Glenn Petersen | 11/3/2020 8:57:15 AM | | | | | | Ant Group’s record $34.5 billion IPO in Shanghai and Hong Kong suspended
PUBLISHED TUE, NOV 3 20208:41 AM EST
UPDATED 4 MIN AGO
Arjun Kharpal
CNBC.com
KEY POINTS
-- Ant Group’s world record-setting initial public offering (IPO) in Shanghai and Hong Kong has been suspended.
-- The Shanghai and Hong Kong stock exchanges made the announcement on Tuesday.Ant Group’s controller Jack Ma, the executive chairman Eric Jing and CEO Simon Hu were summoned and interviewed by regulators in China.
-- The Shanghai Stock Exchange said Ant Group reported “significant issues,” which means it may not meet the conditions for listing or “information disclosure requirements.”
SHANGHAI, China — Ant Group’s world record-setting initial public offering (IPO) in Shanghai and Hong Kong has been suspended.
The Shanghai and Hong Kong stock exchanges made the announcement on Tuesday. Alibaba, which owns a roughly 33% stake in Ant Group, saw its shares fall over 8% in pre-market trading.
Ant Group’s controller Jack Ma, the executive chairman Eric Jing and CEO Simon Hu were summoned and interviewed by regulators in China, according to a statement from the China Securities Regulatory Commission on Monday.
In a statement on Tuesday, the Shanghai Stock Exchange referenced this meeting in explaining why it has suspended the IPO.
“Recently, your company’s actual controller, chairman and general manager have been jointly summoned and interviewed by the relevant regulatory authorities,” the stock exchange said, according to a CNBC translation of its Mandarin comments.
“Your company has also reported significant issues such as the changes in financial technology regulatory environment. These issues may result in your company not meeting the conditions for listing or meeting the information disclosure requirements.”
As a result, the Shanghai Stock Exchange decided to suspend the company’s listing on the Science and Technology Innovation Board, also known as the STAR Market. That is China’s Nasdaq-style, tech-heavy market.
Shortly after, Ant Group put out a statement saying the listing of the Hong Kong shares will also be suspended.
Ant Group was gearing up to raise just under $34.5 billion in what would have been the world’s biggest public listing. It was planning on a dual listing in Shanghai and Hong Kong on November 5. It’s unclear at this stage if the Hong Kong leg will go ahead as planned.
A spokesperson for Ant Group was not immediately available for comment. An official filing with the Shanghai Stock Exchange is expected soon.
On Monday, the Chinese central bank and regulators issued new draft rules for online micro-lending, which could affect Ant Group.
https://www.cnbc.com/2020/11/03/ant-group-ipo-in-shanghai-suspended.html |
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| From: Julius Wong | 11/4/2020 7:35:20 AM | | | | | | The Ant Got Crushed, Buying Opportunity For Alibaba
Nov. 4, 2020 6:30 AM ET
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ALT Perspective
Long/Short Equity, Growth At Reasonable Price, Contrarian, Deep Value
Summary
* Ant Group announced the suspension of its blockbuster IPO in both Shanghai and Hong Kong, resulting in an 8.1 percent plunge on Tuesday.
* The suspension of the IPO was not due to some shenanigans discovered but the release of draft rules stipulating tightened online microlending standards.
* The new rules impact the entire industry, not just Ant Group. As an sector leader, Ant has an advantage to emerge from this debacle stronger than peers.
* Readers familiar with my coverage on Tencent would know it similarly suffered from regulatory tightening but has thrived in spite of the scrutiny.
* I argue that Alibaba's Tuesday plunge is a buying opportunity.
seekingalpha.com |
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