Jack ma big play capital magic, "close the door dozen tiger" in
Alibaba group, as a "big brother" B2B business finally finished the historical mission, will exit the stage of the capital market.
21 night, alibaba group (hereinafter referred to as "ali group") and alibaba network Co., LTD. (hereinafter referred to as "ali B2B") jointly announced that, by ali group (" the offeror ") to the board of directors of the B2B put forward privatization offer ali, privatisation price of hk $13.5 per share, and the end of 2007 listed recruit share price levels. If successful privatisation cost, is expected to hk $18.25 billion and hk $19.628 billion between.
The announcement, ali resumption of B2B rose 42.703% to hk $13.2 per share, a 2% discount to the privatisation price only. Instead, ali group big shareholders yahoo shares fell nearly 2%.
Privatisation cost about 19 billion hk dollar
According to the agreement, ali B2B privatisation price is more February 9, before the 60 recently suspended trading day's average closing price premium and 60.4% over the last 10 trading day average closing price premium 55.3%. Ali B2B said, will not improve privatization in price.
The privatisation of money, will be filled by the macau bank, Switzerland , Singapore branch bank of credit, DBS bank, deutsche bank Singapore branch, HSBC and red ear industrial bank Hong Kong branch of external debt financing and provide ali group's internal cash providing resources. The privatisation is expected to cost hk $18.25 billion and hk $19.628 billion in between.
In November 2007, ali B2B landed in Hong Kong exchange, information collected more than 13 billion yuan. When the opening price hk $30, with close hk $40 closed at first, each hand not plan can make 13000 yuan fee. Listed, alibaba respectively in 2009, 2010 and share out bonus, total 2.11 billion hk dollar.
In May 2011, alibaba in Hong Kong a shareholder meeting, board chairman of alibaba group MaYunCeng will share price rise to investors not to apologize, and make fun of say: "from 2007 to now, we listed revenues and profits for 2 to 3 times, but share price didn't move, but the didn't do anything, the stock rose to more than 40 hk dollar."
The privatisation offer says, promote its listed subsidiary ali group privatization (B2B) core factors, is to be in a strategic transformation and upgrading of ali B2B during, give small shareholders a cash investment opportunities. Alibaba group, and in the joint statement alibaba, strategic transformation will be in short-term inside income growth to soften impact earnings expectations.
According to Hong Kong securities of the company purchase and merger rules "regulation, merger approved the resolution to at the same time satisfy the two conditions: to attend the meeting of independent voting rights held by the shareholders of 75% or more agree; Will the resolution throw no more than all voted against independent shareholders (including the failure to attend the meeting) 10% of the voting rights held by the.
Jpmorgan chase reported, 46% premium price based on privatisation, ali earnings, and small shareholders weak 27.03% shareholding, equity dispersed, the B2B privatisation through the chance to big ali.
The latest annual report 2011 shows alibaba, annual revenue up 15.5% to RMB 6.42 billion yuan, a year-on-year increase of 16.6% net profit to 1.71 billion yuan. Though it is worth noting that registered users increase 23.5% year-on-year, members pay 5.4% year-on-year drop.
Brillant capital game?
Ali B2B CFO WuWei reading when earnings, said the privatization pricing is from three aspects to consider: a B2B trading history is ali price, next is comparable with the Internet company, and the third is the privatisation of Hong Kong trade in recent years. "If the market over the past three years, the market benchmark compared premium proportion ranged from 25% to 47%. So, according to the statement, the group provides the price more attractive."
And MaYunZe in internal E-mail says: "some say we listed only melts to $1.7 billion, but privatisation will take out more than 20 U.S. dollars, looks like it's a red business, it is suggested that we can use a low price of the stock to buy back. But this is not alibaba's style."
An anonymous Hong Kong investment manager says that, although the listed company to buy without in any price investors return is responsible, but "when ali B2B to visit Hong Kong listed, investors see it as China Google, many people in the 20-30 Hong Kong dollar position for long-term investment, hard to avoid buying disappointment."
ChinaVenture hit group chief analysts LiWeiDong to SMW reporter analysis says, from the past year or two's share price performance at a premium price is more than 60% of the privatisation is rational, but from listed more than four years the share price performance view is too low, not to create long-term investors return space. "Ali B2B past created the profits, support to clean out treasure, and pay treasure of the growth of the business, according to recruit share price is equivalent to privatize from capital market obtained an low-interest loans, is the capital operation by."
According to the statistics of the us stock I, from 2008-2010 (ended September that year) alibaba group revenue from $450 million increase to 1.29 billion, the year at a compound rate of 168%, ali B2B revenue growth from $410 million to $770 million, the year compound annual growth rate of 134%. This shows, ali B2B for ali group is an important contribution to profits, to support the taobao, pay treasure to expand the size of the market.
But, after 10 years of development, ali's dramas to "change corner" moment. Analysys international analysts JiJianZhe accept SMW reporter interviews that, alibaba 2011 total membership appeared to reduce, although annual revenue is still growing, but growth appear a certain degree of slowing, from some kind of meaning shows ali B2B business development has entered into a transformation of the necessary period. "Last year ali group formally will clean out treasure to split into a cat nets (search), dragons (the Po) (C2C), day cat (micro Po) (B2C), and the three companies and ali B2B cooperation, through the" one-stop "work style service will achieve maximized enterprise value. If in the future of alibaba group, whole appears on the market, with alibaba platform in the e-commerce industry chain position will make its obtain ideal valuations. Privatisation B2B just push" big ali strategy of step, "to withdraw from the market will make its strategic adjustment of more active, flexible."
Ali B2B CFO WuWei say, how will the company for ali B2B integration and taobao, in the next few quarters will make further details of the project. In addition, he said, "is not an IPO alibaba group plan, if public word is also a few years later things. Alibaba group does not need to listed company private B2B premise."
Yahoo buy the first play of the war
Despite the joint announcement to say, privatization plans do not deal with possible yahoo as a prerequisite, and the yahoo deal is not complete privatization plans as a prerequisite. But analysts in earnings conference call the proposed "the privatisation of time seems more sensitive". To this, WuWei said the privatization deal with group and yahoo between any negotiations no relation, and the other in alibaba group company is absolutely no relationship.
Thereafter, the question again analysts, "yahoo to the deal attitude?" And to question the yahoo as alibaba group one of the larger shareholders, the decision whether to privatization deal will influence. WuWei said, it is not convenient to comment on the problem of the group level.
According to the announcement, ali group and its consistent action people currently hold the listed company 73.5% of the shares. Public material shows that yahoo has ali group the equity of 40%.
ChinaVenture hit group chief analysts LiWeiDong said privatisation trade and repurchase yahoo shares the same time, will increase the capital demand ali group. "So do not rule out some of the assets in the B2B ali future as ali group and yahoo trade bait, to reduce capital pressure."
LiWeiDong think, yahoo to trade in evaluating the, the main consideration factors include: the business assets if you can and existing business reach coordination effect, increase the company revenue; Second, that can bring money paid to shareholders.
Ali B2B since 2010 for several acquisitions, including U.S.
No comments:
Post a Comment