Home >

Ma Yun Buy Back: First Shareholder Status Change

2008/4/12 11:59:00 26

??? 日本語 Fran?ais English 中文

Ma Yun Buy Back: First Shareholder Status Changed.

Because Microsoft's strong acquisition of YAHOO will not be reduced, it will push Ma Yun onto the cusp.

In this 44 billion 600 million dollar (about 312 billion 200 million yuan) merger and acquisition war, Alibaba's Network Limited company will take the lead in the industry.

What will happen to Ma Yun this time?

Continuous downhole detection

Before Ma Yun gave the answer, the capital market was already in the wind.

Unlike the 5 years ago, the Alibaba's stock price fell all the way to the issue price of HK $13.5.

From the closing price of HK $17.4 in April 7th, the 3 trading days plummeted about 20%, 8 on the 3.7% day, 9 days down 8.7%, 10 days in Hongkong, the Hang Seng index increased by 202.53 points, while the Alibaba continued to probe deeply, plunging again 6.8%, the lowest fall to the 13.96 Hong Kong dollar, and the decline was once again as high as 13.96.

This means that within a short span of three days, Alibaba's total market value has evaporated to nearly HK $16 billion.

Since the listing of a high HK $41.8, Alibaba's market value has dropped by 66% to nearly HK $140 billion, which has led many investors to be deeply stuck.

"Alibaba was originally not worth that money, even if it falls to the present level, its P / E ratio is still more than 60 times, which is not cheap at all." in an interview with our newspaper reporter, a Hongkong IT industry analyst seemed puzzled. In his view, Tencent holdings, which belonged to the mainland Internet concept, had been doing well in the past. At present, PE has only 40 times.

"From beginning to end, I don't think Alibaba's reasonable valuation should be higher than that of Tencent," the analyst said. Under the current market conditions, investors are very vigilant in risk, and the continuous decline of Alibaba's share price is not hard to understand.

Buy back or do not buy back?

Recently, the industry has speculated about how Ma will respond to Microsoft's acquisition of YAHOO.

Statistics show that at present, YAHOO still holds about 1 billion 650 million shares of Alibaba, with a shareholding ratio of about 32%, and is still the single largest shareholder of Alibaba, occupying a controlling position.

According to the agreement between the two sides, once the control rights of Alibaba in the future are pferred, the existing shareholders of Alibaba will have priority repurchase rights for the shares.

Because Microsoft has no signs of easing up against the strong acquisition of YAHOO, YAHOO's Alibaba control is at stake. If Ma Yun does not choose to buy back, Alibaba's 1/3 world may fall into Microsoft's hands any time.

Under the current circumstances, the industry rumors that Ma Yun may respond to two kinds.

First, support Microsoft's acquisition of YAHOO, and after that, reach an agreement with Gates to seek greater development for Alibaba through Microsoft's global network. Second, to avoid Microsoft's possible strong entry into Alibaba, Ma will choose to buy or share all or part of YAHOO's shares so as to minimize the control of Microsoft.

Alternatively, choose to issue additional shares to dilute the equity held by YAHOO.

So far, according to Ma Yun's personality, the industry seems to be inclined to think that he may stand on YAHOO's side and choose to buy back so as to stay away from Microsoft.

"In fact, the probability of this incident (Ma Yun repurchase) is only 50%. On the surface, there is no very significant difference between Microsoft's entry into YAHOO control and YAHOO's control." some analysts think, "and if it's really necessary to buy back, will Ma Yunyou have so much money?"

Initially estimated that even if the closing price of April 10th was HK $14.26, Ma Yunruo would buy at least 23 billion 500 million Hong Kong dollars in all 1 billion 650 million shares of YAHOO.

According to the 2007 annual report just released by Alibaba, the net cash balance of operating net cash, net investment and net proceeds from listing last year amounted to no more than 4 billion 160 million yuan.

There is a far cry from the total demand for funds up to HK $about 20000000000.

"Of course, the fall of the stock price is favorable to the buyback of Ma Yun, but after all, Alibaba's share price is not one or two yuan, it is not easy to buy back so many shares."

The analyst said.

In a short time, it seems impossible for Ma to complete all the repo shares.

Of course, people in the industry say that Ma will probably introduce other investors in order to get a better track.

The analysts believe that Alibaba is actually not the main purpose of Microsoft's acquisition of YAHOO. Therefore, it seems that Ma does not have much need to make such a big move.

But there are also people in the industry who believe that if Microsoft finally controls YAHOO by buying YAHOO, it may lead to a certain constraint on the future development of Alibaba. But Ma Yun's personality seems unlikely to accept such interference.

In any case, objectively, Alibaba has been involved in the merger of the two giants of Microsoft and YAHOO, script src=>