Interpretation Of The Mystery Behind Alibaba IPO

The Alibaba has announced its high profile in the US, but as it explained to the relevant press release: this can not be regarded as an offer for Alibaba to issue securities in the United States. Looking back on the IPO of Chinese enterprises in the past, similar early high-profile public opinion campaigns rarely occurred, but not without it. In May 2011, Wo Wo Group, a group buying website, held a press conference to announce the launch of its listing in the United States, but it turned out to be a farce: people have never seen the prospectus of the company since then.

However, Wall Street still believes that once the listing plan of Alibaba is established, it will make any past transaction paltry. The listing of Alibaba is expected to be one of the largest Internet IPO transactions in history. At present, the valuation of Alibaba has reached 100 billion US dollars.

The IPO will raise about 15 billion dollars, according to people familiar with the matter. This is expected to exceed the total scale of China Unicom's listing of 5 billion 700 million US dollars in New York and Hongkong in 2000. However, some optimistic investors are offering higher prices, and they are even willing to believe that Alibaba will exceed the FacebookIPO valuation of $104 billion.

Such a scale makes the investment banks that are already in a strong position turn to offer preferential terms in exchange for participation opportunities. It is reported that Credit Suisse Group, Deutsche Bank, Goldman Sachs Group, JP Morgan chase and Morgan Stanley and other well-known overseas investment banks have expressed their hope to serve as the IPO consultant.

Reuters quoted two sources as saying that Credit Suisse Group and Morgan Stanley group are already preparing for the Ali group's "Avatar" (avatar) listing plan.

However, this is still only one of the recent preparations for the Alibaba to disclose its listing. Before that, Alibaba has repeatedly reported "scandal" with the Hong Kong Stock Exchange and the two major exchanges in the US. Internet analyst Hong Bo told Tencent technology that Alibaba and exchanges may still be playing games.

Just before the announcement of the announcement by Alibaba, Sina micro-blog, which invested in shares, first submitted the IPO document to the securities and Exchange Commission of the United States, which was seen as a "stone searching" of Alibaba to the capital market. And earlier this year, its main competitor, Jingdong mall, also submitted IPO documents. This makes the industry smell a strong gunpowder when it comes to the news that Alibaba has announced the choice of the us to go public.

Previously, Jingdong and Alibaba also had intensive fire. Both sides regard the open platform as the key business in the future, and have made corresponding deployment for the other side in the promotion and advertising of holidays, and even extended their competition to Internet Finance and other fields. Therefore, if one side successfully takes the lead in listing and financing, it will have a greater impact on the other side.

Tencent shares JD.COM Since then, not only has the electricity market pattern changed, but also the Tencent concept will be endorsed by Jingdong, which will help to raise Jingdong valuation and sidestep the valuation of Alibaba. Jingdong officials have said that Jingdong and Tencent e-commerce, some of the fast and easy business integration, covering B2C proprietary business, B2C platform business and C2C business. In the information provided by Alibaba, the business in these three fields is also the strategic hinterland of Alibaba.

　 "Forced" to the United States

With the deepening of cooperation between Tencent and Jingdong, Alibaba will face more competition. Therefore, if we can take the lead in IPO in the US, it will help to pull the city back. Therefore, some analysts believe that Alibaba from Hongkong to the United States also has the idea of blocking Jingdong.

Although the fact is not so simple, from now on, the opportunities for Alibaba to list in Hongkong are fading away. The main reasons are: on the one hand, in the short term, it is difficult for Hongkong to accept the partnership system. In the United States, though there is no precedent in the United States, the dual voting right system has been drills for Facebook. On the other hand, the stock market has warmed up, and a large number of Chinese enterprises have chosen to list in the US.

Therefore, last Sunday, Alibaba announced that it would launch its listing in the United States, which was regarded as the official statement of Alibaba. However, it is worth noting that the Alibaba has not completely shut down other possibilities.

In this announcement of less than 200 words, Alibaba Referring to the "future conditions permit, we will actively participate in the return to the domestic capital market". Literally, this is just a case of Alibaba's propaganda to the domestic market, but the case of Alibaba changed its caliber many times before. This is also a way for Alibaba to have its own way back.

Last October, Alibaba group CEO Lu Zhaoxi had publicly stated that Alibaba decided not to choose to list in Hongkong. After that, Alibaba's attitude has been repeated. Hong Bo said that the Alibaba's position is actually the last move, but it is still playing with the Hong Kong stock exchange.

There are several small words at the end of the long micro-blog issued by the Alibaba. Among them, "outside the United States" and "not (should not be regarded as)" for the issuance of securities in the United States, perhaps just a generic template, but after a "wolf", the outside world has been vigilant against the wind. Niu Wenwen, the founder and founder of the entrepreneur magazine, was puzzled, "is this high profile announcement? Will there be any mystery?" Meitu Xiu Xiu chairman and angel investor Cai Wensheng also asked, "will it be a clear plan?"

　 　 Taobao fake Or become a stumbling block for listing.

According to Alibaba's material provided by Tencent technology, Alibaba believes that the global capital market has high expectations for its listing results.

The Alibaba also quotes the unconfirmed US analyst B. Riley & Co, an analyst at the summit, said that the Alibaba's decision to list in the US is beneficial to both the company and US investors.

However, a number of investment institutions analysts told Tencent technology that Alibaba's listing in the United States is not optimistic. The main reason is that the counterfeit problem on Taobao will lead to many lawsuits, and Ma's forced divestiture of Alipay's "bottom of the case" also worried investors.

In fact, Chinese companies have been short of institutional provocation in recent years. Recently, netqin was short of muddy water because the latter questioned the number of netqin users. Therefore, Taobao fakes and other issues will inevitably become the "Tang Seng meat" in the eyes of these institutions and litigation lawyers.

However, in recent years, Alibaba has also been constantly adjusting its business structure to enhance Tmall's status. Because Tmall is closer to Taobao than the bazaar of Taobao, it may solve some of the doubts about Taobao when listing in the US.

It is reported that Tmall will expand the coverage of mainstream shopping groups this year, launch a targeted investment plan, recruit more offline brands and second-line brands, adjust Taobao, encourage big sellers to turn to Tmall, especially those currently lacking Tmall, and recruit strong operational partners to operate overseas brands. "Taobao will become a pure Tmall and mobile terminal traffic entry and Tmall supply chain backing". An alibaban insider told Tencent technology.