A Shares Growing Pains: There Is No Room To Accommodate "Alibaba"

September 19th is the day when Alibaba listed on the NYSE.

Judging from the day before the Alibaba's IPO and listing, the Alibaba went to the United States to be an unprecedented success.

It can also be said that listing in the US is a process of changing history. It not only created the largest IPO record in the US stock market, but also became the world's second largest Internet Co after Google, based on the good performance of the first day of listing.

At the same time, Ma became the new richest man in mainland China, and Sun Zhengyi, the largest shareholder, became the new richest man in Japan.

It is based on the unprecedented success of Alibaba's listing in the US, which is enough to show that the decision made by Alibaba in March this year is correct.

As we all know, Ma Yun was once keen on listing in Hongkong. Last year, he sent emails to employees for the first time to disclose Alibaba's "partner" system.

However, because the HKEx is unable to accept Ali's "partner" scheme, it can only end up reluctantly giving up.

Why does Ali choose Hongkong as the first choice? Besides geopolitical factors, Ma may take into account that Hongkong's listing will give the company a reasonable premium.

After all, investors in Hongkong are more familiar with and understand Alibaba.

It is not known whether American investors who lack knowledge of Alibaba are offering an ideal price to Ali.

But judging from the success of Alibaba's successful launch and listing in the United States, Alibaba's worries were superfluous.

From the first road show performed by Alibaba in September 8th, it was seen as an unprecedented event with far more popularity than Facebook.

Based on the popularity of investors, Alibaba's new shares were priced at the maximum price of 68 dollars, and the share price rose 38.07% on the first day of the listing, closing at 93.89 US dollars on that day.

The final financing of Alibaba broke the record of VISA credit card company's IPO financing in the US $19 billion 600 million in 2008.

If the underwriting firm makes the excess allotment rights, there will be 48 million 20 thousand shares of Ali stock on sale, when the total Alibaba financing will reach US $25 billion, which will be the largest IPO in the world.

The result of such a successful release undoubtedly demonstrates the correctness of Ali's decision to go to the United States.

Of course, Alibaba's choice of listing in the US is also a result of a two-way choice.

After all, the US stock market is one of the few markets in the world that can accept Ali's shareholding structure.

Although the strict supervision of the US stock market has caused many enterprises to lose heart, and the collective action mechanism of the US stock market has also made many enterprises fearfully.

In fact, it is these measures that guarantee the US stock market's acceptance of Alibaba listing.

After all, Ali's "partner" program and the shareholding structure of "different rights" of the same share, if there is no stringent regulatory measures and effective investor protection measures, the interests of investors may be violated.

It can be said that Alibaba's successful listing in the US is due to the stringent market supervision measures and effective investor protection mechanism in the US stock market.

Because of this, facing the Alibaba in the United States,

The successful issuance and listing of domestic A share market need to maintain a comprehensive attitude.

In recent years, with the domestic Internet giants choosing overseas listing, A share market has been criticized in many aspects.

The huge success of Alibaba in the US stock market once again caused the A share market to be challenged by why it can not accept Ali A share listing.

In fact, such doubts are innocent for the A share market.

After all, the A share market has only been established for more than 20 years, and it is only an immature market. The A share market has not yet developed to the point where Alibaba, a "foreign capital company" and a "company of the same stock".

In this case, why can't the A share market accept the listing of Ali? It's like blaming the summer for not letting plum blossoms bloom.

Perhaps on this issue,

It is the wisest man.

Although there are plenty of sentimentality in the domestic market, Ma Yun knows very well that the current A share market has not yet accepted the Alibaba conditionally.

So, for

The Alibaba has made a statement: in the future, they will participate actively in the domestic capital market and share the growth of the company with domestic investors.

So on this issue, what people should do is not to blame the A stock market, but to create conditions for the "Ali" return to the domestic market.

When the relevant conditions are not available, it is meaningless to criticize the A share market blindly.