Why Do Many Domestic Institutions Fight New Funds "Empty Handed"?

"There is nothing wrong with Alibaba."

Many mainland funds admit that.

People close to the Alibaba said that the US stock IPO had no random response to retail investors.

Instead, the issuers have the right to decide to accept investors selectively.

In general, investment banks are more inclined to long-term funds such as sovereign funds and large public funds, but also take care of old customers.

And this time it may be the decision of Ali to remove retail investors.

The mainland fund is not professional for Ali IPO to fight new products. Instead of reporting a subscription amount, it will be able to "hit" proportionally.

2 mainland fund speculation short line Ali is willing to hold long-term international institutions.

An insurance company in the mainland said that the Alibaba hoped that the stock price would be stable, hoping that investors would have a longer lock up period, while brokerages and funds would like to arbitrage, and they would sell the shares on a regular basis. Therefore, the mainland was equipped with more long-term insurance companies, and the amount of money allocated to brokerages and funds was very small.

Alibaba has also repeatedly revealed that it is possible to cool down the market with conservative pricing as far as possible, in return for more long-term value investors.

3 mainland fund "pull sheep's head, sell dog meat" practices lead Ali dissatisfaction.

As early as June this year, for some funds launched the "Alibaba fight new" project, people close to Alibaba pointed out that the possibility of participating in the new market promotion is greater, because the underwriting team all comes from the international first-line investment bank, and it has its own sales channels. Whether the new fund can get the placement share is not sure, even if it gets it, it should be a smaller share, which is not enough to achieve the high return of product publicity.

It is more likely that the new projects set up by the fund should be aimed at many new investment packages. Alibaba shares are just one of them, but only because Alibaba's IPO is too attractive, it has been used by the fund as a publicity party in order to expand the subscription scale of the fund.

In addition, as regards the harvest fund, its emphasis on Alibaba's new shares is "the intention of the drunk is not in the liquor". The Harvest Fund originally planned to rely on its shareholders Deutsche Bank to get part of the subscription share of Alibaba group, hoping to mature the new sea going process, laying the foundation for the follow-up cooperation with the US stock market and attracting more users to the offshore market.