The First Day Of Jingdong'S Stock Purchase Has Exceeded The Price Of The Pre Pricing Institution.

Following NetEase, Jingdong's two return to Hong Kong once again ignited the enthusiasm of the capital market.

In June 8th, the Jingdong officially launched the public offering. The highest public offering price is HK $236 per share, offering 133 million shares worldwide, of which Hongkong intends to offer 6 million 650 thousand shares publicly. The company expects to make a price in June 11th and start trading at the Hongkong stock exchange in June 18th. If the HK $236 ceiling is calculated, the Jingdong will raise the maximum amount (excluding charges) of HK $31 billion 388 million.

"As at 18:00 on June 8th, the total amount of Jingdong's subscription through Fu Road Securities exceeded 4 billion 550 million Hong Kong dollars, and the volume continued to increase." Fu Road Securities said.

Subscription hot

Data from the Fu Road Securities website showed that the first day of the Jingdong's offering in Hongkong, as at 18:09 on June 8th, Jingdong intends to raise HK $1 billion 569 million, the actual financing for HK $42 billion 471 million, and the subscription ratio of financing to 27.06 times. In addition to financing subscription, there are cash and other subscription methods. The estimated subscription multiplier is 57.20 times.

Compared with the first day of NetEase's stock offering in Hongkong in June 2nd, Jingdong's financing subscription amount has exceeded many, but the subscription ratio of financing is relatively low. NetEase subscribed for HK $29 billion 370 million on that day, and the subscription ratio was 45.16 times. The estimated subscription multiplier would be 97.7 times higher.

However, Jingdong's subscription or there is still plenty of stamina.

"Some of the funds were caught by NetEase. In addition, this is the first day of Jingdong's IPO, investors will wait and see. A broker said.

The time of NetEase's offering is from June 2nd to 5th, and the time of Jingdong's offering is from June 8th to 11th, which is too close to a certain extent affecting the new funds of Jingdong.

However, the securities dealers said, "NetEase is the 10 announcement of the successful results, there will be a dark plate in the afternoon, if it is signed, if you do not want to wait for the transaction on the day of listing, you can also choose to secretly trade, and the funds can also be released."

But it depends on the speed of each broker's handling of funds. The broker said that its broker would release NetEase's new funds in June 10th, "11 is enough time, and Jingdong will not subscribe at noon that day."

Fight new differences

However, there is a disagreement over whether to participate in the new Jingdong.

"We are involved in the new competition." In June 8th, Li Jinlong, general manager of Reagan fund, told reporters, "Jingdong subscription is more popular, and every 618 activities are worthy of participation from a new perspective."

Another frequent participant in the new private placement said, "we will not participate in the new Jingdong. Arbitrage is too small to be worthwhile. Valuations are not attractive and the margin of safety is not enough.

Jingdong's "post hearings dataset" shows that in 2017, 2018 and 2019, Jingdong achieved net income of 362 billion 300 million yuan (RMB, below the same), 462 billion yuan and 576 billion 900 million yuan. In 2017 and 2018, Jingdong continued its business operation with a net loss of 19 million yuan and 2 billion 801 million yuan. In 2019, it continued to turn losses into business and realized a net profit of 11 billion 890 million yuan.

From the first quarter of this year's performance, its revenue was 146 billion 200 million yuan, an increase of 20.7% over the same period last year, net profit of about 1 billion 100 million yuan, profit of 7 billion 300 million yuan in the same period last year, and net profit of non US general accounting standards was about 3 billion yuan, a slight decrease compared with 3 billion 300 million yuan a year earlier.

Jingdong expects revenue in the second quarter ranged from 180 billion yuan to 195 billion yuan, an increase of 20%-30% over the same period last year.

The improvement of fundamentals, coupled with the growth of Beijing Xi, the benefits of the epidemic, and the rebound of US stocks, this year, Jingdong shares rose sharply. Its closing price was $59.04 in June 5th, reaching a record high. No doubt, the two time listing financing is more beneficial to Jingdong.

However, investment institutions are divided on whether Jingdong's profit growth can continue.

Tiger Securities said Jingdong's sinking market strategy enabled its active account and trading volume to grow faster and also inject vitality into its performance. Although the sinking market is faced with competition from many companies and Alibaba, the entire electricity supplier market is not zero sum, and all of them are growing at the same time in competition. Jingdong will have a better layout of the layout of the sinking side and better advantage of its logistics supply chain, and is expected to continue to gain rapid growth in revenues and profits in the future.

However, Hyundai financial CEO Lin Jiayi believes that the first quarter results of Jingdong came from the inconvenience of public outgoing during the epidemic, and more relied on e-commerce shopping, resulting in a major change in the short-term supply and demand structure, resulting in a short-term price rise, which boosted the performance. However, the first quarter performance has overdrawn the market demand for the subsequent quarter to a certain extent.

Li Jinlong said, "Internet Co's performance has increased since the outbreak in the first quarter. As an electricity supplier, the development speed of Jingdong will not be as fast as it used to be, and it will be influenced by many spells and other live goods. If we want to invest for a long time, we will pay more attention to the development of Jingdong outside the electricity supplier. "

Then, at this time of high stock prices, is Jingdong worthy of participation?

In this regard, tiger securities calculated to reporters, according to the current US dollar exchange rate of HK $1, HK $7.75, Jingdong us 1ADR=2 common stock, Jingdong HK shares issued HK $236 HK $60.9, which is 3.16% higher than Jingdong's latest closing price of 59.04 US dollars.

"Referring to NetEase's final pricing of HK $123, the closing price of us shares was 6.67% lower than last Friday. Previously, the issuing price of Ali shares was HK $177, and it also offered a 2.6% discount on the basis of the closing price of the US stock on the previous day. Tiger Securities believes that "big quality stocks will return to Hong Kong stocks for a certain discount. The final pricing of the two Jingdong and Hong Kong stocks will probably give a discount of about 2.5% based on the closing price of the first day of the US stock market, which is definitely less than HK $236."

"Jingdong shares in Hong Kong share 50 shares per hand, the new admission fee will be HK $11918.91, the new transaction fee will be weighed and the premium on Hong Kong stocks that may be generated after the US stocks go up will be profitable." Tiger Securities pointed out.

Fu Road Securities said that the current price of HK $236 belongs to the company's confidence in its business value. As the Hong Kong stock issue and the American depositary receipt can be transformed into each other, the current Jingdong's new profit level in Hong Kong stocks will be significantly related to the rise and fall of Jingdong in the US stock market.

As for whether or not China should take part in the return of the stock market, Lin Jiayi believes that it should be based on the fundamentals and valuations comprehensively, and the best relatively high margin of safety is to buy and hold for a long time. If it is pure arbitrage of new shares, it should sell high on the first day. "NetEase and Jingdong belong to the head enterprises of their respective industries, and the heat is high. But the price of Hong Kong stocks will always be close to the pricing of US stocks, and the mood will not deviate."

Li Jinlong said: "Hong Kong stocks are new and A shares are different, there is the possibility of breaking down. The more likely the stocks are, the more investors will be able to participate."

However, from the perspective of long-term and long-term allocation, the fund's approximate rate will be allocated to stocks. Now is a good opportunity to configure, with the quality of stocks into the stock index, active funds and passive funds will gradually increase the allocation. Liu Furong, chief investment officer of international business department, said.

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