Tagged: IPO

Hutchison Pharma responds to restarting Hong Kong stock IPO

Hutchison Medicine will restart the Hong Kong stock IPO plan?

Silicon Valley's Ultimate "House Robbery"

On March 17, Hutchison Pharmaceuticals (Nasdaq/AIM: HCM) will respond to the above news in the 2020 global performance and latest business progress online communication, saying that Hutchison Pharmaceuticals continues to pay attention to market conditions in order to seek re-listing opportunities, such as Hong Kong And other securities markets such as Shanghai.

According to official website information, Hutchison Medicine is an innovative biopharmaceutical company dedicated to the development of targeted therapies and immunotherapies for the treatment of cancer and immune diseases. It has previously been listed on the Nasdaq and the London Stock Exchange. In 2019, Hutchison Medicine had planned to conduct an IPO in Hong Kong in June of that year, raising about 500 million U.S. dollars, and then suspending the process. The specific reason has not been announced.

At the press conference, Christian Hogg, CEO of Hutchison Medicine, said that in the past 12 to 18 months, Hutchison Medicine has seen great development in Shanghai’s sci-tech innovation board and is very interested. The stock exchanges in Shanghai and Hong Kong both provide financing opportunities. Biotechnology companies such as Hutchison Medicine can raise funds for further development. Hutchison Medicine will continue to pay attention to the development of the exchange.

Zheng Zefeng, chief financial officer of Hutchison Medicine, emphasized that Hutchison Medicine’s next listing plan is still in the discussion stage and there is no specific plan. Hutchison Medicine is always looking for the best time.

At this online communication meeting, the senior management of Hutchison Pharmaceuticals also introduced the latest financial results for 2020.

Financial data shows that Hutchison Pharma’s 2020 annual revenue was US$228 million, an increase of 10.13% year-on-year, of which the combined revenue of oncology and immunization business was US$30.2 million, an increase of US$3.4 million from the US$26.8 million in 2019. The production income, promotion and marketing service income and royalty income of the national class 1 targeted anti-cancer drug Fruquintinib, which is used to treat advanced colorectal cancer, totaled 20 million U.S. dollars.

Hutchison Pharmaceuticals has a net loss of US$125.7 million in 2020, which is an increase from US$106 million in 2019. This is related to its increased R&D investment. According to the 2020 financial report, Hutchison Pharmaceutical’s R&D expenditures have increased to 174.8 million U.S. dollars, mainly for the expansion of ten innovative drug candidates, six of which are being developed globally.

In the product pipeline of Hutchison Medicine, in addition to Fruquintinib and Sofatinib that are already on the market, Servotinib for the treatment of non-small cell lung cancer has also submitted a new drug listing application in China, and the review is currently in progress.

In addition to self-developed products, Hutchison Medicine is also exploring the combination therapy of Fruquintinib and Sofatinib with the PD-(L)1 drugs of Junshi Biologics, BeiGene and other companies.

Su Weiguo, chief scientific officer of Hutchison Medicine, told The Paper (www.thepaper.cn) reporter that Hutchison Medicine has basically established cooperative relationships with most of the PD-(L)1 drugs that have been approved for marketing in China. There are other differentiated PD-(L)1 drugs that have been approved for special effects on certain tumors. In the future, Hutchison Medicine will continue to explore combined treatments with other PD-(L)1 drugs.

Su Weiguo further added that different PD-(L)1 have great differences in efficacy and side effects, and they cannot be simply interchanged. The combined PD-(L)1 therapy that has entered the registration study is currently in the dose They are very fixed in terms of medication and medication methods. I hope that the registration research will achieve better results, and eventually be listed, or even enter the medical insurance. This will not only promote the market and sales of Hutchison Medicine’s own products, but also bring benefits to more patients.

Royole Technology’s “magic” IPO

Royole Technology's "magic" IPO
On the last day of 2020, Royole Technology, a so-called “flexible screen” unicorn, filed its IPO prospectus and put its house on the table. Royole has reported a net loss of 3.195 billion yuan in the last three and a half years and is seeking to raise 14.434 billion yuan. It is the second largest company on the board after SMIC.

Royole Technology was founded in 2012 by Liu Zihong, 29. In the last financing in 2019, the seven-year-old Royole Technology was valued at nearly 42 billion yuan, including many well-known venture capital companies such as CITIC Capital, IDG and Shenzhen Venture Capital.

The capital market is highly sought after, but Royole’s products have been only heard of its appearance. Royole technology around the “PPT mass production”, “speculation concept”, “liar company” questions, Royole clarification is difficult to change the public opinion.

As more information is revealed in the prospectus, the mystery surrounding Royole Technology does not abate.

Sohu Finance made an in-depth analysis of its prospectus and found that Royole Technology had a revenue volume of 200 million yuan, and its receivables accounted for more than 80% of the revenue in the first half of 2020. In the last three and a half years, its losses have been expanding year by year, and its “hematopoietic” ability is extremely poor. It relies on equity financing and bank loans to maintain operating funds for a long time.

Based on Royole’s 2019 revenue of 227 million yuan, the raised investment of 14.434 billion yuan is equivalent to more than 60 years of revenue.

In terms of products and sales, Royole did not provide convincing products and data. Relying on its own flexible screen products, its own brand mobile phones manufactured by mobile phone manufacturers shipped less than 15,000 units in half a year, or even less than Gree mobile phones. After an interview with sohu Finance, Royole Technology repeatedly mentioned in the prospectus that the enterprise-class products in cooperation with Louis Vuitton and Luzhou Laojiao have not been mass-produced or commercialized.

In three and a half years, the total loss was 3.2 billion yuan. In the middle of the year, 2.16 million yuan was borrowed from senior executives

Royole’s performance in recent years has been weak, according to data disclosed in the prospectus.

Royole’s revenue in 2017, 2018 and 2019 was 64.7267 million yuan, 109 million yuan and 227 million yuan respectively, representing a two-year compound revenue growth rate of 87.3%. But its net loss also widened, reaching 359 million yuan, 802 million yuan and 1.073 billion yuan, respectively, in the same period.

In the first half of 2020, Royole Technology realized a revenue of 116 million yuan and its net loss further widened to 961 million yuan. Royole posted a cumulative net loss of 3.195 billion yuan in the last three years. As of the end of June 2020, Royole Technology’s accumulative undistributed profit is as high as -2.427 billion yuan.

 

It is worth noting that Royole also faces the risk that its accounts receivable will not be collected due to its relatively small revenue. In the last three years and at the end of the first year, the book value of its accounts receivable was 29.195,500 yuan, 41.494,100 yuan, 87.593 million yuan and 97.602,600 yuan respectively, accounting for 45.1%, 38.1%, 38.6% and 84.1% of the revenue of the current period.

In addition, Royole Technology has a part of the accounts receivable provision for bad debts. At the end of the last three years and the first year, the provision for bad debts of accounts receivable was 1.608,500 yuan, 3.468,300 yuan, 15.246,700 yuan and 9.433,800 yuan, respectively, accounting for 5.2%, 7.7%, 14.8% and 8.8% of the balance of accounts receivable in the current period.

Take Shenzhen Boyi Media Co., Ltd. as an example. This company is Royole’s largest customer in 2019, with Royole’s sales volume of 46.2316 million yuan in that year. As of the end of June 2020, Royole’s book balance of receivables from Shenzhen Boyi was 32.68 million yuan, among which the provision for bad debts was 1.6519 million yuan.

 

Due to their “hematopoietic” ability is weak, financing has become the main source of Royole technology supplementary funds. In the last three years, its net cash flow from operation and investment is negative, while its net cash flow from financing is positive.

In the last three years, Royole Technology received 4.573 billion yuan in cash from investment. Due to multiple capital increase and share expansion, its monetary capital in the recent three years and the end of the first year were 832 million yuan, 133 million yuan, 1.454 billion yuan and 848 million yuan respectively.

In the last three years, Royole Technology has received a total of 2.976 billion yuan in cash from loans, which are mainly long-term loans provided by the syndicated banks.

In September 2017, Royole Display, a subsidiary of Royole Technology, signed a syndicated loan contract with five banks, including China CITIC Bank Shenzhen Branch, and obtained a line of credit of 3.64 billion yuan. As of the end of June 2020, Royole Display has drawn money from the bank for four times, with a total amount of 2.856 billion yuan, for the construction of the first phase of Royole International Flexible Display Base Project.

Royole’s short-term interest-bearing liabilities for the most recent three years and the end of the first year were $119 million, $0 million, $37,023,600 million and $83,655,300 million. Compared with the monetary funds of the same period, the amount of these short – interest – bearing bonds is not outstanding.

However, Royole Technology, which continuously held over 100 million yuan of monetary funds at the end of the year, borrowed 2.16 million yuan from four founders and senior executives including Liu Zihong, the actual controller, from July to September 2019. Among them, Yu Xiaojun, the deputy general manager of the two loan amounts are only 100,000 yuan, 60,000 yuan.

 

In addition, Royole had long-term borrowings of 2.788 billion yuan as of the end of June 2020. Since the long-term borrowings will be converted into non-current liabilities due within one year, Royole’s short-term debt repayment pressure will also rise.

300 billion giants, “lightning will pass”!

In the 11 years since its inception, the GEM has ushered in the largest IPO in history, and Dongfeng Group, which plans to raise 21 billion yuan. The company’s total assets at the end of June 2020 were close to 300 billion yuan.

On December 11, the 55th review meeting of the GEM Listing Committee in 2020 was held. Four companies including Dongfeng Group attended the meeting and all passed the meeting smoothly. This means that 15 years after the H-share listing, Dongfeng Group is getting closer and closer to the A-share listing.

Dongfeng Group, the full name is Dongfeng Motor Group Co., Ltd. According to the prospectus, Dongfeng Group plans to publicly issue no more than 957 million shares and plans to raise 21 billion yuan. According to this amount, it will break the 13.9 billion yuan fund-raising record set by Arowana this year and become the largest IPO in the history of GEM. .

illustration
For such a record IPO
There are the following highlights

1. 21 billion: the largest IPO fundraising in the history of GEM
Dongfeng Group intends to publicly issue no more than 957 million shares, with an estimated financing amount of 21.033 billion yuan; the amount of funds raised in one fell swoop broke the record of the highest fundraising since the opening of the GEM at the end of October 2009, surpassing the 139 shares of Arowana listed this year. RMB 100 million fundraising record.
Dongfeng Group has substantially increased its record of fundraising by a single company on the Growth Enterprise Market.

2. “Inquiry” after lightning
In July 2020, Dongfeng Group issued an announcement that it intends to apply for listing on the GEM.
On October 13, the GEM formally accepted the Dongfeng Group’s IPO application; on October 17, Dongfeng Group received the “Flash Inquiry”. The interval from acceptance on the 13th to the inquiry was only 4 days, which is also the largest since the GEM registration system. Fast record.
On December 11, the GEM Listing Committee announced that Dongfeng Group’s first issue was approved and successfully returned to A. It only took 45 working days to successfully pass the meeting.

3. The listing valuation is expected to exceed 200 billion yuan
Dongfeng Group plans to publicly issue no more than 957 million shares, and the estimated financing amount is 21.033 billion yuan. The company’s total share capital before the issuance was 8.616 billion shares.
If the financing amount is divided by the number of shares to be issued, the estimated issue price is 21.98 yuan. According to the total share capital after the issuance of 9.573 billion shares, the estimated listing valuation is 210.4 billion yuan.
If one considers exercising over-allotment and issuing 1.1 billion shares, the valuation of listing is expected to be higher.

4. H shares have risen sharply by about 70% recently
Before sprinting into A shares, Dongfeng Group was listed on H shares as early as December 2005, and it has been 15 years. And recently, when sprinting A shares, the H-share share price has also been significantly boosted. Since the bottom of 4.63 Hong Kong dollars in early October, the latest share price has been 7.86 Hong Kong dollars, an increase of nearly 70%.
Among them, on November 6th, it rose by 26.67%.

Prelude to the banquet of 2.1 trillion Wealth

In March 2012, Peng Lei was appointed CEO of Alibaba micro financial services. In October 2014, the company was named “ant financial services group”. At that time, the “little ant” of Ali Group officially appeared on the stage.
Six years later, the little ant grew into an elephant, an ant group valued at $200 billion.
On July 20, 2020, ant group officially announced that it would launch a plan to simultaneously issue shares on the sci tech Innovation Board of Shanghai Stock Exchange and the main board of Hong Kong stock exchange.
Since then, its listing process has been rapidly promoted. On August 25, the Shanghai stock exchange accepted its IPO application, and on September 18, ant group launched its IPO and successfully passed the meeting. From submitting IPO application to successfully passing the meeting, ant group only took 25 days, and the speed of its sprint to the IPO of Kechuang board set a record.
On the evening of October 26, 2020, ant group announced the pricing, and the issuing price of a shares was determined to be 68.8 yuan per share, and that of Hong Kong was determined to be HK $80.00 per share, which means that its total market value is as high as 2.1 trillion yuan.
What is the market value of 2.1 trillion yuan?
Taking the A-share market as an example, when ant group announced its pricing, the listed company with the highest market value in the A-share market was Guizhou Maotai (600519. SH), with a total market value of 2.06 trillion yuan. This means that if it can be listed successfully, ant group is expected to surpass Guizhou Maotai and become the first share in the market value of a shares.
Its rapid growth can be seen from the changes in its valuation over the past few years. In 2015, ant group had a round of financing, and its post investment valuation was about 260 billion yuan. Just five years later, its valuation has almost jumped 8 times to 2.1 trillion yuan.
Different from many science and technology enterprises that continue to burn money and are still losing money when they go public, ant group has achieved continuous profits and the annual profit scale reaches 10 billion yuan. According to the prospectus disclosed by ant group, from 2017 to 2019, ant group realized the net profit of 6.951 billion yuan, 667 million yuan and 16.957 billion yuan respectively, and the net profit growth rates in 2018 and 2019 were – 90.40% and 2442.06% respectively.
In the novel coronavirus pneumonia, the first three quarters of 2020 were even more alarming: the ant group realized a business income of 118 billion 191 million yuan in January and September, up 42.56% from the same period last year, mainly from the growth of digital financial technology platform revenue, and realized gross profit of 69 billion 549 million yuan, an increase of 74.28%; the gross gross profit margin increased from 48.13% in the same period last year to 58.84%.
Although ant group passed the meeting quickly and set the world’s largest IPO fund-raising record, and its profitability was not general, in Liu Feng’s view, the timing of its listing was not a good time. Novel coronavirus pneumonia is catching up with the US general election, this year’s new crown pneumonia epidemic and some local debt crisis.
Many industry insiders interviewed by Caijing think that the reason why ant group chose to rush for IPO this year may be driven by the original shareholders behind it.
As for the novel coronavirus pneumonia’s rush to reallocate this year, Zhang Xiaorong believes that it may come from three aspects: first, the restriction of the US dollar outflow, which makes some foreign shareholders of the ant group hope to cash in as soon as possible; two is affected by the new crown pneumonia epidemic, some shareholders are pessimistic about the future economic development expectation, hoping to bag the security before the cold winter comes, and three is to go out. He is worried about Sino US relations. Previously, foreign media reported that the US government under trump had considered listing ant group in the trade blacklist. If this measure is implemented, it will affect the valuation of ant group when it is listed.
When it comes to the original shareholders of ant group before listing, its lineup can be described as luxurious, including national social security fund, China Post Group and other “national teams”, insurance funds such as China Life Insurance and Xinhua life insurance, as well as business tycoons such as Liu Yonghao, Shi Yuzhu and Wang Zhongjun, and many shareholders have not penetrated into the underlying private equity funds.
“Ant group’s shareholders, there may be more unknown big man.” “For example, some private equity funds, whose equity penetration is relatively difficult,” said the financial professionals to “Caijing”
According to the prospectus disclosed by ant group, its shares are relatively concentrated, and the top ten shareholders hold 93.36% of the shares in total.
Among them, Hangzhou Alibaba network technology company holds 32.64%, which is the largest shareholder. Ali is a senior management and internal employee shareholding platform. Hangzhou Junhan equity investment enterprise (hereinafter referred to as “Hangzhou Junhan”) and Hangzhou junao equity investment enterprise (hereinafter referred to as “Hangzhou junao”) hold 29.8% and 20.65% respectively, which are the second and third largest shareholders of the company. Thus, Alibaba and its members hold about 83% of the shares of ant group. In addition, among the top ten shareholders, there are national social security fund, China Life Insurance, Zhifu (Shanghai) investment center, etc.
According to the reporter of Finance and economics, the current equity structure of Hangzhou Junhan and Hangzhou junao is a transitional structure, which will eventually transform into 40% of all employees including management and 60% of shares of strategic investors including Ali.
At present, Ma Yun is the actual controller of ant group. In reply to the Shanghai Stock Exchange’s inquiry letter, ant group disclosed that Ma Yun indirectly controlled 50.5% of the company’s shares through Hangzhou Junhan and Hangzhou junao, which are the actual controllers of the company. According to the relevant articles of association and agreement, Jing Xiandong, Hu Xiaoming and Jiang Fang are the persons acting in concert of Ma Yun on matters related to the resolutions of the shareholders’ meeting of Hangzhou yunplatinum.
Previously, the industry expected that the listing of ant group will bring a new round of wealth making movement, and a large number of tens of millions and even Billionaires will be born. Ma Yun, senior executives of ant group and shares held by the company

Strategic placement fund: from hot sale to class B exit

Ant group IPO derived from another drama, is the five innovative future strategic placement funds. “One yuan can be ant shareholder”, “star manager management” Rare themes, star fund managers and all-round publicity have jointly achieved this grand event of fund circle and become a rare opportunity for public funds to “break the circle”.
From the application, approval to issuance, the speed of the five funds can be described as “lightning”: on September 10, Huaxia, e-fund, Penghua, huitianfu and China Europe fund companies jointly reported the theme fund of “innovative future”, which attracted market attention. In just over a week, the five funds were officially approved.
Late in the night of September 22, five companies issued a prospectus together. At the same time, the official of the prospectus of ant group announced that the five funds will participate in the strategic placement of ant group together with the strategic placement fund previously established.
In the next few days, the fund advertisements were broadcast in the subway, bus station and building elevator in major cities. “You can see advertisements everywhere. It feels like the double 11 has been ahead of schedule.” One investor recalled.
In the early morning of September 25, the five funds were officially put on sale. A group of sales data with strong e-commerce color is: “it will sell 1 billion yuan in 2 minutes. In just one hour, the five funds sold 10.2 billion yuan. ” E-fund innovation, which ranked first in the future, will take the lead in reaching the sales quota of RMB 12 billion, and will close the issue ahead of schedule, “sold out in one day”.
It’s national day, and it’s going to cover the entire holiday season. The five ant strategic placement fund opened 118 live broadcasting projects in Alipay for the new development fund roadshow. It accumulated over 70 million people, and took turns to answer questions for investors during the holidays. The national day of Huaxia Fund was broadcast continuously for 8 days, with 4 hours of live broadcast every day, while huitianfu fund broadcast for 11 hours continuously on September 25. The fund manager also visited the live broadcasting room in person, setting a record for the longest live broadcast of financial management in a single session.
On the evening of October 8, all five innovation future funds were raised. According to relevant statistics, more than 10 million people have subscribed to the five funds, equivalent to 8 people buying every second. According to the total scale of 60 billion yuan, the fund’s per capita investment is only 6000 yuan, becoming the most inclusive new fund in history.
On November 3, the Shanghai Stock Exchange decided to suspend the listing of ant group. As soon as the news comes out, more and more fund investors ask for refund.
Most of the investors come to the ant fund. “If you don’t buy ant stock, the product will lose its core value. If the product has deteriorated, it should be returned.” Some investors have said so.
In fact, the “core value” understood by some investors is not the real “core value” of the fund. In terms of the proportion of the investment portfolio, only 10% of the participants participate in the ant battle, and where the remaining 90% is invested is the key factor that really determines the performance of the fund. And, this batch of fund is the partial stock mixed fund of stock investment not less than 60%. Therefore, they are essentially a high-risk product under the banner of ant strategic distribution.
Industry insiders have commented that looking back on the previous announcements of ant group and five funds, the label of “participating in ant battle allocation” only accounts for 10% of the actual portfolio, which is equivalent to using ant IPO to leverage investors’ expectations. With 10% of the position to pry a national high-risk investment feast, but also buried the expected failure after the hidden danger.
As high as investors’ expectations are, so are losses. According to the “Caijing” reporter’s sample survey of relevant fund investors (the sample number is more than 100), more than 70% of the funders think that the money should be refunded, and about 20% of the funders think that at least the purchase and redemption should be opened.
On the evening of November 5, the China Securities Regulatory Commission (CSRC) made a statement on this issue. Subsequently, e-fund, Penghua, China Central Europe, huitianfu and Huaxia announced the optimization plan: to apply for listing on the stock exchange to facilitate investors to sell on the spot.
It is difficult for investors to be satisfied with the plan of listing and transferring. Market participants believe that the business of custody transfer is strange and complex, which is too difficult for new fund investors to enter the market, and there is a high probability of discount after listing. Some public funders also said that at present, it can only be considered as a compromise scheme, and it is uncertain whether the redemption will be opened in the future.
Late in the night of November 10, five companies successively issued announcements and launched new plans. The new scheme adds class B shares, and investors can withdraw according to the net value of fund shares. At the same time, the five innovation future funds still apply for share listing and trading according to the statement on November 5.
At this point, investors’ withdrawal demands have been resolved, and the dispute about Innovation future fund has come to an end.
Looking from the rearview mirror, the Innovation future fund has not only lost the aura of participating in ant strategic placement, but also experienced a frenzy of “leverage” and pain of “deleveraging”.
After dropping expectations of participating in the ant battle, investors began to re-examine the five funds. Whether to go or not to stay, opinions began to diverge. “Finance and economics” reporter learned that some investors will resolutely redeem, “believe the fund manager’s words, it is better to buy open-end funds directly, there is no need to close for a year and a half.”. Others want to arbitrage, “buy it back after redemption, and you can earn the difference (because the secondary market is probably at a discount).” More people are beginning to realize that making money or not depends on 90%, not the 10% of the propaganda.
At present, the five funds have started to build positions. “As there is a one month exit option period from November 23 to December 22, positions should be controlled to cope with the pressure of redemption.” An analysis of fund practitioners.

IPO suspension of Ant 2.1 trillion

After the IPO was suspended, the probability of ant group’s IPO restart in the short term became smaller, and the exit of the original shareholders was also delayed
The sharp contrast between the quick and the one night stop makes the unicorn company stand on the front line. Figure / IC
Reporter Yang Xiuhong and Huang Huiling of Finance and Economics
Editor Lu Ling
Ant group (688688. SH), which was expected to win the world’s largest IPO, has experienced sudden changes. As a result, 2.1 trillion yuan of wealth feast has been drawn to rest.
In the autumn of 2020, ant group first pushed forward the IPO process at an astonishing speed and got the token of listing on the science and technology innovation board, with an estimated value of 2.1 trillion yuan. Then, on the eve of the listing on November 5, the tuyere suddenly changed and the IPO stopped abruptly.
The sharp contrast between the quick and the one night stop makes the unicorn company stand on the front line.
“Ant group has an annual profit of over $2 billion, and it doesn’t look short of money. One of the factors behind the choice of IPO Financing this year may be driven by investment shareholders. ” Zhang Xiaorong, President of the Institute of deep science and technology, told Caijing.
“For those who are in a hurry (to promote the listing of ant group), some people may put leverage into it. If they don’t go public, they can’t realize it, and they have to pay the interest.” An industry observer also told Caijing that “these people are really ants, but they are in hot pot.”
A professional in the financial field told Caijing that the promotion of listing by investment shareholders may be a secondary factor. One of the main reasons for ant group’s rapid IPO this year may be due to the demand of the domestic capital market for the external display of registration system, that is, not only overseas markets can allow large-scale innovative unicorns to be listed, but also the domestic capital market Pieces.
The IPO of ant group has been suspended. In addition to the new regulations on online loans issued by the regulatory authorities, it will have an important impact on the company’s business and valuation. Some people in the industry believe that this may also involve the game between the shareholders of ant group and all parties, and the penetration fog in the huge shareholder group of ant group.
“The original shareholders of ant group can be regarded as luxurious, which can be divided into three categories: the first is Ali family and their” relatives and friends “; the second is domestic investment institutions with strong strength; the third is some top overseas investment institutions, such as Singapore Investment Company, Malaysia Treasury holdings, Temasek, etc Zhang Xiaorong said: “the investment of these institutions often amounts to hundreds of millions.”
In addition, “ant group’s shareholder background is more complex, and the final penetration problem behind its huge shareholder group is not clear.” The financial professionals said.
In this regard, Liu Feng, chief economist of galaxy securities, once pointed out that “the basic condition for the effective operation of financial markets requires information symmetry, but investors and financiers naturally have asymmetric information. Therefore, we need to improve laws and regulations to make information transparent. ”
In an interview with the finance and economics reporter, Liu Feng said: “ant group is a good company with innovative ability. The loan mode provided by Alipay has benefited more people. But at the same time, its online loan business risk also needs to be prevented. At present, the new regulation of online loan issued by the regulatory layer is just to prevent the outbreak of large financial risks in the online loan industry. ”
When the realization of the original shareholders’ wealth is hindered, a large number of investors who participate in the subscription of ant group’s strategic placement fund are struggling to redeem the funds within the validity period. Some investors indicated that they would resolutely redeem the funds, while others realized that the profit of the strategic placement fund depended on how 90% of the fund was invested, rather than 10% of the ant group.
After the IPO was stopped, the probability of ant group to restart IPO in the short term became smaller, and the exit of original shareholders was delayed. Many financial people interviewed by Caijing said that in the short term, it is difficult to restart the IPO of ant group. At present, it is difficult to judge how long it will take for ant group to restart its IPO.
A few days ago, Fang Xinghai, vice chairman of China Securities Regulatory Commission, said that when ant group will be listed depends on how the government reorganizes the regulatory framework for financial technology enterprises, and also on how the enterprises respond to changes in the regulatory environment.
A senior person in the securities industry told Caijing that if you are a value investor, you don’t have to worry about when ant group will be listed.