Ma said "hope" to list in Hong Kong: Ant gold IPO speculation-Ant gold suits, MA-IT information

Being a domestic Internet financial behemoth, Ant Golden clothing listed nothing can set off ripples in the market. Alibaba's founder, Jack Ma, Chairman of the Board of Directors recently in Macau to attend an activity, for ants given gold but is interested in a Hong Kong listing's response was "hope" and before that, MA has expressed desire to wish to seek a-share IPO, which question the place of listing about Ant gold suit . In fact, ants listed point in the gold suit seemed to embarrass, whether it is listed a-shares or Hong Kong stock market, Ant gold service realize the dream of the possibility of listing in the short term are very slim, and shares with regulators on cross-industry IPO: cautious, is listed on the Ant-gold suit cast a shadow over tour.

A+H listed the probability

All along, the ants clothing listed the issue of attribution is always being outside attention, looking for clues in the market from the Ma's stance at a time. In November 2014, he publicly "hope the Ant King served in the a-share listing". By March of this year he appeared in Boao Forum for Asia in response to "Ant-gold suit can be listed in the domestic" issue, just laugh a few times. In the view of the industry, ants gold service final listing may not be just the Hong Kong stock market, greater probability of selection A+H listing.

Beijing newspaper had obtained a copy of the information displayed, Ant-gold service is planned for 2017 landed in the a-share market, but emerging "died" and current regulators wary of Internet finance IPO adds variables to this plan. Strategic emerging after the Board suspended, market ants gold suit to backdoor Hang Seng e, but thereafter Hang Seng e-publishing a clarification announcement.

"A-share valuation advantages for Ant-gold suit that has a strong allure. "Song Qinghui, a well-known economist believes that Ant gold industry serving a special attribute in the a-share scarce caused investors in the a-share listing will be sought after, and its price-earnings ratio is not too low, good has a great effect on its market value. A banker in Beijing were of the view that because of "national team" shareholder background, thus the Ant King taking the possibility of listing in the Mainland is very high. It is understood that ants golden suit has completed two rounds of financing, in which "team" involved the most compelling. Last July, the Ant-gold service completed a round of financing, the national social security fund, China financial and domestic 8 strategic, large insurance companies and other investors to join.

However, industry estimates, had been "used" Ma of Hong Kong stock market, also will not give up the Ant-gold service in the Hong Kong stock market opportunities. "Listed in Hong Kong, can give Ant gold suit more opportunities for international investment banking concern, get more recognition of the professional institutional investors, but also help to promote the company's image. "Glory sky Financial Group Vice President of business development, said Huang Dadong. Song Qinghui also believes that Ant gold suit if you choose is listed in a-shares and Hong Kong stocks, not only more bad stocks discovery, but also conducive to the financing channels of creating dual-platform. Meanwhile, a private person in Beijing believe that due to ants clothing is different from any Internet company, is also different from traditional banks and other blue-chip, thus the valuation of the Hong Kong stock market may not be much lower than those in the Mainland.

Short-term domestic story listing

Jin clothing industry insiders said, according to a person familiar with Ant, and Ant gold service current ownership structure do not IPO obstruction. From the key financial indicators, Ant gold service also is expected to meet listing requirements. It is understood that the Shanghai Stock Exchange for IPO companies to the financial requirements for the "recent 3 fiscal year net profit is positive and more than 30 million Yuan, last 3 fiscal year net cash flow from operating activities total more than 50 million Yuan; or the last 3 fiscal years revenues total more than 300 million Yuan." While the main Board of the Hong Kong Stock Exchange listed financial requirements, for at least the past 3 financial year profit of 50 million Hong Kong dollars (profits for at least HK $ 20 million in the last year, and two years before profits for at least HK $ 30 million).

But even so, the Ant-gold suits continued to face a difficult dilemma to IPO in the short term. "If a-shares, queued IPO estimates at least after two years. "These bankers believe that. Up to now, the pre-Ant gold clothing not in the SFC to disclose their prospectuses, which also shows the IPO has yet to officially enter the queuing process. "Current regulators control the rhythm of IPO is clear, as it is digested at a rate of hundreds of enterprises will take two or three years time queued awaiting trial. "The investment banker said. If you want to log into the a-share market, there is also a shortcut is the backdoor listing, but the Bank said the Ant-gold suit, backdoor listing is almost impossible. "Valued at hundreds of millions of Yuan, which shell can hold it down? "These private groups also believe that ants of the hundreds of millions of Yuan of gold clothing is super Big Mac, regulators must take into account the blood effect of listing on the a-share market. "At present the turnover of the Shanghai and Shenzhen stock markets a day before hundreds of millions of Yuan, ants have a large body golden suit, if listed after being fried, blood effects are more obvious. ”

And even if the choices listed on the Hong Kong stock, from listing application to the final listed Ant gold suit may also require about one year's time. "Listed for about a year, preliminary process is long, determined in accordance with prevailing market conditions. "Huang Dadong said. However, ants gold service also does not apply to the Hong Kong stock exchange listing. In addition, the person familiar with Hong Kong investors said if ants gold clothing market timing is bad, its ultimate value may be affected.

Although previously market vibe Ant gold clothing will in 2017 landing shares, but in 91 financial joint founder verifications, seems, reached this target difficulties, a is currently shares market still belongs to mutual gold industry IPO of closed period, II is regulatory institutions on Internet financial of regulation efforts increased, three is Ant gold clothing body volume big, and business layout widely, overall package listed review difficulty quite big, for all reasons, Ant gold clothing to wants to in one years within landing shares possibilities smaller. He also said that ants gold suit listing requirements do exist, but not for financing purposes, but need to be confirmed through a listing on the valuation, therefore does not rule out the possibility of listing in Hong Kong.

Future value

In addition to where and how the IPO, market valuation of the Ant-gold suits in the future also with great attention.

In the past few months, valuations have significantly increased in Ant gold suit, from the vertical than July 2015 ants when gold served a round of financing, valued at about US $ 45 billion. After 9 months to complete the series b financing, increased its valuation of $ 15 billion to $ 60 billion, an increase of 33%; 4.5 billion dollars to raise its biggest single private placement the global Internet industry. Horizontal comparison, ant the valuation of gold clothing not only over the number of domestic financial institutions, closer to Baidu in the BAT.

Currently Ant antennae of gold clothing has stretch payments, banking, financial services, consumer finance, technology and data services to business, in many Ant-gold suit is the absolute position in the field. In terms of valuation prospects, Hong Hao, BOCOM international Managing Director and Chief Strategist wrote that Ant gold service payment infrastructure has been built through the big pay data to understand user behavior and develop a variety of scenarios to increase user stickiness. From the point of view, Ant-platform and has a huge imagination. In addition, about 25% of PayPal users are from the countryside, but of which only 37 million enjoyed and urban users of financial services, which represents the potential for future growth. These opportunities will likely further improve the valuation of ants.

Wu wenxiong said ant the valuation of gold clothing related to its layout, diversified development of the industry on the one hand, but also under the influence of cross-industry as a whole, current mutual valuation bubble in the gold industry, the likely presence of bubbles in the future. According to his estimates, ants will maintain a reasonable valuation of gold clothing space, it would be hard to rise sharply.

马云表示“很希望”赴港上市：蚂蚁金服IPO引猜测 - 蚂蚁金服,马云 - IT资讯

身为国内互联网金融领域的巨无霸，蚂蚁金服上市的任何风吹草动都能掀起市场涟漪。阿里巴巴创始人、董事局主席马云日前在澳门出席某活动时，对于蚂蚁金服是否有意赴港上市给出的回应是“很希望”，而此前，马云曾表达过希望在A股市场IPO的愿望，这令外界对蚂蚁金服的上市地点产生疑问。实际上，蚂蚁金服的上市时间点似乎也颇为尴尬，无论是挂牌A股还是港股市场，蚂蚁金服短期内实现上市梦的可能性都很渺茫，加之A股监管层对互金行业IPO的审慎态度，更是为蚂蚁金服的上市之旅蒙上了一层阴影。

A+H上市概率大

一直以来，关于蚂蚁金服上市归属的问题始终被外界关注，市场渴望从马云的每次表态中寻找蛛丝马迹。2014年11月，马云公开表态“希望蚂蚁金服在A股上市”。而到了今年3月马云现身博鳌亚洲论坛回应“蚂蚁金服能否在国内上市”问题时，只是笑了几声。而在业内人士看来，蚂蚁金服最终的上市地可能并不只是港股市场，选择A+H上市的概率较大。

北京商报记者此前获得的一份资料显示，蚂蚁金服计划于2017年登陆A股市场，但战略新兴板的“夭折”和当前监管机构对互联网金融IPO的谨慎态度为这一计划增添了变数。而战略新兴板暂缓之后，市场又纷传蚂蚁金服要借壳恒生电子，但此后恒生电子发布了澄清公告。

“A股的估值优势对蚂蚁金服具有很强的诱惑力。”著名经济学家宋清辉认为，蚂蚁金服特殊的行业属性在A股十分稀缺，在A股上市必然会引发投资者的追捧，而其市盈率也不会太低，对其市值的利好影响很大。而北京一位投行人士则认为，因为有着“国家队”股东背景，因而蚂蚁金服在内地上市的可能性很大。据了解，蚂蚁金服已经完成两轮融资，其中“国家队”的介入最为引人注目。去年7月，蚂蚁金服完成A轮融资，全国社保基金、国开金融、国内大型保险公司等在内的8家战略投资者加入。

不过，业内人士预计，已经“习惯”了港股市场的马云，同样不会放弃蚂蚁金服在港股上市的机会。“在香港上市的话，可以让蚂蚁金服获得更多国际投资银行关注的机会，获得更多专业机构投资者的认同，也有利于提升公司形象。”灏天金融集团业务拓展部副总裁黄达东如是说。而宋清辉也认为，蚂蚁金服若选择在A股和港股两地上市的话，不仅更加利于公司股票的价值发现功能，还利于打造双平台的融资渠道。与此同时，北京一位私募人士认为，由于蚂蚁金服既不同于一般的互联网企业，也不同于传统的银行等大蓝筹，因而其在港股市场的估值不一定比内地低很多。

短期内难上市

据一位熟悉蚂蚁金服的业内人士表示，蚂蚁金服目前的股权结构并不会对其IPO形成阻碍。而从最为关键的财务指标来看，蚂蚁金服也预计符合上市的要求。据了解，上交所对IPO企业的财务要求为“最近3个会计年度净利润均为正数且累计超过人民币3000万元，最近3个会计年度经营活动产生的现金流量净额累计超过人民币5000万元；或者最近3个会计年度营业收入累计超过人民币3亿元”。而港交所主板的上市财务要求为，过去3个财政年度至少盈利5000万港元（最近一年盈利至少2000万港元，及前两年累计盈利至少3000万港元）。

但即便如此，蚂蚁金服依然面临着短期内难以IPO的尴尬处境。“如果是A股的话，排队IPO估计至少得两年以后。”上述投行人士认为。截至目前，蚂蚁金服尚未在证监会预披露其招股说明书，这也说明其IPO尚未正式进入排队过程。“目前监管层控制IPO节奏很明显，照目前的速度消化完数百家排队待审企业要两三年的时间。”该投行人士称。而如果要登陆A股市场，还有一种捷径就是借壳上市，但该投行人士表示，对于蚂蚁金服而言，借壳上市几乎不可能。“估值数千亿元，哪家壳能装得下？”而上述私募人士还认为，体量数千亿元的蚂蚁金服可谓是超级巨无霸，监管层必定会考虑其上市对A股市场的抽血效应。“目前沪深两市一天的成交金额也才几千亿元，蚂蚁金服的体量太大了，如果上市之后再遭到爆炒，抽血效应更明显。”

而即使选择在港股上市，从提交上市申请到最终成功上市，蚂蚁金服或许也需要一年左右的时间。“一般上市的话一年左右，前期过程比较长，具体得根据当时市场情况而定。”黄达东称。不过，目前蚂蚁金服同样未向港交所提交上市申请。此外，一位熟悉港股的投资者表示，如果蚂蚁金服上市时机把握不好，其最终的估值可能会受到影响。

虽然此前市场盛传蚂蚁金服将在2017年登陆A股，但在91金融联合创始人吴文雄看来，达成这个目标困难重重，一是目前A股市场仍属于互金行业IPO的封闭期，二是监管机构对互联网金融的整治力度加大，三是蚂蚁金服体量大、业务布局广泛，整体打包上市审查难度颇大，出于种种原因，蚂蚁金服要想在一年之内登陆A股可能性较小。他同时表示，蚂蚁金服确实存在上市需求，但并非出于融资目的，而是需要通过上市对估值进行确认，因此不排除在港股先行上市的可能性。

未来估值几何

除了IPO地点和方式，市场对蚂蚁金服未来估值同样抱有极大关注。

在过去数月间，蚂蚁金服的估值有明显增长，从纵向来比，2015年7月蚂蚁金服A轮融资时，其估值约为450亿美元。时隔9个月完成B轮融资时，其估值增加了150亿美元至600亿美元，增幅33%；45亿美元的融资规模也创下全球互联网行业最大单笔私募融资。从横向比较，蚂蚁金服的估值不仅超过了国内多家金融机构，更逼近BAT中的百度。

目前蚂蚁金服的触角已经伸向支付业务、银行业务、理财业务、消费金融业务、技术和数据业务等方面，在不少领域蚂蚁金服更是占据绝对地位。在估值前景方面，交银国际董事总经理兼首席策略师洪灏撰文指出，蚂蚁金服的支付底层架构已经建好，通过大数据去理解用户行为并开发出各种支付的应用场景以增强用户黏性。从这些层面来看，蚂蚁的平台还有巨大的想象空间。再者，大约25%的支付宝用户来自农村，但其中只有3700万享受过与城镇用户同样的金融服务，这代表着未来增长的潜力。这两个机会将很有可能进一步提升蚂蚁的估值。

吴文雄则表示，蚂蚁金服的估值一方面与其行业布局、多元化发展有关，但也受到互金行业整体的影响，目前互金行业估值存在泡沫，未来存在泡沫破裂的可能性。据他估计，蚂蚁金服的估值将保持一个比较合理的空间，很难再有大幅的上涨。