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Text Chapter 494: Privatizing Alibaba

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    The timing of Alibaba Network Co., Ltd.'s listing was not good. It was listed in November 2007. It can be said that it was listed on the eve of the subprime mortgage crisis. Naturally, the stock price performance was not good.  ¡ó¡ý The opening price was HK$30, and the highest price was HK$41.8 in the second month of listing. Then, under the influence of the financial crisis, it plummeted all the way, with the lowest price falling to 3.46. It can be said that there is no one left in ten.  After various countries began to rescue the market, Alibaba's stock price also began to rebound. However, the highest price in 2009 was only HK$22.5. After entering 2010, as the b2b business shrank, Alibaba Network Co., Ltd.'s stock price continued to fall.  Before the Zixuan acquisition, Alibaba Networks Co., Ltd.¡¯s share price had fallen to HK$15.  After Zixuan took over, under the Zixuan effect, Alibaba Networks Co., Ltd.'s stock price also experienced a strong rebound, exceeding the rebound peak in 2009, reaching a maximum of 33 Hong Kong dollars, more than doubling and increasing by more than 1,000.  billion market value.  It can be said that the name of Zizixuan directly made Alibaba Network Co., Ltd. worth more than 100 billion. This is a bubble in the capital market.  However, after the release of Alibaba Networks Co., Ltd.'s third quarterly report, business continued to decline, investors gradually calmed down, and the stock price fell slightly. The stock price the day before the suspension was HK$30.3.  Alibaba Group is well prepared. It issued an announcement on December 24 that Alibaba Group will submit a privatization offer to the board of directors of Alibaba B2B Company and plans to repurchase all shares at a price of HK$48 per share.  This price is nearly 15% higher than Alibaba¡¯s highest price since its listing, which means that even if you buy at the highest price, you can still earn 15% as long as you hold it.  Of course, many people bought it at the highest price and then sold it. Alibaba Group has nothing to do about this loss.  The price of HK$48 represents a 51% premium to the average closing price of the last 60 trading days before the suspension, and a 60% premium to the average closing price of the last 10 trading days.  The funds required by Alibaba Group to execute the above-mentioned privatization transaction are approximately HK$65 billion.  Funds will be raised through the issuance of additional shares to the major shareholder Wang Zixuan.  Alibaba stated that the main reason for promoting the group's privatization of its listed subsidiary Alibaba is to give small shareholders an opportunity to realize investment income during the group's strategic transformation and upgrading; and the strategic transformation may lead to b2b in the short to medium term.  The company's revenue growth has slowed down, affecting profit expectations.  Ma Yun, chairman of the board of directors of Alibaba Group, also said in an interview with reporters that "privatizing Alibaba will free us from the pressure of owning a listed subsidiary and enable us to formulate long-term plans that are most beneficial to our customers. Privatization  The offer can also provide our shareholders with an attractive cash-out opportunity without having to wait for a long time for the company to complete its transformation. Stimulated by Zixuan's entry, the company's stock price has doubled, but the B2B business is still declining.  The company's stock price may be lower. Now is the time when privatization is most beneficial to shareholders. Even investors who bought at the highest point can make profits and exit. In fact, the company's privatization plan is not so fast, but Zixuan.  Considering that it will benefit all shareholders, the company has accelerated the privatization process. It may cost 20 to 30 billion Hong Kong dollars more than the privatization in six months. However, the major shareholders insist that we can only wait for the transformation of the B2B company.  , the upgrade is completed, and the entire group's internal ecology will be integrated. B2B, Taobao, Alipay and other businesses will be opened up. At that time, we may list the entire group and invite investors to share the results of the company's development, but the group cannot be seen yet.  Time to go public. Because neither transformation nor integration is accomplished overnight. "An independent board committee composed of Alibaba's independent non-executive directors has been established and is evaluating the above-mentioned privatization proposal, and relevant executive documents will be distributed as soon as possible.  Each shareholder.  Alibaba shareholders will receive plan documents in due course and will be invited to vote on the proposed offer.  After the plan takes effect.  All plan shares will be cancelled, and Alibaba will apply to the Hong Kong Stock Exchange to revoke the listing status of the shares on the Hong Kong Stock Exchange immediately after the effective date of the plan.  After privatizing the b2b listed company, Alibaba Group has completely become an unlisted company.  Zizixuan will once again invest in subscribing for Alibaba Group's shares, increasing its shareholding ratio to 93%.  Alibaba¡¯s privatization of B2B listed companies has also aroused discussion among many experts at home and abroad.  With the sale of Prince Technology projects and the transformation of Alibaba Group, it seems that all companies under Prince Xuan are adjusting their strategies.  The decline of the b2b market is also obvious to all.  With the rise of domestic labor costs in recent years, the advantages of domestic low-tech manufacturing industries have disappeared due to competition from some Southeast Asian countries., coupled with the financial crisis that has hit the global consumer market hard, it is becoming increasingly difficult for small businesses to do foreign trade.  ?B2B needs to transform and upgrade to survive.  Ma Yun is not lying when she says that privatization is most beneficial to shareholders at this time.  Everyone knows that the stock price of Alibaba¡¯s b2b listed companies has doubled because of Zizixuan¡¯s ownership, but the Zixuan effect will not always exist. In the end, it is performance that supports the stock price.  If the B2B company's performance continues to decline, the company's stock price will definitely fall back. By then, it will be much cheaper for Alibaba Group to be privatized.  Many people are also interested in the market value of Alibaba Group. Under the influence of Zixuan, the market value of B2B companies alone is more than 20 billion US dollars. So how much is the entire Alibaba Group worth?  ¡°I¡¯m afraid Alipay after launching Yu¡¯e Bao and Wealth Management Bao alone will have tens of billions of dollars. Add in Taobao, and Alibaba Group¡¯s market value will be hundreds of billions of dollars. It¡¯s not a problem.  On August 10, when Zizixuan acquired shares of Alibaba Group from Yahoo and SoftBank, Alibaba Group¡¯s valuation was only US$23 billion.  But at that time, the market value of B2B companies was only US$10 billion, and Alipay was not the Alipay it is now.  It¡¯s not that Zizixuan lowered the price at that time, but that after Zizixuan acquired Alibaba Group, it integrated Yu¡¯e Bao into Alipay, which greatly increased the value of Alibaba Group.  Regarding this delisting, investors in Xiangjiang hope that Alibaba Group will inject both Alipay and Taobao into Alibaba Networks Co., Ltd. so that they can share the wealth appreciation brought by Wang Zi Xuan instead of delisting.  Although this time Alibaba Group offered a 60% premium for the acquisition, which is enough to make profits for all shareholders.  Some investors even called on all small shareholders to vote against the privatization of Alibaba Group.  In order to prevent the privatization from failing, Alibaba Group stated that it has no plan to list the entire group, and it is impossible to inject it into Alibaba B2B listed companies. If the privatization is blocked, only shareholders will be harmed.  (To be continued, please search Piaotian Literature. The novels will be better and updated faster!
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