京東(09618.HK)超額認購近180倍 總集資規模最高可達342億港元
電商巨頭京東上市發行價定為226港元，未計超額配股權，在港公開發售募集資約297.71億港元，全球發行1.33億股，佔擴大後股本約4.3%，股票代碼為“9618”，將於6月18日正式登陸港交所，暫為今年本港新股集資王。
超額認購近180倍 總集資規模最高可達342億港元
自京東公開發售期間，投資者認購熱情很高，其公開發售部分獲39.7萬散户入飛追捧，錄得超購近180倍，凍資約2808億港元，成為今年最多人認購的新股，由於京東超購逾百倍，觸發回撥機制，令公開發售比例由5%增至12%，即增至1596萬股或約31.9萬手，相信仍難一人一手。京東已向承銷商授出超額配售權，可額外發行最多1995萬股，集資額再多45億港元。
另外，由於京東美股每一股ADS等於兩股A類普通股，因此港股市場每股價格為美股的1/2，按照美國東部時間6月16日收盤價折算，京東美股大約為235.22港元/股，港股定價相對美股折價近10港元/股。
恪守零售業務高效運轉 構築零售核心競爭力
此次京東公開發售能超額認購跟其自身業務高效發展離不開，京東的核心競爭力在於恪守零售生命線高效運轉，一方面，區別於傳統電商的流量變現，京東更注重用户體驗變現；另一方面，與傳統零售渠道相比，京東更具科技屬性。同時，京東受益於規模效應帶來的與供應商議價能力，以及自身品類結構的持續優化，京東毛利率有望進一步提升。京東綜合毛利率有望從14%提升至18%，自營毛利率從7%提升至13%，主要源於帶電產品權重毛利率從2%提升至4%，高毛利率自營快消品佔比從15%提升至28%。
京東重視?積木理論?，即?模塊化輸出功能?，技術驅動對內可實現隨需應變，對外實現賦能開放，且京東中台可減少大量重複性工作，為京東進一步降本增效奠基。2019年京東ROE為17.21%且穩步增強，預計當履約毛利率達到一定水平後，京東將恪守零售生命線實現高效運營，構築零售核心競爭力。
京東不管是其自身業務核心競爭力優勢，還是有效控制成本方面，其公司業績有很高的提升空間，此次京東回港二次上市，將為更多科網股迴流本港或A股做出示範，吸引國際資金流入，對京東估值有幫助。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
