《大行報告》瑞銀:內地收緊金融科技政策及螞蟻延上市 料對騰訊(00700.HK)影響有限
瑞銀發表報告指,內地收緊金融科技監管以及螞蟻(06688.HK)暫緩上市等對騰訊(00700.HK)影響有限,該行相信監管機構對線上小微貸款的做法、市場集中及壟斷風險較關注,而中銀保監在11月2日發布了針對與銀行合作的線上平台、收緊監管及槓桿的文件,估計將有更多監管措施到來,或會為線上借貸平台帶來影響。
該行指出,螞蟻原先上市計劃及「雙十一」表現是阿里(09988.HK)兩個短期的催化劑,但受監管因素影響螞蟻IPO暫緩,而據傳媒報道至少需時六個月,假如情況短期未見緩解,料阿里在美國的股價在在250美元左右會開始有吸引力。而監管方面的消息公布後阿里ADR及H股股價跌約8%,意味市值已跌670億美元,考慮到阿里持有螞蟻33%權益,意味投資者已將螞蟻的價值削三分二。
瑞銀指出有投資者擔心騰訊會面對類似的風險,但該行估計騰訊有四分三的金融科技收入是來自支付,而公司在線上小微貸的業務較阿里細,並相信騰訊會借今次機會擴張業務。而該行認為近期騰訊對疫情後的業務擴張能力有信心,而集團亦能透過與合作夥伴及WeBank等提供貸款,此外公司與銀行及監管機構合作亦良好。
該行認為,京東(09618.HK)有最好的電商覆蓋,料將受惠雙11表現強勁,而京東數科雖有一點監管風險,但對京東股價影響有限,而騰訊的手遊業務及產品線強勁,而金融科技方面機遇亦較強。(el/w) ~
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