釋疑:阿裏巴巴10億股ADRs註冊是增發嗎?
文:社區助手小盈
2月4日,阿裏巴巴集團宣佈公司向SEC提交一了一份F-6EF表格,申請新登記10億份ADRs,中文互聯網有不少解讀,更有報道將其看作是一次大規模的股票增發。阿裏巴巴美股當天收跌1.01%。
阿裏巴巴真的增發了嗎?可以肯定地說,這10億ADRs並不是增發股票,也不會稀釋股東權益。
首先我們要理清一些基本概念。在納斯達克交易的BABA股票是美國存託憑證(ADR),實際上代表的不是阿裏巴巴公司的直接所有權,而只是一張ADS的收據,代表公司股票的所有權交給阿裏巴巴指定的ADR託管人,花旗集團(Citigroup)。每份BABA ADR代表阿裏巴巴的8股基本股票。
在任何時候,投資者都可以向花旗集團索取自己手上ADR所代表的基礎股票。或者,如果投資者持有公司的股份,投資者也可以從花旗集團獲得新註冊的美國存託憑證(ADR)。
這次阿裏巴巴提交的F-6或者F-6EF表格是什麼目的呢?
F-6的作用是增加可發行存託憑證(ADR)的最大數量。它不是增發,不會改變代表公司權益的股份數量,不是爲了創造發行更多普通股。
那麼阿裏巴巴爲什麼要新註冊10億份ADR呢?
當一家公司的股票在兩個不同的市場上交易時,例如阿裏巴巴在香港和納斯達克上市,由於投資者始終可以在其中一個市場買賣ADR/股份,並將其轉換爲另一個市場的ADR/股份,兩個市場的報價將始終趨於平衡。
例如,如果BABA(港交所代碼9988)在香港變得更便宜,投資者可以在那裏購買股票,然後將它們轉換成美股ADR,在納斯達克賣出,這樣的結果就是兩個市場的差價逐漸被填平。投資者也可以反向操作,從美股買入ADR然後在香港賣出。
那麼阿裏巴巴新增10億ADR可能有兩種原因,一種可能是香港市場投資者轉換成美股ADR的需求大增,有可能耗盡當前已註冊的ADR,以至於託管人不得不新申請更多的ADR以滿足需求。
另一種可能則較爲悲觀,也許是因爲持有阿裏巴巴普通股的股東們需要大量出售,他們把普通股存入託管機構,創造出更多的美股ADR,然後在納斯達克市場上賣出。
不過,無論事實是上述哪種情況,這10億ADR都不代表股票增發,不會稀釋現股東權益。
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