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《大行報告》摩通:軟銀拋售風險排除 料阿里(09988.HK)股價反應正面
阿思達克 02-10 09:45
摩根大通發表研究報告指,日前軟銀表示,阿里巴巴(09988.HK)額外10億份ADS註冊申請與軟銀未來的任何交易無關,預期消息對阿里巴巴的股價有正面反應。 市場現時可排除軟銀拋售阿里股份的風險,該行認為,阿里註冊ADS或用於未來員工激勵計劃,以及為持有開曼和港股的現有股東預留轉換股份。 摩通認為,即使部分軟銀以外的現有股東,例如管理層想要出售其股份,技術性拋售壓力仍是可控的,因為馬雲、所有公司董事及執行官共同持有中高個位數阿里巴巴股份總額,作為阿里巴巴合夥人須簽訂股份保留協議,於成為合夥人首三年保留至少 60%的股權,並在隨後至少保留40%,因此相關股東最大拋售股份數量僅佔已發行股份總數的3%。 該行又指,軟銀於2020年使用阿里持股簽訂多份預付遠期合約,相關金融工具有助軟銀部分釋放其持有的阿里股份的價值,亦反映出長期持有的耐心,對阿里維持「增持」評級,目標價175元。
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