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《大行報告》大摩:阿里09988.HK)申「雙重」上市可緩美退市風險 但能否獲納港股通存不確定性
阿里巴巴-SW(09988.HK)近日公布董事會已授權公司管理層申請在聯交所主板改變上市地位為主要上市,預期將於今年年底前生效,完成後,阿里將成為以美國存託股份於紐約證交所,以及以普通股於聯交所雙重主要上市的公司。摩根士丹利發表報告表示,阿里巴巴申請「雙重主要」上市地位,將使阿里巴巴能夠降低其在美國市場的潛在退市風險,兼且未來可能有資格參與港股通,擴大投資者基礎,該行維持對阿里(BABA.US)「增持」評級及目標價140美元。 大摩表示,逐步監管風險緩解下,市場對阿里巴巴擬港美雙重主要上市的消息反應積極。該行指,阿里巴巴將以普通股形式在香港聯交所和紐約證券交易所以美國存託股的形式進行雙重第一上市,料「同股不同權」結構不應成為此次轉換的障礙:港交所(00388.HK)已允許具有不合規不同投票權和VIE結構的中概股尋求在香港「雙重主要」上市。 但大摩指,阿里巴巴未來是否有資格參與南向交易(港股通)仍不確定,目前,具有「同股不同權」權架構的公司要符合資格才可參與南向交易,第一是被納入恆生綜合指數,第二是在香港上市,上市時間為至少六個月零二十個交易日,第三是在評估日前183天內達到每日平均市值不少於200億港元及交易總額不少於60億港元,以及第四是符合監管要求標準。 該行指,現行規則並沒有具體說明不合規「同股不同權」的公司是否符合資格:合規的「同股不同權」不得賦予受益人超過普通股投票權10倍的權利。非「同股不同權」股東必須有權在股東大會上投票至少10%。
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