《大行報告》美銀證券:阿里(09988.HK)申請香港為主要上市地對大市成交正面 維持港交所(00388.HK)「買入」評級
美銀證券發表報告,指阿里-SW(09988.HK)申請香港為主要上市地,對港股市場成交正面,維持港交所(00388.HK)「買入」評級,予後者目標價430元。
報告稱,阿里獲納入南向通的時間未落實,或需等待六個月。倘阿里全數轉換股份,將增加港股成交4%;由於阿里以市值計冠絕ADR,將開創前例,料有更多美國上市中概股ADR將仿傚。
參考再鼎醫藥-B(09688.HK)於6月底作為第一家成功轉至本港主要上市的第二上市ADR公司,其於隨即獲深港通南向投資標的資格,並於7月中旬獲滬港通南向投資標資格。不過,阿里股權結構非傳統形式,料其轉換完成後,仍需等待六個月另加約20個交易日方納入南向通。
報告稱,過去90個交易日,阿里H股日均成交約7.64億美元,佔該股總成交19%。以其在本港約44%可交易市值計,估算阿里H股換手率相當於ADR於21%。倘阿里完全換股,將增加港股市場成交4%。計及其他ADR轉至本港市場主要上市,料將總計增加港股市場成交約10%。
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