《大行報告》劉強東轉讓關聯企業股份予副總裁 野村維持京東健康(06618.HK)和京東物流(02618.HK)「買入」評級
野村發表報告指,京東物流(02618.HK)和京東健康(06618.HK)早前公布,劉強東訂立股權轉讓協議,轉讓部分股權予京東集團副總裁繆欽。京東物流昨日股價跌逾6%,相信是受消息影響。該行認為,部分投資者可能將此舉理解為劉強東或京東-SW(09618.HK)減持對京東物流的主要股份,但事實並非如此。
野村指,根據公告,在今次VIE所有權變更後,京東集團仍是京東物流和京東健康的最大股東,而劉強東仍將是這兩間公司的主席。對於變更VIE所有權背後的理由,該行傾向於相信公司的聲明,因為劉強東在京東集團及其主要子公司的營運中處於次要地位。
報告指,參考同業阿里-SW(09988.HK)的公司歷史上,也發生過類似的內地實體註冊信息的變化。但此舉並沒有對阿里的營運產生有意義的影響,因此認為這也可能是京東物流和京東健康未來的情況。該行維持對京東健康和京東物流「買入」評級。
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