《大行報告》美銀證券:阿里(BABA.US)基本面不受螞蟻調整股權結構影響 維持「買入」評級
美銀證券發表研究報告指,螞蟻集團周末公布其大股東杭州君瀚和杭州君澳行使表決權的變動,這兩間公司合計持有螞蟻53.5%的股份。此前,馬雲與雲鉑投資其他股東存在一致行動安排,雲博投資以普通合夥人身份控制君瀚和君澳。從而有效控制雲博投資股東大會就螞蟻相關事項的表決結果。新架構終止馬雲與雲鉑其他股東之間的任何一致行動安排,又引入新實體投資,以取代雲鉑對君瀚的控制,及將其他五名螞蟻高管納入雲鉑。新結構消除了馬雲對螞蟻金服的投票權控制,並將權利減少至約6%。
該行認為,這不會影響阿里巴巴(BABA.US)持有螞蟻金服33%的少數股權,也不影響兩間實體之間的業務合作,阿里巴巴的基本面不受影響。該行維持對螞蟻1,100美元的估值,認為這是阿里巴巴重要資產價值的一部分,因此維持對阿里巴巴的「買入」評級。
該行表示,投票權的變化是主要金融科技公司正在進行重組過程的一部分,該過程涉及監管機構監督下的商業模式範圍和定位、組織結構以及治理和控制。目前大部分商業模式的政策已經出台,亦有可能推金融控股公司牌照。螞蟻宣布計劃再增加一個獨立董事,推動獨立董事佔多數。在螞蟻尋求顯示其作為商業實體的獨立性之際,螞蟻的某些高級管理人員也退出了阿里巴巴的合作夥伴關係。由於受到限制,所有權結構的變化導致螞蟻集團需要更長時間才可以申請上市。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.