《大行》里昂:阿里(09988.HK)發零息CB轉換溢價較高 相信目的非減持阿里健康(00241.HK)
阿里巴巴(09988.HK)(BABA.US)宣布發行逾120億元零息可交換債券(CB),可交換為阿里健康(00241.HK)股份,初始轉換價相當於每股阿里健康股份6.23元,較其昨日(3日)收市價溢價37.8%。
里昂發表研究報告指,阿里健康今日(4日)股價受壓與阿里發行CB有關,持有人可自債券發行日後第41日起時選擇將全部或部分債券轉換為阿里健康股份。集資所得將用於支持阿里雲基礎設施及國際電商業務發展。此次交易的條款與百度(09888.HK)今年3月發行以攜程(09961.HK)(TCOM.US)股份為標的之零息CB相似,轉換價溢價幅度亦相近。
參考攜程股價在百度發債後六個交易日累跌約10%,里昂預測阿里健康股價可能面臨更大壓力。若債券全數轉換,阿里的持股將由64%降至52%,但考慮轉換溢價較高,債權人行使可能性較低,意味阿里巴巴短期大幅減持可能性不大。里昂認為,阿里巴巴主要目的並非減持阿里健康,而是以其優質底層資產進行低成本融資,又指阿里已於今日開市前已完成配售,相信可減少股價波動。
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