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《大行》花旗:阿里健康(00241.HK)短期內可能面臨壓力
花旗表示,阿里巴巴(09988.HK)宣布將發行120.23億港元的零息可交換債券,於2032年7月9日到期,該債券以阿里健康(00241.HK)股份為參考。雖然到期日還有7年,但此事件可能使阿里巴巴在阿里健康的股權比例最多降低12個百分點,從64%降至52%。轉換價格為6.23港元,較7月3日收盤價溢價38%。 該行認為,此溢價反映了阿里巴巴對阿里健康的樂觀態度,以及阿里健康將繼續作為阿里巴巴的旗艦醫療保健平台。阿里巴巴應繼續與阿里健康及其生態系統成員密切合作,推動「人工智能+醫療保健」行業轉型。該行預計,由於潛在的對沖活動,阿里健康股票短期內可能面臨壓力,儘管阿里健康可能會回購股份。部分投資者可能認為母公司持股比例的潛在下降對阿里健康不利。然而,該行仍維持對阿里健康「買入/高風險」評級,目標價8.5元。
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