On the first day of Jingdongs listing, the overall performance of the stock price was stable. After the high opening, it surged and fell back. On that day, the opening price was 239 Hong Kong dollars, the closing price was 234 Hong Kong dollars, the turnover was 7 billion yuan, the turnover rate was 22.4%, and the amplitude was 4.6%.
Jingdong issued 133 million shares at a price of HK $226 per share and raised about HK $29.771 billion in net funds, making it the largest IPO in Hong Kong in the year.
Tao Yifei, QDII fund manager of Haifutong fund company, told the economic observer that on the whole, the listing of JD in Hong Kong is very successful, and the market pays high attention to JD, so there are some short-term games are also very normal. On the whole, the return of China capital stock to Hong Kong stock market is basically successful. These companies themselves are very excellent. After going back to Hong Kong and listing, they can make a new choice for the funds that they were unable to invest in in in the past. Moreover, the company has successfully carried out financing, which is beneficial to the development of the company in the future. So the overall stock price performance is pretty good.
Previous announcement shows that JD IPO subscription is hot. In the case of high total fundraising, the subscription ratio is still as high as 178.9 times, and the maximum 12% call back is initiated, and the signing rate of retail investors is only 10%.
Compared with the fervent enthusiasm for subscription, the data of Huasheng Securities Research Report shows that for many investors, they may think that the first days increase of Jingdongs IPO in Hong Kong is a little too low. Under such a low winning rate, the first-hand yield is only about 400 Hong Kong dollars. At the same time, because there are many Hong Kong stock subscription investors using margin financing (i.e. leverage financing) for subscription, this means that the cost of new investment will be higher and the income will be lower.
Analysts of futu securities told reporters that JDs stock price on the first day of listing in Hong Kong was in reasonable expectation, some of which fell or were affected by the sentiment of winning investors. It fluctuated a lot in the first ten minutes after the opening, but only slightly until the closing.
Sun Jianbo, general manager of Zhongyue capital, told reporters that it is optimistic about Jingdong, but has not yet bought it, and intends to wait for the callback to buy it again. Jingdong has a market value of more than 90 billion US dollars in the United States and about 730 billion Hong Kong dollars in Hong Kong, which is 7% - 8% more expensive than American shares. The main reason is that the investors in the two markets are different. In recent years, Jingdongs utilization rate and penetration rate are very high, which are well recognized in China. Domestic investors also know Jingdong better than American investors. If the price difference is taken into account, American stocks are more cost-effective, but Hong Kong stocks are more convenient to trade, and the cost is lower, which to some extent makes up for this difference.
An institutional person close to Jingdong told reporters that in terms of share price, Jingdongs shares in the U.S. have risen about 70% this year. Many investors cant lock in the earnings when buying at this time, so they will also hold a wait-and-see attitude.
Because of this, more and more investors tend to think that Alibaba and JD belong to different business models when comparing them. The above institutions believe that the listing is Jingdong platform, emphasizing that they are a technical service provider, not just an e-commerce platform. In addition, there are Jingdong digital technology and Jingdong logistics in the unlisted part, and Jingdong still has certain imagination space in the future.
Alibabas P / E ratio is nearly four times higher than Jingdongs, according to the analysts. But according to the financial report data, Alis income is similar to that of JD, and Ali has been profitable in the past three years. The different valuations given by investors to the two companies also reflect that the market has its own judgment on different business logic. At least in the last two years, the advantages of self built logistics of Jingdong are gradually emerging.
As for business logic, sun Jianbo believes that its hard to draw a conclusion whether Alis model or JDs model is better. Although the price of the same thing purchased by consumers is the same, the platforms discount point for merchants is not the same. JDs merchant discount point is relatively high, so it will inevitably lose some merchants. From this single point of view, JDs service object will be relatively narrow, and Alis service object is very wide. However, JDs after-sales service is better than Taobaos. JD has joined the strong intervention of the platform, and Alis intervention to businesses is not much.
As for how to invest, sun Jianbos stock selection strategy is that the development of the head companies is common development. If you are optimistic about the industry trend, you can directly buy the leading companies in the industry.
Tao Yifei is also waiting for Jingdongs share price and said he will consider appropriate allocation at a suitable price in the future. Jingdong is an excellent company. In addition to benefiting from the development of e-commerce market in the future, the logistics of Jingdong is also very attractive. So in the long run, Jingdong is also a very worthy target.
China capital stock potential
For the performance of the first day of the secondary listing of Zhongwei shares, pangming, director of macro and strategic research of Huaxing securities, analyzed to reporters that the performance of individual shares is not only related to the sentiment and confidence of the market for individual shares, but also to the overall situation of the market. Over the past week, Hong Kong stocks have been dragged down by worries about the second wave of epidemic in the global peripheral stock markets, and the overall situation of this market must be taken into account.
In fact, pangming believes that it is a good time for China probability shares to be listed in Hong Kong. The valuation of Hong Kongs Hang Seng index once fell below 10 times the P / E ratio. Now the valuation is slowly repairing, and the fluctuation of China US relations has been reflected in the current valuation. And the current market for a more stable social situation gives a higher price.
As for the e-commerce sector, the risk of the second recurrence of the current epidemic continues to benefit the sector.
According to pangming, the online retail sales in May increased by 15.6% year on year, 5.8% higher than that in April. What this data reflects is that we have formed a certain consumption mode, because in fact, the epidemic situation was eased in May, but we can see that the online consumption is still increasing, so the online consumption mode formed in the process of epidemic game will also be one Long term transformation is good for e-commerce, new formats and new industries.
According to sun Jianbo, there are some ecology and the competition among giants is fierce. Retail e-commerce, from Alibaba Taobao to Jingdong to pinduoduo, has a centralized monopoly in the head, and small e-commerce in the back cant make waves. Now its time to look at Internet companies in a different light. In the past, Internet companies were regarded as technology companies, but now they are more like commercial companies. In the past, online shop was not a stable subject. Now online shopping, consumption and service are relatively stable. Online sales make it a national commercial company. There is still room for further development of online retail. Consumers are buying more and more things from the Internet. At first, they only buy books and electronic products. Later, they buy clothes. Now they can buy everything online. The concept of online consumption has been changing.
The secondary listing of zhonggai shares in Hong Kong also cheers domestic investors, which means that it is more convenient to invest in A-share scarce Internet companies. However, according to the reporter, Nanxia capital did not scramble to raise the secondary listing of zhonggai shares. Sun Jianbo believes that such companies are mature, with stable valuation and reasonable price.
These targets have not been included in the land stock connect is also one of the important reasons. According to the latest revised laws and regulations of Shanghai Stock Exchange and Shenzhen Stock Exchange, the admission of individual stocks with different rights into Hong Kong stock connect must meet the conditions of six months after listing in Hong Kong and 20 trading days after, and the daily average market value is not less than Hong Kong dollars 20 billion, and the turnover is not less than 6 billion yuan.
Alibaba is expected to take in Hong Kong shares in the near future. Pangming believes that Ali has met the time requirements set by the exchange, and the market value and trading volume have already met the requirements. The reform measures of the mainland stock exchange also try to attract the second listing of new economy stocks in the mainland, so there is no so-called regulatory arbitrage reason to refuse Alibaba to be included in the Hong Kong stock connect. The inclusion of Alibaba will play an exemplary and supportive role in the second listing of general shares in Hong Kong.
The incorporation of hshk will help to promote the re evaluation of the value of these companies. Mike Shiao, chief investment officer of Jingshun Asia (excluding Japan), said that in the long run, regulators may consider including the companies listed twice in the stock list of Shanghai, Shenzhen and Hong Kong stock connect for investment in southbound funds. Southbound capital has become an important source of liquidity in the Hong Kong market. The financial sector has always been a core area of the Hong Kong market, while most American ADRs are in the communications services and Consumer Discretionary industries. Earnings growth in these sectors is much stronger than in the financial sector, as they benefit from many of the structural growth drivers that underpin Chinas rebalancing. Judging from the performance of Hong Kong stock market in the first half of this year, under the overall downturn, the growth of new economy sector is significantly higher than that of traditional economy sector represented by finance and real estate. Analysts of futu securities believe that investors in Hong Kong are embracing new economic companies, whether its the hot pursuit from Alibaba, Jingdong and Netease when they offer shares in Hong Kong or the turnover of new economic companies. Source: Yang Qian, editor in charge of Economic Observer_ NF4425
The incorporation of hshk will help to promote the re evaluation of the value of these companies. Mike Shiao, chief investment officer of Jingshun Asia (excluding Japan), said that in the long run, regulators may consider including the companies listed twice in the stock list of Shanghai, Shenzhen and Hong Kong stock connect for investment in southbound funds. Southbound capital has become an important source of liquidity in the Hong Kong market. The financial sector has always been a core area of the Hong Kong market, while most American ADRs are in the communications services and Consumer Discretionary industries. Earnings growth in these sectors is much stronger than in the financial sector, as they benefit from many of the structural growth drivers that underpin Chinas rebalancing.
Judging from the performance of Hong Kong stock market in the first half of this year, under the overall downturn, the growth of new economy sector is significantly higher than that of traditional economy sector represented by finance and real estate. Analysts of futu securities believe that investors in Hong Kong are embracing new economic companies, whether its the hot pursuit from Alibaba, Jingdong and Netease when they offer shares in Hong Kong or the turnover of new economic companies.