Financial News
Author: Zhai Ziqian
2020-11-03 22:26
Last update date: 2020-11-03 22:36
Ant Group (6688) (Shanghai: 688688) A and H shares were originally scheduled to be listed on Thursday (5th), but tonight the company issued announcements on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, pointing out the company’s actual controller, executive chairman, and general manager. Supervisory interviews with managers and changes in the financial technology regulatory environment may cause the company to fail to meet the relevant issuance and listing conditions or information disclosure requirements, so it decides to suspend listing.
The news this time surprised market participants.
Earlier news reported that Ant's H shares were subscribed by 1.55 million people, with a frozen capital of 1.3 trillion yuan. It is believed that the suspension of listing will have a huge impact.
Among them, the two major banks HSBC and Bank of China both lent more than 100 billion margins, which involved a large number of retail investors.
For reference, Budweiser Asia Pacific (1876) announced in July 2019 that it would temporarily shelve its listing. At that time, many investors eventually lost margin interest.
This time Ant Group suspended the listing of A+H shares. I believe that margin customers have a good chance to face the same situation and cannot refund the margin interest.
"Head Hammer" Baiyu 864,000 additional interest
Based on the Hong Kong public offering of 41.768 million shares, the public fundraising is 3.34 billion yuan, and the "head hammer fly" requires about 1.67 billion yuan. Based on 90% margin and 3%, the margin interest involves about 864,000 yuan.
If a retail investor borrows 1 million yuan for each margin, it is also calculated at 90% margin and 3%, which is estimated to lose 575 yuan in interest per 1 million yuan.
Xu Yibin, Chief Executive Officer of Yaocai Securities, said that the margin interest expenses of retail investors may have to continue to pay the related margin interest and cannot be refunded.
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Xu Yibin, Chief Executive Officer of Yaocai Securities, said that the suspension of listing will be like a copy of Budweiser Asia Pacific (1876). If it is confirmed to be shelved, arrangements for the refund of principal will be initiated later. As for the margin interest expenses of retail investors, it may continue. The relevant margin interest paid cannot be refunded.
According to Lin Shaoyang, managing director of Yili Investment, H shares will announce the results of the IPO tomorrow morning, and the listing may not be suspended in time.
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Lin Shaoyang: H-share valuation should be suspended or need to be lowered
Regarding the simultaneous suspension of Ant’s A+H shares, Lin Shaoyang, the managing director of Yili Investment, said, “I can’t estimate it, but it’s not too bad.” He said that the incident happened suddenly and the nature of the incident was strange, because if the Ant Group fails to pass the relevant A shares There is no reason for the regulator to be approved for the IPO.
Lin Shaoyang added that although Ant Group has not announced the detailed reasons for the suspension of listing, it is rumored that some of its business operations violated regulations and were therefore suspended by the regulator.
Lin Shaoyang said that in this case, it is necessary to revalue A+H shares, because some businesses will need to change the scope of operations in the future, and the valuation should be lowered.
For a group of investors who have already subscribed for the flight, he estimated that the profit and expenditure expenses of the retail margin should not be refundable; as for the international placement part, he expects that the impact of institutional investors will be slight.
Ali: actively cooperate and embrace supervision
Ant is listed on "Tart Q". The group expresses its deep apologies for the trouble caused to investors and will properly handle the follow-up work in accordance with the relevant rules of the two exchanges.
A spokesperson for the Alibaba Group said: "We will work with Ant Group to actively cooperate and embrace supervision. We believe that Ant’s classmates have this confidence and ability to carry out their work. The society wants us to be better, and we must It is the responsibility of our group to make continuous efforts to achieve and exceed the expectations of society."
Ant Financial, Ant Group, is listed on Ant IPO
