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Kwai Shou "Lifting the Ban Day" loses 100 yuan off the big account transfers to be sold? Tan Langwei: The shipment is not unexpected

2021-08-05T02:43:54.379Z


Kuaishou (1024), China’s second largest video platform, was listed on February 5 this year. The stock price of the initial listing went up from 115 yuan to 418 yuan. However, the stock immediately began to fall, with yesterday's 4 Day﹚close


Kuaishou (1024), China’s second largest video platform, was listed on February 5 this year. The stock price of the initial listing went up from 115 yuan to 418 yuan. However, the stock immediately began to fall, with yesterday's 4 On the day, the market closed at 105.2 yuan, which has fallen sharply by nearly 75%.

However, the low point may not be low.

Since Kuaishou’s major shareholders and cornerstone investors have a six-month lock-up period, it means that the shares will be lifted today (5th), and actions such as allotment and pledge of shares can be carried out.

The reporter checked the Central Clearing System (CCASS) and found that since February this year, the shareholding of market intermediaries has increased from 483 million shares in February to 1.85 billion shares recently, and the percentage of issued shares has increased from 11.63 in half a year. % Increased to 44.49%, such a large transfer, attracting attention.

Analysts believe that from the point of view of the CCASS transaction, it is "not surprising" that the big players are preparing to sell. From the fundamental point of view, even if the Kuaishou has "broken," the current price is not worth buying.

Kuaishou’s lock-up period expires today.

(Profile picture)

The number of outstanding shares surged by 1.3 billion shares

Kuaishou lifted the ban today, and the stock price fell below the 100 yuan mark "gift celebration"!

In fact, as early as July, a large number of real-name holdings were deposited in the Central Clearing and Clearing System (CCASS), which means that large investors transfer their physical shares to securities firms or sell them immediately after the ban has been lifted.

According to the data, the shareholding of Kuaishou market intermediaries increased from 483 million shares (11.63%) in February to 1.85 billion shares (44.49%) recently. In half a year, the number of shares outstanding increased by more than 32 percentage points. 1.367 billion shares.

Based on the closing price of 105.2 yuan on August 4, the market value of this batch of shares is about 143.8 billion yuan.

Which market intermediaries did they go to when large shares were transferred to CCASS?

The largest increase in the number of shares was

JPMorgan Chase

. The shares of Kuaishou held by it or on behalf of its customers increased from 90 million shares in February to 644 million shares recently, which is equivalent to approximately 15.5% of the total issued share capital of Kuaishou, and its current market value is 67.75 billion. Followed by

Futu

, which increased from 6.7 million shares in February to 272 million shares in recent days, accounting for 6.54% of the issued shares, and the current market value is 28.6 billion yuan; followed by

MLFE LTD

, which increased from 41 million shares in February to The recent 265 million shares, accounting for 6.39% of the issued shares, and the current market value of 27.8 billion yuan; followed by

Morgan Stanley

, which increased from 81 million shares in February to 243 million shares recently, accounting for 5.85% of the issued shares. The current market value is 25.56 billion yuan; in the end,

Yunfeng

also increased from 7,300 shares in February to 73 million shares recently, accounting for 1.75% of the issued shares, and the current market value is 7.6 billion yuan.

Wuyuan Capital (formerly known as Morningside Capital), which once invested in Xiaomi (1810), was founded by Chen Qizong of the Hang Lung family.

(Profile picture)

Tencent and Wuyuan Capital are the largest shareholders

According to the prospectus, Kuaishou founder Su Hua holds 12.65% and Cheng Yixiao holds 10.02%.

The largest institutional shareholder is Tencent (0700), which holds 21.57%. Wuyuan Capital (formerly known as Morningside Capital), which once invested in Xiaomi (1810), holds 16.66%. Its founders are the Hang Lung family Chen Qizong and Chen Lezong.

It is worth noting that on July 14 this year, some investors transferred more than 560 million shares or 13.6% of their real-name holdings to JPMorgan Chase. The current value of these shares is 58.9 billion yuan, which is the largest single transfer. Operation warehouse".

According to the search data, the single shareholders holding more than 13% or 560 million shares of Kuaishou are Tencent and Wuyuan Capital, both of which are early investors in Kuaishou.

Cost discount of 99.97%

Kuaishou Technology conducted a total of six rounds of financing before going public. Wuyuan Capital and Tencent participated in the 2014 Series A and Series B financings respectively. The cost per share was as low as US$0.0037, which is equivalent to HK$0.028, which is a discount of 115 yuan from the offer price. 99.97%.

Therefore, even if Kuaishou has "broken" and investors sell at the current price before listing, the book return is still very impressive.

In addition, referring to another example of a huge transfer of positions, Meituan (3690) surged 300 million shares in CCASS in April this year, and market participants have long speculated that major shareholders may allot shares.

As a result, Meituan announced the largest allotment fund raising in the history of Hong Kong stocks, with an allotment price of 273.8 yuan per share.

Even if the shares are placed at a discount, Meituan’s current share price is still lower than the placing price of the day. The closing price of the previous day is 213.6 yuan, which is more than 20% lower than the placing price.

Tan Langwei: The current price is not worth buying

Tan Langwei: The current price is not worth buying

Tan Langwei, co-director of Future Securities, believes that Kuaishou’s share price is still under selling pressure. From the basic factors, the platform economy still has a lot of personal information, coupled with network security supervision, and the valuation of listing is on the high side, close to 100 billion US dollars, so "threat "The listing price position, so the stock price is weak.

From the perspective of the CCASS transaction, he said that it is "not surprising" that large investors are preparing to sell, because when the ban on blue-chip stocks was lifted, the purchase price of the first round of investors was low. Even if the stock price fell by nearly half from the high, they still had a lot of profit. , Can be sold at any time.

In addition, he believes that the first round of investors pay attention to the company's prospects, considering the impact of regulatory factors, I believe they will sell as soon as possible.

Kuaishou’s stock price has fallen quite a bit since its peak. He said: “Investment value is hard to say. Personally, it’s not worth buying at the current price.” He explained that in terms of business development, Kuaishou’s business is relatively single, even if there are multiple Tencent, which shares risks in its business, is also difficult to predict its prospects.

Even if the high level has dropped significantly, it does not mean that it is now a "low level."

In addition, because the shares are too weak and there is not enough capital to support, the stock price has been hitting new lows for listing, and it is not suitable to "fish the bottom" casually.

Source: hk1

All news articles on 2021-08-05

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