Author:Southern Weekend reporter King Cole Alibaba B2B company recently privatised move ,caused a lot of speculation .In order to operate the acquisition of Yahoo! Is a more convenient ,or reform of B2B company prelude, or in the future the overall market ?From the fraud scandal ,concerning the CEO after just one year ,Alibaba ( micro-blog ) group, listed on the Hongkong B2B company ( 01688.
hk ) and spectacular ,trying to privatization .In February 21, 2012, the suspension of 11 days company Alibaba B2B announcement, said the group to its proposed buyout offer ,repurchase the shares in circulation, with prices in Hongkong 5 years ago when the IPO price listed as :HK $13.
5 / share .In view of the price than in the past 60 days after the average closing price of 60% ,the industry did not too entangled in the success -- not that ,but also little suspense .
True heart is stirred ,this time ,Ma Yun ( micro-blog ) is the ?Ma Yun is :out of the B2B shareholders, prompted us to B2B privatization ,for business to undertake comprehensive adjustment ,reform and upgrade ,in order to better serve our customers .
This to Ali human internal mail in rhetoric ,and privatization announcement because it ,basically the same .But many people do not believe that ,at least do not believe that this is the only reason .
5G consulting founder Hong Bo think ,this is for the future overall listing preparation ;Chinese blog Godfather Fang Xingdong regarded as Ma Yun recapture Alibaba control over second moves ;more voice ,pointing to the Alibaba group is the major stockholder of Yahoo! For more than a year of equity transaction .
The dust has settled before privatization ,similar to the companies listed before the silent period ,unless Ma Yun himself out again for more explanation ,everything else ,there is conjecture or speculation .
But in a Chinese Wall Street fund manager Jack Yan appears ,to be sure, Ma Yun and Alibaba ,to decipher an imminent bureau . Privatization is an important means of capital operation ,with shares the same price to buy back ,china cheap wholesaleKodak sold for $23800000 online photo service,without any direct economic benefits .
Unequal shares a bit lower when privatization ,only ,the next period of time ,or in what to avoid, or to run what .B2B mode predicament Chinese Internet bound another listed on overseas well-known Internet companies Shanda ,in 2012 February successfully after privatization ,and raised there best assets royal literature IPO .
This can also make industry guesses ,Shanda is integral to withdraw from the market, then subsidiary Alibaba listing ;is it right? Subsidiary delisting ,intended to the next step in the overall listing ?The Royal Bank of Scotland analyst Wendy yellow ( Wendy Huang ) in February 21st but analyst telephone conference ,asked about the overall listing schedule .
B2B CFO Wu Wei expressed directly ,group also does not have the plan of IPO ,if listed then also a few years later .Wu Wei once again stressed: Alibaba group the Alibaba B2B company incorporated into the report ,the listing of the group does not need to take B2B company privatization as the premise .
Unless it is to return to A shares .Big Dipper Dingming law firm senior partner Gu Yanbin told South Weekend reporter ,in general ,in the overseas listing of Chinese companies to use its structure ,need to privatization ,removing its structure ,then in order to go to the A market application .
Care for many years engaged in overseas Chinese listed companies the legal services . The overall market is inevitable ,a matter of time .A B2B staff disclosed Alibaba ,Alibaba this two years has been emphasized in one company ,its various subsidiaries are also in the business integration .
But ,rather than private B2B is to the overall market ,rather than say ,is not to suffer public company identity constraints,chinese electronic websitesDigital speakers new model only the song N101 sells 188 yuan the arrival, let B2B business faster with other lines of business integration .
Alibaba group as the only listed the earliest ,the business section, B2B is still one of the largest group of income source ,accounted for more than 60% .But compared with the Taobao ,pay treasure ,lynx ( micro-blog ) mall the younger brother and sister ,both from the performance of growth ,development ,electronics wholesale drop ship,company position point of view, the first of this animal year ,B2B has became a member of the family of the one in the dark .
In simple terms ,B2B is a trading platform Alibaba ,China SME owners to sell their goods on display ,for foreign buyers to choose ,B2B to collect membership fees ,expensive called gold suppliers ,cheap some called integrity .
This once for small and medium enterprises to create a large number of export opportunities in the platform ,membership growth year after year to the first quarter of 2011 83 more than 10000 ,has finally started to decline .
In February 21, 2012, put forward to be changed demesne offer after the analyst telephone conference ,CFO Wu Wei even suggested 2012 does not exclude the possibility of negative growth .The most direct reason is that ,at the end of 2010, the annual subscription price ,certification is strict ,so membership less .
Deeper background is, the charge way more and more as a member of criticism ,because pay an annual fee is not equal to bring the actual transaction ,the more members ,but were more difficult ;and the performance of listed companies pressure associated sales oriented ,gave a cheat company an opportunity ,also brought the buyer dissatisfaction .
1 years ago, more than 2000 seller fraud ,the model is a focus of the outbreak of the crisis .B2B existing models of chronic illness ,apparently not only improve sellers qualification to solve .
The explosion fraud opportunity ,B2B began to try from the paid membership mode according to the effect of charge mode ,such as the subsequent introduction of products net sales treasure .
According to the 2011 interim reports ,this piece of value-added services revenue has accounted for 25% of the total income .Even so ,the growth rate of operating income from 2010 50% more down to 15% ,has a direct impact on the performance of listed companies .
Lu Zhaoxi took over as B2B CEO, more than once said ,would rather earn two money ,also want to do a good job in products ,mode change . Wei Zhe had said so ,but the performance of a difference ,still can make snap .
Alibaba B2B a staff told the Southern Weekend reporter ,the years of transition ,but there is not much .In other words ,don turn around, certainly not; performance variation ,the stock price is more ugly .
In 2007 the year listed ,B2B stock price once flushed high to 40 Hong Kong dollar ;in 2008 March fell below the issue price ,the stock price has been to wander up and down ,before privatization price ,has been the high of 1/4 not to .
The risk is greater ,pay-for-performance model ,sounds very beautiful ,will become another predicament? A not to be named on the Hong Kong stock market analyst at Southern Weekend reporter analysis ,domestic transactions through Alipay ;but the export paid links, related to the exchange rate of RMB and international credit system ,there is no possibility to move to the internet .
Therefore ,withdrawal or .Shut the door to calmly playing tiger ?Although Alibaba B2B in privatization announcement, emphasis on privatization is not with the Yahoo! Stock transactions prerequisite ,Yahoo! Stock trading is not privatization prerequisites .
But there is a people in the industry think ,mean little not Yahoo .In fact, as early as February 9, 2012 Alibaba B2B announced suspension of speculation ,most, it is Alibaba and Yahoo! Stock repurchase transaction is it right? Be settled ,because the suspension notice that may be published ,relates to a transaction involving the controlling shareholder .
And at that time ,both sides of the negotiations are ongoing ,as a listed company B2B ,the obligation to disclose the important changes in ownership of large shareholder .Subsequently, it was the privatization .
In 2005, Yahoo! With $1000000000 in cash and the assets become Alibaba Yahoo China ,the largest shareholder ,china wholesale computers,shares accounted for 39% ,was a look of mutually beneficial trade .But with the Alibaba ,Yahoo! After the fall ,as well as on Yahoo! May control the Alibaba group board of directors to repurchase the rejection ,Yahoo! This part equity, as Ma Yun and Alibaba heart event .
If the imminent ,solving and large shareholders Yahoo! Shares between entanglement ,apparently more emphasis on the solution of B2B strategic transformation .And in 2011 September, Silicon Valley Iron Lady Bartz left Yahoo! CEO, negotiations between the two sides appear to have finally entered a substantive stage .
According to foreign media reports ,a possible solution ,is to use cash-rich stripping ( cash-rich split-off ) way to complete the transaction .Simply put ,is Alibaba cash + asset to counter-purchase Yahoo! Hold the stake .
According to the United States tax law ,such transactions are not regarded as asset sale ,therefore not be taxed .According to the reluctance to disclose the names of securities analysts, most likely out of asset ,should be a part of the B2B .
If so ,B2B small shareholders must not willing to incorporate performance worse Yahoo! ,privatisation therefore become promoting transaction on problems of .The path winds along mountain ridges.
Is, B2B suspension after one week ,February 15, 2012, Reuters quoted a source claims, said Alibaba and Yahoo! This round of negotiation zangao rupture .6 days later ,resumption of Alibaba B2B announced the buyout offer .
The Wall Street of the fund manager Jack Yan analysis ,privatization may not repurchase shares of Yahoo! The prerequisite ,since even earlier reports the Sheng Trading Plan ,first Yahoo! Do not necessarily accept B2B the current worst assets ,second would not necessarily through the privatization of the assets to replace B2B .
Internet lab President Fang Xingdong ,is probably the most can get most agree . In any case ,then solve the problem will not be Yahoo! Announced ,can shut the door to calmly playing tiger .
Link Hongkong private company in general ,privatization usually presented by the controlling shareholder ,in cash or stock (with or without a cash option ) way to other small shareholders ,all buy shares .
As the success of privatization ,a listed company to the stock exchange of Hongkong Limited (the stock exchange ) for the revocation of the listing status .The privatization of many reasons ,for example :some of the listed company shares on the stock exchange trading is not active ,or market stock price relative to the net asset value per share a big discount; or some of the company shares of public float failed to achieve the exchange requirement ;or to maintain the status of listed companies listed the considerations of cost .
Listed company can buy or agreement complete privatization .( source: Hongkong Securities Commission website ) to share: > ;reports :Alibaba privatization puzzle: Ma Yun in a
large chess Ali privatization critical moment game :Ma Yun chicken on dismantling the Alibaba B2B equity holders of 12000 shares share options exercised micro-blog recommended sina
没有评论:
发表评论