On the afternoon of April 17, Tiger Sniffs learned from reliable sources that the three Internet companies listed on the US stock market, Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and Jingdong (NASDAQ:JD) will be the 6th fastest this year. In the month, CDR (China Depositary Receipts) returned to A shares and became the first Internet technology company to return to A shares. Tencent is not included here.
The above source told Tigers that in order to review the A-shares and reduce the process as soon as possible, Ali, Baidu and Jingdong did not issue new shares, and they were all reduced by the old shareholders, selling some of the old shares in the A-shares. Since Baidu and Jingdong all adopt the AB stock structure, selling a stock does not affect Li Yanhong and Liu Qiangdong’s control over the company. As far as Alibaba is concerned, its partner system adopted will not be affected by the reduction of major shareholders.
The absence of Tencent in the first batch was mainly because Tencent did not have an AB share structure. Tencent’s listing in Hong Kong had adopted the same ownership rights. The sharp reduction of Ma Huateng may destabilize Tencent’s control. In addition, Hong Kong stocks have already passed, so it is not meaningful to rush back to A shares. Therefore, Tencent is not in the first batch.
Earlier, Caixin.com reported that the first batch of CDRs may be two or four, and Alibaba and JD.com are relatively sure. The fastest CDRs will take place in June.
Today, Ali, Baidu and Jingdong drink their head soup.
In fact, over the past few months, "Return to A shares" has become a hot topic, especially during the two sessions in March.
The chairman of the China Securities Regulatory Commission, Liu Shiyu, said during the two sessions: "This is a good company development. We do not enjoy its profits. I am sorry." In the new era, this regret cannot happen. ”
At the two sessions, Baidu founder Li Yanhong, Tencent Chairman Ma Huateng, Jingdong founder Liu Qiangdong, and NetEase founder Ding Lei were asked whether they would consider returning A shares. Everyone expressed a positive or cautious attitude.——
Li Yanhong said: "Anytime policy allows Baidu to come back, we must hope to return to the domestic stock market as soon as possible." He said that he has always hoped that Baidu can be listed in China as a whole because the major users and markets are all in China. If the major shareholders are also in China, it is the best situation. He also explained that the reason why he went to the United States when he went public was because China’s policy at that time was not allowed. “The structure of our VIE is a foreign-owned company in terms of Chinese law. ”
Ma Huateng also responded to reporters: "The conditions will be considered mature. "However, he did not talk about this topic.
Ding Lei said in an interview: "We will certainly consider." For a ready market, it can be listed at any time. ”
Liu Qiangdong was asked this question on two occasions. The first time he was asked if he would return A shares, he jokingly said: "What are the benefits? "After being asked this question, he said:" This matter is very simple. As long as the system allows, we are very willing to come back to A shares. It is mainly the issue of the listing rules that is not our problem. ”
The work meeting of the China Securities Regulatory Commission in 2018 called for the first shot to call BATs to return to A-shares. In their minutes of meeting, they stated that: “To serve the national strategy and build a modern economic system as the guide, to absorb the mature and effective international capital market is beneficial. The system and method of reforming the issuance of the listing system, endeavoring to increase the inclusiveness and adaptability of the system, and increasing support for the new modes of new technologies and industries. ”
On February 26th, Xinhua News Agency published the commentary on “China's Capital Market's BATJ Dreams”. “China’s economy has entered a new era, and its national innovation strategy has risen to an unprecedented level. Overseas capital markets We have taken measures to attract China's outstanding innovative companies. For China's capital market, it is very urgent to eliminate obstacles and attract more outstanding innovative companies. ”
On March 30th, the “Several Opinions on Launching Pilot Projects for Issuing Domestic Shares or Depositary Receipts within the Innovative Enterprise” of the China Securities Regulatory Commission was quickly approved by the State Council. The opinion pointed out that the pilot enterprises should be large-scale red-chip companies that have been listed overseas and their market value should not be less than 200 billion yuan. In addition, the comments also highlighted the concept of the new economic company, comprehensive market value and scope, and the conditions that are eligible are Alibaba, China Mobile, Baidu, Jingdong, NetEase and China Telecom.
As for the demand for earnings of A shares, the China Securities Regulatory Commission also loosened its stance: “The pilot companies that have been identified by the company will not be able to apply the requirements of the issuance conditions regarding the profitability indicators. ”
With the support of the country's strong will, everything is right and wherever it is. It is not difficult for companies to rush to return to A shares. After all, business is still done at home.
In addition, the return of internet companies such as Ali, Baidu, and Jingdong will undoubtedly increase the "gold content of technology" of A-shares, and will inevitably impact on the so-called high-tech and AI companies such as A-shares listed 360 and HKUST News. It is estimated that the stock price will fall.
Because the real big bosses are back.