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You can expect the herd effect of A shares listed in Ant Group
Jiang Guangxiang, Financial Columnist
Ma YunThe phrase “the greatest list in the history of all mankind” is here.
According to the news on October 26, the official website of the Shanghai Stock Exchange showed that the initial investigation of Ant Group’s initial public offering was completed. After nearly 10,000 investment institution account inquiries, the final issue price was determined to be 68.8 yuan per share, with a total market value of 2.1 trillion yuan.
At present, the market value of Moutai is 2.06 trillion yuan. Based on current data, Ant’s market value will exceed Moutai. Since Ant Group’s issue price is cheaper than expected, competition for stock “news” may become more intense. According to the announcement of the Shanghai Stock Exchange, the initial consultation of Ant Group plans to buy 76 billion shares, and the general offline subscription multiple has reached 284 times. .
According to the Ant Group prospectus, its income is higher than Moutai’s, but its gross profit margin and net profit margin are quite far from Moutai. The throne of the total market value of A shares was taken over by fintech companies, breaking the myth that “everything is good for Moutai”, and it is always a bit new, becoming an important node for the transformation of leaders in value of A-share market in technology companies.
Compared to the top ten companies listed on the US stock exchange by market capitalization, there are more well-known technology companies known as “Moutai.”CokeThe ranking has gradually separated.
As we all know, limited by A-share IPO policy, most domestic Internet companies choose their listing locationNasdaqAnd later the Hong Kong Stock Exchange, which allowed the same shares with different rights. Although generations of national netizens have enjoyed the comforts of life and work brought about by the development of the Internet, they have not enjoyed the dividends of the growth of Internet companies.
After BAT and other companies were listed on the Nasdaq, the market value increase of dozens of times has little to do with domestic shareholders. Hong Kong shares listed in recent yearsXiaomiAfter Meituan gave a small number of mainland investors a taste of the sweetness, they put their hope in the ants who were about to enter the science and technology innovation council. After all, Alipay, serving more than 1 billion users and more than 80 million merchants, is an essential application for Chinese mobile phones. For many consumers or small and micro operators with financial services needs, small, inclusive and sustainable service providers are also ants.
As the first internet giant to introduce A shares, Ant is expected to trigger a demo effect on A shares after listing on the Sci-tech Innovation Board, attracting more high-tech companies to choose A shares, including the return of well-known overseas listed technology companies and Hong Kong.
From this perspective, the ant is off to a good start. Leading Internet companies have a very positive leadership role in the stock market, which is also the industry consensus and has been verified in mature foreign markets.
Some people are concerned that ant valuations and prices are too high, which will have a “blood draw” effect on the stock market, and even attribute the stock market crash in the last week or two to this, which is obviously a bit taken for granted. This is to match Ant with PetroChina’s previous listing. By this logic, Ant’s listing should usher in a hiatus next month. Why are there so many institutional investors actively involved in offline allotment and seeking long-term funds at home and abroad?
On the contrary, once the market resists the valuation of Ant, the good demonstration effect of Ant will undoubtedly be demonstrated, transmitting confidence to the market and allowing the Chinese capital market to further accelerate the process of adopting technological innovation.
In fact, even if calculated with a market value of $ 280 billion, Ant’s forward price-to-earnings ratio is only more than 20 times, which is only 1/3 of the Board’s average price-to-earnings ratio. of Sci-tech Innovation, which is much lower than that of other Internet giants. Compared to the static P / E ratio, it is also well below the average of the issued P / E ratios of more than 100 companies listed on the Science and Technology Innovation Board.
Personally, I think these kinds of high-value tech companies might have a few more too, and it’s not bad to affect the share structure of A-shares. Looking at US stocks in recent years, it’sFacebook、Apple、NetflixwithGoogle，TeslaLeading technology stocks represented by the US stock market have supported the increase in the total market value of the US stock market and have become the ballast stone of the 10-year bull market in US stocks.
According to the relevant rules, Ant’s total market value after listing is in the top 10 in A shares, which can basically be confirmed. This is likely to be temporarily transferred to the Shanghai and Shenzhen 300 Index (4691.2359, -27.25, -0.58%) and Science and Technology Index 50, which will bring several billion yuan of passive funds to the A shares to track these two indices.
As for retail investors who are still concerned about not being able to buy shares, they will find that 5 public strategic placement funds with a “one yuan initial investment” are the best alternatives. All have been sold out and the number of buyers exceeds 10 million. This amount is shared at home. The “new” dividends for major tech companies can be described as rain and dew.
