Ali Went To The Us To Open "Sesame"

　　 Alibaba To be listed in the US, or to become the largest IPO in history, to open the fairy tale "treasure of wealth". At the same time, as domestic Internet companies have been listed abroad, A share investors haven't successively missed the high growth returns of local innovation enterprises. Experts say that increasing the support for innovative enterprises and implementing the IPO registration system are the way to "open sesame".

Alibaba listed on the US stock exchange and investment banks competing for wealth treasures.

Alibaba issued a statement on its 16 official micro-blog: "Alibaba today decided to launch its listing in the United States, in order to make the company more transparent and internationalized, and further realize the long-term vision and vision of Alibaba."

The Alibaba decision not only sparked heated debate among the public, but also led to fierce competition between the two major exchanges in the United States, the NYSE and NASDAQ.

"China's e-commerce market in the world, China market The scale and richness are second to none. Alibaba is a representative of China's e-commerce. " Hong Bo, an independent Internet commentator, said.

In addition, with the huge scale of financing, Alibaba's IPO underwriting fee will be considerable. As a result, many famous investment banks in Wall Street were attracted to the Alibaba listing team.

Hong Bo believes that although Alibaba listing can become the largest IPO in history, it remains to be seen, but there is no doubt that its financing will be very large. Therefore, Alibaba's popularity in the US market is predictable, and any investment bank will benefit from it.

For the performance after the US listing, experts believe that with the acceleration of the US and even global economic recovery, the "China concept stocks" in the US stock market may revive. In particular, as a representative of China's e-commerce enterprises, Alibaba is limelight and is expected to impact high returns.

　　 Internet companies get together and come to the United States both attractive and helpless.

According to the introduction, the three traditional gateways of the domestic Internet industry -- Sina, Sohu, NetEase, the three giants now -- Alibaba, Tencent, Baidu, and the next three small giants, are not listed in China, most of them are listed in the US or plan to go public in the US. Tencent, though not landing on US stocks, has long been committed to the Hongkong stock market.

Although Alibaba has its unique ownership structure in the US, the destination of domestic Internet companies' listing is basically the same. The choice of domestic innovation enterprises has both attraction and frustration.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, believes that Internet companies have a natural attraction to the US market. "Listing abroad can extend corporate tentacles, raise foreign currency and foreign exchange funds. At the same time, it can also play the role of overseas advertising, which is of great benefit to the internationalization strategy of enterprises.

Hong Bo believes that in all industries in China, the Internet industry can be said to be the most globalized. The way of management of enterprises is very internationalized, so it is not surprising that internationalization of financing means internationalization. However, Internet companies get together to market in the United States, which embodies the short board of the domestic financial system.

On the one hand, most of the early capital of Chinese Internet companies is offshore capital, which is difficult to obtain. capital Support. "When capital needs to be withdrawn, it can only exit overseas, such as US dollar capital. The issue of listing interest is directly related to early supporting capital. " Hong Bo said.

On the other hand, the domestic listing threshold is very high, and it is still the examination and approval system at present. "At present, whether the main board or gem is listed, the listing standards are still more traditional. Net profit, net assets and other indicators are set according to traditional industries. In the stage of start-up and growth, the net assets of new industries often fail to meet the traditional standards, and the continuous profit requirements are also hard to meet. This is the flaw in our listing standards and the lack of inclusiveness in dealing with high-tech industries. " Dong Dengxin stressed, "domestic IPO needs queuing, and it is not necessarily arranged."

　 When can A share investors enjoy the "feast of innovation"?

There are few high-quality Internet companies in the domestic stock market. In the US stock market, the issue price of vip.com, which landed on the NYSE in 2012, was 6.5 US dollars per share. Now it stands at US $170 per share, and its market value exceeds US $10 billion. In 2005, Baidu, which was listed in New York for $124 million, now has a market value of US $56 billion.

Following Baidu, vip.com and other enterprises listed in the United States, Alibaba also took the pace of leaving the ocean. Chinese investors have no chance to share the high growth returns of domestic innovative enterprises. When will domestic investors enjoy the "growth feast" of Internet companies? Experts believe that improving the financial environment is a pressing matter of the moment.

On the one hand, we should improve the domestic investment environment as soon as possible, and support the early capital needs of innovative enterprises from domestic capital. "If China's financial system is not in the growth stage of innovative enterprises, it will be difficult for them to get a share in the maturity of enterprises." Hong Bo said.

On the other hand, we should improve the securities market as soon as possible and provide financing platform for innovative companies. "A comprehensive registration system must be implemented. Let investors judge risks and take risks themselves instead of being queued up by the SFC to list companies that are going to be listed. If we can not abandon the approval of the SFC, there will be no real registration system, so there will be no Chinese version of NASDAQ. Dong Dengxin said.

At the same time, Hong Bo reminded domestic consumers to take a global view. Internet Overseas listing of enterprises. "The rapid development of e-commerce enterprises such as Alibaba can reduce the cost of the entire traditional business transaction and let more interests flow to consumers. High growth income is not necessary to enjoy from the capital market, and to enjoy its services is also to share.