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Alibaba Health Information Technology Limited (ALBBY)

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  • South China Morning Post

    Alibaba Health, Longfor and Haidilao to join blue chips on Hong Kong's benchmark Hang Seng Index

    Alibaba Health Information Technology, mainland Chinese developer Longfor Group Holdings and hotpot chain Haidilao International Holding will become constituent stocks of the Hang Seng Index from next month, the complier announced just before it is expected to unveil a further major expansion on Monday. The addition of the three stocks to the index from March 15 will expand the number of constituents on Hong Kong's benchmark index from 52 to 55, according to a statement from Hang Seng Indexes on Friday evening. The index compiler proposed in December to increase its constituent stocks to between 65 and 80 to achieve a reasonable representation for each industry. Today's move has prompted analysts to believe the further expansion may be announced a soon as Monday, when the results of a consultation are due to be revealed. Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The compiler also wants the benchmark index to have at least 25 Hong Kong firms as constituent stocks to address concerns about a drop in the representation of local companies. A consultation on the proposals ended last month. "The Hang Seng Indexes intends to increase the number of blue chips for the longer term to allow more companies from different sectors to have more representation," said Kenny Ng Lai-yin, a securities strategist at Everbright Sun Hung Kai. Ng said the three new stocks set to become blue chips would get share price support, while JD.com, which had been widely expected to join the index, may face pressure in the short-term. The three additional stocks will have a combined weighting of 2.09 per cent in the Hang Seng Index, with Alibaba Health the biggest at 0.89 per cent, Longfar second at 0.62 per cent and Haidilao at 0.58 per cent. Alibaba Health has risen 13.5 per cent this year, while Longfor gained 1.3 per cent and Haidilao added 6.6 per cent. The Hang Seng Index rose 6.4 per cent over the same period. However, the three stocks have matched or outperformed the index over the past six and 12 months. The trio will add a combined market capitalisation of US$124.5 billion to the HSI family. After the March rebalancing, Chinese social media and online games giant Tencent Holdings and insurance juggernaut AIA will remain the most-heavily weighted stock, making up 10 per cent each of the index. Their weighting may well be cut down to 8 per cent according to a cap proposed by the index compiler. Hong Kong's benchmark stock index started out with 33 stocks when it first launched. The enlargement is seen as a result of the local markets growing much bigger, particularly after listing reforms in 2018 that allowed companies with weighted voting rights and biotech firms yet to turn a profit to list. These moves brought a wave of initial public offerings (IPOs) to the city. The amount of Hong Kong dollar deposits in the local banking system surged 18.6 per cent in January as a result of the hugely popular IPO of Kuaishou Technology, the video-sharing platform whose name means "quick hands" in Chinese. The listing drew subscriptions of 1,204 times the available retail tranche of shares on offer, totalling HK$1.28 trillion (US$164.8 billion). Hong Kong has already seen 15 IPOs in January, with around HK$12.6 billion of capital raised. Last year, 154 companies sold shares to the public for the first time, generating HK$398 billion of proceeds. The IPOs led Hong Kong dollar deposits 18.6 per cent higher in January to HK$8.67 trillion. Together with a 1 per cent increase in foreign deposits, the total deposits in Hong Kong at the end of January stood at HK$15.94 trillion, which is 9.8 per cent higher than a month earlier, the Hong Kong Monetary Authority (HKMA) said on Friday. Excluding IPO effects, total deposits would have increased by 3.2 per cent while Hong Kong dollar deposits would have jumped 5.3 per cent. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.

  • Some $63 Billion Richer, Alibaba Investors React to Ma’s Video

    Some $63 Billion Richer, Alibaba Investors React to Ma’s Video

    (Bloomberg) -- A video of Jack Ma addressing teachers on Wednesday spurred the biggest stock rally in six months for Alibaba Group Holding Ltd., the retail behemoth he co-founded two decades ago.The stock rose as much as 11% in Hong Kong, adding the equivalent of about $63 billion to Alibaba’s market value. More than 85 million shares had changed hands by 3:00 p.m., or about 2.5 times the three-month average for a full day. Alibaba Health Information Technology Ltd., which is controlled by Alibaba, surged as much as 18%.Here’s how investors and analysts reacted to the news:Alex Wong, director of asset management of Ample Capital Ltd.It just takes one catalyst to spark a surge in Jack Ma-related shares when the broader market sentiment in Hong Kong is this good. We bought shares of Alibaba yesterday so we won’t buy more right now. The main concern is regulation targeting Ant Group -- as long as the policy risk doesn’t change significantly, Alibaba will be fine. The downside risk is mostly priced in but we don’t see a limit to the upside, especially as Alibaba is yet to be added to the stock connect links that are attracting a lot of cash.Justin Tang, head of Asian research at United First Partners in Singapore.The annual event is the perfect setting for Jack to reappear in the public spotlight. The backdrop sees Jack in his roots as a humble school teacher versus being a haughty entrepreneur that doesn’t know his place. The whole scene allows Jack to show contriteness without being scripted.Wei Wei Chua, a portfolio manager at Mirae Asset Global Investments Hong Kong Ltd.His reappearance can only be a good thing. But it’s unhelpful to speculate on the viability of an Ant Group listing at this point.Jackson Wong, director of asset management at Amber Hill Capital Ltd.The video shows that politically, Jack Ma is allowed to resurface. At the very minimum this proves he’s not in prison or banned from appearing in the public, but it could also be a sign that Ma’s companies may have reached a deal with the government to settle their antitrust issues. That’s what investors are waiting for.Ma’s appearance will help Alibaba’s stock reach at least HK$275, its previous high. The overhang on Alibaba’s shares is not completely removed though -- the antitrust regulations on the sector were triggered by him.Zhang Fushen, senior analyst at Shanghai PD Fortune Asset Management.Alibaba is not out of the doghouse, but at least it’s clear that the current anti-monopoly drive is not about punishing Jack Ma. We’re not in a hurry to add Alibaba shares yet because the regulation hammer will still fall on these firms. By now it’s evident that the incident -- and questions regarding his whereabouts -- is inconsequential to Alibaba’s business operations.Paul Pong, managing director at Pegasus Fund Managers Ltd.Now we are convinced that Jack Ma is fully collaborating with regulators. I didn’t think he’d be in jail, so I hadn’t sold any of my Alibaba shares. The stock will face resistance near HK$300 -- the previous record where investors were pricing in the valuation of Ant Group. It’s obviously hard to surpass that level for now.Alvin Cheung, associate director at Prudential Brokerage Ltd.What Jack Ma said during his appearance was quite uncontroversial. He wasn’t as aggressive as before, which is also a boost for investor sentiment. Alibaba’s stock has declined a lot since the crackdown on Ant Group, lagging other Chinese tech firms like Tencent, Meituan and Xiaomi. I see a good entry time now as his appearance removes a key overhang for the company.Brock Silvers, managing director at private-equity fund Kaiyuan Capital in Hong Kong.Jack Ma’s unexpected re-emergence -- just as sudden as his earlier disappearance -- is likely a sign that his relationship with Beijing’s regulatory authorities has stabilized. That doesn’t necessarily mean that Ma’s corporate empire is free from worry. A path acceptable to all parties may have been identified, but Ant Group still looks likely to be dis-aggregated and regulatory restrictions will almost surely take a significant bite out of Ant’s former valuation.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • JD Health Jumps 56% in Hong Kong Debut Amid Soaring Demand

    JD Health Jumps 56% in Hong Kong Debut Amid Soaring Demand

    (Bloomberg) -- JD Health International Inc. surged in the largest stock market debut by a health-care firm in Asia as investors look past increasing regulatory scrutiny to bet that demand for online medical services will continue to grow in post-Covid China.The stock jumped 56% to HK$110 at the close of trading in Hong Kong Tuesday after pricing at the high end of the marketed range in its $3.5 billion IPO. The first-day gains lifted Beijing-based JD Health to a market value of roughly $44 billion, surpassing that of rival Alibaba Health Information Technology Ltd. The offering is the largest of this year’s first-time share sales in Hong Kong -- only a second listing by JD Health’s parent company in June was bigger.Read more: JD Health’s Debut is The Best by a Mega Hong Kong IPO: ECM WatchThe health-care affiliate of Chinese e-commerce giant JD.com Inc. projects it will reach 100 million users by end-2021, Chief Executive Officer Xin Lijun said in a Bloomberg TV interview, after reaching 56.1 million annual active users at its online retail pharmacy business last year. Revenue rose 76% to 8.8 billion yuan ($1.35 billion) in the first half of 2020, making it the largest internet health-care platform and online pharmacy by revenue in China, according to its prospectus.“From the long-term perspective, the pandemic has greatly pushed forward the health-care industry,” Xin said. “A lot more Chinese people are now participating in online medical services.”The fragmented nature of the online healthcare sector, combined with tight state control over medical services, means that no single company has a monopoly, Xin said, which may help shield the industry from pending antitrust rules aimed at increasing regulatory oversight of China’s tech firms. In November, Beijing unveiled a draft guidance to root out monopolistic practices, triggering a $290 billion sell-off in two days that saw e-commerce titan Alibaba Group Holding Ltd., entertainment heavyweight Tencent Holdings Ltd and food delivery leader Meituan among the hardest hit.“Each industry has different criteria,” Xin said. “China’s health-care market is over ten thousand billion yuan, but JD Health, even as the No. 1 player, is only ten billion in size, thus it is very hard to monopolize the market.”Instead of curbing their influence, Xin said Chinese regulators are “encouraging” the development of online health-care providers in a bid to cope with rising demand from a rapidly aging society. The number of people aged 60 or more will approach 487 million by 2050, compared with 254 million last year, according to Beijing’s estimates.Shares of online healthcare rivals have rallied this year amid the pandemic. Alibaba Health has more than doubled this year in Hong Kong trading, while Ping An Healthcare and Technology Co. has gained roughly 61%.To grab a greater slice of this multibillion-dollar market, Xin said JD Health is seeking acquisitions and investment opportunities in areas such as artificial intelligence companies and wholesale pharmacies.What Bloomberg Intelligence Says:While JD Health’s valuation metrics such as price-to-sales comparison remain lower than e-pharmacy peer Alibaba Health, its market cap has surpassed its rival on its Dec. 8 IPO debut. This is despite a smaller user base and potential reliance on Tencent to expand in the prescription-drug market.\-- Nikkie Lu, analystClick here for the reasearch(Updates share price in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.