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baba: 看来大家都没注意
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b*e
3 楼

Alibaba IPO Gives Insiders Rare Chance to Sell Early
Many Shares Aren't Bound by 'Lockup' Arrangement
A swath of early investors in Alibaba Group Holding Ltd. BABA +35.21% will
be able to sell more than $8 billion worth of shares on the day the Chinese
e-commerce company goes public, an unusual arrangement that is influencing
how bankers price the offering.
Enlarge Image
Alibaba plans to price its shares at $66-$68, which at the midpoint would
give it a valuation of about $165 billion. AFP/Getty Images
Insiders and other investors in companies staging initial public offerings
are generally required to hold on to shares for several months, in "lockup"
arrangements banks design to help protect the stock's price in its early
days. (Latest: Alibaba's IPO Priced at $68 a Share)
But with Alibaba, a number of shares equal to about a third of what could be
sold in the deal aren't covered by such restrictions, according to the
company's public filings. In contrast, no pre-IPO shares of Facebook Inc. FB
+0.30% were allowed to be traded when the social-media company made its
market debut.
Demand for Alibaba's shares appears strong ahead of its expected IPO Friday.
Still, the possibility of early investors cashing out when the shares begin
trading highlights the array of challenges bankers face in executing the
high-profile deal, which could raise as much as $25 billion and potentially
be the biggest in history.
Bankers advising Alibaba took into account the unrestricted shares when
considering how much demand they would need to corral to ensure shares trade
higher after the deal, and the arrangement continues to be a factor as they
finalize pricing of the deal, according to people familiar with the matter.
The people added that the free-to-trade shares were also a reason Alibaba
hopes to place much of its stock with long-term holders who might want to
buy more shares as soon as it opens for trading.
The IPO is set for later this week after months of preparation.
It isn't clear who exactly has the right to sell their stock immediately.
Alibaba's public filings say some holders of preferred shares aren't subject
to a lockup, without naming those holders. The Wall Street Journal has
reported that some hedge funds and sovereign-wealth funds are preferred
shareholders.
Some of the holders not subject to an automatic lockup likely will hold
their shares anyway, according to people familiar with the deal, and some
are seeking to buy additional stock in the IPO, the people said.
The company and its bankers, who have been shopping the shares to investors
in the U.S., Asia and Europe since last week, are closing the books to new
investors and starting the process of deciding who gets what stock. More
than 40 investment firms have asked for more than $1 billion, according to
people familiar with the deal.
Alibaba said this week in filings it plans to price its shares at $66 to $68
, an increased range that at the midpoint would give it a valuation of about
$165 billion.
To some observers, the big block of unrestricted shares is another sign of
the clout Alibaba has had with its bankers. The e-commerce giant has veered
from Wall Street's typical IPO playbook in several ways, including by giving
five banks roughly equal roles on the deal, instead of dubbing one as the
lead.
"This job is already hard, so this means it's that much harder," said Rett
Wallace, chief executive of private-company research firm Triton Research
LLC, referring to the effect of the unlocked shares on pricing decisions.
As they zero in on the final price, Alibaba and its banks will be focused on
how the stock opens for trading on the New York Stock Exchange. Investors
who buy into IPOs at the deal price often do so hoping they will get an
immediate gain once it begins trading; but the sellers of the stock,
including the company and its early investors, while generally supportive of
some jump, don't want to worry that they sold their shares too cheaply.
In managing the initial trading of a stock, bankers typically don't have to
account for potential selling by executives and early investors.
"It's fairly unusual" to have a hefty chunk of stock free to be sold, said
Carter Mack, president of San Francisco investment bank JMP Group Inc.,
which isn't on the deal. Banks "don't often make exceptions to that rule,
but they must've felt comfortable that the deal wouldn't be troubled by some
of that stock coming out," he said, referring to Alibaba.
On average globally, IPOs that have raised at least $5 billion have gained 9
.6% in their debuts and 9.9% the first week, according to Dealogic.
Alibaba's public documents show the vast majority of Alibaba's existing
shareholders will be locked up for at least six months after the offering,
not including any shares they have already agreed to sell in the IPO itself
and disclosed in the prospectus. The largest pre-IPO holders and top
executives— SoftBank Corp. 9984.TO +0.58% , Yahoo Inc., YHOO -3.33%
Alibaba founder and executive chairman Jack Ma, and executive vice chairman
Joe Tsai —will be subjected to a longer lockup of one year, the prospectus
said. These four will own 58% of the company's total shares after the deal,
the prospectus said.
Mr. Ma is selling a portion of his holdings in the IPO, about 12.8 million
shares worth as much as $867 million, or about 6% of his total pre-IPO stake
, in the offering.

【在 d*****g 的大作中提到】
: 看不了，能不能给个全文
avatar
b*e
5 楼
杀杀杀!
avatar
b*e
6 楼
as clear as crystal

【在 rh 的大作中提到】
: 你意思是说某些insider今天就可以套现了？
avatar
W*n
7 楼
Yes, no lock-down, the big boys could cash out as quick as they like.
avatar
n*y
8 楼
风声这么紧，哪个大户会第一天套现？要出也是慢慢的。。。
avatar
d*g
9 楼
某些可以， 某些不可以，ali太坏了，阿里自己的员工也有半年限售期

will
Chinese

【在 b*******e 的大作中提到】
: as clear as crystal
avatar
rh
10 楼
看来确实如此
http://www.mitbbs.com/news_wenzhang/BusinessNews/31229845.html
阿里巴巴本周上市后，公司创始人马云或许要大赚一笔。马云将在阿里巴巴IPO时售出
1275万股股份，如果以发行价区间最高价计算，他将因此获得8.67亿美元的现金收益。
Mitbbs.com
阿里巴巴IPO对应的估值为1630亿美元，比亚马逊的市值还要高一些，估计马云持有的
剩余股份的估值大约为130亿美元。Mitbbs.com
阿里巴巴执行副总裁蔡崇信也将在公司IPO时售出部分股份，估计他可以获得2.89亿美
元的现金收益，他持有的剩余股份的价值大约为54亿美元。Mitbbs.com
日本首富孙正义也将是阿里巴巴IPO背后的大赢家，他是日本软银集团的首席执行官，
软银集团最初对阿里巴巴投资了2000万美元，现在那些股份的价值已暴涨到540亿美元
，但软银集团不打算在IPO中出售股份。Mitbbs.com
雅虎将在阿里巴巴IPO时出售价值83亿美元的股份，它持有的剩余股份的价值约为270亿
美元。Mitbbs
avatar
t*3
11 楼
你们是不是搞错了什么？alibaba有啥特殊的地方吗？
IPO上市当日，历来都是大股东持有的可以“小部分”卖出，小股东或者员工持股需要
和大股东的“大部分”股票要一起锁定半年。
avatar
b*e
12 楼
Wall Street Journal article: （注意星号部分）
Alibaba IPO Gives Insiders Rare Chance to Sell Early
Many Shares
*Aren't Bound*
by 'Lockup' Arrangement
A swath of early investors in Alibaba Group Holding Ltd. BABA +35.21% will
be able to sell more than $8 billion worth of shares on the day the Chinese
e-commerce company goes public,
*an unusual arrangement*
that is influencing
how bankers price the offering.

【在 t*********3 的大作中提到】
: 你们是不是搞错了什么？alibaba有啥特殊的地方吗？
: IPO上市当日，历来都是大股东持有的可以“小部分”卖出，小股东或者员工持股需要
: 和大股东的“大部分”股票要一起锁定半年。
avatar
t*3
13 楼
也许你是对的，但是这点已经不重要了。90块以上的价格已经说明市场在追捧，能有人
愿意提供股份出来，反而是好事情。

will
Chinese

【在 b*******e 的大作中提到】
: Wall Street Journal article: （注意星号部分）
: Alibaba IPO Gives Insiders Rare Chance to Sell Early
: Many Shares
: *Aren't Bound*
: by 'Lockup' Arrangement
: A swath of early investors in Alibaba Group Holding Ltd. BABA +35.21% will
: be able to sell more than $8 billion worth of shares on the day the Chinese
: e-commerce company goes public,
: *an unusual arrangement*
: that is influencing
avatar
b*e
14 楼
本贴不构成任何方向的投资建议
baba may go bull for next 10 years
may go down tomorrow
I don't know
Nobody knows.
All I smell is blood....

【在 t*********3 的大作中提到】
: 也许你是对的，但是这点已经不重要了。90块以上的价格已经说明市场在追捧，能有人
: 愿意提供股份出来，反而是好事情。
:
: will
: Chinese
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