|Bid||0.00 x 1100|
|Ask||0.00 x 4000|
|Day's Range||178.61 - 180.18|
|52 Week Range||129.77 - 195.72|
|Beta (3Y Monthly)||1.87|
|PE Ratio (TTM)||51.24|
|Earnings Date||Oct 31, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||223.03|
(Bloomberg Opinion) -- Hong Kong’s IPO market is unexpectedly coming back to life. It may be a brief revival.Companies from Anheuser-Busch InBev SA’s Asian unit to Megvii Technology Ltd. aim to raise more than $10 billion selling shares before the year is out. It’s a turnaround that appeared improbable as recently as mid-August, when the Hang Seng Index erased its gain for the year amid anti-government protests and concerns over weakening global growth.Hong Kong’s benchmark stocks gauge has bounced 8% since Aug. 13, among the best-performing indexes worldwide in that period, as traders bet that China’s government will try to buoy investor spirits in the run-up to Oct. 1, when the country celebrates the 70th anniversary of the founding of the People’s Republic. That’s created a window of opportunity for companies that previously struggled to generate enough investor interest.Budweiser Brewing Company APAC Ltd. is the prime example. The unit of AB InBev, the world’s largest brewer, pulled what would have been the world’s biggest initial public offering in mid-July after failing to draw sufficient demand for the $9.8 billion sale. The company is back with a pared-down $5 billion offering and aims to list by the end of September, Carol Zhong, Julia Fioretti, Jinshan Hong and Crystal Tse of Bloomberg News reported last week, citing people familiar with the matter.The brewer is seeking to list minus its Australian operations, which the company agreed to sell to Asahi Group Holdings Ltd. for $11.3 billion soon after withdrawing its IPO in July. That hived off a slower-growing part of its operations, which may help attract investors who balked at Budweiser Brewing’s valuation last time around.Other than a rising stock market, a simple technical reason may account for the brewer’s haste to try again. A company that seeks to list within six months of its first application doesn’t need to prepare a new set of accounts, meaning Budweiser Brewing can just strip the Australian operations from its financials when pitching to investors this time around.Others lining up at the IPO well include Megvii, a Beijing-based artificial intelligence startup that’s seeking $1 billion; consumer lender Home Credit NV, which is targeting as much as $1.5 billion; Chinese sportswear retailer Topsports International Holdings Ltd., which aims to raise about $1 billion; and ESR Cayman Ltd., a logistics real estate developer backed by Warburg Pincus that earlier shelved a $1.2 billion deal. The first to list of the current crop may be biotechnology firm Shanghai Henlius Biotech Inc., which has already started taking orders for a $477 million sale.The biggest flotation of all may come in October, when New York-traded Alibaba Group Holding Ltd. will seek to raise as much as $15 billion in a secondary listing, Reuters reported last month.The resurgence in the IPO market is a tonic for Hong Kong Exchanges & Clearing Ltd., which has faced skepticism over its $36.6 billion bid for London Stock Exchange Group Plc and whose shares have dropped 16% from this year’s high. Hong Kong has slipped in the pecking order of global stock exchanges after topping the rankings in 2018. Companies raised $10.8 billion in IPOs this year through Sept. 13, less than half of the total in the same period last year.The question is whether there will be enough investor demand to soak up all the stock that an eager and growing group of listing candidates is waiting to thrust on buyers. Meanwhile, Hong Kong’s economy is deteriorating and the protests haven’t gone away. Companies must also consider whether China’s feelgood efforts will extend beyond Oct. 1.Time may be of the essence for this crowd. To contact the author of this story: Nisha Gopalan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Multinational Chinese tech company Baidu has taken proactive steps to counter market uncertainty. It has plans to expand into areas of emerging technology.
(Bloomberg) -- Germany will finally get another major listed tech company when software maker TeamViewer AG completes a 2.3 billion-euro ($2.5 billion) initial public offering this month -- the biggest in the industry in almost two decades.While Germany has several established tech companies, including software giant SAP SE, there have been few sizable newcomers since chipmaker Infineon Technologies AG listed in 2000. TeamViewer will provide a boost to the weakest European IPO market in years and comes as Germany’s economy teeters on the brink of a recession. The share sale, which is oversubscribed, will be the country’s largest so far this year.Founded in 2005, TeamViewer has developed from a local provider of remote computer access tools to one that offers connectivity to customers in about 180 countries. The company plans to further expand in Europe, Asia and the U.S., and will add to its offerings for large corporate customers to help them connect anything from mobile phones and tablets to machine sensors, smart farming equipment or wind turbines.With a sudden influx of new offerings in Europe, IPO investors have a lot to choose from. Apart from TeamViewer, private equity firm EQT Partners AB is also marketing its initial public offering, with a management roadshow kicking off next week. On Thursday, Helios Towers Plc -- one of sub-Saharan Africa’s largest mobile-phone tower operators -- announced plans to list on the London Stock Exchange.TeamViewer’s owner, private equity firm Permira, plans to sell as many as 84 million shares for 23.50 euros to 27.50 euros each via holding firm TigerLuxOne, the company said late Wednesday. TeamViewer stock is expected to start trading on the Frankfurt Stock Exchange on Sept. 25.The price range would give the company a market value of between 4.7 billion euros and 5.5 billion euros. Bloomberg News previously reported the valuation could be 4 billion euros to 5 billion euros. The listing will improve TeamViewer’s brand recognition and make it easier for it to grow organically and via “selected acquisitions,” spokeswoman Martina Dier said.TeamViewer may hire more people in the U.S. and opened offices in China, Japan, India and Singapore last year to expand sales in those markets. In China alone, TeamViewer has “tens of millions” of free users, more of whom the company wants to convert into paying customers, according to Chief Executive Officer Oliver Steil.“Our big growth combined with strong profitability -- even if market conditions have been difficult -- makes our financial profile attractive to investors,” Steil said in an interview last month.TeamViewer’s cash billings grew more than 35% in the first half, faster than last year’s 25% growth, to over 140 million euros, the CEO said. The company posted a cash operating profit margin of more than 50% during the period. It says its software has been installed on more than 2 billion devices.Permira bought the company for 870 million euros in 2014. It has since partnered with firms including Alibaba Group Holding Ltd. and Salesforce.com Inc. to bolster its cloud offerings.The free float, a measure of company stock available to trade, will be 30% to 42%, depending on the size of the IPO, according to the statement.Goldman Sachs Group Inc. and Morgan Stanley are arranging the IPO, with Bank of America Corp., Barclays Plc and RBC Capital Markets. Lilja & Co. is acting as an independent adviser to Permira and TeamViewer.(Updates with company comment in sixth paragraph. An earlier version of the story was corrected to remove reference to IPO proceeeds)To contact the reporter on this story: Stefan Nicola in Berlin at firstname.lastname@example.orgTo contact the editors responsible for this story: Dale Crofts at email@example.com, Andrew Blackman, Chris ReiterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Europe is getting its own version of Softbank Group Corp. with the Amsterdam listing of tech investment firm Prosus NV. The move will likely help it avoid the fate of Yahoo Inc., the erstwhile Silicon Valley titan which has since fizzled away as a holding company.South African media and internet firm Naspers Ltd. has spun most of its technology investment out into Prosus. That new company, like its parent (which retains a stake of more than 73%), derives almost all of its 121 billion-euro ($133 billion) market capitalization from a 31% stake in Tencent Holdings Ltd., the Chinese internet behemoth behind WeChat. That’s much like Softbank, which trades at a discount to its investment in China’s Alibaba Group Holding Ltd.Bob van Dijk, the chief executive of both Prosus and Naspers, intended the Amsterdam listing to reduce the discount to the $131 billion value of the Tencent investment.Naspers came to constitute about 20% of the Johannesburg stock exchange; that means index funds had to sell shares in order to meet limitations about concentrating too much ownership in one stock. The stock started to underperform Tencent shares the moment it exceeded a 10% weighting, as Bloomberg Intelligence analyst John Davies has pointed out.On that basis, the listing has so far been a success. When Naspers announced the spin-off in March, it was trading at a near 30% discount to its Tencent stake, taking into account its net cash position. Now Prosus is trading at a discount of just 3% to its Tencent shares, net of cash but not including other investments.Prosus is home to more than just the Tencent stake. It houses most of the technology investments made by Naspers, including stakes in Delivery Hero AG, Mail.Ru Group Ltd. and PayU. The value of the publicly-traded entities alone is 4.1 billion euros. Including these, Prosus still has a discount of perhaps 20% to its sum-of-the-parts valuation.The question for van Dijk and his team remains to what extent they can break the stock’s lockstep with the Tencent share price. If they can’t, then Prosus risks becoming little more than a proxy investment, and follow the fate of Yahoo.That American firm, after selling its eponymous internet assets to Verizon Communications Inc. in 2017, rebranded as Altaba Inc., and became a holding company for investments in Alibaba and Yahoo Japan Corp. Their combined value persistently exceeded Altaba’s valuation by some 25%. It is now dissolving those holdings and shutting up shop.Some sort of mark down is always likely to be the case, partially because Prosus shareholders, like those of Altaba, have no real say in the running of the firm’s biggest investment. Tencent management is after all not directly accountable to Prosus investors. And there continue to be overhanging concerns about governance, as I have written before.Given all that, the relatively slim Prosus discount – compared to Altaba, at least – suggests investors are in fact affording some value to its portfolio of investments besides Tencent. Does that mean they would rather van Dijk reduce the Tencent stake (he says he has no plans to do so) and reinvest the proceeds elsewhere? Probably not.There are reasons why Prosus might continue to close the valuation gap. Inclusion on Amsterdam’s Euronext indices over the next few months ought to attract index funds, for instance. And some more lucrative exits such as the the 1.6-billion-euro profit Naspers made on India’s Flipkart would reassure shareholders that van Dijk is making the right investment calls.Van Dijk has taken a healthy step to bring the company more in line with the value of its holdings. But now he can’t as readily point towards technicalities as a reason for the discount, he needs to prove his ability to deliver the investment returns that justify spending shareholders’ money.To contact the author of this story: Alex Webb at firstname.lastname@example.orgTo contact the editor responsible for this story: Stephanie Baker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
After two decades of leading Alibaba (BABA), Chairman Jack Ma stepped down today. Daniel Zhang, Alibaba's current CEO, will serve as the new chairman.
Mallinckrodt, Uber, Lyft, PG&E and Alibaba are the companies to watch.
Alibaba Group (BABA) today announced a refresh of its six core values to strengthen the company culture for navigating through the fast-changing digital era. The Company unveiled its changes to the six core values on the 20th anniversary of its founding. Just as its business has evolved, the world has evolved, and the Company’s values have to evolve to remain relevant to its global workforce.
The Driehaus strategy essentially uses the "buy high and sell higher" principle to select the best stocks that have the potential substantially outperform the market.
The founder and chairman of Alibaba - the Chinese e-market - has retired at the age of 55. The charismatic former English teacher, who founded the internet company 20 years ago in a shared apartment, is stepping aside from the day-to-day running of the business to spend more time on his other great loves in life - his philanthropic works, education and his family. Ma, as China's richest man, does not have to worry about paying the bills.
(Bloomberg) -- Jack Ma is giving up the reins of Alibaba Group Holding Ltd. after presiding over one of the most spectacular creations of wealth the world has ever seen.The former English teacher steps down as executive chairman of China’s largest company on his 55th birthday after amassing a $41.8 billion fortune -- a trove surpassed only by India’s Mukesh Ambani in Asia, according to the Bloomberg Billionaires Index. His record-breaking rise from a bootstrapped entrepreneur working out of his apartment in 1999 to jet-setting e-commerce mogul is one for the history books, mirroring China’s own evolution from technological backwater to world’s No. 2 economy.Over two decades, Ma and his co-founders built a business-to-business marketplace into a $460 billion titan that bested EBay Inc. and Amazon.com Inc., operates one of the world’s largest cloud computing businesses, and runs a logistics network that delivers millions of parcels every day. Now the country’s most recognizable businessman, he hands the helm on Tuesday to finance maven Daniel Zhang -- a momentous transition for Asia’s largest corporation.Read more: New Alibaba Chief Explains Why He Wants to Kill His Own BusinessMa became Asia’s richest person in 2016, overtaking Dalian Wanda Group Chairman Wang Jianlin. The title now belongs to Reliance Industries Ltd. Chairman Ambani, who’s worth $47.4 billion, according to a Bloomberg ranking of the world’s 500 wealthiest individuals.The Alibaba co-founder has become the face of Chinese business even while a member of the ruling Communist Party. Ma, who recalled in a 2015 interview how KFC once rejected his job application, currently owns a 5.3% Alibaba stake worth $24.6 billion, or about 10-fold the $2.6 billion his 7.4% slice in 2012 was worth. Since taking over as executive chairman in 2013, Alibaba’s revenue has surged about 1,100% to 378.8 billion yuan ($56.2 billion) in the year ended March 2019. His fortune doesn’t count shares in the company held by his foundation, or the value of stock he’s sold over time.Ma isn’t the only person to derive fabulous wealth from the Alibaba empire. The company’s trajectory at one point spawned at least 10 other billionaires across its ecosystem, from a parcel delivery company and supermarket to an online payments affiliate. Despite stepping down, Ma is expected to remain pivotal to a sprawling industrial machine with e-commerce at its heart.“At this point, it’s still unlikely that Zhang would make important decisions without Ma’s support,” said Brock Silvers, managing director at Shanghai-based Kaiyuan Capital, an investment advisory firm.Read more: Alibaba’s rise creates 10 billionaires not named Jack Ma\--With assistance from Pei Yi Mak.To contact the reporter on this story: Venus Feng in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, ;Peter Elstrom at firstname.lastname@example.org, Peter Eichenbaum, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Jack Ma, Alibaba's charismatic co-founder, steps down on Tuesday (September 10). His cult status as China's most famous capitalist leaves big shoes for the next chairman, Daniel Zhang, to fill. Zhang's main challenge will be to find new areas for growth when e-commerce has slowed sharply. As Ma holds a typically flamboyant farewell bash -- this Michael Jackson musical number is one from his past repertoire -- investors are looking for signs of how involved he'll remain in the day-to-day running of Alibaba. It's rare for the founder of such a tech juggernaut to retire early. He was a teacher when he founded the firm in an apartment 20 years ago. It's now Asia's most valuable listed company, worth 460 billion dollars. Ma, who's retiring on his 55th birthday, will remain a member of its governing partnership, which has 38 members. He plans to keep mentoring management, but also to devote time to education and philanthropy. His journey wasn't without setbacks. Ma struggled to expand Alibaba internationally -- and failed in a $1.2 billion bid to acquire MoneyGram. Alibaba's Taobao, meanwhile, is on a U.S. list of 'notorious markets' as a haven for counterfeit luxury goods. And Ma drew criticism this year for urging employees to work nights and weekends, sparking a debate about work culture in China. Zhang, a softly spoken accountant, will be quite a contrast. But last week Alibaba announced investments of 2.7 billion dollars in Kaola, a luxury goods online vendor, and a music streaming firm -- signs that the firm remains flexible as it looks for new strategies.