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Unclequek
2021-04-13

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Ctrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.

一度活在传言中的携程回港二次上市，终于靴子落地。不过，最新消息显示，携程回港的上市指导价或比前市场预计的333港元/股更低，至268港元。在打新阶段，携程与彼时快手、百度以及哔哩哔哩的火热认购形成

Ctrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":345185926,"tweetId":"345185926","gmtCreate":1618288032765,"gmtModify":1704708639436,"author":{"id":3578974580733428,"idStr":"3578974580733428","authorId":3578974580733428,"authorIdStr":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":9,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Verygood</p></body></html>","htmlText":"<html><head></head><body><p>Verygood</p></body></html>","text":"Verygood","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/345185926","repostId":2127109478,"repostType":4,"repost":{"id":"2127109478","kind":"highlight","pubTimestamp":1618287482,"share":"https://ttm.financial/m/news/2127109478?lang=en_US&edition=fundamental","pubTime":"2021-04-13 12:18","market":"hk","language":"zh","title":"Ctrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.","url":"https://stock-news.laohu8.com/highlight/detail?id=2127109478","media":"华尔街见闻","summary":"一度活在传言中的携程回港二次上市，终于靴子落地。\n不过，最新消息显示，携程回港的上市指导价或比前市场预计的333港元/股更低，至268港元。\n在打新阶段，携程与彼时快手、百度以及哔哩哔哩的火热认购形成","content":"<p>Ctrip's return to Hong Kong for a secondary listing, which had once been a subject of rumors, has finally been finalized.</p><p>However, the latest news indicates that the listing guidance price for Ctrip's return to Hong Kong may be lower than the market expectation of HK$333 per share, to HK$268.</p><p>During the IPO subscription phase, Ctrip, along with Kuaishou at the time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The oversubscription created a stark contrast, with an oversubscription of approximately 4.96 times, making it the worst-performing of the 13 Chinese concept stocks listed in Hong Kong.</p><p>With its business model almost completely established, it was difficult to tell a new story, and it still had to face Meituan's \"pursuit of its advantage.\" At the age of 22, Ctrip left investors with the question of \"whether it could still succeed.\"</p><p><h2>IPO subscriptions met with a</h2>According to Reuters' media outlet IFR on April 13, Ctrip's Hong Kong IPO price guide is HK$268 per share, raising HK$8.47 billion.</p><p>According to previous reports, referring to the price of Ctrip's depositary shares (ADSs) listed on NASDAQ in the United States, the highest offering price for Ctrip's public offering in Hong Kong is HK$333 per share, and the initial public offering is expected to raise HK$10.5 billion.</p><p>The funds raised by Ctrip will be mainly used for three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry, and general corporate purposes.</p><p>In order to get off to a satisfactory start, Ctrip intentionally chose to stagger the timing of its IPO subscriptions to avoid investors lacking funds due to IPOs of other giants.</p><p>On April 6, Ctrip's secondary IPO in Hong Kong passed the hearing of the Hong Kong Stock Exchange. On April 8, Ctrip officially launched its IPO, becoming the fastest Hong Kong-listed company to launch an IPO after passing the hearing recently. Currently, it is in the IPO gap period of Hong Kong-listed giants.</p><p>Even so, reality still dealt this leading online travel platform a heavy blow.</p><p>On April 12, according to data from securities firms, Ctrip recently recorded HK$4.398 billion in margin financing, equivalent to an oversubscription of approximately 4.96 times, which contrasts sharply with the hot subscriptions of Kuaishou, Baidu, and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went public on the Hong Kong Stock Exchange, and the total margin trading amount on that day reached HK$283.9 billion, an oversubscription of 269 times. Baidu began its IPO in March, raising HK$34 billion in margin trading on its first day, resulting in an oversubscription of 23.25 times. Later, Bilibili launched its IPO, and the oversubscription rate reached five times within half a trading day.</p><p>Since the Hong Kong Stock Exchange revised its listing system in 2018, 13 Chinese concept stocks have retained their listing status on the US stock exchange while achieving a return to China through secondary listing on the Hong Kong stock exchange, the vast majority of which are highly sought after.</p><p>Regarding the lukewarm reception of Ctrip's IPO subscriptions, a fund manager who participated in Hong Kong-listed IPOs once said:</p><p>\"Its core business is unstable and continuously impacted. As soon as it returned to Hong Kong to list and publicly raised subscription funds, it was met with a cold reception from investors. Ctrip's market performance after its listing is worrying.\"<h2><b>Is it all the old man's fault?</b></h2>Why has Ctrip received differential treatment despite being both internet companies?</p><p>As we all know, \"storytelling\" has become an important means for an internet company to support its valuation. Ctrip, founded in 1999 and listed in the United States in 2003, may no longer seem like anything new to investors.</p><p>Currently, Ctrip's business model is almost entirely established, with its main businesses including hotel booking (38.94%), transportation ticketing (39.02%), backpacking (6.78%), and business travel (4.79%).</p><p>Faced with bottlenecks, Ctrip is also looking for new areas of focus to slow down its declining performance. For example, in 2020, Ctrip launched more than 60,000 products through its online live streaming platform, and the Ctrip live streaming + flash sale channel achieved a total transaction volume of more than 5 billion yuan.</p><p>In addition to finding it difficult to tell a new story, Ctrip also faces threats from Meituan.</p><p>In the second quarter of 2020, Meituan's in-store, hotel and travel business revenue surpassed Ctrip's, and its advantage subsequently grew larger.</p><p>Looking at the 2020 financial data,<a href=\"https://laohu8.com/S/90926\">Meituan Dianping</a>Total revenue from \"in-store, hotel and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also say that Meituan's data is not limited to the tourism sector, but also includes in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of the COVID-19 pandemic, Ctrip became the biggest loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue, and profit all declined. According to its prospectus, Ctrip's total revenue of RMB 18.3 billion in 2020 decreased by 49% year-on-year compared to RMB 35.7 billion in 2019, and its net loss of RMB 3.247 billion decreased by 146% year-on-year compared to its net profit of RMB 7 billion in 2019.</p><p>Meituan stated that the recovery of its \"in-store, hotel and tourism businesses,\" which were most affected by the pandemic in 2020, is gradually on track, but has not yet fully returned to normal levels. Revenue decreased by 4.6% year-on-year to RMB 21.3 billion in 2020. The operating profit margin rose from 37.7% to 38.5%.</p><p><h2>institutional perspective</h2>Regarding Ctrip's future, investors chose to vote with their feet. Securities firms and investment banks, as professional investment institutions, are also not optimistic about Ctrip's post-IPO performance.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>The research report reiterated its \"underweight\" rating, expecting the COVID-19 pandemic to be under control in China and the domestic tourism market to continue to recover. However, outside of mainland China, travel restrictions and cross-border travel bans are expected to remain in place for the remainder of 2021. Ctrip has significant operations outside mainland China, which are expected to continue to drag down its profitability this year.</p><p>The research department of Zhifu Group also gave Ctrip only 3 stars out of 5. Its research report believes that since January 2020, a large number of customers have canceled and made refund requests, new international and domestic travel and accommodation orders have decreased, and the supply of domestic transportation and international air tickets has also declined significantly. Ctrip suffered a net loss of 3.3 billion yuan in 2020. Although it has adopted cost control measures to deal with the pandemic, its operating expenses may still increase in the future, which will affect its performance.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ctrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCtrip's Hong Kong secondary listing met with a lukewarm reception despite low pricing and lukewarm subscription negotiations.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-13 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Ctrip's return to Hong Kong for a secondary listing, which had once been a subject of rumors, has finally been finalized.</p><p>However, the latest news indicates that the listing guidance price for Ctrip's return to Hong Kong may be lower than the market expectation of HK$333 per share, to HK$268.</p><p>During the IPO subscription phase, Ctrip, along with Kuaishou at the time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The oversubscription created a stark contrast, with an oversubscription of approximately 4.96 times, making it the worst-performing of the 13 Chinese concept stocks listed in Hong Kong.</p><p>With its business model almost completely established, it was difficult to tell a new story, and it still had to face Meituan's \"pursuit of its advantage.\" At the age of 22, Ctrip left investors with the question of \"whether it could still succeed.\"</p><p><h2>IPO subscriptions met with a</h2>According to Reuters' media outlet IFR on April 13, Ctrip's Hong Kong IPO price guide is HK$268 per share, raising HK$8.47 billion.</p><p>According to previous reports, referring to the price of Ctrip's depositary shares (ADSs) listed on NASDAQ in the United States, the highest offering price for Ctrip's public offering in Hong Kong is HK$333 per share, and the initial public offering is expected to raise HK$10.5 billion.</p><p>The funds raised by Ctrip will be mainly used for three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry, and general corporate purposes.</p><p>In order to get off to a satisfactory start, Ctrip intentionally chose to stagger the timing of its IPO subscriptions to avoid investors lacking funds due to IPOs of other giants.</p><p>On April 6, Ctrip's secondary IPO in Hong Kong passed the hearing of the Hong Kong Stock Exchange. On April 8, Ctrip officially launched its IPO, becoming the fastest Hong Kong-listed company to launch an IPO after passing the hearing recently. Currently, it is in the IPO gap period of Hong Kong-listed giants.</p><p>Even so, reality still dealt this leading online travel platform a heavy blow.</p><p>On April 12, according to data from securities firms, Ctrip recently recorded HK$4.398 billion in margin financing, equivalent to an oversubscription of approximately 4.96 times, which contrasts sharply with the hot subscriptions of Kuaishou, Baidu, and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went public on the Hong Kong Stock Exchange, and the total margin trading amount on that day reached HK$283.9 billion, an oversubscription of 269 times. Baidu began its IPO in March, raising HK$34 billion in margin trading on its first day, resulting in an oversubscription of 23.25 times. Later, Bilibili launched its IPO, and the oversubscription rate reached five times within half a trading day.</p><p>Since the Hong Kong Stock Exchange revised its listing system in 2018, 13 Chinese concept stocks have retained their listing status on the US stock exchange while achieving a return to China through secondary listing on the Hong Kong stock exchange, the vast majority of which are highly sought after.</p><p>Regarding the lukewarm reception of Ctrip's IPO subscriptions, a fund manager who participated in Hong Kong-listed IPOs once said:</p><p>\"Its core business is unstable and continuously impacted. As soon as it returned to Hong Kong to list and publicly raised subscription funds, it was met with a cold reception from investors. Ctrip's market performance after its listing is worrying.\"<h2><b>Is it all the old man's fault?</b></h2>Why has Ctrip received differential treatment despite being both internet companies?</p><p>As we all know, \"storytelling\" has become an important means for an internet company to support its valuation. Ctrip, founded in 1999 and listed in the United States in 2003, may no longer seem like anything new to investors.</p><p>Currently, Ctrip's business model is almost entirely established, with its main businesses including hotel booking (38.94%), transportation ticketing (39.02%), backpacking (6.78%), and business travel (4.79%).</p><p>Faced with bottlenecks, Ctrip is also looking for new areas of focus to slow down its declining performance. For example, in 2020, Ctrip launched more than 60,000 products through its online live streaming platform, and the Ctrip live streaming + flash sale channel achieved a total transaction volume of more than 5 billion yuan.</p><p>In addition to finding it difficult to tell a new story, Ctrip also faces threats from Meituan.</p><p>In the second quarter of 2020, Meituan's in-store, hotel and travel business revenue surpassed Ctrip's, and its advantage subsequently grew larger.</p><p>Looking at the 2020 financial data,<a href=\"https://laohu8.com/S/90926\">Meituan Dianping</a>Total revenue from \"in-store, hotel and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also say that Meituan's data is not limited to the tourism sector, but also includes in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of the COVID-19 pandemic, Ctrip became the biggest loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue, and profit all declined. According to its prospectus, Ctrip's total revenue of RMB 18.3 billion in 2020 decreased by 49% year-on-year compared to RMB 35.7 billion in 2019, and its net loss of RMB 3.247 billion decreased by 146% year-on-year compared to its net profit of RMB 7 billion in 2019.</p><p>Meituan stated that the recovery of its \"in-store, hotel and tourism businesses,\" which were most affected by the pandemic in 2020, is gradually on track, but has not yet fully returned to normal levels. Revenue decreased by 4.6% year-on-year to RMB 21.3 billion in 2020. The operating profit margin rose from 37.7% to 38.5%.</p><p><h2>institutional perspective</h2>Regarding Ctrip's future, investors chose to vote with their feet. Securities firms and investment banks, as professional investment institutions, are also not optimistic about Ctrip's post-IPO performance.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>The research report reiterated its \"underweight\" rating, expecting the COVID-19 pandemic to be under control in China and the domestic tourism market to continue to recover. However, outside of mainland China, travel restrictions and cross-border travel bans are expected to remain in place for the remainder of 2021. Ctrip has significant operations outside mainland China, which are expected to continue to drag down its profitability this year.</p><p>The research department of Zhifu Group also gave Ctrip only 3 stars out of 5. Its research report believes that since January 2020, a large number of customers have canceled and made refund requests, new international and domestic travel and accommodation orders have decreased, and the supply of domestic transportation and international air tickets has also declined significantly. Ctrip suffered a net loss of 3.3 billion yuan in 2020. Although it has adopted cost control measures to deal with the pandemic, its operating expenses may still increase in the future, which will affect its performance.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3627547\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团-S"},"source_url":"https://wallstreetcn.com/articles/3627547","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127109478","content_text":"一度活在传言中的携程回港二次上市，终于靴子落地。\n不过，最新消息显示，携程回港的上市指导价或比前市场预计的333港元/股更低，至268港元。\n在打新阶段，携程与彼时快手、百度以及哔哩哔哩的火热认购形成强烈反差，超购约4.96倍的成绩成回港上市13家中概股中表现最差的一支。\n业务模式几乎都已确定，新故事难讲，还要面对美团的“乘胜追击\"，时年22岁的携程给投资者留下了“尚能饭否”的疑问。\n打新遇冷\n据路透社旗下媒体IFR 4月13日消息，携程香港上市价格指引在每股268港元，筹资84.7亿港元。\n据此前消息，参考携程在美国纳斯达克上市的存托股票（ADS）的价格，携程此次在香港上市公开发售的最高发行价为333港元/股，首发募资预计为105亿港元。\n此次携程所募集资金将主要用于拓展一站式旅行服务、巩固携程行业领先地位以及一般公司用途三个方面。\n为了得到满意的开局，在打新的时间点上携程有意选择错峰，以求避开投资者因打新其他巨头而导致的资金缺乏。\n4月6日，携程回港二次IPO通过港交所聆讯。4月8日，携程就正式招股打新，成为近期通过聆讯后最快开启招股的港股上市公司，当前正值港股巨头IPO空档期。\n可即便如此，现实还是给了这家在线旅行平台龙头一记沉重的打击。\n4月12日， 综合券商数据，携程最新录得43.98亿港元孖展，相当于超购约4.96倍，与彼时快手、百度以及哔哩哔哩等的火热认购形成强烈反差。\n2021年1月，快手科技赴港交所招股，当天的孖展总额达2839亿港元，超购达269倍；百度3月开始招股，首日孖展340亿港元，超购达23.25倍；稍后，哔哩哔哩启动招股，半个交易日的超购也达到了5倍。\n自2018年港交所修改上市制度以来，已有13只中概股保留美股上市地位同时通过在港股二次上市方式实现回归，其中绝大多数都备受追捧。\n对于携程的打新遇冷，一位港股打新的基金人士曾表示：\n\n “核心业务不稳，持续遭受冲击，甫一回港上市公开筹措认购资金，又遭遇投资者冷待，携程上市后市场表现堪忧”。\n\n都是老的错？\n同样是互联网企业，为什么携程遭受了差别待遇？\n众所周知，“讲故事”已经成为一个互联网企业支撑估值的一个重要手段。而1999年成立，2003年就在美国上市的携程在投资者眼中可能已毫无新意。\n目前，携程的业务模式几乎都已确定， 其主要业务包括酒店预订（占比38.94%）、交通票务（39.02%）、背包旅游（6.78%）、商旅旅行（4.79%）等。\n面对瓶颈，携程也在寻找新的发力点，努力减缓下滑的业绩。比如2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元。\n另外，除了新故事难讲，携程还要面对来自美团的威胁。\n2020年第二季度，美团的到店、酒店及旅游业务营收超越携程，随后其优势越拉越大。\n从2020年财务数据来看，美团点评在“到店、酒店及旅游”的总收入为213亿元，而携程总收入为183亿元。\n也有分析人士表示，美团的数据不仅仅是旅游板块，还包含了到店业务，因此两者未必可比。\n不过，即便如此，在新冠疫情冲击下，在所属行业中，携程变成了头号输家。\n2020年，携程的交易总额、营收、利润均下滑。根据招股文件，携程2020年183亿元的总收入较2019年的357亿元同比减少49%， 32.47亿元的净亏损相较于2019年70亿净利润同比下滑146%。\n美团表示，2020年受疫情影响最大的“到店、酒店及旅游业务”的恢复逐步步入正轨，但尚未完全回复到正常水平，收入同比减少4.6%至2020年的213亿元。经营利润率则由37.7%升至38.5%。\n机构看法\n对于携程后市，投资者选择了用脚投票，作为专业投资机构的券商投行，同样对于携程的二次上市后走势并不看好。\n国泰君安研报重申“减持”评级，预计新冠疫情在国内已经得到控制，国内旅游市场将持续复苏，但中国大陆以外地区，预计在2021年剩余时间里，旅行限制和跨境旅游禁令将持续。携程在中国大陆以外地区有重要业务，预计将继续拖累今年的盈利能力。\n致富集团研究部对携程的推荐度也只打出了3星（满分5星），其研报认为，自2020年1月以来，客户大量取消和提出退款请求，且国际、国内旅行及住宿新订单有所减少，国内交通运输和国际机票供应亦大幅下降。携程2020年净亏损33亿元，尽管已采用成本控制措施应对疫情，但日后经营开支仍可能增加，影响业绩。","news_type":1,"symbols_score_info":{"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":4061,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}