General
The information contained in this website (this “Website”) is furnished by China Harvests Capital Limited and, where applicable, its affiliates (collectively “we” and “us”, and “our” and “ours” shall be construed accordingly) to persons or entities (each a “Recipient”):
(i) to whom the provision, publication or availability of the information on this website is not prohibited, restricted or unlawful under the laws (including by-law), rules, regulations or orders of courts, governmental or administrative bodies or stock exchanges in any jurisdiction (collectively the “Relevant Law”); or
(ii) by whom access to, possession or use of the information on this Website in the jurisdictions they are situated would not otherwise subject us to any registration or any other compliance obligations in those jurisdictions.
If you do not qualify as a Recipient, you must not access this Website. By proceeding to access this Website, you hereby represent, warrant and undertake to us that you qualify as a Recipient and are entitled to receive the information on this Website. In any event, you access this Website on your own initiative and are therefore responsible for understanding and observing the Relevant Law as applicable to you before proceeding to access this Website.
You are required by us to ensure you qualify as a Recipient before accessing this Website. We do not accept any liability to you or to any person in relation your access, possession or use of this Website or its information.
The information on this Website is being provided by us solely for information purposes and is not, shall not be construed as, and does not constitute an offer, invitation or recommendation by us to sell or issue to or a solicitation to subscribe for or buy any interest in or assets from us, our funds or our products.
This Website is provided on an “as is” basis without representation or warranty of any kind whether as to adequacy, accuracy, completeness or otherwise. The information on this Website may be changed at any time without prior notice. We shall not be liable for any loss or damage relating to adequacy, accuracy or completeness of any information on this Website or the use of such information.
Opinions and estimates contained in this Website are based on current opinions and/or estimates of ours and which may not prove valid and may be changed without notice. Additionally, this Website may contain “forward-looking statements” and the actual events or results or the actual performance of the relevant entities, funds or products may differ materially from those reflected or contemplated in such forward-looking statements. In considering the information contained in this Website in relation to historical investments, prior investment performance or other processes of proprietary nature, if any, you should bear in mind that such information is not indicative of future results and there can be no assurance that the relevant entities, funds or products will achieve comparable results, that targeted or projected investments, returns or asset allocations will be met and that the same or similar investment strategies, approaches or objectives will be implemented or achieved in the future. Prior to making any investment, please read the relevant private placement memorandum or explanatory memorandum and other documentation of the relevant funds or products in their entirety. You must ensure you fully understand the risks associated with the investment and should also consider your own investment objective and risk tolerance. We, including but not limited to its directors, officers, employees and agents, do not accept any responsibility whatsoever or liability for any direct, indirect or consequential loss or damage suffered or incurred by you or any other person or entity however caused (including but not limited to negligence) in any way in connection with this Website.
The information in this Website further shall not be taken as constituting legal, tax, investment or other advice by us to you or any other party, nor to constitute you or such person a client or customer of us. You must obtain your own independent professional advice before making any investment decision or otherwise.
Cookies
We do not accept responsibility for any interference or damage to your computer system, the records stored thereon or those of any other person, which arises in connection with your use of this Website or any linked website. Cookies may be utilized on this Website. Acceptance of cookies may be necessary in order for you to read and agreed to this disclaimer and to access the Website. The cookies do not contain any personally identifiable information. All contents of this Website including all information, graphics, code, text and design are owned by us and should not be reproduced or distributed without our permission, and all rights including copyrights are reserved.
Hyperlinks
Certain hyperlinks on this Website may connect you to websites outside of this Website. We have not reviewed such external websites and we take no responsibility for the content thereof and the products, services or other items offered through them.
Privacy policy and data protection
We are committed to complying with the Personal Data (Privacy) Ordinance, Chapter 486 of the Laws of Hong Kong (the “Ordinance”) in handling your personal data (within the meaning given by the Ordinance). All reasonable steps would be taken to ensure that your personal data are kept secure against unauthorized access, loss, disclosure and destruction. Please read our personal data privacy policy for more details.
Limitation of liability on system and transmission over the internet
We (including but not limited to our directors, officers, employees and agents) take no responsibility for any loss or damage to any person (including any loss of opportunities or profit, delay, data corruption, system disruption, or damage to any hardware or software or otherwise) in connection with their use of this Website or its information, whether caused by virus attack, force majeure event, interception of data or communications, hardware and software malfunction, failure of servers, service providers, network traffic congestion, email transmission failure, or failure access to this Website or otherwise.
Governing law
This disclaimer is governed by the laws of Hong Kong and constitutes the entire agreement between you and us in relation to the use of this Website.
Language
In case of any discrepancy between the English and Chinese version of this Disclaimer and this Website, the English version shall prevail.
Some five years after Alibaba Group first went public in New York, shares of the Chinese internet giant made a solid debut in Hong Kong on Tuesday marking the largest initial public offer on that market so far this year.
Alibaba's Hong Kong-listed shares jumped 6.25 percent above its issue price of HK$176($22.50) per share on Tuesday morning before hitting an early intraday high of HK$189.5. They closed 6.59 percent up at HK$187.60.
Alibaba operates the Taobao and Tmall online retail platforms along with a wide array of logistics, cloud computing and financial services.
"I especially want to thank Hong Kong and the Hong Kong bourse for the city's innovation and the reform of its capital market in the past few years," said Daniel Zhang, chairman and CEO of Alibaba at the iconic bell-ringing ceremony.
"These have enabled us to live up to the promise we made five years ago that 'if conditions permit in Hong Kong, we will definitely return'."
The company has called Hong Kong its "natural first choice" for share floating due to the proximity to the Chinese mainland where the lion's share of its businesses lies.
Yet a proposal in 2014 that would have allowed it to circumvent the exchange's ban on dualclass shares was rejected, propelling it to record a blockbuster IPO the same year in New York.
Dual class loosely refers to a mechanism that allows mainly tech entrepreneurs to keep control of their startups even after going public.
However, relevant rules in Hong Kong were relaxed in 2018, ushering in major listings from China-based tech companies like ondemand service Meituan Dianping and smartphone maker Xiaomi Corp.
"I even foresee the possibility of Alibaba seeking an A-share listing (an IPO in Shanghai or Shenzhen). The rollout of Chinese Depositary Receipts last year, for instance, is setting the stage for such highquality returnees to boost the domestic capital market," said Dong Yizhi, a Shanghai-based lawyer with Yida Law Firm.
As a gesture of globalization and diversification, Alibaba invited 10 business partners from eight nations to the IPO ceremony, each representing a different trade ranging from cloud computing, financial services, internet of things and local services that the tech juggernaut is now widely engaged in.
Given Alibaba's world-class size and impact, there's definitely symbolic significance for such a "national core asset" to list back home, said Cui Libiao, contributing researcher of the Internet Economics Research Center and CEO of Hangzhou-based Yingdong Education.
"In light of global economic uncertainty, domestic investors have a better understanding and appreciation of Alibaba's business logic and are thus likely to further boost its valuation," Cui noted.
Alibaba said that based on its issue price of HK$176 per share, it raised HK$101.2 billion by selling 575 million new shares to investors. The company noted that the retail portion was oversubscribed by 42 times.
With a market capitalization of more than HK$4 trillion, the e-commerce behemoth, the first Chinese mainland-based internet company dual listed in the US and Hong Kong, now knocks Tencent Holdings off the top spot to become the most valuable company by market capitalization on the Hong Kong exchange.
"As Alibaba and Tencent look to join hands to serve as a pair of anchors of stability, it will be more and more difficult for short sellers to attack the Hong Kong stock market, sharpening the city's edge as a go-to IPO destination for promising firms," said Li Daxiao, chief economist at Yingda Securities.
Li believed the Hangzhou-based company also sets a clear example for overseas-listed Chinese mainland companies, especially those with weighted voting-right structures, to follow suit and head back home.
|
Previous：China's outbound direct investment over $150b in 2020 [2020-12-23]
Next：Alibaba to strengthen investment in Southeast Asia with logistics hub [2018-03-27] |
