IPO / Alibaba / IPO / hong kong / Jack Ma / e-commerce / Chine / Bourse
IPO
Alibaba / IPO / hong kong / Jack Ma / e-commerce / Chine / Bourse
Alibaba : une cotation secondaire à Hong Kong serait aussi politique qu'économique
Alors que la guerre économique entre les États-Unis et la Chine ne cesse de modifier certains équilibres, Alibaba assure ses arrières. Le groupe de Jack Ma, déjà coté à New York depuis 2014, envisage une IPO secondaire sur la Bourse de Hong Kong au cours du second semestre. Selon plusieurs sources, relayées par Bloomberg puis Reuters, Alibaba pourrait lever de 10 à 20 milliards de dollars. De quoi rivaliser avec la plus grosse introduction en Bourse jamais réalisée à Hong Kong, celle de la compagnie d'assurances AIA (ancienne filiale d'AIG), qui a levé 17,9 milliards de dollars en 2010. Déjà en 2014, Alibaba avait réalisé une introduction boursière record en levant 25 milliards de dollars.
Les montants évoqués sont à l'image du poids d'Alibaba dans le commerce mondial, même si le groupe chinois - qui est bien plus rentable que son rival américain Amazon et qui a près de 28 milliards de dollars de trésorerie - ne semble pas avoir spécialement besoin d'argent frais. Cette IPO est néanmoins pleine d'avantages pour Alibaba. En s'introduisant à Hong Kong, le groupe flatte Pékin et prouve sa loyauté dans un contexte tendu avec les États-Unis. Il assure aussi ses arrières, au cas où ses actions cotées à New York subiraient trop les tensions commerciales L'opération lui permet également d'être plus accessible aux investisseurs chinois - ceux qui utilisent ses produits au quotidien - via le système Stock Connect, qui relie les marchés de Chine continentale de Shanghai et Shenzhen à la Bourse de Hong Kong.
Une telle cotation permettrait au plus grand groupe chinois d'améliorer son accès aux prêts des banques asiatiques et de faire d'importantes acquisitions en Asie du Sud-Est ou bien de racheter des parts détenues par son principal actionnaire, le japonais SoftBank (qui a 28,8 % du capital, évalué à près de 12 milliards de dollars).
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