《大行報告》瑞銀:螞蟻集團重啟IPO或屬為時過早 料不會在今年落實
市場早前傳出螞蟻集團重啟IPO及處初步階段,螞蟻集團其後發聲明指,現時正在監管部門的指導下專注落實整改工作,沒有啟動IPO的計劃。瑞銀發表報告表示,料螞蟻集團上市的時間表取決於公司能否取得更多金融、金融科技法規的相關許可證的批准,該行認為螞蟻集團重啟IPO可能屬為時過早,因為公司仍處於重組過程中。
該行表示,會關注螞蟻集團在整改工作中所取得的進展,第一是要取得消費金融牌照,並逐步將信貸業務轉移到消費金融附屬公司;第二是將其貸款便利業務「信用購」從原本的消費貸款產品「花唄」和「借唄」中分離出來;第三是積極爭取信用評分牌照等。
另一方面,瑞銀認為螞蟻仍然存在幾個問題,第一是其消費金融子公司的股權融資被暫停;其股東結構不明確;第二是螞蟻集團被要求縮減其消費貸款餘額,料此需要時間。從股票估值角度來看,其借貸業務增長緩慢可能會抑制估值水平;第三是螞蟻擬建的錢塘江信用評分公司尚未獲得許可,可能也因股權結構問題而推遲;第四是內地更詳細的金融控股公司(FHC)法規尚未出台,包括資本金要求、數據保護、數據共享、關聯交易規則等。
該行稱,雖目前存在不確定性,但該行認為螞蟻的IPO仍會最終會發生,料可能不會在2022年落實。
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