Internet identity "paradox" in the end is how is it?

As domestic tech companies like Tencent, Baidu, Sina and other domestic companies have undergone the same test, Alibaba, which is expected to become the largest IPOs ever , is suffering from a lot of scrutiny in the capital market.

Recently, some media disclosed the news that Alibaba recently signed an agreement with China North Industries Group, a joint venture to set up a Beidou operation service company, the news has not yet been confirmed, the China North Industries Group North Navigation ( 600435 , SH ) Daily limit for two consecutive days , the company shares for three consecutive trading days closing price deviation from the cumulative increase of 20% . This shows that " Pongquang " Alibaba's domestic companies became the hot spot in the A- share market speculation.

Although North China Navigation denied the news on the 8th , this statement will undoubtedly make Ali's investment route even more interesting. Coupled with previously sponsored by Ma Yun Yunfeng Fund and CITIC Industrial Investment Fund will invest in Erie subsidiary livestock company, IPO on the eve of Alibaba was once again pushed to the cusp.

In response to the " complicated transaction structure " of foreign media , Alibaba stakeholders said in an interview with the "Daily Economic News" that it will not comment because it is in a silent period. However, according to industry information, this kind of investment structure is widespread in China.

Organizations who told reporters that because Alibaba roadshow this month, does not rule out that some agencies deliberately let the air to interfere with the market, in order to force the Ali share price discount.

Jack Ma layout future society

Ma around investment, its tentacles already out of the Internet, in addition to accusing film and television entertainment industry, investment football, he also aimed at the dairy business.

Recently, Yili shares ( 600887 , SH ) announcement shows that Yunfeng jointly sponsored by Ma Yun Fund and CITIC Investment Fund will participate in the investment Erie livestock company, investors will total not less than 2 billion yuan to obtain the livestock company 60 % stake, Erie is holding a replenishment of livestock companies after the completion of the 40 % stake.

Among them, cloud front fund is founded by Jack Ma and Yu Feng media mobilization, Yun Feng's name comes from the two founders of the name. In addition to holding Ali shares, Yunfeng Fund in recent months and Ali co-invested CITIC 21 Century and Youku potatoes.

This is the largest investment by the " layman " in the dairy industry after many years of sluggish domestic dairy industry .

According to foreign media reports, Alibaba is currently undergoing large-scale investment, take a different investment structure, and the use of a variety of investment entities, this form of investment blurred the boundaries of personal and business interests, making the outside of Ali's Concerns over potential conflicts of interest between investing practices and management identity factors are on the rise.

Investment structure highlights the pain point

A number of Chinese-funded QDII agencies said the above concerns are not true because the investment structure such as Alibaba is widespread in China-based companies and "there is no need to make a fuss . "

Cui Tao, director of Cathay Pacific NASDAQ 100 Fund, told the Daily Economic News reporter interviewed that the question of the structure of the company in the technology stocks is a commonplace question, the fundamental reason is that the system design of capital markets caused , " Many companies have had such an experience before, and this is a kind of helplessness under the VIE framework. In terms of the capital market, it still places more emphasis on the performance and market position of the company. "

According to him, Internet companies in the early stages of business because they do not get the recognition of traditional banks, most of their funding comes from angel investment, venture capital or private equity, so that Internet companies in the ownership structure appeared in Sino-foreign joint ventures, which is China's current restrictions on the listing of Sino-foreign joint ventures in the A- share market have created a direct conflict, resulting in their listing can only be far away.

It is precisely this root cause that has led many technological companies growing up in the Mainland to encounter the " paradox " of identity while conducting their financing and investment businesses . Because of foreign ownership, companies are not authorized to invest in certain specific areas. In China's investment restrictions directory, the Internet, telecommunications value-added services and other fields, are subject to many restrictions.

Therefore, in the 21st century of CITIC , China Media and some other investments, Jack Ma has personally invested in behalf of Alibaba. In the past two years, Alibaba Group, as the main body of a lot of investment, including the main industry was clearly related to the rookie, Haier, Intime, Weibo, etc .; at the same time, Ma and some " Ally " investment body For the financial and telecommunications industries have invested.

Analysts pointed out that in the field of direct foreign investment restrictions, this investment structure has become the prevailing practice of many high-tech enterprises. Alibaba is registered in the offshore Cayman Islands to attract foreign investors and solve the financing problems for development. But it also makes these companies a foreign entity that can not directly participate in many Chinese companies.

Cui Tao does not think its IPO pricing and financing will be greatly affected by the " complex identity " of Alibaba's investments . " Foreign institutions are less familiar with domestic technology companies, but they still value Yahoo or Amazon's influence . "

According to the Alibaba prospectus, Jack Ma has written promises to donate his dividend at Yunfeng Fund, donate to the Alibaba Foundation or benefit the Alibaba Foundation. This portion of the dividend arises out of the 40% indirect interest he holds in the general partner of three funds of Yunfeng Fund . At the same time, he also plans to reduce his percentage of direct and indirect economic interests in the Smaller Companies until it is no higher than the economic interest he and his related party Alibaba held before listing.

In addition, the Alibaba prospectus emphasizes that " if we ask, as long as he is also an Alibaba executive, he will assume the legal ownership of the investment entity, holding company and various variable interest entities based on our interest in order to develop us In the case of corporate interests in the Internet, media and telecommunications related industries, he will waive all economic benefits arising from such ownership and will agree on the transfer of all such benefits to us, subject to the relevant law . "