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阿里巴巴何時開盤交易?

阿里巴巴何時開盤交易?

Stephen Gandel 2014-09-18
紐約證券交易所推遲了阿里巴巴首次公開發(fā)行股票的開盤時間。不過,對于這家熱門科技公司的股票具體何時開始交易,我們有可靠的推測:大約在上午11點(diǎn)。

聚焦阿里巴巴上市專題

· 阿里上千員工或分得人均數(shù)千萬財富
· 阿里的收購野心及其背后的風(fēng)險
· 阿里巴巴能從亞馬遜和谷歌的IPO中借鑒什么
· 硅谷怎么看阿里巴巴?
· 阿里巴巴IPO:對投資者來說這是一筆“撿漏”的買賣

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????本周五,即美國東部時間9月19日上午9:30分,紐約證券交易所(NYSE)將啟動程序,確定阿里巴巴(Alibaba)首次公開募股的開盤價,據(jù)預(yù)測,阿里巴巴此次將至少募資210億美元。

????不過,這家中國電子商務(wù)公司的具體開盤交易時間仍未確定。阿里巴巴由馬云擔(dān)任CEO,全稱為“阿里巴巴集團(tuán)控股有限公司”,也被稱為中國的亞馬遜(Amazon)。

????之所以時間無法確定,是因?yàn)榧~約證券交易所推遲了阿里巴巴首次公開發(fā)行股票的開盤時間。推遲的時間長短取決于一系列因素,包括主承銷商以及交易的熱門程度。在阿里巴巴這次,主承銷商為高盛(Goldman Sachs),而且它顯然很受投資者的追捧。

????一般而言,紐約證券交易所的新股開盤時間為敲響開市鐘后15分鐘之內(nèi)。但與競爭對手納斯達(dá)克(Nasdaq)不同,紐約證券交易所從未設(shè)定官方的新股開盤時間。而兩年前,納斯達(dá)克搞砸了Facebook的IPO,結(jié)果未能按計劃開始交易。

????通用汽車(General Motors)再上市時曾在上午9:36開始交易。其他熱門科技公司IPO開始交易的時間通常都晚于15分鐘。去年, Twitter在紐約證券交易所上市,其股票直到上午10:49才開始交易。

????紐約證券交易所的管理人員認(rèn)為,鑒于阿里巴巴此次IPO的規(guī)模和投資者的興趣,其股票開盤的時間可能會推遲。曾擔(dān)任Twitter IPO承銷商的高盛,一貫都是不急不徐的。那么,阿里巴巴開始交易的具體時間到底是什么時候?答案是,大約在上午11點(diǎn)。

????紐約證券交易所總裁湯姆?法利周二對《財富》雜志(Fortune)表示:“紐約證券交易所的偉大之處在于,它并非完全依賴科技,對于一只股票來說,到了某個合適的時間點(diǎn),它必須開始交易。我們在銷售點(diǎn)的員工會做出合理的決定。其中一項(xiàng)合理決定是:‘這是一次大規(guī)模的IPO,似乎有一點(diǎn)失衡。讓我們稍微放慢一下速度?!?/p>

????以下是阿里巴巴上市的具體流程:周四晚上,阿里巴巴從華爾街選擇的主承銷商將根據(jù)收到的訂單,一起確定阿里巴巴IPO的發(fā)行價——主承銷商除高盛之外,還包括摩根大通(JPMorgan Chase)、摩根士丹利(Morgan Stanley)、花旗集團(tuán)(Citigroup)、瑞士信貸(Credit Suisse)和德意志銀行(Deutsche Bank)。發(fā)行價格區(qū)間為每股66 - 68美元。不過,阿里巴巴股票的上市價格可能為68美元,因?yàn)橥顿Y者對其股票的需求旺盛,并且阿里已經(jīng)提高了之前60 - 66美元的價格區(qū)間。

????發(fā)行價最早將在周四收盤后的下午4:01確定。但這個過程也可能需要數(shù)個小時,有可能要到晚上才能確定最終發(fā)行價。之后,有幸在IPO中買到股票的投資者,就能知道他們獲得了多少股份。

????但這還不是阿里巴巴股票的開盤價格。周五上午,紐約證券交易所將開始所謂的“新股盤前競價程序”,紐約證券交易所的官方名稱是“價格發(fā)現(xiàn)程序”。在此期間,股票經(jīng)紀(jì)商可以提交買進(jìn)或賣出訂單。這些訂單將進(jìn)入系統(tǒng),但要在阿里巴巴開始交易之后才能實(shí)際完成。在周五上午9:30之后的某個時間點(diǎn),紐約證券交易所將在現(xiàn)場宣布并在系統(tǒng)中顯示,交易所將“凍結(jié)賬目”,意思是其將臨時停止接受新訂單。這也意味著阿里巴巴的股票將很快開始交易。交易開始后,買賣交易將恢復(fù)正常。

????而阿里巴巴上市的漫長旅程也將在那一刻到達(dá)終點(diǎn)。(財富中文網(wǎng))

????翻譯:劉進(jìn)龍/汪皓

????On Friday, September 19 at 9:30 a.m. ET, the NYSE stock exchange will begin the process to determine the opening price for trading Alibaba’s IPO, which is expected to raise at least $21 billion.

????But the exact time in which the stock of the Chinese e-commerce company—which is run by CEO Jack Ma, officially known as Alibaba Group Holding Ltd , and is sometimes referred to as the Amazon of China—will begin trading is unknown.

????That’s because the New York Stock Exchange delays the opening of shares of initial public offerings. How big a delay that will be depends on a number of factors, including the underwriter leading the offering, which in this case is Goldman Sachs , and how hot the deal is, which in this case is very.

????Generally, IPOs open on the NYSE within 15 minutes of the opening bell. But unlike at rival Nasdaq , which two years ago flubbed the IPO of Facebookand did not begin trading on schedule, the NYSE does not set an official trading start time for IPOs.

????General Motors started trading at 9:36 a.m. Other hot technology IPOs have taken much longer than the typical 15 minutes. When Twitter went public last year on the NYSE, the stock did not start trading until 10:49 a.m.

????Officials at the NYSE think the size of Alibaba’s IPO and the interest around it could mean it will take even longer to open. And Goldman, which was also the underwriter for Twitter, has a history of not rushing IPOs. The best guest for an Alibaba trading start? Around 11 a.m.

????“What’s great about the NYSE is that it’s not all about technology and that at a moment in time a stock has to open up,” Tom Farley, president of the NYSE, told Fortune on Tuesday. “We have humans at the point of sale who can make rational decisions. And one rational decision is, ‘this is a big IPO, feels like a bit of an imbalance, let’s slow it down a bit.'”

????Here’s how it will go down: On Thursday night, Alibaba’s lead Wall Street bankers—which, along with Goldman, include JPMorgan Chase , Morgan Stanley , Citigroup , Credit Suisse, and Deutsche Bank—will get together and set, based on the orders they have received, an offering price for Alibaba’s IPO. The range for that offering price was $66-to-$68 a share. But it’s likely that Alibaba’s shares will go public at $68, given that there has been a lot of demand for the offering and that an earlier range of $60-to-$66 was raised.

????The price for the offering could be set as early as 4:01 p.m. on Thursday, after the market closes for the day. But the process is likely to take a few hours, and it might not happen until later in the evening. After that, investors lucky to get stock in the IPO will find out how many shares they received.

????But that’s not the price Alibaba’s shares will begin trading at. On Friday morning, the exchange will start the process of what some people call the “IPO cross,” which NYSE officially calls the “price discovery process.” During that time, brokers can submit buy or sell orders. Those orders will be put into the system but won’t actually be completed until Alibaba starts trading. At some point after 9:30 a.m. on Friday, the NYSE will call out on the floor, and indicate on its systems, that it is “freezing the book,” meaning it will temporarily stop taking new orders. That’s the indication that Alibaba will soon start trading. Once it does, the buying and selling will resume.

????And Alibaba’s long journey toward becoming a public company will come to an end.

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