花旗表示,阿里巴巴(09988.HK) 宣布将发行120.23亿港元的零息可交换债券,于2032年7月9日到期,该债券以阿里健康(00241.HK) 股份为参考。虽然到期日还有7年,但此事件可能使阿里巴巴在阿里健康的股权比例最多降低12个百分点,从64%降至52%。转换价格为6.23港元,较7月3日收盘价溢价38%。
该行认为,此溢价反映了阿里巴巴对阿里健康的乐观态度,以及阿里健康将继续作为阿里巴巴的旗舰医疗保健平台。阿里巴巴应继续与阿里健康及其生态系统成员密切合作,推动“人工智能+医疗保健”行业转型。该行预计,由于潜在的对冲活动,阿里健康股票短期内可能面临压力,尽管阿里健康可能会回购股份。部分投资者可能认为母公司持股比例的潜在下降对阿里健康不利。然而,该行仍维持对阿里健康“买入/高风险”评级,目标价8.5元。(ad/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-04 16:25。)
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