20150612-广发证券(香港)-Technology+Sector:Fund+raising+season

行业研究
US$1.56bn share placement by Alibaba Picture at a deep discount After the strong market rally in April,companies have been seizing the opportunity to raise fresh capital in May and June.Alibaba Pictures(1060 HK)is the latest company to raise capital.On Jun 4,the company tapped the market for HK$12.2bn(US$1.56bn),issuing 4.2bn shares at HK$2.9,a deep discount of ~20% to the last closing price.Shares in Alibaba Pictures have surged over150% YTD and its market cap has reached US$9.6bn,matching that of industry leader Huayi Brothers(300027 CH),at US$9.3bn,which is currently trading at 56x 2015E P/E.The two companies far exceed that of TVB(511 HK)which has a market cap of US$2.6bn.Alibaba Pictures intends to use the net proceeds from the share placement as general working capital and to finance potential acquisitions of media-related businesses in the future.However,the company has not identified any specific acquisition targets at present.
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