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开洱文
2022-08-03

What is the origin of "demon stock" AMTD Digital? How big is the bubble?

一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.43

What is the origin of "demon stock" AMTD Digital? How big is the bubble?

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How big is the bubble?","url":"https://stock-news.laohu8.com/highlight/detail?id=2256670674","media":"大摩财经","summary":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.43","content":"<html><head></head><body>A small and medium-sized Chinese concept stock that few people noticed set off a \"demon wind\" in the Wall Street market: half a month after its listing, its stock price rose 215 times, and its market value exceeded US $310 billion.Controlled by Hong Kong businessman Tsai Zhijian<a href=\"https://laohu8.com/S/HKD\">AMTD Digital</a>It landed on the U.S. stock market on July 14, with an issue price of US $7.8, and raised US $143.5 million after Green Shoes. It is the largest IPO project of Chinese concept stocks in the United States during the year.After listing, AMTD Digital unexpectedly went out of a strong rising market, with an increase of more than 100% for several consecutive trading days. The closing price on August 1 was US $742, an increase of 94 times compared to the issue price. On August 2, AMTD Digital's closing price was US $1,679, and its market value exceeded US $310 billion. The leading Chinese concept company listed in the United States<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market value that day was approximately US $240 billion.It is worth mentioning that AMTD Digital has a total share capital of 74.01 million shares, but only 8.37 million shares are outstanding, accounting for about 11.3%. After listing, the daily trading volume is only a few hundred thousand shares.The most demonic \"demon stock\" of the yearAMTD Digital is a digital finance company under AMTD Group. AMTD Group was first founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>After the Asia Private Equity Investment Fund (MSPE), the Lee family no longer participates in its daily management and operation. Cai Zhijian, a Hong Kong businessman with investment banking background, became the actual controller of AMTD Group.According to public information, AMTD Group develops its business layout around the IDEA strategy, in which \"I\" stands for investment banking and traditional finance, \"D\" refers to the digital finance sector (AMTD Digital), \"E\" refers to the education side, and \"A\" refers to real estate and hotels.In recent years, AMTD Group has continuously split its business segments and listed them, among which<a href=\"https://laohu8.com/S/AMTD\">AMTD International</a>Listed on the New York Stock Exchange in August 2019, and in 2020<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>Secondary listing, it is the first listed company in Singapore with different rights for the same shares.AMTD Digital was established in 2019 and was acquired by AMTD International for US $1.2 billion in early 2022. After the acquisition is completed, AMTD International owns 97.1% of AMTD Digital, and the former also changed its stock abbreviation to AMTD IDEA Group.As of the end of 2021, AMTD Group holds 50.6% of AMTD International, and Infinity Power Investments Limited, wholly owned by Tsai Zhijian, holds 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>Holding 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. The equity of AMTD Group has not been disclosed. According to the content of the prospectus, it can only be known that its board members include Cai Zhijian.<img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of AMTD IDEA Group (formerly AMTD International) rose sharply on August 2, hitting an all-time high of US $12.89 during the session. As of 23:00 on August 2, AMTD IDEA Group rose by about 300%, the latest market value is around US $3.1 billion.Cai Zhijian, 44, once worked at PricewaterhouseCoopers,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Waiting for employment in the company. From 2014 to 2015, when Cai Zhijian worked at UBS, two projects he participated in were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities Regulatory Commission issued a \"Notice of Decision\" to Cai Zhijian, ruling that Cai Zhijian had two illegal acts: disclosure, fair treatment, and conflict of interest, and made a penalty decision to ban him from business for two years. Cai Zhijian then filed an application for review and filed an application for closed-door hearing.However, Cai Zhijian's application for a closed-door hearing has not been passed. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public from December 12 to 16, 2022.In 2019, Cai Zhijian was debt collected by CMIG and accused of financial fraud. Since then, Cai Zhijian's whereabouts have tended to be low-key. Caixin quoted people familiar with the matter as saying that Cai Zhijian was suspected of leaving Hong Kong this year to avoid debts and was in Singapore from March to April 2022.How big is the bubble?After the market closed on August 1, AMTD Digital's rolling P/E has reached 5,992 times. Can AMTD Digital's fundamentals support such a valuation?In contrast, the average P/E of the S&P 500 Index is less than 20 times, and the U.S. financial giants<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.Compared with international giants, AMTD Digital is overvalued by more than a star. From fiscal year 2019 to fiscal year 2021 (as of April 30 of that year), AMTD Digital's revenue was HK $15 million, HK $167.5 million and HK $195.8 million respectively; Profit for the same period (including changes in fair value of financial assets) was HK $22 million, HK $158 million and HK $172 million, respectively. In the ten months from May 2021 to the end of February 2021, AMTD Digital's revenue was HK $168 million and its net profit was HK $187 million, a year-on-year increase of 3.7% and 65.5% respectively.AMTD Digital mainly has two business lines, namely digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. AMTD Digital has repeatedly emphasized that the \"scarcest digital financial license in Asia\" actually implements only the insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Financial Supervisory Authority of Singapore.Another major business line, the cobweb ecosystem solution, is to provide paid members with exclusive access to the AMTD SpiderNet ecosystem and its famous corporate members, outstanding corporate executives and partners. At the same time, the business provides support in relevant professional fields through cooperation with industry leaders and academic institutions. To sort it out briefly, this business doesn't seem to be much different from ordinary investment banking think tanks.It is worth mentioning that the growth rate of AMTD Digital's two major businesses has slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, the revenue of digital financial services business was HK $8.671 million, HK $9.869 million, HK $11.721 million and HK $10.088 million respectively. During the same period, profits were HK $1.863 million, HK $4.765 million, HK $1.084 million and HK $1.089 million.In the first ten months of fiscal year 2022, the revenue and profit of the digital financial services business both experienced a year-on-year decline, of which the profit decline reached 18%, far greater than the 2.74% decline in revenue.<img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal year 2019 to fiscal year 2022, AMTD Digital's cobweb ecosystem solution business revenue was HK $5.88 million, HK $158 million, HK $184 million and HK $157 million, respectively, and its profit was HK $1.95 million., 140 million Hong Kong dollars, 144 million Hong Kong dollars and 117 million Hong Kong dollars.Although this part of the business has maintained revenue growth in the ten months of fiscal year 2022, it has fallen into a situation of increasing revenue but not increasing profits. The current profit fell by 2.5% year-on-year.</body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What is the origin of \"demon stock\" AMTD Digital? 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How big is the bubble?\n</h2>\n<h4 class=\"meta\">\n\n大摩财经2022-08-03 08:57\n\n</h4>\n</header>\n<article>\n<html><head></head><body>A small and medium-sized Chinese concept stock that few people noticed set off a \"demon wind\" in the Wall Street market: half a month after its listing, its stock price rose 215 times, and its market value exceeded US $310 billion.Controlled by Hong Kong businessman Tsai Zhijian<a href=\"https://laohu8.com/S/HKD\">AMTD Digital</a>It landed on the U.S. stock market on July 14, with an issue price of US $7.8, and raised US $143.5 million after Green Shoes. It is the largest IPO project of Chinese concept stocks in the United States during the year.After listing, AMTD Digital unexpectedly went out of a strong rising market, with an increase of more than 100% for several consecutive trading days. The closing price on August 1 was US $742, an increase of 94 times compared to the issue price. On August 2, AMTD Digital's closing price was US $1,679, and its market value exceeded US $310 billion. The leading Chinese concept company listed in the United States<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market value that day was approximately US $240 billion.It is worth mentioning that AMTD Digital has a total share capital of 74.01 million shares, but only 8.37 million shares are outstanding, accounting for about 11.3%. After listing, the daily trading volume is only a few hundred thousand shares.The most demonic \"demon stock\" of the yearAMTD Digital is a digital finance company under AMTD Group. AMTD Group was first founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>After the Asia Private Equity Investment Fund (MSPE), the Lee family no longer participates in its daily management and operation. Cai Zhijian, a Hong Kong businessman with investment banking background, became the actual controller of AMTD Group.According to public information, AMTD Group develops its business layout around the IDEA strategy, in which \"I\" stands for investment banking and traditional finance, \"D\" refers to the digital finance sector (AMTD Digital), \"E\" refers to the education side, and \"A\" refers to real estate and hotels.In recent years, AMTD Group has continuously split its business segments and listed them, among which<a href=\"https://laohu8.com/S/AMTD\">AMTD International</a>Listed on the New York Stock Exchange in August 2019, and in 2020<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>Secondary listing, it is the first listed company in Singapore with different rights for the same shares.AMTD Digital was established in 2019 and was acquired by AMTD International for US $1.2 billion in early 2022. After the acquisition is completed, AMTD International owns 97.1% of AMTD Digital, and the former also changed its stock abbreviation to AMTD IDEA Group.As of the end of 2021, AMTD Group holds 50.6% of AMTD International, and Infinity Power Investments Limited, wholly owned by Tsai Zhijian, holds 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>Holding 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. The equity of AMTD Group has not been disclosed. According to the content of the prospectus, it can only be known that its board members include Cai Zhijian.<img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of AMTD IDEA Group (formerly AMTD International) rose sharply on August 2, hitting an all-time high of US $12.89 during the session. As of 23:00 on August 2, AMTD IDEA Group rose by about 300%, the latest market value is around US $3.1 billion.Cai Zhijian, 44, once worked at PricewaterhouseCoopers,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Waiting for employment in the company. From 2014 to 2015, when Cai Zhijian worked at UBS, two projects he participated in were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities Regulatory Commission issued a \"Notice of Decision\" to Cai Zhijian, ruling that Cai Zhijian had two illegal acts: disclosure, fair treatment, and conflict of interest, and made a penalty decision to ban him from business for two years. Cai Zhijian then filed an application for review and filed an application for closed-door hearing.However, Cai Zhijian's application for a closed-door hearing has not been passed. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public from December 12 to 16, 2022.In 2019, Cai Zhijian was debt collected by CMIG and accused of financial fraud. Since then, Cai Zhijian's whereabouts have tended to be low-key. Caixin quoted people familiar with the matter as saying that Cai Zhijian was suspected of leaving Hong Kong this year to avoid debts and was in Singapore from March to April 2022.How big is the bubble?After the market closed on August 1, AMTD Digital's rolling P/E has reached 5,992 times. Can AMTD Digital's fundamentals support such a valuation?In contrast, the average P/E of the S&P 500 Index is less than 20 times, and the U.S. financial giants<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.Compared with international giants, AMTD Digital is overvalued by more than a star. From fiscal year 2019 to fiscal year 2021 (as of April 30 of that year), AMTD Digital's revenue was HK $15 million, HK $167.5 million and HK $195.8 million respectively; Profit for the same period (including changes in fair value of financial assets) was HK $22 million, HK $158 million and HK $172 million, respectively. In the ten months from May 2021 to the end of February 2021, AMTD Digital's revenue was HK $168 million and its net profit was HK $187 million, a year-on-year increase of 3.7% and 65.5% respectively.AMTD Digital mainly has two business lines, namely digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. AMTD Digital has repeatedly emphasized that the \"scarcest digital financial license in Asia\" actually implements only the insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Financial Supervisory Authority of Singapore.Another major business line, the cobweb ecosystem solution, is to provide paid members with exclusive access to the AMTD SpiderNet ecosystem and its famous corporate members, outstanding corporate executives and partners. At the same time, the business provides support in relevant professional fields through cooperation with industry leaders and academic institutions. To sort it out briefly, this business doesn't seem to be much different from ordinary investment banking think tanks.It is worth mentioning that the growth rate of AMTD Digital's two major businesses has slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, the revenue of digital financial services business was HK $8.671 million, HK $9.869 million, HK $11.721 million and HK $10.088 million respectively. During the same period, profits were HK $1.863 million, HK $4.765 million, HK $1.084 million and HK $1.089 million.In the first ten months of fiscal year 2022, the revenue and profit of the digital financial services business both experienced a year-on-year decline, of which the profit decline reached 18%, far greater than the 2.74% decline in revenue.<img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal year 2019 to fiscal year 2022, AMTD Digital's cobweb ecosystem solution business revenue was HK $5.88 million, HK $158 million, HK $184 million and HK $157 million, respectively, and its profit was HK $1.95 million., 140 million Hong Kong dollars, 144 million Hong Kong dollars and 117 million Hong Kong dollars.Although this part of the business has maintained revenue growth in the ten months of fiscal year 2022, it has fallen into a situation of increasing revenue but not increasing profits. The current profit fell by 2.5% year-on-year.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b\">大摩财经</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/675f5186f47a5ae9453d9922f4bd33f5","relate_stocks":{"BK4526":"热门中概股","HKD":"尚乘数科"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2256670674","content_text":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.435亿美元，是年内最大的中概股在美IPO项目。上市后，尚乘数科意外走出强势上涨行情，连续多个交易日涨幅超过100%，8月1日收盘价742美元，相比发行价上涨94倍。8月2日，尚乘数科收盘价1679美元，市值最高突破3100亿美元。美国上市的中概龙头阿里巴巴当日市值约2400亿美元。值得一提的是，尚乘数科总股本7401万股，但流通股只有837万股，占比约11.3%。上市以后每日交易量只有几十万股。年内最妖的“妖股”尚乘数科是尚乘集团旗下的一家数字金融公司。尚乘集团最早由李嘉诚的长江实业、和记黄埔于2003年创立，2014年引入新股东摩根士丹利亚洲私募股权投资基金（MSPE）后，李氏家族不再参与其日常管理营运。投行出身的香港商人蔡志坚成为尚乘集团的实际控制人。公开资料显示，尚乘集团围绕IDEA战略展开业务布局，其中”I”代表投资银行及传统金融，“D”即数字金融板块（尚乘数科），“E”是教育方，”A”则地产及酒店。最近几年，尚乘集团不断拆分旗下业务板块上市，其中尚乘国际于2019年8月登陆纽交所，并在2020年在新加坡交易所二次上市，是新加坡第一家同股不同权的上市公司。尚乘数科成立于2019年，2022年初被尚乘国际斥资12亿美元收购。收购完成后，尚乘国际拥有尚乘数科97.1%股权，前者也将股票简称更名为尚乘IDEA集团。截至2021年底，AMTD集团持有尚乘国际50.6%股权，蔡志坚独资的Infinity Power Investments Limited 持股32.5%，世纪城市国际持股5.8%。根据招股书，Infinity Power Investments Limited是尚乘国际最大单一股东，AMTD集团股权并未披露，根据招股书内容，仅可以知道其董事会成员包括蔡志坚。值得一提的是，尚乘IDEA集团（原来的尚乘国际）在8月2日股价大幅上涨，盘中触及12.89美元的历史高点，截至8月2日23时，尚乘IDEA集团涨幅约300%，最新市值在31亿美元左右。现年44岁的蔡志坚，曾在普华永道、瑞银等公司任职。2014年至2015年，蔡志坚在瑞银工作期间，参与的两个项目，由于存在利益冲突及信息披露问题，遭到香港证监会调查。2022年1月，香港证监会向蔡志坚发出《决定通知书》，裁定蔡志坚有披露及公平对待、利益冲突两项违法行为，并对其做出禁业两年的处罚决定。蔡志坚随后提出了复核申请，并提出了闭门聆讯申请。不过，蔡志坚的闭门聆讯申请并没有通过，目前该案尚待审理，禁令暂未生效，正式聆讯将在2022年12月12日至16日间公开举行。2019年，蔡志坚曾被中民投追债，并被指控金融诈骗。此后，蔡志坚行踪趋于低调。财新引述知情人士消息称，蔡志坚今年疑似为躲债而离开香港，2022年3月至4月期间，曾身处新加坡。泡沫有多大？8月1日收盘后，尚乘数科的滚动市盈率已经达到5992倍。尚乘数科的基本面能撑起这样的估值吗？作为对比的是，标普500指数平均市盈率不到20倍，美国金融巨头摩根大通市盈率不到9倍，摩根士丹利市盈率为10.7倍。相比国际巨头，尚乘数科被高估了不止一星半点。2019财年至2021财年（截至当年4月30日），尚乘数科营收分别为0.15亿港元、1.675亿港元和1.958亿港元；同期利润（包括金融资产公允价值的变动）分别为0.22亿港元、1.58亿港元和1.72亿港元。在2021年5月至2021年2月底的十个月内，尚乘数科营收为1.68亿港元，净利润为1.87亿港元，同比分别增长3.7%和65.5%。尚乘数科主要有两大业务线，即数字金融服务和蛛网生态系统解决方案。其中，数字金融服务主要为客户提供保险和数字银行业务。尚乘数科一再强调的“亚洲最稀缺的数字金融牌照”实际落实的只有保险经纪牌照，可以在新加坡和香港进行保险经纪业务。其余的几个金融资产和牌照，还需要等待新加坡金融监管局的批准。另一大业务线蛛网生态系统解决方案，则是为付费会员提供独家访问AMTD SpiderNet生态系统及其著名的企业成员、杰出的企业高管和合作伙伴的机会。同时，该业务通过与行业领袖和学术机构合作，提供相关专业领域的支持。简单梳理一下，这个业务与一般的投行智库，似乎没有太大区别。值得一提的是，尚乘数科两大业务增速已经明显放缓。2019财年至2022财年的前十个月，数字金融服务业务营收分别为867.1万港元、986.9万港元、1172.1万港元和1008.8万港元。同期，利润为186.3万港元、476.5万港元108.4万港元和108.9万港元。2022财年前十个月，数字金融服务业务营收和利润都出现了同比下滑，其中利润下滑幅度达到18%，远大于营收下滑的2.74%。在2019财年至2022财年的前十个月，尚乘数科的蛛网生态系统解决方案业务营收分别为588万港元、1.58亿港元、1.84亿港元和1.57亿港元，利润为195万港元、1.4亿港元、1.44亿港元和1.17亿港元。这部分业务在2022财年十个月虽然保持了营收增长，但却陷入增收不增利的局面中，当期利润同比下滑2.5%。","news_type":1,"symbols_score_info":{"HKD":0.9}},"isVote":1,"tweetType":1,"viewCount":3823,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}