stock and fund knowledge  

Wednesday (August 18), following the Agricultural Bank of China, the China Everbright Bank will also wear the “green shoe” listed in the Shanghai Stock Exchange, A-share market banking shares will therefore be increased to 16.

Retail active subscription

Last Thursday (August 12), China Everbright Bank issued on pricing and on-line under the net result of the ballot issue notice of the rate. And as the Agricultural Bank, China Everbright Bank has also designed a “green shoe” mechanism, and the upper limit of 15% in the exercise of over-allotment option. Everbright Bank to participate in the final online purchase 900 million to investors over-allotment shares, the total issue size of 70 million shares. Among them, the strategic placement of shares were allocated 3 billion, net 1.55 billion shares under the placement, on-line issue of 2.45 billion shares.

ABC Online issue met with the cold stark contrast, China Everbright Bank IPO had been in hot pursuit of individual investors. According to the announcement, China Everbright Bank online issue of the effective subscription of about 687 300 households, the effective purchase shares up to 67.582 billion shares, the freezing of funds of about 209.5 billion yuan; over-allotment, the online ballot issue was 3.63%. That take part in issue, and ultimately placing the institutional investors to 95, net up 10.03% under the allotment ratio, higher than the rate of online ballot. The final issue price for the inquiry to determine upper limit 3.10 yuan / share.

Or sought after listing

China Everbright Bank has been listed everything is ready. Wednesday (August 18), China Everbright Bank will be listed in Shanghai Stock Exchange, online distribution will be 24.5 million shares traded.

It is worth mentioning that, compared to the Agricultural Bank, China Everbright Bank is a “petite figure.” Issue price calculated in accordance with, August 18 solar-largest bank listed on the market value of only 7.595 billion yuan in circulation part. A-share market at present market value of the smallest circulation of Bank of Nanjing (601009) (601009, closing price 11.12 yuan) reached 26.552 billion yuan, the Agricultural Bank was 27.735 billion yuan. Everbright Bank listing market capitalization is only about 28.60 percent of Nanjing Bank, Agricultural Bank of 27.38%, is an out and out super “pocket” bank stocks.

A private person, told reporters that China Everbright Bank is not only a very small market capitalization, and 3.10 yuan / share the absolute price is very low, so after the listing of Everbright Bank, Agricultural Bank of China may not appear like it, by “green shoe” loyal to their issue price situation. On the contrary, it is likely favored by the funds, out of the wave of a relatively large market.

3.30 ~ 3.60 yuan a reasonable valuation

CITIC Securities (600 030) also pointed out that China Everbright Bank in the supplementary capital will enter the fast growth, expansion and extension of the assets of the structure optimization of assets and liabilities will increase the level of net interest margin, the company has been in the retail business and intermediary business advantage will continue to flourish. Companies issue price corresponds to 1.6 times the PB 2010, after the listing is expected to reach 1.8 times the market average or slightly higher than PB, the stock room to grow 5% to 15%, and the fair value range of 3.30 yuan to 3.60 yuan.

The CICC was re Everbright Bank “Green Shoe” authorized operation, after the listing of Everbright Bank in 30 natural days to no more than the issue price of the price of over-allotment shares by using funds obtained from the secondary market to buy Everbright Bank stocks, in order to stabilize stock prices.

Rough estimate, CICC the funds used to prop up the market to reach 2.79 billion yuan, accounting for Everbright Bank was 36.73% market value in circulation