Category: Money tips Release Date: 2006-12-23
Source: Guangzhou Bandung
Abstract: Bank of China A share issue price of 22, officially finalized, to 3.08 yuan per share, corresponding to 2006 times the dynamic price-earnings ratio of 24.23, Bank of China's total fund-raising 20 billion yuan less. As far the largest one heavyweight, Bank of China listed on the issuance of the stock market will undoubtedly have adverse effects ......
Bank of China A share issue price of 22, officially finalized, to 3.08 yuan per share, corresponding to 2006 times the dynamic price-earnings ratio of 24.23. Bank of China A shares issued in the finalization of the number of 649,350.6 million, of which A shares to strategic investors, placement orientation 128,571.2 million shares, representing 19.8% of the number of sub-issuance; offline objects to the placing of the Placing 207,792.2 million shares, accounting for this circulation of 32%, the rest of 312,987.2 million shares issued to the Internet. 3.08 yuan per share basis, the Bank of China's total fund-raising 20 billion yuan less.
As far the largest one heavyweight, Bank of China listed on the issuance of the stock market will undoubtedly have some impact.
First, to strengthen the influence of the index heavyweight
Bank of China after listing, the Shanghai index could be included in the total share capital of 177.8 billion shares, about 2.5 times the current Chinese about Sinopec, which will replace China's Sinopec, the leading Dinghaishenzhen the broader market. Under the current rules on the establishment of Shanghai Composite Index, Bank of China account for listing on the Shanghai Composite Index more than 15% of the weight can be described as slight situation as a whole, its influence on the broader market can not but cause all kinds of investors.
In addition, the total share capital of Shanghai stock market is currently the largest share of Shanghai stock market as a whole five major heavyweight equity ratio of 25%, while the Bank of China listing soon, this value will be changed to 44%, the former heavyweight throughout the five major capital the ability to further increase the impact of the market. If the Bank of China H shares at the current price of about 3.6 yuan per share price of the Bank's market value, then deducting the value of H shares after the Bank of China after the listing of the total market capitalization of about 6,400 billion yuan, will account for the total market value of Shanghai stock market 18%, this has also led to large capitalization stocks before the five will account for 35% of total market value of Shanghai stock market. Therefore, generally speaking, the heavyweight impact on the market index will be further strengthened after the listing of the Bank of China.
In addition, we should see the oil, industrial and commercial banks, the listing may be aggravated by this situation, only the blue-chip listed as more tape, heavyweight on the market's influence can be diffused. Therefore, we have reason to believe that the Bank of China, within a period of time after the listing, the former heavyweight several major influence on the broader market will be further strengthened to carry the broad market index stocks and the event will have occurred, the situation in particular, will accompany with the launch of financial futures and more frequent.
Meanwhile, the Bank of China listed at the beginning will lead to institutional investors adjusted positions of the heavyweights behavior, the inevitable right Sinopec, China Unicom, Yangtze Power, Shanghai Pudong Development Bank, part of the funds generated heavyweight crowding-out effect.
Second, to stimulate the broader market rebound in the short-term
Bank of China IPO, as is currently the largest fund-raising of a large-cap stocks issued, according to estimate that at least it will freeze about 600 billion of funds, its role in the market can imagine the blood, particularly in the current tight monetary policy, the trend, drop in pre-market trend also proved the Bank of China issued the short-term impact on the market.
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However, in the current market and the market system of large scale changes in the context of the completion of the Bank of China listed on the adjustment will not be a tape into the underlying causes, which we Guangzhou Bandung Network in the previous article has already been described. In addition, from the current actual situation, especially the broad market of blue-chip issuance of new shares issued by the wealth effect brought about, often incremental funding can also be an attractive entry of the "selling point." Meanwhile, with the Bank of China issued by the end of a large-scale purchase of funds back to the secondary market, but may be prompted to tape up the short term.
In addition, in accordance with the present to finalize the issue price of 3.08 yuan per share, then it listed on the same day the Bank of China and Hong Kong stock market price if they can match the words, you need to Zhangsheng to 3.6 yuan per share, up about 17% margin, according to the weight of the tape 15 % to calculate that about can promote broader market rose nearly 40 points. However, we should be more as this is a false prosperity, Zhang Sheng, while the A-share market more from a pole is the most important good.
To sum up our view, from the current situation, complete the issuance and listing of Bank of China but may be completed within a short drive broad market opportunity for Council, if the Bank of China listed on the first day of orientation are reasonable, then led the market's upside may be a new flag. And the return of funds in the Bank of China under the impact, we do not rule out the broader market rebounded strongly short-term situation, which will stimulate the index hit a new high. Of course, such short-term trend is still in the medium-term we have always stressed making carried out under the roof structure.
Third, the impact on the sector,
Issuance and listing of Bank of China prior to the completion of the whole banking section will bring the role of diversion of funds, especially for low-quality bank stocks such as Bank of China, however, with the listing of Bank of China issued the completion of this situation will change.
According to the current issue of the Bank of China 3.08 price calculation, the listing will surely be in hot pursuit of funds, the Hong Kong Bank of China after the listing of the scene is likely to be repeated. If the Bank of China after the listing of its Hong Kong stock market trading price to equal the transaction price, will drive the domestic bank shares also rose. Under the current Hong Kong-listed Bank of Communications, China Construction Bank's valuation, then it is slightly higher than the position of domestic banks, Bank of China after the listing is likely to play a balanced role of indicators will be the two markets equalize the valuation of bank stocks.
On the whole, shortly after the completion of the Bank of China listed the possible contribution of tape and the entire section of the overall performance of bank shares, from the medium and long term will be to build a large blue-chip China's stock market to add a weight plate.
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