Controversy flat deep 29.1 billion exchange price deep development retail positioning unchanged

China Ping ' An to the deep development of 29.1 billion yuan in exchange for share price once thrown, attracted numerous market disputes.　　Investors divided into "overvalued faction" and "underestimate", the former refers to "deep development valuation Damage 2.99%", the latter said Ping an bank over the past 3 years of capital consumption of basic investment, the future investment effect will show faster profit growth.　　Valuation disputes can only be settled after the second board meeting of the two sides. September 2, China Ping An management said, intermediary and financial advisers are stepping up the preparation of Ping An Bank assessment report, earnings forecasts, the data can be convened two times board. Thereafter, with the approval of the shareholders meeting, the deal will be reported to the regulatory authorities for approval.　　The entire audit work to be completed within one year. China Ping An real holding deep development, whether the deep development of the market to adapt to ping an "overall listing" strategy?　　Ping An group general manager Zhang Zixin said that the future of deep development and peace in China will maintain the status of listed companies.　　The issue of market concern is whether the ping an bank is overvalued or not, including the small shareholder compensation of Ping An bank and the future orientation of deep development. Suspended for more than two months, 2nd, deep development and China Ping An after the performance of the card is commendable. Deep development A sharply higher 8.51% led bank shares all over the red, China Ping An high 3.2%, and then accelerate the superb 5%, led the insurance stocks to lead the cities.　　Up to the close, the deep development of a turnover of 1-year high, the stock price rose 3.88%, reported 18.19 Yuan, China Ping An 4.52%, reported 48.61 Yuan.　　Evaluation of value-added retroactive through the exchange of shares, Ping An bank 90.75% equity injection into the deep development, to obtain 52% holding status.　　As at June 30, 2010, Ping An bank audited net worth of 15.329 billion yuan, 29.1 billion of the estimated value of the net assets is about 89.8%. Zhang Zixin said the deal was priced to meet regulatory requirements and was followed by two bank board audits.　　Pricing is also in line with market rules, listed joint-stock banks and commercial banks can be used for reference.　　Deep development of the "issue shares purchase assets and related transactions of the reorganization plan" said that the transaction on the Ping an bank assets evaluation of the choice of income law and market law.　　In terms of income law, the evaluation institution evaluates the expected income (net cash flow of equity) according to the trend of historical management and business type in recent years, and then the value of shareholder's equity.　　Deep Development believes that, in addition to the individual assets can produce value, corporate goodwill, good management experience, market channels, customers, brands and other integrated factors of the formation of various intangible assets is also an important part of the value can not be neglected. Historical financial data show that from 2006 to 2010 June, Ping An bank customers deposit annual composite growth rate of 26.8%; 2006 to 2010, its loan year compound growth rate reached 29.5% , operating income from 2006 to 2.111 billion yuan to 2009 years of 4.281 billion yuan, 2010January-June annual operating income has reached 2.892 billion yuan. These factors are an important factor in assessing the value added.　　"China Ping An said.　　Another important aspect, Ping An's view, Ping An bank has its own brand value, these can not be reflected in the financial book, and in the evaluation of the income method of the enterprise's own brand value and future earnings are closely related, can not be discarded. Small shareholders: Cash compensation or stock exchange "related to the specific valuation situation, will be disclosed in the next announcement."　　"September 2, Xiaosuning, chairman of the Shenzhen Development Conference in response to this newspaper said. The details are not out, the securities firm's evaluation of Ping An bank to differentiate into "overvalued" "underestimate" the two camps. Guotai analyst Wu Yonggang in the paper that the first half of this year ping an bank to achieve net profit of 912 million yuan, the end of the net assets of 15.329 billion yuan, the transaction corresponding to ping an bank PB 1.9 times times.　　Suppose Ping An bank this year, the second half of the net profit is flat, that is, the year-end net assets of about 16.241 billion yuan, corresponding to ping an bank 2010 dynamic PB also reached 1.79 times times, valuation in the listed joint-stock banks in the upper-middle level, above the industry average. In Huang's view, "Valuations are low". Its statistics are comparable to the high level of Ningbo, Nanjing, Beijing Bank and so on, nearly three years of net profit composite growth rate of more than 20%, and Ping An bank from 2007 to date the net profit compound growth rate of only 5.87%.　　By 30%, Ping An bank will achieve 3.377 billion net profit at the end of 2010, corresponding to 8.62 times times PE, or even lower than the valuation of state-owned firms. Several brokers believe that, since the ping ' an group into the deep business, increased information technology, network layout, credit card promotion and other basic investment, greatly restricting the ping an bank's profit growth.　　In the future, with the investment effect, the net profit of Ping An bank is expected to be faster than the growth of the same industry. 29.1 billion of the pre-valuation, but also contains a value equivalent to 9.25% Ping Bank shares of cash, about 2.692 billion yuan.　　Ping An management said that the cash is mainly used for the deep development of the follow-up to the two lines of integration costs (compensation for the small shareholders of Ping An bank), if there is surplus, used to supplement the deep development of capital.　　Ping Tan Chen, the small shareholders of Ping An bank to compensate for the different views, Ping An will actively listen to the dispute, and then in the next step in the integration will further demonstrate its rights and interests, determine the final plan. 2nd, Ping An management to dispose of the interests of small shareholders proposed two options, one is cash compensation, one is to change the deep development of stocks. Reporter preliminary calculation, the current small shareholder to obtain the compensation standard is roughly, 5.26 Ping An bank to swap 1 shares deep development, or ping An to 3.39 yuan/share repurchase. However, "it may not be realistic to handle small shareholders by 3.39 yuan/share."　　A stockbroker researcher bluntly.　　Deep development or renaming of the 2nd consecutive two press conferences and two analyst exchanges, peace and deep development executives have a good expectation of bank integration prospects. "It is too early to talk about the specific indicators of synergy." Through resource sharing and cross sellingSales, hope that the development of the profit growth rate is higher than the market average.　　Ping an management said. Zhang Zixin Tan Chen, Ping An bank due to dot limit, can not use all the resources of Ping an group.　　China Ping An existing about 1000 service outlets, 5000多万个 customers and 200多万个 SME customers. With the deep development of this national banking platform, Synergy will be expected to fully demonstrate. As of June 30, deep development has branches and 303 outlets in 20 cities.　　After the absorption of Ping An bank, the deep development will immediately increase 5 branches, more than 70 outlets. And, two bank only in Shenzhen, Shanghai, Guangzhou, Hangzhou four overlap. Ping An bank is located in Fujian province Fuzhou, Xiamen and Quanzhou three branches, will fill the deep development in Fujian province vacancy.　　The deep Development network mainly concentrates in the one or two line city, for China Ping An insurance business strong region, the new bank, the insurance business area intersection will provide the synergy effect to be more possible and higher efficiency. Relying on the above resources advantages, integration of deep development, the development strategy is still the focus of trade finance, retail, credit card business. The deep development and Ping An bank's retail share ratio is higher, its development focus will not change, and it will invest more in the Cash management platform, said Richard Richards, the head of the president. "The new bank, in the future National Commercial Bank pattern will make the ' peace ' characteristic."　　"Zhang Zixin said. This "safe" feature positioning, perhaps implied by the future development of the change in the name of the deep. Ping An management said that after the two lines of integration, the name will also be detailed assessment, including the two sides of the brand, business model, customers and so on. But in the brand image, peace hope that the subsidiaries tend to be consistent.