2 cents determines the status of four major banks

ABC listed after the listing of market value or: ICBC, CCB, ABC, BOC newspaper reporter Hejiang in Beijing, as at the end of the first half, "Huaxia times" reporter through the calculation that The total market value of the four major state-owned commercial banks is 1.433 trillion, ranked first, the total market value of CCB is 1.285 trillion, the second is stable, the Bank of agriculture if the price per share of 2.68 yuan, the total market value of 870.4 billion yuan (do not calculate the H shares premium), BOC's total market value of 866.1 billion　　If AgBank lowers its offering price by 2 cents to 2.66 yuan, the total market value will be replaced by the bank, and the total market value of the two will be changed. Only 2 cents determines the status of four state-owned commercial banks. Only when ABC has reached 3.96 yuan per share, and the construction Bank does not rise in the case to surpass CCB, in fact, this possibility is almost no. Therefore, in a long period of time, the four major state-owned commercial banks of the total market capitalisation will be: ICBC, CCB, ABC and BOC.　　Because of the relatively large share of the construction Bank, when the Hong Kong stock market is stronger than a a-share, or a A-share is weaker than the H-shares, CCB's total value will narrow the gap with ICBC. June 29, the Agricultural bank to determine the price range a A-share plunge, the two linked, refers to the Agricultural bank pricing is too low, leading to the market for the banking sector or even the entire valuation revaluation, resulting in "black Tuesday" occurred.　　Market analysts retort.　　The total market value of the largest IPO third although AgBank may create the biggest IPO in history, AgBank's total market capitalisation is a difficult one. As at June 30, ICBC's H-shares total market value of HK $475,080,320,000, according to the day foreign exchange rate of 1 Hong Kong dollar exchange rate of 0.87239 yuan conversion, about 414.455 billion yuan, plus a A-shares 1,018,906,000,000 yuan market value, ICBC's total market value of about 1,433,361,000,000 yuan. CCB's total market value of 42.3 billion yuan, Hong Kong equities equivalent to RMB total market value of 1,242,744,000,000 yuan, a total of 1,285,044,000,000 yuan.　　BOC A-shares total market value of 602.806 billion yuan, H-shares equivalent to RMB total market value of 263.287 billion yuan, BOC's total market value of 866.093 billion yuan. AgBank's total equity is 324794117000 shares after the completion of a-share and H-share issuance, if AgBank fully exercises the option of placing the shares in the bank and H shares.　　If they are issued at $2.68 per share, the total market value is $870.448 billion, regardless of the H-shares premium.　　The new algorithm, assuming ABC to ensure that the total market value of the third, 2.66659 yuan per share, if the issue price is set at 2.66 yuan, then its total market value will be ranked four, BOC ranked third, which is why AgBank will be issued at 2.68 Yuan in a potential mystery.　　If AgBank wants to replace CCB as the market capitalization, its share price will be at least 3.96 yuan per share, and CCB's share price will not rise, a possibility of 0. Construction Bank H-Share is the largest of the four major lines, a shares accounted for fourThe lowest in state-owned commercial banks, as H-shares recently stronger than a-share, therefore, CCB's total market value and ICBC constantly narrowing, currently only less than 150 billion yuan gap.　　The total market value of AgBank and BOC will be a stalemate, which will be 2 cents to determine the status of the two rivers. Valuation can not be compared with the Bank of China than the market impact on the four lines, because the bank has a larger international business assets, its overseas assets and foreign currency assets accounted for close to 20% and 28%, while ICBC, CCB, ABC related assets accounted for less than 5%, so ICBC, CCB, Agricultural Bank three stock value as comparable company is relatively reasonable. From the valuation level of ICBC, CCB and ABC stock, ICBC June 30 closing price and the first 30 trading days are 4.06 yuan and 4.31 yuan respectively, the construction bank prices are 4.70 yuan and 4.94 yuan respectively, the corresponding city net rate of ICBC is 1.89 and 2, construction Bank for 1.84 and 1.93. Agricultural Bank has determined a-share pricing range of 2.52 yuan-2.68 yuan, the interval of 2.68 yuan, corresponding to the city net rate of about 1.7, significantly lower than ICBC, CCB.　　From the valuation level, the Agricultural Bank stock valuation of the depression characteristics are very clear, and its share price is far lower than the other two banks, the listing should be 10%-20% increase in space.　　AgBank insiders believe their banks are worth investing in. ABC, if the full exercise of green shoes, its fund-raising will exceed ICBC, become the world's largest IPO. Nevertheless, Agricultural bank listed on the market for a share of the demand for funds is far less than expected: the stock issue to the strategic investors targeted placement, the net to the inquiry object of the allocation and online funds for the purchase and issuance of a combination of the way, in full exercise green shoes in total issued shares of about 25.6 billion shares,　　Excluding strategic investors and the placement of the net, a-share market online public offering is only about 10.5 billion shares, if the issue price range of the upper limit of 2.68 yuan/share calculation, online investors can in fact be allocated to about 28.2 billion yuan share, such a capital demand, and the previous market expectations is far from the difference. June 29-A-share slump, many investors blamed the fall on the price range set by AgBank to drag the market. On this issue, a well-known brokerage market analyst told reporters: "The June 29 ' black Tuesday ' and the Agricultural Bank to determine the price range of the idea is really nonsense, too unprofessional." The decline was mainly due to market rumours that June PMI data may have been lower than expected, in addition to nervousness about the financial side, and a certain degree of panic; In addition, the previous hot plate profit-taking, some real estate stocks fell down to hit investor confidence is also important reason. He further analyzes, "but the recent positive news more, recently, the central bank 5 consecutive weeks to net to the market about 700 billion yuan, the timing of interest rate hike than earlier expected to delay, coupled with the renminbi is on the Appreciation channel, this series of good news makes us believe that the eyeThe previous 2300多 points are close to the bottom of the market. The next stage, should show a wave of bottom rebound of the median rally. "Investors ' reaction to AgBank seems to confirm the view," said one fund manager, who was on the first day of the cumulative bid, saying: "We are predicting the imminent rebound in the capital market, at this time the purchase of ABC stock mainly consider in the lower points to complete the position, is a very appropriate time." "Optimized exponential structure tim-dimensional stabilizing force" passive layout in the current composition of the Shanghai Composite Index, PetroChina and Sinopec accounted for 15.77% of the weight, and their ups and downs are closely related to the market performance. Since 2008, the double-male diving has not an exception to trigger A shares of the tragic fall. The Tuesday of the fall in the market, but also by the petrochemical double-male first dive.　　Recently has been a good performance of the banking sector in the fall of the days before yesterday, although trying to stabilize, but the four state-owned listed commercial banks work, China, construction and exchange accounted for only 12.27% of the index weight, embarrassing dimension stability task. AgBank's IPO will change the current index structure to some extent, diluting the weight of the petrochemical duo in the Shanghai Composite and increasing the strength of the banking sector. We assume that the full exercise of the option of excess allocation, while the price maintained at about 2.68 Yuan, the Shanghai Composite index of the weight of about 4.5%, similar to the bank. In this way, the future of the Shanghai Composite index of the top five heavy stocks, workers, farmers, will occupy three seats, the weight of the bank plate would be further increased.　　In view of the current bank stocks have been at the bottom of absolute valuations, coupled with agricultural Bank 1.6 times times the reasonable pricing of PB, the banking sector will undoubtedly become the future a-share market, the fixed Poseidon needle. The adjustment of various index constituent stocks will lead to the adjustment of portfolio positions by the relevant index funds in order to match the new ratio. According to the analysis of the research institutes, most of the stock prices of the transferred stocks will rise markedly, while the prices of the component stocks are obviously reduced, which is called the "exponential adjustment effect".　　The reason behind this is that it is clear that the Index fund manager buys the stock and sells the stock. As an important market for blue-chip stocks, AgBank will be listed in a number of important indicators after a period of time, the relevant index funds will have to buy Agricultural bank, which constitutes a strong buying. At the end of the first quarter of the fund's share of simple calculation, the current 66 index funds of about 310 billion yuan, of which 54 passive index funds of about 260 billion yuan, 12 only enhanced Index fund market value of about 50 billion yuan. In addition, because of AgBank's pricing relative to ICBC, CCB has a certain market discount, it will also attract some robust large-cap funds to carry out the corresponding transfer and increase the warehouse.