6 Investment bank Baojia CCB 75 billion allotment October

Click to view the latest quotes Shin Ma Wanxin Agricultural Bank of China (01288.HK) IPO was decided, the relevant work, construction, the three major bank refinancing again wind up again. July 21, close to a few major lines of news to the reporter disclosed that the construction Bank of 75 billion yuan A+h rights plan is expected to be completed in October, BOC Two rights issue is also expected to be at the end of the general meeting on August 20, 1-2 months after the approval of the regulatory level, and ICBC or will take a similar line of　　H "The two places allotment plan, the timetable may be in November."　　Although the three major state-owned bank refinancing timetable is still to be further verified, but the market seems to be the state-owned large-scale refinancing no longer tanhusebian.　　Close to the bank's refinancing program, the current large-scale refinancing is not the focus of the market, mainly because in the past some time, as a major shareholder of Huijin company gradually clear attitude, clearly indicated that will participate in BOC, CCB's rights allotment plan, thus, open market, especially a a-share market pressure will be greatly reduced At the same time, with the concern of large-scale refinancing has weakened, the market's concern for Huijin is heating up.　　Huijin, which promises to take part in the three-line refinancing, will need a lot of money, with a shortfall of 150 billion to 200 billion yuan, after rumours that Huijin is proposing to issue 120 billion bonds in the interbank bond market.　　The source analysis, Huijin issued debt is also related to the separation of Huijin and the CIC, and a lot of uncertainties, such as Huijin will be in the form of debt, how CIC and Huijin separation. The new timetable on the eve of the IPO of Agricultural Bank, there have been investment bankers to the reporter disclosed that, subject to a variety of complex factors, ICBC, CCB refinancing or will be postponed to next year. As a result of the "a+h" issue of the way, the need for linkage between the two places, "CCB early words also have to four quarters this year, late May drag to next year."　　"And ICBC a A-share convertible issuance program can be fast and slow, the earliest to wait until August-September this year."　　However, as the passage of events, AgBank has successfully landed a, H-shares, stranded long bank refinancing just put on the agenda. The latest news is that CCB's 75 billion a+h allotment plan is expected to be completed in October.　　In fact, as early as May this year, people close to the bank's refinancing program revealed to our correspondent that although CCB said refinancing would be delayed until the end of this year or early next year, it was expected to open a 75 billion-dollar refinancing plan within the three quarter of this year.　　In the underwriting team, CCB has hired 6 investment banks, including BofA Merrill Lynch, Credit Suisse, Morgan Stanley, CICC, Citic Securities and CCB International to raise funds.　　July 21, the news was partly confirmed by the relevant investment bankers, but it is not certain that a, H-Share allotment division. It has been reported that CCB has tended to take the lead in Morgan Stanley, Bank of Silver International and CICC three, although it has not yet decided whether to appoint the three investment banks as the global focal point for the deal. It is estimated that the H-share rights plan could involve more investment banks, as the shares are about 96.15% per cent of their total financing plan, and H sharesThe allotment will be wholly underwritten by the responsible investment Bank. In addition, the previous disclosure of the 25 billion-a-share convertible bond plan ICBC, its refinancing final plan exists certain uncertainty.　　Close to the big bank refinancing scheme, investment bankers revealed that ICBC will eventually adopt the bank's allotment model, the scale of the allotment of 40.045 trillion yuan, the allotment schedule tentatively in November, coupled with the previous release of the convertible bond scheme, ICBC refinancing scale of about 70 billion yuan.　　At the same time, August 20, the Bank of China will convene a provisional shareholder meeting to consider the 60 billion yuan a+h rights issue, the above information analysis, the shareholder meeting, BOC rights issue will be reported to China Banking Regulatory Commission, CSRC, is expected to be in 1-2 months to obtain regulatory approval, BOC Two rights allotment is expected to start before Huijin pressure Building, medium and the three major state-owned Banks refinancing time window opened, large bank refinancing roared, but the market seems to have come out of fear, the key factor is that the major shareholder Huijin has made clear that Huijin is inclined to take the three major lines are a+h rights allotment scheme, and in 6-July,　　Huijin made a public commitment to subscribe in full cash to the shares in the two banks ' allotment options. Under the allotment scheme, many of the market's doubts were dispelled.　　At present, the public shareholders held by ICBC, BOC, CCB three-a-share share of the total equity ratio of about 4.4%, 2.5%, 3.8%, in the allotment method, the public shareholders less financing, a-share market pressure is particularly small.　　CICC, the study reported that, to BOC as an example, in accordance with the scale of 60 billion yuan financing, Huijin, H-Share shareholders and a-shares of the circulation of shareholders will bear 40.5 billion yuan, 18 billion yuan and 1.5 billion yuan refinancing scale, a share market pressure is small. The same is the construction bank. After the 75 billion-yuan allotment scheme was released, the scale of the H-share two market was smaller than expected.　　According to the ceiling scale financing, CCB in the A-share market will issue 630 million shares, financing about 2.9 billion yuan. "BoC A shares open for 1.5 billion yuan, not yet as a small and medium-sized stock IPO scale, difficult to create pressure on the market, the market for when to start refinancing is not so before the anxiety of imagination."　　"A person from BOC international analysis.　　The stress of the open market means that Huijin has to bear huge financial pressure.　　The latest data show that Huijin currently owns the CCB, BOC, ICBC 57.09%, 67.53%, 35.41% of the shares, in accordance with the existing rights issue, Huijin to ensure that the shares are not diluted, to the above three lines to pay 42.8 billion yuan, 40.5 billion yuan, 15.9 billion yuan, together 99.2 billion yuan.　　Huijin itself does not have its own funds, in recent years from the three major banks to obtain more than hundreds of billions of dollars in dividends, has been used to repay the fund's special national debt and interest, so it has been reported that Huijin intends to be in the interbank market after the IPO to issue 120 billion yuan in financial debt. However, the uncertainties surrounding Huijin's debt issuance remain, and there is a lot of controversy, such as why it is not injected into capital or foreign-exchange reserves through Treasury bonds.For。　　Third, the main buyer of the interbank market is still the commercial bank, three major banks to buy Huijin issued financial debt, and finally funds from Huijin into commercial banks. "Does the capital have to be replenished by a cycle between Huijin and the bank?"　　"One of the investment bankers questioned. (This reporter Tan also contributed to this article) click to enter [CCB] Discussion