ABC A shares full exercise of the option of excess placements

ABC a+h a total of 22.1 billion U.S. dollars, beyond ICBC to become the largest IPO securities Times reporter Jia Gong, China Agricultural Bank of China today issued a notice that the IPO option for the first public offering of a shares was fully exercised on August 13, 2010. Previously, AgBank's H-share option had been fully exercised on July 29.　　In dollar terms, AgBank a+h the full exercise of the option to allocate more than 22.1 billion U.S. dollars, more than ICBC's 21.9 billion U.S. dollars, to become the world's largest IPO project in history. The announcement said that since the current issue of the stock market day (i.e. July 15) to August 13, China International Finance Limited, as the specific implementation of the "green Shoe" operation of the main underwriter, did not use the issuance of the excess distribution of funds obtained from the centralized trading market to buy the issue of the shares.　　After August 13, CICC no longer uses the funds obtained from the issue of the excess placements to buy shares in the current issue from the centralized trading market. According to the familiar with the Agricultural Bank issued "green Shoes" system arrangements of the industry to introduce, Agricultural Bank in the introduction of the "Green Shoe" system adopted an international "refresh system", that is, the excess placement of funds obtained in the "protection" during the focus on the market to buy shares, the same can choose the right time to sell, so as to achieve a stable share price role,　　At the same time can also guarantee the final full exercise of the option of excess placement. It is understood that the agricultural Bank of the excess placement of the shares through the issuance of some of the strategic investors deferred delivery of the way, all for the online funds to purchase the distribution investors. The excess shares were registered on August 13 in the stock account of the deferred delivery strategic investors.　　After the full exercise of the option of a share, the final issue of this issue is 25.57 billion shares, the distribution structure is: Strategic placing 10.228 billion shares, accounting for the final issue of the scale of 40%, under the network issued 5.032 billion shares, accounting for 19.7%, online distribution of 10.31 billion shares, accounting for 40.3%. It is reported that the issue of ABC has several characteristics: first, the scale of the issue is very large, the second is relatively fast release speed, the third is more system innovation. On the issue of size, according to the relevant sources close to AgBank, the fact that the issue of listing has been launched since the listing of the company, the large-scale launch of the work began in May 2009. Although it seems only 3 months, but without the previous 3 years of preparation, a short period of 3 months can not complete such a complex work.　　The source said that AgBank did not deliberately pursue the world's largest distribution, the original is based on capital adequacy ratio backward, so as to determine the distribution ratio. In the distribution system innovation, ABC also achieved a number of breakthroughs. The first is the issue of the mainland and Hong Kong in the institutional arrangements, the Agricultural Bank is to take the road at the same time, bookkeeping, differential pricing methods, this way to ensure the highest efficiency of financing, for the future of enterprises to be issued for reference; second is to restore two long unusedSystem, that is, the strategic placement system and the green Shoe mechanism, and is the first domestic enterprises in the green shoe mechanism in the use of international "refresh system"; In addition, the pricing of Agricultural Bank of China in Beijing, which is different from the previous large-market share issue, indicating that Chinese companies in the international attention to more and more international status has been promoted. A brokerage analyst pointed out that the Agricultural bank A shares of the total allocation of options ultimately implemented, and in the end of the future period of stability of the final report on the price above, indicating that investors although the agricultural Bank in the future after the stability of the stock market trend has some differences, but overall still to see mostly. Another source said that Agricultural bank in the first half of 2010, net profit Year-on-year growth will be more than 40%, far higher than the Agricultural Bank during the roadshow announced during the 30% or so, which may be in the "shoes off" after the stock price trend formed a certain support.