ABC Pan wins Singapore's tight-talk Temasek Everbright

Everbright Bank Sprint June A-share listing, ICBC, BOC, CCB, A+h Financial management Weekly reporter Li Junling/Wen Bank IPO, refinancing has entered the accelerated sprint stage.　　In the next 3-4 months, the move to the market will be gradual. AgBank's top-ranking visit to Singapore is in focus, according to ABC insider, last week, Pan, the vice president of Agricultural Bank of China, arrived in Singapore. With him is the head of the relevant departments of ABC's headquarters.　　Gongsheng led his team to visit the local main institutional investors in Singapore. According to the source, Gongsheng in Singapore, a tight schedule, in a short period of time with the main institutional investors to negotiate with the future IPO-related cooperation matters.　　Later, when the week returned quickly. Gongsheng's trip to Singapore was mainly aimed at making strategic placements for AgBank, the cornerstone investor in Hong Kong's initial public offerings. It is reported that Singapore's local sovereign funds-Singapore government Investment Company (GIC) and Singapore's state-owned investment institutions Temasek Holding company is the main object of the Gongsheng talks.　　The two institutions already have a number of investments in China. Cornerstone investors are some of the top institutional investors, large enterprise groups, as well as well-known tycoons or their affiliated enterprises. Cornerstone Investor's introduction is actually to the company fundamentals and the development prospect Affirmation, this will bring the very big confidence to the market. Accordingly, cornerstone investors need to commit to purchase, and after listing for 3-6 months (shorter than strategic investor lock-in period).　　Cornerstone investors were first introduced into the Hong Kong market by state-owned enterprises.　　The bank's insider sources said AgBank was expected to complete its a+h listing plan in mid-July this year if everything goes well.　　As the last large state-owned commercial bank to land in the capital market, AgBank's IPO is expected to be the largest IPO in the world since the 2008 international financial crisis. It is also understood that ABC and the underwriting group have submitted to HKEx and China Securities and Futures Commission separately the H-Share listing application form and the A-Shares listing application form.　　The relevant processing is being expedited. The current market is widely concerned about the pricing of ABC's issue. Whether it can be twice times PB (city net rate, share price/net assets) price still exist variable.　　Some analysis agencies give the opinion is: 1.5 to 1.8 times times PB pricing is reasonable, the reason is that ABC's fundamental relative some have been listed a little weaker, especially the three agricultural sector has not found to investors convincing profit model. How to achieve the commercial operation and the "three rural" balance between the point, it is really a worry for ABC management.　　This requires ABC to make innovations and explorations in business model and resource allocation. Everbright Bank Sprint Although long-awaited still Diana, but Everbright Bank's listing has entered the sprint stage.　　Everbright Bank initially intended to be listed in 2008, but the outbreak of the international financial crisis and the spread of the listing plan stranded. A person inside Everbright Bank said that given the current market shapeAnd Everbright Bank's own financing scale, Everbright Bank now hopes to be listed in the A-share before the IPO.　　Everbright Bank is likely to be listed before the end of June this year, the person said. 2009, Everbright Bank's listing preparation work is entering the speed-up stage.　　2009, Everbright performance reached the best level of history, and broken four years of "ice" without dividends, the implementation of a high proportion of the distribution scheme. After entering 2010, China Everbright Group Chairman Shuangning accelerated contact and negotiation with various investment banks, said Everbright insiders.　　This is known as "Chinese contemporary cursive First person" the head of "brush Ink", is waiting for Everbright bank listed bells ringing. The refinancing news of listed banks refinancing "Eight", China, construction and exchange has been on the list.　　The huge increase in lending in 2009 has left banks with a capital shortage – a need to replenish their capital and raise their ratios to ensure asset size expansion. BOC refinancing or will choose the "a-shares no more than 40 billion convertible bonds + H-Share placements" mode. The main reason why BOC chooses the share market to issue convertible bonds is: since the convertible Bonds supplement the subsidiary capital before the stock transfer, it is more suitable for the current capital structure of the Bank of China to supplement the core capital.　　The impact of convertible bonds on the market is also less than direct equity financing. ICBC announced on March 25 the "issue does not exceed 25 billion yuan convertible bonds + 20%h shares" financing plan.　　The meeting is currently awaiting approval of the general Meeting May 18. So far, ICBC's H-Shares specific financing plan has not been clear. Recently, the market rumors of its a-share convertible scheme may be change-to the construction Bank, the similar "A+h allotment" mode. But one source told reporters that this was not a credible statement.　　May 18, after the shareholders ' meeting, the issuance of its H-shares will be issued or a rights issue is a conclusion.　　April 29, the CCB Board of directors passed the "A+h" the two sides of the issue of the refinancing scheme, the proportion is intended to be allocated for each 10 shares does not exceed 0.7 shares, the amount of funds not more than 75 billion yuan. Similar to the CCB, the bank will also adopt the "A+h" two-place refinancing options. It is understood that if there is no accident, the delivery of refinancing will be completed by July this year.　　Market participants expect that, in the light of market stability, the financing of the various banks will not occur. Another way to solve the problem of capital dilemma: the pressure that the asset securitization bank financing brings to the market has not been dispelled.　　In the face of sharply increasing credit assets, regulators and commercial banks should consider the issue of asset securitization. Banks raise capital adequacy ratios in two directions: doing macromolecules (capital) and reducing the denominator (assets).　　The former can be realized through refinancing, while the latter can be realized through the securitization of assets. While flocking to "refinancing" to replenish capital, commercial banks should effectively use asset securitization as a means of letting credit assets flow. This will not only achieveThis increase in the adequacy rate can also prevent and defuse the credit risks that focus on the banking system. As the president of a state-owned commercial bank points out: in the current capital markets, banks cannot reach the market indefinitely, nor can they ask the government to increase capital. The bank's assets must be liquid and the bank's loans should be transferable and traded.　　To solve this problem, the securitization of bank assets is undoubtedly one of the important channels. Given the lessons of the subprime mortgage crisis, regulators have made clear that it bans securitisation of distressed assets. But it is worth thinking that the securitization of non-toxic assets is also basically at a standstill.