Agricultural Bank of 1.905 yuan to refute the issue price 17th from three road show

Ding Yuping June 9 Agricultural Bank Smooth, the source said, ABC will start this month 17th National Road, the first station in Beijing.　　17th Beijing Road Show June 9 Agricultural Bank successfully got a-share IPO approval.　　According to the general listing process, ABC can publish the prospectus and start the National Roadshow as soon as June 10, the focus of the market attention-the issue price is determined with the roadshow and the inquiry result. However, people familiar with the matter told reporters 9th, the Agricultural Bank A-share road time for this month from 17th. "ABC will be in Beijing, Shanghai, Shenzhen, three Road Roadshow, 17, 18th is the Beijing road show Time."　　"So ABC will publish the official prospectus also on 17th."　　The news was also confirmed by AgBank insiders. The person explained that this is not the agricultural Bank to postpone the listing process, but because next week the statutory holiday of the Dragon Boat Festival. "The roadshow is usually about a week, and it is not likely that there will be a three-day break in the middle," he said. "Even on the 17th, the road Show, Agricultural Bank of the listing on July 15, the remaining time is still very well-off." An insider close to the underwriters said AgBank had already communicated with strategic placements, fund companies and some brokerages in its previous roadshow, and that the formal roadshow was nothing more than a formality. "A number of large fund companies have made clear to agbank the intention to buy." According to the regulations, the inquiry is divided into preliminary inquiry and cumulative bid inquiry.　　The issuer and the principal underwriter determine the issue price range through a preliminary inquiry and determine the issue price within the distribution price range through the cumulative bid inquiry. To obtain a A-share listing approval and roadshow between the short time gap between the main battlefield of the Agricultural bank listed or turn to H shares. ABC will accept the Hong Kong Stock Exchange on June 10 and publish its share prospectus. As a result, Hong Kong listing approval is available on that day.　　After approval, ABC and underwriter can start a series of international roadshow promotion work. "H-Share approval process is more flexible, or to fully cooperate with the listing arrangement, and the cornerstone investors List of Agricultural Bank of agriculture has been determined, the level of success of this phase is not suspense."　　"The listing is close to that of underwriters. 1.905 yuan Pricing "non-existent" 9th, ABC said publicly that the bank's preparations for listing are progressing smoothly, and are proceeding steadily in accordance with the planned schedule. "Considering the impact of all aspects of the market, ABC's timetable is enforced."　　"The only thing to worry about is how the IPO price is set and whether it will break after the IPO." Issue pricing has been the last thing AgBank wants to talk about.　　Prior to the bank's deputy governor Gongsheng won an interview with the newspaper, the issue price will be based on road performance, the company's intrinsic value, the overall situation of the capital market and other factors to consider, as of the current caliber unchanged. However, the market has been impatient. 9th spread again on the pricing of rumors, "AgBank asked for a minimum market rate of 1.5 times times, which means ABC's IPO price is at least 1.905 yuan." "In this regard, the Agricultural bank concerned people responded to this newspaper-" pure nonsense! "AIndustry analysts surveyed also pointed out that the price of about 1.9 yuan is not possible for AgBank. "Even if the city net rate is 1.5 times times true, it is not easy to use 2009 years per share of net assets multiplied by 1.5 times PB to determine the IPO price."　　"he said. In fact, the calculation of the issue price is more complex, for the issue of new shares, PB, stock market price, the relationship between the net assets of each share is a chain of links. First, according to industry practice, net assets per share should be calculated on the basis of net assets per share after the release of the year, rather than on the earnings before the release, the said person explained. "The above 1.905-dollar price is calculated with 09-year net worth multiplied by 1.5 times PB, thus inaccurate." "Second, the city net rate is a dynamic value, and the size of the issue, 2009 per share of net assets, 2010 degree of profit, the issue price, whether the exercise of the right to excess placement is related." "ABC's issue pricing is the result of a combination of factors in a reasonable forecast and a price space, taking into account the proportion of options used in excess placements and the results of market inquiries."　　The person pointed out.　　Previous sources close to the underwriters told reporters that ABC's preliminary inquiry results of 2.5-2.6 yuan, AgBank also tried to secure a price of not less than 2.5 yuan.　　The person expects ABC after the listing of 1.7 yuan per share of net worth, and then consider whether the situation of agricultural Bank break, is not expected to exercise or exercise 10% of the excess distribution rights, the comprehensive calculation that ABC issue price 2.5-2.6 yuan, PB value 1.5-1.6 times times.　　Agricultural Bank of China's absolute advantage in the county economy as one of its core bright spots, based on the rapid development of county economy and the upgrading of industrial structure, AgBank believes that the demand for financial services is also greatly enhanced. At present, China's financial services in the county area of the penetration rate is still low. In the 2008, county loans accounted for 40.2% of the county's gross domestic product, while the proportion of urban areas reached 171.5%.　　Because the degree of urbanization in China varies greatly in different regions, the county financial market in the east has been basically formed, and the Midwest needs further development. But when the agricultural bank's county dominance can be reflected, it has yet to be tested.