Agricultural Bank of 6th began web site Online Roadshow said will not break

Ding Yuping July 6, the ABC A-share issue began online purchase. On the July 5 online roadshow, ABC said that the final issue price of a-share and H-shares would be determined by the following factors: A-share pre-roadshow, inquiry and Bookkeeping, H-Shares analysis of international Advance Roadshow, Management International Roadshow and international placing bookkeeping, issuer fundamentals, industry, Compared to the level of corporate valuation and the market environment of a-share and H-shares, there is also a balance of interests between investors in both places.　　Analysts believe that AgBank's price range of the ceiling of 2.68 yuan/share issue is basically no suspense. According to the ABC issue schedule, July 7 will be the purchase of funds for accounting, verification of capital, distribution number, and finally determine the issue price, July 8 will be issued online lottery, and announced the "pricing, net distribution results and online check rate bulletin", July 9 published "online funds purchase and distribution lottery Results Bulletin",　　The same day online purchase funds unfrozen. ABC July 1 began the online subscription will be completed on 6th three o'clock in the afternoon.　　Under the net issue first day, the Agricultural Bank 27 strategic investor subscription money has already all to the account. Listing not break 5th two o'clock in the afternoon ABC held online roadshow. Agricultural bank executives including the president Mr Cheung, supervisor long car orientation, three deputy Governor Zhu Hongbo, Guo Haoda, Cai, and other people with 4 joint underwriter, 2 financial consultancy company in charge of the scene.　　Chairman Junbo, Deputy Governor Pan and other people because they are still overseas roadshow, did not attend.　　4 hours of online roadshow process, investors on Agricultural Bank credit risk, network upgrade, shareholder dividend, three rural business and other one by one questions. The biggest concern for investors is whether AgBank will break.　　President Mr Cheung first said, according to the price cap per share of 2.68 yuan/share calculation, the total amount of funds raised is not very large, the market should have sufficient support capacity. Agricultural Bank officially started online under the distribution of the purchase, the Shanghai and Shenzhen market has fallen deep, some institutions heavy warehouse shares fell significantly, and recently, the same period of eight of new board of the issue will be involved in the purchase of Agricultural Bank of the funds generated a certain diversion.　　Plus BOC suddenly announced that "a+h" rights issue refinancing 60 billion yuan, the A-share market, especially the bank shares is a big bad. But AgBank's underwriters believe the market's fall was more a result of some news. According to the bank's allotment plan, 60 billion of the share market capital demand of about 42 billion yuan, of which Huijin has pledged to subscribe in full, so a-share investors actually only bear about 1.5 billion yuan, the market has little impact.　　The personage thinks, because the green shoe mechanism protects, the ABC market will not break, the purchase funds estimate can profit more than 10%.　　Locking period is 3-18 months according to the online roadshow information, ABC's IPO issued a share of the stock lock regularly arranged as: each strategic investors received the allotment of 50% lock-up period of 12 months, 50% lock-up period of 18 months; under the net, placing investors are given a lock-up period of 3 months. Chamber-of-commerce, deputy governor, said that strategic investors have taken full account of the selection criteria, scale andThe number of objects sold, coverage areas, placing quotas, lock-time and other key issues, by the two sides agreed by consensus, and reported to the regulatory body for the record.　　The details of the strategic placement will be disclosed in the July 8 "pricing, net release results and online check rate bulletin".　　Citic Securities chairman Mr Wang said, according to the current road performance, investors on the ABC a-share issue subscription is very enthusiastic, has significantly exceeded the number of issues, will not appear "underwriting." AgBank executives also answered questions about the quality of credit assets. such as real estate loans, deputy Governor Guo Haoda said, Agricultural Bank based on the 2010 quarterly data on real estate-related loans, personal housing mortgage loans conducted a stress test.　　According to the preliminary test results, a 30% drop in house prices has little impact on the bank's overall loan quality. Online frozen funds in excess of trillions according to the issue of the announcement, ABC will issue 22.5 billion shares, the callback mechanism to start the network under the placing of 4.8 billion shares.　　Analysts believe that, such as the Agricultural Bank of 2.68 yuan in the purchase price ceiling calculation, the ABC will issue about 10.5 billion shares, frozen funds will be more than a trillion yuan, the main underwriter estimated online check rate of about 3%. ABC A-share pricing range of 2.55-2.68 yuan/share, the upper limit of 2.68 yuan/share of the purchase price, corresponding to the 2010 level of the city net rate of about 1.57 times times, the valuation relative to ICBC and CCB about more than 10% discount.　　H-Share price range is 2.88-HK $3.48/unit.　　Prior to the inquiry results show that the price range of prices in the effective 59.5 billion shares, if the distribution stage under the network to enlarge the purchase amount of 1.5-twice times, ABC's online purchase size can be enlarged to 89.3 billion-119 billion shares.　　Reference to other banks under the IPO network experience, the agency quoted in the range of the upper limit of 80% to 90%; If the agency participating in ABC's network is still maintaining the customary ratio of the banking sector to the upper limit, AgBank's ceiling on the price range is almost no suspense. People familiar with the matter said that AgBank's a-share strategy was placing more than 30 billion yuan, above the 27.412 billion-dollar quota.　　Insurance funds constitute the mainstream of strategic placement, at present China Life, China Ping ' an, Chinese insurance, Taikang life and so on have subscribed to the Agricultural Bank, insurance contributions to the total amount of nearly 10 billion yuan. It is reported that AgBank's H-Share international placements also received 10 times of oversubscribed, the international placement has been completed one day ahead of July 5.