CCB's allotment of 61.7 billion yuan to be funded online roadshow

After the launch of the Bank of China rights issue, the Construction Bank allotment plan also officially landed, and will be on November 3, a share rights online roadshow. According to the announcement released yesterday evening, the construction Bank plans to allocate 10 0.7 shares to all shareholders, with a total of 16.358 billion shares, including 630 million shares and 15.728 billion H shares.　　The rights issue, the bank's total fund-raising amount of about 61.7 billion yuan, including a a-share financing of 2.4 billion yuan, H-shares to raise 59.3 billion yuan, all to supplement the core capital.　　CCB finalized a A-share allotment price of 3.77 yuan per share, after the conversion of the H shares allotment price of HK $4.38 per share, better than expected. In the 5 banks that have been allotment, the bank has the lowest allotment ratio, and the lowest share of earnings per share and net asset yield.　　Market participants said that the construction bank finally determined the size of the issue than the previous allotment proposal of the 75 billion-yuan limit reduced by 13.3 billion yuan, after the allotment, the CCB capital adequacy ratio will be increased to more than 12%, to meet the next 2-3 years of business development needs of capital. "The final financing of the CCB is 61.7 billion yuan, compared to the upper limit of 75 billion yuan 18% gap, this is the construction Bank more consideration in the future to continue to maintain a higher level of shareholder returns to make adjustments." CCB This two years did not blindly pursue the rapid expansion of credit, loan growth in several large banks in the lower, the pricing of the principle of considering the scale of financing is good enough, not try.　　"According to the investment bank insiders involved in the underwriting.　　A person in CCB also pointed out that to determine the price of the allotment of 3.77 yuan and the scale of financing for multiple considerations, including the amount of financing to be compatible with the market capacity, the shareholder returns after the financing and earnings per share as low as possible; According to the introduction, CCB's recent 3-year average annual dividend per share in more than 0.2 yuan, with the current price calculation, allotment shares dividend yield of more than 5%.　　In June this year, Huijin pledged to subscribe in full cash to share the shares in the CCB's allotment plan. The three quarterly reports show that as of the end of September 2010, CCB's capital adequacy ratio was 11.64%, down 0.06% from the end of last year, and the core capital adequacy ratio was 9.33%, up 0.02% from the end of last year.