Citic Bank rises 2.6%BBVA short-term not overweight or cooling speculation

Citic Bank, a third consecutive trading day this morning after the acquisition of Citic 70.32% Equity to expand its international business and with no financing needs and concerns, has risen 15% per cent after a fall of 2.57% to HK $4.39 and has sold 37.82 million shares. CITIC Bank shares (601998-CN) also rose 1% to 5.2 yuan, also rose 3rd. But according to foreign media quotes from the Spanish Foreign Bank (BBVA) Asia general manager Manuel Galatas's comments reported that, although BBVA is very satisfied with the shareholding of Citic Bank, and that the higher the proportion of the better, but the option to increase the stake in Citic Bank is currently "outside the price" state, Therefore, in the short term the bank is unlikely to exercise the right to overweight.　　This stance or will weaken the market for CITIC Bank expansion of International business, foreign shareholders may take the opportunity to increase shareholding to share earnings expectations, and thus reduce the hype heat. The data show that, after a 10% increase in the shareholding ratio to CITIC Bank, BBVA has the option of further increasing its holdings of 5% over the next two years, at a premium of 10% per cent over the IPO price of CITIC Bank (HK $5.86).　　The current market value of Citic Bank's H shares is still a 32% discount from its exercise price. At the same time, BBVA confirmed that it would form a joint venture with Citic Bank, which would participate in Citic Bank's private banking business with a 20% per cent stake in a private banking joint venture with Citic Bank.