Everbright 12.4 billion circulation market value into the smallest bank shares low net interest margin is the soft rib

Everbright is expected to be listed in three months to one year of the number of circulating shares only 4 billion shares, according to the issue price of 3.1 yuan/unit calculation, circulation market value of only 12.4 billion yuan financial weekly retail banking laboratory researcher Yinna/Wen Everbright Bank A-share IPO in the August 10 curtain, Everbright Bank announced the final pricing results of 3.10 yuan. The IPO online rate of 3.63%, set a change since the current round of more than tens of billions of IPOs in the lowest rate.　　Under the network frozen funds near hundreds of billions of dollars, online frozen funds reached 209.5 billion yuan, a total of frozen funds nearly 300 billion yuan. August 7, in the 2010 Bank of China Forum, Everbright Bank Chairman Tang Shuangning vice-chairman again to play the poet's characteristics, impromptu recitation of Hungarian famous poet Petofi verse, and from the poem: "Participation is enthusiastic, the subscription volume is higher; to be priced, the Ming Dynasty is to be seen.　　Clearly, Tang Shuangning Vice-Chairman is confident of the everbright process and the "moderate pricing".　　3.63% of online check rate innovation Low Everbright Bank in late July only to obtain the CSRC approved the listing of documents. Tang Shuangning Vice-Chairman introduced: "August 5, Everbright Bank completed the roadshow and the net inquiry, 74 of the 151 institutional investors to participate in the quotation, shortlisted subscription demand for more than 26 billion shares, the initial distribution of the net under the scale of 17 times times.　　"The introduction of strategic placement and green shoe mechanism in the distribution structure, as well as the small circulation market value after the listing, stock activity is considered to be the biggest aspect of Everbright bank."　　Everbright Bank announced the final pricing results of 3.10 yuan, the price is in the previous published price range cap.　　People close to the issue said all parties to the final price expressed satisfaction, but also said that the price than the market on the valuation of various brokerages have a lot of discount, to a large extent fulfilled the Everbright Bank chairman Tang Shuangning vice-chairman before the "adhere to moderate pricing, for the stock future performance leave space."　　Everbright Bank's final issue price corresponds to 1.57 times times the 2010 forecast market net rate, its issue valuation level than the two-tier market in the 2010 average forecast city net rate is nearly 10% discount; compared with Everbright's most comparable CITIC bank in the A-share market, the discount level reached 15%.　　In addition, if compared with the reasonable investment value range of 3.52-4.08 yuan given by the CICC Research Report, 3.10 of the issue price gives the Everbright bank the upward space for future period.　　According to the results of the announcement, the Everbright Bank IPO preliminary inquiry shortlisted 124 of the respondents all paid in full on time, under the network frozen funds near hundreds of billions of dollars, and the Internet to freeze funds is reached 209.5 billion yuan, 3.63% of the online check rate is set this round adjustment of more than tens of billions of IPOs in the lowest rate.　　One year of circulation market value of 12.4 billion, or for the bank's minimum stock Outlook performance is the market for Everbright Bank of the issue of the most concern. In this respect, a person close to the issue has said that Everbright Bank of the public offering of a shares of "green shoes" insuranceDriving escort, its shareholders lock the regular situation is also commendable, the bank listed after the circulation market value is small, future performance is expected to be strong support.　　Prior to the release of the Everbright Bank, "A-share network issued a notice," the initial issue of the Everbright Bank 6.1 billion shares, the full green shoes issued after the scale of 7 billion shares.　　Among them, the strategic placement of not more than 3 billion shares, about the exercise of green shoes before the scale of the distribution of half, before the start of the callback mechanism, the network issued no more than 1.55 billion shares; Everbright Bank in charge of the listing of the party committee Deputy secretary Bristling in the online Lu Yanzhong introduction: "Everbright Bank under the network issued under the 1.55 billion-share lock-up period of 3 months, the strategic placement of the 3 billion-share lock-up period of 12 months.　　"From this, the Everbright Bank is expected to be listed within three months of circulation shares only 2.45 billion shares (including green shoes), three months to one year in the circulation of only 4 billion shares (including green shoes), if the issue price interval limit of 3.1 yuan/share calculation, the circulation market value of only 12.4 billion yuan, will be listed banks in the circulation of the market value of one of the smallest. Since the existing shareholder's lock is regular longer, even after one year of listing, Everbright Bank's majority stake is still in the lock-up period. Huijin and its holding of China Reinsurance holdings of about 21.5 billion shares will be locked for 3 years, in 2009, domestic investors (except China Reinsurance) held about 3.7 billion shares will be locked for more than 2 years, lock regularly until November 5, 2012　　, and the release of a year after the lifting of Everbright Bank of the other old shareholders held a share of about 8.2 billion shares also includes Everbright Group and Everbright Holdings of about 3.9 billion shares, so the current issued shares in the market after a year of real circulation of only about 4.3 billion shares.　　Everbright Bank is expected to list a year after the circulation market value of about 50 billion yuan, the listed national joint-stock bank's average circulation market value has nearly 70 billion yuan, Everbright Bank's circulation market value is still at a low level. An institutional investor said, "Everbright Bank after the listing of the circulation market value is very small, coupled with its future profitability of the high growth, the outlook is expected to be hot, if the prospective opportunity is expected to have a good return."　　"From the valuation level, the current valuation level of banks has been low, a-share bank plate has long-term investment value, and Everbright Bank's own unique distribution structure and the existing shareholders longer lock on a regular basis to provide investors with more trading opportunities, Everbright Bank's future performance is worth looking forward to." Silver letter cooperation and mortgage investors focus on the current market, credit policy is almost no signs of loosening, and in the case of narrowing the spreads, how Everbright Bank to protect the performance of the second half of the year?　　Silver letter cooperation products to stop, after the "fatal" conditions to reopen the gate, Everbright can continue to lead the financial products market?　　At a recent meeting of Everbright Bank's a-share issue, the bank's top executives said that Everbright's risk management was prudent and efficient, the risk of real estate loans controllable, the structure of financial products continued to improve, and the effect of a moratorium on silver-letter cooperation was small. According to the introduction, Everbright Bank's real estate loan structure, most of theThe pledge is complete, the period is short, the cash flow is more abundant land reserve and the park loan and the real estate enterprise business Property Mortgage loan.　　Everbright Bank related people, as at the end of 2009, the risk of relatively small land reserves and park loans and operating property mortgage loans accounted for more than 60% of the total real estate loans, and real real estate development loans accounted for only 30% of real estate loans, the proportion of total loans accounted for only about 3%.　　In addition, the distribution of real estate loans to the region, as at the end of 2009, the Bohai Sea, the Yangtze River Delta and the Pearl River Delta and other economically developed areas of the real estate loan balance accounted for more than 70%. This kind of loan structure does significantly reduce risk, but the low net interest spreads become the soft rib of everbright, Ping An securities researcher Liu Yinghua although optimistic about the future growth space of Everbright Bank, but still attach a condition: "Everbright Bank 2009 net interest margin is not high, but in the future with the increase of loan ratio and corporate loan yield rise, It is expected that there will be greater room for improvement in the net interest margin of the bank. "In response to market participants worried about the suspension of the cooperation of the Bank of credit, the impact on Everbright, Everbright Bank, said that the bank has a wide range of wealth management products and innovative product reserves, the suspension of cooperation on the Bank of the banking industry has limited influence, and is conducive to promoting the bank in the" post-silver letter "era of financial services model transformation.