Everbright Bank Pricing Insider reduction

In addition to the impact of asset allocation, the concern over Everbright's future performance has become a more cautious factor in the agency's offer-Feng Zhe, our correspondent | Wen Everbright Bank's lightning will soon be listed. August 11 night, Everbright Bank fixed IPO pricing, 3.10 yuan per share of the price is not an accident.　　The network under the subscription multiple and Agricultural Bank of the same (9.97 times times), showing institutional investors for Everbright still more cautious. At the same time, Everbright Bank's first-half results have been circulating in the industry. People close to Everbright said the first half of the Everbright bank to achieve a net profit of about 6.8 billion yuan, non-performing loan ratio and balance double drop, the provision of coverage remained at 220%-230%. "Everbright's performance growth of about 90%, in joint-stock commercial banks is higher, of course, net profit is not high, but compared to the size of Everbright Bank, its profitability is good."　　The person said. Such a report card is not enough to attract the market's pursuit. "At the beginning of the price is more stable, feel 3 yuan, compared to the listed banks have a discount."　　These people said that Everbright listed there are mainly two difficulties, one is the previous agricultural bank listed to make the fund allocation of the enthusiasm of the banking sector to reduce; the second is that some institutional investors have dislocation of price perception, in fact, Everbright 3.10 yuan/share of the issue price corresponding to the market net rate has been 1.58 times times, below ABC. "Under the net purchase has three months lock-up period, from the capital cost aspect consideration, will not carry on the net to purchase." "One of the institutional investors who participated in the roadshow confessed that the overall market in the short-term rebound after the lack of momentum in the future, but also to strengthen everyone's watching psychology."　　The current pricing for the fund is rather awkward, the early positions of the fund, due to limited funds, certainly biased to do online, and the low position of the fund style is more cautious, if there is no obvious premium, it will not be easy to sell.　　In addition to the impact of asset allocation, the concerns about the future performance of Everbright has become a factor in the low price of institutions.　　An analyst involved in the roadshow said that although the 2010 per share net worth of 1.96 yuan, the issue price has fallen in the PB1.5 times 1.6 times times, but this is based on the assumption that the net profit growth of more than 60% this year, "We still have doubts about whether Everbright can achieve such a high growth rate." Everbright Bank issued the final size of the shares of 7 billion shares.　　Among them, the strategic placement of 3 billion shares, the network issued 1.55 billion shares, online distribution of 2.45 billion shares (including the excess distribution of 900 million shares). The announcement showed that Everbright Bank this time a total of 30 strategic investors pledged the subscription capital of 15 billion yuan.　　Among them, Everbright Group's subsidiary Everbright Gold Control Asset Management Co., Ltd., China Everbright Investment Management company was allocated 320 million shares, about 10% of the total amount of strategic placements. Everbright Pricing Before there is an episode. August 9, a Banking regulatory Commission on the cooperation of the specific management of the letter issued to the trust companies; August 10, A shares by July macro-data poor impact fell 2.89%, to 2,600 points below. (See theEditions period "' Amnesty ' Silver Letter cooperation" the new regulation aims to restrain the silver letter cooperation business with the characteristic of "pour loan", so the Everbright bank with the characteristic of banking financial products becomes the focus of public opinion again.　　Data show that at the end of 2009, Everbright Bank Financial products accumulated circulation of more than 600 billion yuan, including personal financial products more than 400 billion yuan circulation.　　New regulations require banks to participate in the financing of the Bank of Credit cooperative financial services in the form of funds in this year and next, and in accordance with the requirements of 150% of the provision of provision, and the large banks should be in accordance with the 11.5%, small and medium-sized banks in accordance with the 10% capital adequacy rate of capital. "The new rules of silver letter have limited influence on Everbright. A Everbright insider argues. In the stock, Everbright bank credit type silver letter products accounted for its silver letter wealth management products, half of the scale, products involved in loans of about 90 billion yuan, of which about 40 billion yuan due to product maturity mismatch problem is still in the table; the remaining 50 billion dollars will also be due in the next two years and the products issued,　　The total amount to be reversed should be below 40 billion yuan. Compared to the vicissitudes of AgBank's IPO, Everbright Bank appears placid. "The first day of Everbright is expected to open in 3.4 yuan/share-3.5 yuan/share." "A Everbright bank underwriting group said confidently that the possibility of future break is very small." In his view, an important reason is that Everbright bank shares only 2.4 billion shares, including 900 million shares of excess placement funds, the latter can be the share price "escort", "from this ratio, Everbright relative to the future operation of the Agricultural Bank of the space to be more", Everbright Group said.