Million horse cable price is set at 11.5 yuan corresponding to 30.88 times times P/E

Million horse cable July 1 issued a pricing bulletin, the determination of the issue price of 11.50 yuan/share, according to the total share capital after issuance, the price of the corresponding P/e ratio is 30.88 times times. According to the bulletin, the company and the main underwriter in accordance with the preliminary inquiry results, in the form of cumulative tender, comprehensive consideration of the issuer's effective fund-raising needs, underwriting risk, industry, comparable company valuation level and market conditions, and other factors, to determine the issue price. The initial inquiry of the effective quotation corresponding to the purchase quantity of 1.8938 billion shares, the oversubscribed multiple of 189.38 times times.　　The amount of the proposed funds to be raised by the company's prospectus is 342.5 million yuan, if the issue is successful, the actual amount of funds raised by the issuer will be 575 million yuan, exceeding the number of the issuer's proposed funds for 232.5 million yuan. In response to recent concerns about companies receiving 30% of clients ' receivables and customer defaults, Pan, chairman of the company, said there were also investors in the agency's promotion meeting about the issue of customer defaults in the case of a sharp drop in copper prices in the second half of 2008. In fact, the company is not to the full customer collection of receivables, for the company's main business income ratio (less than 25%) of the general user works, in order to circumvent the risk of default, the company adhere to the implementation of a 30% per cent of the advance payment of the sales policy. So when copper prices fell, there was little customer default because of the high cost of defaulting. and accounts for the company's main business income of more than 75% of the customers for power systems and large industry quality customers, these customers a large scale, credit rating, the company and these customers are long-term partnership, the order has been signed, in the copper price rises sharply when the company does not increase prices, in the copper price falls when the customer will not default.　　By the end of last year, the advance payment is a more reasonable amount. Meanwhile, in order to avoid the risk of copper price fluctuation, million horse cable from 2007 began to use the "lock copper, hedging supplemented" strategy, and always adhere to the order of the leading mode of production, strict control of stock production, only for those who often appear in small quantities of goods, inventory amount is not small and more suitable for continuous production of varieties, the company is allowed to prepare , the company clearly stipulates that the stocks used for production of copper should not be higher than 200 tons. There is no risk of price fluctuation in the stock of the order, and only stocks produced by stock will be exposed to the risk of fluctuation of copper price, because this part is very small and is a continuous turnover of inventory, the risk of these inventory depreciation will not have a significant impact on the company's operating performance. Pan said that as the IPO restart the second single, the Million horse cable is deeply responsible, the company will strive to continue to good business performance return to the vast number of investors. (Gao Xiaojuan)