More than 5 times times more difficult to buy a black stone or AIA "for Mother debt" Fund bridge?

Will AIA (hereinafter called "AIA"), which is about to land in the Hong Kong market, sell? According to the AIA, 6 billion U.S. dollars by the AIA as the bottom line of listing financing, and strive to reach the financing limit of 8 billion U.S. dollars.　　Given the mission of the parent company, AIG, which is "a blood transfusion", this makes it possible for AIA, an impure IPO, to gain market recognition. According to its disclosure, even if the proposed rescue parent company's ratio of 50%, according to the IPO financing bottom line 6 billion U.S. dollars, AIA still need to take out 3 billion U.S. dollars for AIG debt. "It remains to be seen whether capital markets can recognise such huge sums of IPOs being used to repay debt."　　"The AIA should not openly use the simple modus operandi of" IPO financing to repay debt, "according to people familiar with the matter.　　The former financial advisor for the sale of AIA's Asian operations BlackRock or reappeared, and according to relevant sources, AIA will set up a special purpose company with Blackstone to buy shares or bonds issued by AIG.　　Borrow private to cross the bridge? The most intractable issue with AIA's IPO remains how to give blood to the parent company, but the simple financing logic is unlikely to be accepted by investors.　　Usually, the amount of IPO financing is to expand the service to the enterprise, or repay the loan to reduce the operating costs, rather than to the parent company debt. The reporter learned from a major underwriter, who declined to be named, that they would not expect much from the AIA IPO. "One is a large IPO scale, and the second is that the market is listed in order to repay the debt, the subscription multiples may not be more than 5 times times." "AIA and US private equity group Blackstone are likely to join forces again."　　The Blackstone Group, which has previously been a financial advisor to AIG's assets, may have bought a percentage of AIA, according to market rumors. "The tricky point is that AIG could not directly take up the listed funds of its subsidiary AIA to pay off its debts, but could transition through an intermediary." "One person who has had many years of overseas mergers and acquisitions and venture capital has said that the approximate approach might be for AIG to sell some of its AIA holdings to a private equity fund (or several of its constituent actors) for 3 billion of billions of dollars, but after the agreement AIG has the right to buy back the shares."　　The private-equity fund will be able to participate in the decisions of its board of directors after it has taken the AIA, requiring a high dividend each year, or injecting its insurance business assets into AIA's listed companies, and then earning 3 billion of dollars back. "Private equity funds are likely to offer the AIA a highly discounted share subscription agreement, which is a well-known secret, after all, when AIG needs money and government loans." "That person. By virtue of its strong financial strength, black stone may become a good "bridge of funds." However, when the reporter called The Black Stone Hong Kong officials, he did not give a clear response to this, only said: "This does not affect the subscription enthusiasm." AIA in the issue pricing is still negotiable, hoping to give investors a certain arbitrage space. "The early Ming March listing another listing suspense lies in who is the main mainland underwritingProvider。 As AIA's main business is in the Asia-Pacific region, it will be instructive for investors in the region to value AIA's IPO price. "The valuation of AIA by international investors is mostly limited to its financial data and the growth of the Asia-Pacific insurance business, but investors in Asia and the Pacific are well aware of AIA's market position and development capabilities, often giving higher valuations."　　An overseas insurance analyst analyzed the news to reporters. Given current market feedback, the challenge for AIA underwriters is to find ways to persuade the public to pay. The AIA is said to allow the two mainland brokers to be determined to start PK competition with CITIC Securities, the ability to attract subscription funds, will be selected as an important reference factor. "There is no comment on the AIA listing at the moment, but CICC has a strong stake in the IPO," said a source in the CICC investment division.　　"Citic investment bankers are reluctant to respond. "The market is very good in the short term, the key is to see whether the company is valuable." "The participants in the gold-corner underwriters analyzed the current situation of Hong Kong stocks to reporters.　　He believes that the focus of business on the Asian market AIA, or the investment appeal. "AIA will be the first to have a h-share in March next year, no later than June." AIA said the relevant people told reporters. The time for listing is normally within 3-6 months, in accordance with the timing of the Hong Kong Stock Exchange's listing. This requires AIA to submit the listed materials at the latest in September this year, to enter the market preparation period. The urgency of the time comes from AIG's pledge to repay the government by June next year. So far, AIG's debt to the US government remains as high as nearly 100 billion dollars.