Shandong Ink Dragon First Test of the "return a"

Yesterday, after two times the audit committee issued by the China Securities Regulatory Commission, and finally became the first SME board from the H-share return to a shares of Shandong Molong (002490.SZ,00568.HK), officially began to issue. With the return of Shandong Molong, the board will have 2 a+h stocks, the other one for Goldwind (002202). SZ,02208.HK).　　Unlike Shandong Molong, Goldwind is first A and then H. Shandong Molong Issue Price is 18 yuan/share. The offer, which corresponds to a 32.73 times-fold price-earnings ratio and 2.77 times times the city's net rate (based on total equity after issuance), is much higher than the share price of HK $11.1 Yesterday, at a premium of 88.5% per cent.　　In this respect, analysts pointed out that, although Shandong Molong issue price is high, but there is still a certain amount of speculation space.　　In the past 3 months, Shandong Molong H shares have risen by 49.8%. Shandong Molong is one of the main oil drilling and mining equipment manufacturers in the mainland, the product covers sucker rods, pumps, pumping units, oil casing and other major oil drilling equipment, the company was listed on the Hong Kong gem on April 15, 2004, and on February 7, 2007 to the Hong Kong main board listing,　　And this a-share issue is a return to SSE SME.　　The head of the company to the "First financial daily" reporter said that the 18-yuan issue price after the inquiry process of the full argument to determine, basically reflects the market supply and demand relationship. A brokerage analyst who follows a number of new shares told the newspaper that the current price of the 18-yuan offer relative to H-shares is indeed high.　　32.73 times times the issuance of P/E compared to the current high valuation of small and medium-sized plates is relatively low, there is still greater speculation space, Shandong Molong in the listing date is likely to be the capital hot. Shandong Molong This issue does not exceed 70 million shares, accounting for the total share capital after the proportion of not more than 17.55%, raise funds near 1.2 billion yuan, the fund-raising is mainly used for 180MM oil special Pipe Project, the new capacity will become the main driving force for future performance growth,　　The project will require a total capital of 720 million yuan, and more than a portion of it would be used to replenish liquidity. 2003 ~2009 years, Shandong Molong business income compound growth rate reached 37.87%, net profit compound growth rate of 34.55%; PetroChina Group, Sinopec Group is the company's most important customers in the mainland, 2009 sales to both the oil casing and other income accounted for 36.47%,　　The ratio has fallen to 18.67% in the first half of the year. Haitong Securities Research report that the main risk of Shandong Molong from the overseas market on the mainland products, "double reverse" investigation will affect the growth of the company's exports, if a sharp reduction in export tax rebate rate, will affect the company's profit level, the appreciation of the renminbi will increase exchange gains and losses; Thus affecting income and earnings growth.