Small shareholder peddling broad issue stake Dong Jianwei the biggest test

This reporter Lan Guangzhou reported that a small shareholder from Beijing will hold 7.07 million shares of a broad share of the Shanghai Joint Equity Exchange listed on the transfer, this seemingly small deal affects the wide distribution of nerves. The wide distribution recently to 4.36 yuan/share of the implementation of the increase in shares, is waiting for shareholders to pay the money in place at this stage.　　The 7.07 million shares represent only 0.059% of the 11.978 billion total share capital, but because the transfer price of around 4 yuan is lower than the increase in the share price, it affects the hearts of all the new and old shareholders.　　A very big test has come quietly for Dong Jianwei, chairman of the broad issue that is pushing for the core of the IPO process.　　Transfer price as the key element affects the key element of the broad distribution of nerves is about 4 yuan price, because this price is even lower than the April announced the expansion of the expanded stock price of 4.36 yuan/share. According to the 0.28 yuan earnings per share in the 2009 broad distribution earnings, the 4-yuan transfer price P/E ratio is about 14 times times, the current capital market bank shares the overall average P/e ratio of less than 10%, including the three major lines or even the people's livelihood within 8%, the highest CITIC bank is 12.3%. Under the present depressed market condition, 4 yuan price is considered some high.　　And as the market situation changes, the wide distribution of up to 4.36 yuan/share of the increase in share prices at the shareholder level has taken place in different attitudes. Yang Xiaoji, the project manager of a PE agency in Guangzhou, told the Chinese Times reporter our Organization has been to the broad issue of shareholders, the Shanghai Stock Exchange and other aspects of the subject matter and investment prospects, "We have the intention, but due to the wide distribution of the increase in stock prices and changes in the attitude of the old shareholders, we have some scruples." "Shanghai Stock Exchange Beijing branch of the project leader Chen Manager, the project commissioned by a central enterprise in Beijing, the listing base price is actually more than 4 yuan on the current site more favorable, for 3.6 yuan/share," because of some reason had to transfer. "It is understood that the central enterprises in 1996 to invest 15 million yuan to buy 15 million shares, Citigroup shares in 2006 widely issued, its 15 million shares to 6 million shares, in 2008 after the dividend Shang the number of shares into 7.07 million shares.　　Calculate, its 15 million yuan investment is almost cost price transfer. Formal bidding to wait for online publicity one months later.　　Mr. Chen said that the wide distribution of hope that the transfer of the project will not affect their expansion of the shares, the current number of consultants, but not much into the substantive stage. The changes in the market situation have led to a subtle turnaround in the spread of expanded stocks, which had been expected to be smooth. According to the information obtained by Miss Yang from the broad issue of the old shareholder, the deadline for contributions, originally planned for May, has been extended, and "quite a few shareholder funds have not yet been put in place, especially the old shareholders", This became Miss Yang's body whether the last to sell the main concerns of the broad issue of shares, "if we participate in the expansion of equity, means that the cost increases, if not participate in the existing share ratio will be further reduced." "Although manager Chen saidEven if it does not participate in the expansion of the shares to its shareholders and equity is not affected, but Miss Yang has her own professional financial analysis. The capital hard constraint has become the bottleneck problem of restricting the GF. 2008, depends on the successful issuance of 5 billion subprime debt, the broad distribution of the end of the year's capital adequacy ratio of 11.63%, the core capital adequacy ratio of 6.67%; but this is only a temporary solution to the problem, the 2009 broad issuance of capital adequacy ratio and core capital adequacy ratio issues back to the end of 2009, The net amount of capital is 34.284 billion, core capital 21.486 billion, subsidiary capital 14.706 billion yuan, capital adequacy ratio 8.98%, core capital adequacy ratio 5.82%. The CBRC requires commercial banks to have a capital adequacy ratio of 10% and a core capital adequacy ratio of 7%.　　Over the years, the wide distribution of hard capital constraints suffering: New branch opened new branches for many years limited, new business license unattainable. Dong Jianwei Super big Test but for the broad issue, if there is no listing financing and other financing channels, to shareholders to increase capital shares and other names to make money to become the only path.　　For the wide distribution on the way, the capital adequacy ratio is also a good financial indicator, the bank can successfully listed the protection. Whether it is the issue of subordinated debt or the replenishment of additional capital, in the history of wide distribution, Dong Jianwei's predecessor, Li Johong, has been used many times, and the General Assembly group and Shen Hua Holdings, which are still among the top ten shareholders, have entered the new strategic big shareholder's position in the previous increase in the stock.　　However, the return on investment in the broad distribution of the old shareholders are a bit sad, investment in more than 10 years, only 2008 years only 10 send 0.244 yuan (including tax), 10 to send 0.5 shares of dividends.　　With the "All aspects want me to" support, Dong Airborne wide distribution mission and fundamentally change its inherent mechanism and concept began, in this context, a wide distribution of unprecedented personnel reform has laid a strong position of dong. and Dong Jianwei with his equally strong wrist restart has repeatedly been the increase of capital shares, means to give new and old shareholders a new future expectations.　　It will take time for Dong Jianwei to fully win their support for the old shareholders who have been traumatized. Just disclosed that the 2009 Annual report is Dong Jianwei airborne wide release of the first report card, this net profit of 3.39 billion of the report card although the profit of 21.7% growth than 2008, but in the view of an old shareholder, actually operating results are "less than 2008", a number of core indicators are visible, 2008 annual operating income of 17.7 billion, 2009 for 15.1 billion, in 2008, up to 6.86 billion of the asset impairment provision.　　In addition, equity growth in 2009 remained just 13.2%, less than half that of other listed banks. Dong Jianwei to his timetable is 3-4 years to rebuild a wide distribution, he made full use of his contacts and resources for the broad distribution of the loan business of the luxury customer lineup. To rebuild a wide distribution within a short period of 3-4 years and achieve immediate resultsis to increase Shing, however, Mr Tung's approach has also made it confusing to some of the old employees who have left the company, and even the industry veteran, "alongside the big government state-owned enterprises" and "the vast majority of the original advantage business has been abandoned", especially in the retail business, in addition to a loan almost completely ceased to run　　Including salary raise series financial planning, of course, the financial planning of the pause and a number of financial products in the relevant assets under the expiration of the financial products can not be recovered on time, the broad issue of 2009 to the investors to advance 490 million and other factors. A far-from-complete replenishment of capital is a kink in the prospect of a smooth push for a listing, and the market downturn is undoubtedly the key to shareholder confidence. It is clear that the real test of Dong Jianwei governance is just beginning.