The bottom of the roof: the issue of beer pricing faced dilemma

Chen Jing to the Pearl River beer and institutional bargaining space is not big. Two times after the Pearl River Beer has issued a prospectus (the report), the proposed release of not more than 70 million shares, the total amount of money collected about 1 billion yuan.　　Raise funds to invest in two projects, respectively, Hunan Pearl Beer and Guangxi Pearl Beer each 201,000 liters of beer project.　　Financial information statistics show that the shares have listed 7 of the same listed companies, with yesterday's closing price, Qingdao beer and other 4 listed companies are 40 times times the latest P/E. Hops, which have a price-earnings ratio of 638 times times, are mainly used as a beer feedstock for upstream products in the beer industry, and their valuation criteria cannot be equated with the average beer maker.　　For Chongqing Beer, which has a P/E ratio of 94 times times, a brokerage researcher told the first financial daily that it contained speculation about biological vaccines and the transfer of shares to major shareholders.　　The total amount of money raised by Zhujiang beer is almost impossible to complete, and it must be 1.5 times times higher than the average of the two-tier market.　　One investment banker said the current second-line beer brand is under general pressure, mainly by the Qingdao beer, yanjing Beer, China Resources snowflakes and other brands of strong impact, more difficult to give the Pearl River beer than the market average level of valuation. If the issue is low, the Pearl River beer will not only face the difficulty of achieving the financing target, but also there are barriers to net assets per share.　　Once the issue of P/E is less than 33 times times, the Pearl River Beer will encounter net assets "red line". By the end of last year, the net assets per share of Zhujiang beer were 4.62 yuan.　　When the Pearl River beer issue is less than 33 times times the price, the IPO price will be lower than the net assets per share.　　Shanghai Zhong Hui law firm Wang Bin said, to lower than the price per share of the issue is not feasible, a-share history has no precedent. This newspaper has called the Pearl River Beer, want to know about the inquiry, but its dong secret phone has been in no answer to the state.