U.S. media to see China Postal Savings Bank Hongkong listing cornerstone investment cited concern-meyou

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U.S. media to see China Postal Savings Bank of Hongkong listing: cornerstone investment cited reference news network reported on September 25th, U.S. media said that China’s major banks are struggling to slow economic growth, bad debts increase, shrinking profits struggle. The "New York Times" website in September 22 published an article entitled "Chinese postal savings bank IPO huge hidden worries" reported that, for two years by the world’s largest IPO, raised more than $7 billion, a Chinese bank has from his friends for a little help. In September 21st, the China postal savings bank, one of the largest state-owned credit institutions in China, issued an initial public offering price of $0.61 per share, worth $7 billion 400 million, according to an insider. The person was not authorized to speak publicly about the pricing. Alibaba went to New York in 2014 and broke the world’s largest IPO record with a total of 25 billion US dollars. The IPO was the single largest amount of financing in the world since then. The report says only a small fraction of its new shares will be held by non government investors, as some Chinese state-owned enterprises have promised to subscribe to most of the shares. The big IPO has drawn attention to what is called cornerstone investing, that is, before a company goes public, large investors are invited to subscribe to a large amount of stock. This practice is not common in other markets, but it is favored by more and more mainland Chinese Listed Companies in Hong Kong. In order to ensure the smooth progress of IPO, the shares of government related enterprises are increasing in the Hongkong market. Some banks tend to take this approach, because it helps to get deals done. But it has also been criticized in the past, because it will allow investors with access to the priority of participation in IPO. The IPO, on the face of it, is reminiscent of the age of 10 years ago. At the time, the wave of China’s large state-owned banks coming into the overseas stock market was just beginning to emerge, and many huge IPO attracted the attention of foreign funds and Wall Street banks, which made investors eager. The economic growth rate of two digit China makes optimism about the country’s banks rapidly warming, ICBC, China Construction Bank, Chinese Chinese banks beat Citigroup, Bank of America (Citigroup) (Bank of America) and other veteran organizations, to become the largest bank in the world market. Today, that optimistic view has been replaced by growing concerns over the problems of the traditional growth model in china. China large bank shares has been lower than the value of the assets, earnings disclosure shows that investors do not believe the bank’s books, or that there will be more bad loans emerging from. More than 75% of the shares issued by the postal savings bank through the IPO are sold to so-called cornerstone investors, the big buyers who promise to sell the shares in the first six months without selling shares, the report said. The six cornerstone investors in the deal are all entities linked to the Chinese government. The IPO of the postal savings bank came when the big IPO transactions in the Hongkong market were relatively dull. These transactions are increasingly dependent on the cornerstone.

美媒看中国邮储银行香港上市:基石投资引关注参考消息网9月25日报道美媒称,中国的大银行正竭力和经济增长放缓、坏账增加、利润缩水作斗争。美国《纽约时报》网站9月22日刊登题为《中国邮政储蓄银行巨额IPO暗藏隐忧》的报道称,为了通过两年来全世界规模最大的新股发行,募得逾70亿美元资金,一家中国的银行已经从朋友那里寻求了一点帮助。一位知情人士称,9月21日,中国最大的国有信贷机构之一中国邮政储蓄银行,将其首次公开募股的招股价定为每股0.61美元,所发行的股份价值74亿美元。该人士未被授权公开谈其定价。阿里巴巴于2014年赴纽约上市,以250亿美元的募资总额打破全球最大IPO的历史纪录,本次IPO是自那以后的全球单笔融资金额之最。报道称,其发行的新股只有一小部分会被非政府投资者持有,因为一些中国国有企业已经承诺认购绝大部分股票。这项大型IPO让人们注意到了一种名为基石投资的做法,也就是在一家公司上市前,邀请大投资者认购大量股票。这种做法在其他市场上并不常见,但却受到了越来越多赴港上市的中国内地国企的青睐——为了确保IPO的顺利进行,与政府相关的企业在香港市场认购的股票日益增多。一些银行倾向于采取这种做法,因为它有助于达成交易。但它在以往也饱受批评,因为会让有门路的投资者获得参与IPO的优先权。报道称,从表面上看,这项IPO会让人想起10年前的那个年代。当时,中国大型国有银行赴海外证券市场公开募股的浪潮刚刚兴起,许多巨型IPO吸引了外国基金和华尔街银行的目光,让那些投资者充满渴望。中国两位数的经济增长率使得关于该国银行的乐观看法急剧升温,中国工商银行、中国建设银行、中国银行等信贷机构力压花旗集团(Citigroup)、美国银行(Bank of America)等老牌机构,成为全世界市值最大的银行。如今,那种乐观看法,已经被人们对中国传统增长模式所存问题的日益担忧所取代。中国大型银行的股票目前已低于财报披露的资产价值——说明投资者并不相信这些银行的账册,或者认为会有更多不良贷款冒出头来。报道称,邮政储蓄银行通过此次IPO发行的股份,逾75%被预售给了所谓的基石投资者,也就是以六个月内不出售股票的承诺换取优先认购权的大买家。这项交易中的六个基石投资者全都是与中国政府有关联的实体。邮政储蓄银行的IPO,是在香港市场大型IPO交易相对沉闷的情况下到来的。这些交易的进行越来越依赖基石投资者——说明来自零售投资者或者小投资者的潜在需求颇为低迷。例如,国有飞机租赁企业国银租赁6月份赴港上市时,基石投资者认购了其所发股份的将近80%。上月赴港IPO的国有券商光大证券,把将近70%的所发股份售予基石投资者。报道称,来自金融数据供应商Dealogic的数字显示,去年,基石投资者的投资在香港IPO交易中所占比例创下了41%的新高。此前的最高为2012年的36%,那是新股发行颇为艰难的一年。基石投资者对香港市场与日俱增的影响力受到了密切关注,但到目前为止,监管机构和立法者采取的是相对而言不过多干预的政策。报道称,香港的监管机构至今尚未采取限制基石投资的举措。港交所发言人9月21日称,交易所已经研究过这个问题,“没有发现基石投资会缩小股东基础的结论性证据。”他还说,上市委员会“得出的结论是,在此阶段没有必要进行额外的监管”。更多精彩内容欢迎搜索关注微信公众号:腾讯财经(financeapp)。相关的主题文章:

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