Agricultural Bank of China IPO set schedule A shares listed on the first day in H shares

Agricultural Bank of China listed access to the most busy stage – approval of.

At this stage, ABC prospectus to be submitted by the accounting firm audited 2009 financial statements and other public documents, and document the two regulatory approval agencies to answer questions, and underwriters for the next collaborative promotional period issue of good preparations.

IPO sprint schedule becomes clearer. An investment bank that is expected to – 6 listed earlier this month received two approvals; road show in mid-to complete the inquiry and determine the price investors interval; in late June to determine the issue price; July institutional placement and public offering, the final 7 two listed mid.

Following the ICBC and China CITIC Bank, the Agricultural Bank of China was third with "A + H" listing programs simultaneously banks, but there are subtle differences between the previous two is the time ABC A shares will be listed H shares on the day before.

Sprint three tests: examination and approval, promotion, distribution

After the submission of a listing application materials, both for ABC insiders or underwriter, analyst team, it would be the biggest test of the efficiency of a stage.

ABC Office of a listed person, said the various documents countersigned light daily, on the steep increase from the previous several dozens. Presence of 11 underwriters from ABC's staff, "Every day work overtime to produce a variety of materials, little sleep," he said.

Importance of carrying the approval stage, the Agricultural Bank are required to supplement the two regulatory bodies, to answer the problems of first instance, and market approval in hand before the collaboration with underwriters, to prepare for the domestic and overseas road shows; In addition, the need and Industry analyst team communication, and promote its preparation for the investors, fund managers report recommended.

"If nothing else, the Agricultural Bank in early June will have to get approval of China Securities Regulatory Commission and the Stock Exchange. This way, about a month's time to do the work of road shows and pricing, the time may be officially launched in mid-July. "an investment banker, who is expected.

One of the awful world's largest IPO, foreign institutional investors eyeing, ABC executives had already visited a number of cities abroad and foreign pre-road show, the next road show will be officially relaxed.

Including large foreign financial institutions, enterprise groups, inside and outside the sovereign funds, local tycoons, the central enterprises, including the Group has more than a dozen investors, said the investment intentions Agricultural Bank of China, Agricultural Bank of China will become the first batch of them or the strategic placement of objects A shares and H shares of the cornerstone investors.

According to several media reports earlier, these institutional investors, including Credit Agricole, the Singapore government investment company, Temasek Holdings, Sun Hung Kai Real Estate, Henderson, China Life Insurance Group, Baosteel Group, China National Petroleum Group. However, without the parties confirmed this statement.

Into the issue of road shows after that. By then, the issue price, and fund-raising scale, time critical information will be listed on all clear.

"After the first A H" is a technical problem

Informed sources, ABC continued listing of programs and CITIC Bank, ICBC's "A + H" mode. Although the valuation price, financing and scale of key data has not been clear, ABC executives told the reporter that the Agricultural Bank of China to "A + H" listing by always the same.

However, compared with the previous two banks are listed on the same day, ABC's listing time will be slightly different. ABC insiders say, A shares will be listed one day prior to H shares. "This is only because of technical problems, rather than deliberately." He explains.

The "technical problem" in fact means that the Shanghai Stock Exchange, HKEx two different trading mechanisms. SSE is currently implemented "T +1" trading system, the HKEx for the "T +0" – that is, the A shares, buy shares the day to the next trading day to be sold In the H shares traded that day can operate.

In fact, after the bank and CITIC's "A + H" listing synchronization is a special approval of the way – in theory, the two different delivery time, but under special arrangements, HKEx day delivery delay, to be consistent with the A shares. The Agricultural Bank of China has no intention to follow for the "special arrangement."

"Agricultural Bank of China A shares one day prior to the listing of H shares way to stabilize the stock price performance on the same day to be consistent." Hong Kong, China Hao Yuan Zhifeng, Head of Research Capital Group, said.

Pricing is expected in late June

ABC will be expected to determine the issue price in late June.

Yuan Zhifeng analysis, now seems ABC is no longer listed on technical and policy issues, the only thing to consider is the two stock markets, particularly Hong Kong stock market performance.

"Comparison of the mainland market 'policy market', not a big issue, the Hong Kong stock market and Europe and the United States highly relevant, and now the United States, Europe and the economy uncertain, the most important is to look at market performance in mid-June, the outside world the situation has begun to stabilize, after which ABC can determine the issue price almost. "he said.

Previously, ABC has denied newspaper in terms of "not less than twice the PB Price," saying that pricing should take into account the dynamic between listed banks PB, ABC will consider the value of their investment and growth, as well as external market conditions .

Yuan analysis, from the Agricultural Bank of China's investment value and the market situation and point of view, the valuation will refer to ICBC, China Construction Bank, Bank of China's then share price performance, "should be compared with ICBC and China Construction Bank's dynamic PB, PE value is slightly lower, but slightly higher than the Bank of China case. because the Bank of China, international business are more influenced by the economic situation in Europe and America. "

By total assets, ABC-scale domestic banking sector currently ranks third. The differential positioning service Agriculture, the County's business network widely distributed, and in China under the macroeconomic guidance and support on policy Agriculture, Agricultural Bank of China is considered the most important value growth.

However, the Agricultural Bank of internal management, especially in weak grass-roots level of management, risk management abilities, and the "three rural" and the county credit business model for future profits still hidden, but also the market of its main concerns.

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