Bank of Communications will introduce the development of China Merchants Hong Kong 6.5 billion China Bank to transfer bidder who pays orders
"World Business Review" ICXO.COM (Date: 2004-11-09 15:22)
From 10 billion yuan to 6.5 billion yuan, China Merchants Bank's debt after a year of wind and rain, finally issued on November 4. The Fund's joint efforts to force the China Merchants Bank to shrink the scale, which is considered the victory of investors. But after reading the provisions carefully, we can't help but ask, is investors really victory? In China Merchants Merchants, the reporter discovered a very special provision when the reporter found that the reporter found a very special provision: In the first three years after the release, China Merchants Bank will not pay special downwards. Even after three years, China Merchants Bank still has a strict restriction on the transfer price - only the closing price of at least 20 trading days in any 30 consecutive trading days is lower than 80% of the current transfer price, the board of directors "Right" specially fixes the transfer price. There were no similar regulations in the conventional credit issuance announcement, and the Xun Bank opened a first. Is this practice of China Merchants Bank damage to the interests of the holder? The relevant person of China Merchants Bank has decided to this. He said that China Merchants Bank does not correct the transfer price within three years is not to limit the interests of convertible bonds, but China Merchants Bank's performance is full of confidence. He believes that the current situation of China Merchants Bank has a good management, and the development potential is very large. The current stock price does not reflect the company's value. Three years do not refer to the stock price will not cause much impact on the income of the holder. But industry insiders put forward this practice of China Merchants. They believe that even if China Merchants Bank is full of confidence, it is not necessary to use this way to restrict the adjustment of the transfer price to reflect, the convertible bond has a certain hedging risk, and the investigation of China Merchants Bank restricts the transfer price adjustment, this Risk hedging will be greatly weakened. Once the stock price of the development, the development of the Bank has a long-term downturn, and the development of the Bank will not be able to adjust the transvest price, the holder will not be able to obtain transfer income from the investment of the Bank of Communications. Bank of order will traction the development of China Merchants Merchants Merchants Bank's launching banks on the two places in the city, and the impact on the "A H" listed program on the Shanghai-Shenzhen stock market sector also became the focus of the industry. According to a report, Hong Kong institutional investors' subscription prices for Bank H shares in HK $ 2 HK $ 2, which means that the delivery price of the Bank in Shanghai and Shenzhen A shares is approximately 3 yuan to 4 yuan. The current price of China Merchants Bank is 8 yuan, which is obviously too high compared with the exchange. According to industry insiders, after paying the market, the focus of the bank sector will be moved down, and the lowering the market will be inevitable. This means that the market in the next few years is likely to be lower than the current market price. As of 5, the closing price of China Merchants Bank was 8.97 yuan, and the transfer price of the transfer stocks was 9.34 yuan in the development of the credit issuance provisions. If the three years did not adjust, the investor will be difficult to turn from the development of China in the three years. Years were obtained in the stock. The Fund will still be "tied" in China, although the hard regulations of China Merchants Bank have doubts in many investors, but in the eyes of heavy gold, China Merchants Merchants will still be profitable. Majunda 50 Fund Manager, holding the China Merchants Bank, told reporters that the fund will certainly participate in the sale, Ma Jun believes that the business situation of China Merchants Bank is the best in the current listing bank, according to now 10% to 20% per year. Speed development is expected. Du Changyong, the Manager of the Enrehedment Bundess Fund, said that the restriction of the credit fair provision is more restriction, but this shows the company's confidence in its share price. In addition, the provisions specify the right to distribute shareholders with secondary placement, and the fund-headed institutional investors can get a lot of chips, which helps the agency profit. The fund's view has not been recognized by all market people. An industry insiders specialized to study convertible bonds believe that the fund purchase of China Merchants Merchants Merchants Bo is Bo. He believes that the fund manager will carry the share price of China Merchants Bank after buying a branch of China Merchants Bank, which has taken this approach to the full amount of debt, and the fund has taken this practice in the transfer of the Branch (the Information Quotes Forum). However, the impact of the listing cannot be considered. If this risk is ignored and blindly pulls the stock price, it is very likely that the fund is very likely to "steal the chicken."
