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2020-01-08 00:01   来源:  www.photo-nude.com   评论:0 点击:



Beijing-Shanghai (601816) took just 23 days from filing to the meeting, a speed that refreshed the record for the trial. Now, with the most profitable high-speed rail known as the Beijing-Shanghai high-speed rail is about to \"enter.\"


In the early hours of january 3rd, beijing-hu high-speed rail issued a formal announcement and prospectus, setting the offer price at yuan\/share and applying for purchase on january 6th (next monday).


The IPO of Beijing-Shanghai high-speed rail is scheduled to issue no more than 100 million shares, or less than% of the total share capital after the issue, with a total capital raising of 100 million yuan and a total share capital of 100 million shares after the issue. Beijing-Shanghai high-speed rail (offering price), with a market value of 239.6 billion yuan, now ranks about 34 in the A-share market (closing price on January 3).


According to the prospectus, the raised funds are all intended to be used to buy a% stake in jingfu anhui company after deducting the issue fee, with a consideration of 50 billion yuan, and the difference between the purchase consideration and the raised funds is solved by self-financing.


Wind data showed that the 30.7 billion yuan raised by the Beijing-Shanghai high-speed rail was not only higher than the 28.4 billion yuan raised by the Postal Reserve Bank last month, but also the largest IPO since the Agricultural Bank issued in July 2010, which raised 68.5 billion yuan, the largest in A-share history, and so far no one has surpassed it.


Beijing-Shanghai high-speed rail IPO introduced strategic placing, with strategic investors placing nearly half, these locked in 12 months and more; and 70% of the offline issue will be locked in six months.


According to the announcement, the number of shares in the public offering is 100 million shares, all of which are new shares in the public offering, and the final strategic placement is 100 million shares, accounting for about% of the number of shares in the issue. The number of initial issues under the Internet was adjusted to 100 million shares, and the number of initial online issuances to 100 million shares. The final number of offline and online distributions will be determined on the basis of online callback.


According to the announcement, based on the net profit attributable to the parent company shareholders in 2018 divided by the total share capital after this issue, the Beijing-Shanghai high-speed rail this issue price is yuan \/ share, the corresponding price-earnings ratio is double, breaking the A-share main board IPO price-earnings ratio of 23 times the \"red line \".


In its prospectus, beijing-Shanghai high-speed rail said the price-to-earnings ratio was lower than the static price-to-earnings ratio of five major listed companies in the guang-Shenzhen railway, Eastern Airlines, Southern Airlines, Air China of China and China Merchants Highway.


In fact, in the A-share IPO market, in addition to Ke Chong board, although there are a number of stocks issued at a price-to-earnings ratio of nearly 23 times, but did not really cross this \"red line.\"


Back to history, in january 2014 the sfc issued measures to strengthen the regulation of new stock issuance, making it clear that issuers should identify their industry according to the industry classification guidelines for listed companies, and select the most recent month's static average price-earnings ratio issued by china stock index co., ltd as a reference. If the price\/earnings ratio of a new issue is higher than the industry average, the issuer will need to state the risks in the prospectus and the announcement. Since then, the industry has agreed to a 23-fold price-to-earnings ratio of new stock issuance \"red line.\" In general, state-owned companies can't issue at less than a net asset per share, so there are occasional cases where state-owned companies list at more than 23 times their first price-to-earnings multiples, according to investment bankers.


Beijing-Shanghai high-speed rail exceeded 23 times the \"red line \", after the securities law was revised and passed, the ipo issue of non-science board companies on the eve of a comprehensive change. Although the breakthrough is not strong, it has important indication significance. Some marketers point out that so far, with the exception of the beijing-hu high-speed rail, there have been no new stock issue price-earnings ratio of more than 23 times the case, this policy landing remains to be seen.


According to the prospectus, between 2016 and 2018, Beijing-Shanghai high-speed rail achieved operating income of 100 million yuan,100 million yuan and 100 million yuan respectively, and net profit of 100 million yuan,100 million yuan and 100 million yuan respectively. Beijing-Shanghai high-speed rail forecast 2019 annual revenue of 31.5 billion-33 billion yuan, a year-on-year growth of%~%;2019 estimated net profit of 11 billion to 12 billion yuan, a year-on-year increase of%~%.


Northeast Securities pointed out that the future growth of Beijing-Shanghai High-speed Railway is mainly due to capacity expansion and price increase. Capacity expansion can be realized by increasing the length of the EMU and increasing the number of train running. Considering the train safety problem, the number of 17 marshalling EMUs is the main way of capacity expansion of the company. In terms of fare, compared with air and highway, high-speed rail has higher cost performance ratio, and at present, the market price of high-speed railway has been released, and the price of the company can improve the flexible period.