Agricultural Bank IPO Initial Schedule, A Shares Before H-Share Listing Day

Agricultural Bank's listing has entered the busiest stage of approval.

At this stage, Agricultural Bank of China needs to submit the prospectus and the 2009 financial reports and other listed documents audited by the accounting firms. It also answers the questions raised by the examining and approving agencies in the two places in document form, and coordinates with the underwriters to prepare for the next publicity period and issue period.

The IPO sprint schedule is getting clearer.

An investment banker is so expected that in early June, it received the approval of the two markets; the roadshow in the middle of the year, completed the investor's inquiry and determined the price range; determined the issue price in late June; and carried out the institutional placement and public offering in July, and finally listed the two places in mid July.

Following the ICBC and CITIC Bank (601998) (601998), ABC is the third bank to adopt the "A+H" synchronous listing scheme, but the difference between the two companies is that the A listing time of the ABC will be ahead of that of H-share.

Sprint three passes: approval, publicity and issue

After submitting the listing application materials, it will be the most effective test stage for both ABC insiders and underwriters and analysts.

A person from the Agricultural Bank's listing office said that the various documents signed by the light daily rose sharply from the previous few to dozens.

People from 11 underwriters stationed in Agricultural Bank of China "work overtime every day to make all kinds of materials and hardly sleep", he said.

The approval stage of the link between the past and the future is very important. ABC needs to supplement the materials to the two regulatory bodies, answer various questions in the first instance, and cooperate with the Underwriters before preparing the listing approval. In addition, it needs to communicate with the industry analyst team to promote the preparation of a report for investors and fund managers.

"If there is no accident, ABC will receive the approval issued by the China Securities Regulatory Commission and the stock exchange in early June.

In this way, there will be about a month to do the road show and pricing work, the official listing time may be in mid July.

An investment bank expects.

For the largest single IPO in the world, institutional investors at home and abroad are very interested in it. The ABC executives have visited various cities in and outside the country and abroad to conduct pre road shows. The next official road show will be much easier.

More than 10 investors, including large foreign financial institutions, enterprise groups, domestic and overseas sovereign funds, Hongkong's local rich, and central enterprises group, have expressed their investment intentions to ABC, or they will become the first strategic investors of A shares and the cornerstone investors of H-share.

According to previous reports by several media, these institutional investors include Agricole Credit Agricole, Singapore Government Investment Company, Temasek holding company, Sun Hung Kai estate, Henderson, China Life Insurance (601628) (601628) group, Baosteel Group, PetroChina group, etc.

However, this statement has not been confirmed by relevant parties.

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After the road show, it will enter the issue period.

At that time, key information such as issuing price, scale of fund-raising and listing time will be clear.

"A before H" is a technical problem.

According to people familiar with the matter, the Agricultural Bank's listing program continues the "A+H" approach of ICBC and CITIC Bank (601998).

Although key data such as valuation pricing and financing scale have not yet been clarifying, ABC senior executives have told our reporter that the listing of Agricultural Bank of China in the form of "A+H" has remained unchanged.

However, when the two banks are listed on the same day, the listing time of ABC will be slightly different.

ABC insiders say A shares will be listed one day before H-share.

"It's just a technical problem, not a deliberate arrangement."

The man explained.

The "technical problem" actually refers to the difference between the Shanghai Stock Exchange and the Hong Kong stock exchange.

At present, the Shanghai Stock Exchange implements the "T+1" trading system, while the HKEx is "T+0" - that is to say, in the A share, the stock bought on that day will be sold on the next trading day, and the trading can be done on H shares.

In fact, the IPO and CITIC "A+H" were listed on a regular basis at the same time. In theory, the delivery time was different, but under the special arrangement, the HKEx delayed delivery for a day to keep up with A shares.

The bank did not intend to follow suit to apply for "special arrangements".

"The practice of A shares of Agricultural Bank of China before H-share listing is to stabilize the share price as much as possible on the same day."

Yuan Zhifeng, director of Research Department of Hongkong Guo Hao capital group.

Pricing is expected in late June.

The market is expected to determine the issue price in late June.

Yuan Zhifeng analysis, at present, there are no technical and policy problems in the listing of Agricultural Bank of China. The only need to consider is the stock market situation in both places, especially in the Hong Kong stock market.

"The market of the mainland is relatively" policy city ", the problem is not big. The Hongkong market is highly correlated with the European and American stock markets. Now the economic situation of the United States and Europe is uncertain. The most important thing is to see the market performance in mid June, and the external situation has begun to stabilize. After that, ABC can almost confirm the issue price.

He said.

Previously, ABC denied the statement that "no less than two times PB pricing". It said that pricing should refer not only to the dynamic PB of the listed banks, but also to the investment value and growth of the bank itself, as well as the external market conditions.

Yuan analysis, from the investment value and market situation of ABC, its valuation will refer to the performance of ICBC, China Construction Bank and Bank of China, which should be slightly lower than the dynamic PB and PE values of ICBC and CCB, but slightly higher than that of the Bank of China.

Because the bank has more international business and is more influenced by the economic situation in Europe and the United States. "

In terms of total assets, ABC is currently ranked third in the domestic banking sector.

The differential positioning of serving agriculture, rural areas and farmers, the wide distribution of county business outlets, and the support advantages of agriculture, rural areas and farmers under the guidance of China's macro economy are regarded as the most important value growth point of ABC.

However, the internal management and management of ABC, especially the low level of grassroots management, the low risk management ability, and the hidden worry of "three agriculture" and the future profit pattern of county credit business, are also the main concerns of the market.