China'S Water Conservancy IPO Was Approved By The Securities And Futures Commission Through &Nbsp; The Proposed Fundraising Fund Was 17 Billion 300 Million.

29 evening of the SFC announced that China Water Conservancy IPO was issued by the trial committee.

The 166th meeting of the China Securities Regulatory Commission's issuance audit committee in 2011 was held in July 29, 2011.

China's water conservancy and hydropower will be listed on the Shanghai Stock Exchange.

No more than 3 billion 500 million shares are issued, and the total capital stock after issuance will not exceed 10 billion 100 million shares, and the proposed capital raising will be 17 billion 316 million 800 thousand yuan, which will be the largest IPO since this year.

The company's main business includes engineering contracting, power investment and operation, equipment manufacturing and leasing, and real estate development.

From 2008 to 2010, the company achieved operating income of 60 billion 795 million yuan, 75 billion 540 million yuan and 101 billion 494 million yuan respectively, and the net profit attributable to the parent company owners was 1 billion 265 million yuan, 2 billion 289 million yuan and 2 billion 911 million yuan respectively.

Together with China's water conservancy, the SFC issued the IPO, which is also passed by Fenglin wood and Lu Xiao technology.

plan

The amount of financing and so on still let market speculation.

In the first two years, there were large IPO projects in July.

In July 2009, China's construction (601668) raised 50 billion 100 million yuan. In July 15, 2010, the Agricultural Bank (601288) raised 68 billion 530 million yuan and became the largest IPO in the history of global securities.

China water conservancy is one of the largest comprehensive construction group in China and even in the world. In 2010, the company's operating income was 101 billion 494 million 483 thousand and 500 yuan, and the net profit attributable to the parent company owner was 2 billion 911 million 69 thousand yuan.

According to the prospectus of China water conservancy, the 3 billion 500 million shares will be issued and 17 billion 316 million 800 thousand yuan will be raised, which will be invested in 6 projects, such as construction equipment procurement.

Market participants believe that China's water conservancy has three suspense:

Suspense one: the final amount of fund-raising

In fact, in early 2010, China's water conservancy has been approved by the competent ministries and commissions. At that time, it planned to raise 12 billion 900 million yuan, but some of the funds would be used for real estate projects, because the SFC postponed the real estate project financing and restructuring.

The current IPO plan excludes real estate projects, but the amount of financing has risen sharply. It is worth noting that 6 billion yuan will be used to supplement liquidity.

According to the prospectus, China's water conservancy can be completed as long as the issue price reaches 5 yuan.

Its fully diluted earnings per share in 2010 were 0.29 yuan per share, corresponding to the P / E ratio of about 17 times.

If we want to find similar companies, the current Gezhouba Dam (600068) P / E ratio is 22 times, and China's construction P / E ratio is 12 times.

Whether China's water conservancy will eventually raise or raise the amount of fund-raising remains to be determined after a series of roadshows, enquiries and so on.

Suspense two:

Recently, due to the Wenzhou motor car accident, the high-speed rail plate fell sharply, the cause of the accident is still under investigation, and many high-speed rail stocks have left the relationship behind.

However, the analysis suggests that the accident will slow down the construction of China's high-speed rail and bring negative impact on the long-term development of the high-speed rail.

At present, China water conservancy project has built a winning bid of 14 billion 240 million yuan Beijing-Shanghai high-speed railway. In its prospectus, it is very optimistic about the development of China's future high-speed rail projects.

Although the accident does not have any impact on its performance this year, if China's high-speed rail development slows down, the future growth of China's water conservancy industry will be overshadowed.

Three of the suspense: will China oil second

From the past meeting to the final listing, China's water conservancy also has to go through many links such as road show, inquiry, quotation, determination of the issue price and purchase, and now the market is facing the international situation turbulence and domestic regulation and control intensified.

Shanghai stock index yesterday's weak shocks throughout the day, the central city of PetroChina suddenly made efforts to pull the big 2700 heavy.

PetroChina has been playing the role of escort hero for several days. One of the conjectures behind its purpose is to escort the smooth IPO of China's water conservancy.

Because the market has been plagued by various factors recently, it is already fragile. It is easier to rehypersensitivity for financing pumping news.

Whether China's water conservancy will bring impact to the market, will it be like the listing of PetroChina, and the pre market financial support will fall after listing and become the last straw to crush the market?

This is also the focus of market attention.