May 4, 2010 Financial Highlights - Bowen Preview

May 4, 2010 Financial News May 4, 2010 ABC

transfer listed in Hong Kong today for delivery in mid-expected 7 A + H shares listed at 09:34 on May 4, 2010 Sina Finance


Sina Financial News May 4 news, market sources, the Agricultural Bank of China will be held today to HKEx (388) listing application, the entire listing process was officially launched, is expected to raise capital from 25 billion to 26 billion U.S. dollars, The Vice-President Pan Gongsheng said if the situation is good, is expected to be completed in mid-July, A + H listing.


According to Hong Kong media reported that the four largest state-owned banks only unlisted agricultural banks, beginning the third quarter is expected to be completed this year, A + H listing. Market sources, the Agricultural Bank of China will be held today to HKEx (388) listing application, the entire listing process was officially launched, is expected to raise capital from 25 billion to 26 billion U.S. dollars. Agricultural Bank of China Deputy Governor Pangong Sheng said that the timetable will depend on the specific market situation in the capital market, if the situation is good, is expected to be completed in mid-July, A + H listing.


funds raised up to 26 billion U.S. dollars


market rumors that ABC plans fund-raising 30 billion U.S. dollars, Pan Gongsheng denied yesterday, \As for the A shares and H shares of the funds raised in the ratio, he said not yet decided. Recent Chinese banks line up of over 280 billion yuan share placement, Pangong Sheng said the influx of Mainland banks raise funds listed on the ABC does not affect that mainland banks private placement financing, and pending shareholder and regulatory approval, the final schedule determined, may be concentrated in the second half. He also said some investors have seen the reaction well.


NVC Promotion good through cancellation of the primary 2929 yuan lighting


Agricultural Bank of China IPO greatly speed, good tires on the other side (2138) abruptly canceled planned to introduce today's investors will be temporarily delayed prospectus. Close to the underwriting syndicate source said that good communication will start the listing process in the near future. Unit on the 10th of this month from the original plan offering, listed on the 20th to raise up to 3.9 billion yuan, artificially sponsor Merrill Lynch and Credit Suisse, Bank of America.


NVC Lighting (2222), held yesterday, investors will promote the message that the offer price range of binary zero-nine cents to two cents issued nearly 700 million 3000 million, up more than 20 fund-raising billion, per lot (one thousands) Admission fee is 2,929 yuan two corner 6 cents seventh of this month (Fri) to the 12th offering, priced on the 13th, the 20th listing .


preliminary prospectus documents, CITIC Securities (26.05, -2.89, -9.99%), a unit of China Alpha II Fund Ltd., CITIC Securities Alpha Leaders Fund and the Dragon Stream Investments Ltd were to spend five million dollars, a 10 million U.S. dollars, 10 million U.S. dollars, becoming the basis of NVC lighting investors.


shares center stage, there is excellent news that wrapping paper production source International (2268) will be roadshow next week, the 13th offering, to be listed on the 25th, raising 780 million yuan.


CCB placement of shares to implement the four lines A + H to save endangered capital adequacy ratio at 01:54 on May 4, 2010 First Financial Daily









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Li Bin


twists and turns of the Construction Bank, the refinancing program is finally out. April 29, China Construction Bank said it will allocate shares per 10 shares of the ratio of not more than 0.7 to all shareholders to subscribe for, A shares and H shares the same proportion of allotment, allotment of shares for a maximum total of more than 75 billion yuan.


The CCB placement of shares in the A share placement of shares by way of consignment, H share placement of shares by way of underwriting. The program still needs to obtain shareholders and regulatory approvals.


to CCB April 29, 2010 the total share capital 2336.89084 billion shares for the base estimates, a total number of shares may be allocated not more than 16.358 billion shares, of which the number of A shares can be equipped with not more than 630 million shares of stock, H the number of shares can be equipped with not more than 15.728 billion shares of stock.


the allotment price is determined by price discounts. A shares and H shares after the allotment price of the same by the exchange rate adjustment.


CICC forecasts, if the allotment price than the current price discount of 12% to 30%, while China Construction Bank to finance 60.4 billion to 750 billion, will enhance the bank's core capital adequacy ratio from 1 to 1.2 percentage points. Average annual growth in risk-weighted assets 14%, ROA remained at 1.2%, 45% dividend payout ratio under the assumption of 75 billion yuan Construction Bank financing will support the business development needs of the next decade.


four listed banks capital adequacy ratio \

After 2009 the rapid credit growth, banks capital adequacy rate of decline in different degrees; coupled with regulatory requirements on capital adequacy ratio increased with increasing demand from banks to refinance.
ICBC President Yang Kaisheng

previously estimated, according to industry, in construction, pay existing loans on the basis of the average annual increase of 15% (four lines of credit in 2009 increased by 25%, 49%, 22% and 38%), risk weight loans increased the amount of loans increased by about 85% per annum (from 2006 to 2009, industry, the building, pay the average of the four lines of data were 84.3%, 82.4%, 85.4% and 87.1% ), four line the next five years will increase the risk weight of 15 trillion yuan loans. By regulatory authorities of not less than 11.5% of the capital adequacy requirements, 5 years would require a total increase of 1.73 trillion yuan of capital occupied. Then industry, in construction, delivery of more than 3500 billion in 2009 net profit, based on the next 5 years the average growth of 12% total, 5 years, net profit of 2.5 trillion yuan can, such as retained profits by 50% as additional endogenous capital , then there are a total of 5 years about 480 billion yuan of capital gap.


\rates have declined. If commercial banks do not replenish capital, will restrict the size of its assets, in particular the scale of credit growth, thereby suppressing the growth of its performance. \

market pressure lower than expected


While big firms once the news of the refinancing to make market jittery, but the published plan shows that the secondary market pressure is less than previously expected.


A shares in Bank of China issued the first notice not more than 40 billion yuan of convertible bonds and issue additional shares in the H H share capital of not more than 20%; ICBC in the A share issue not more than 25 billion yuan of convertible bonds issuing H shares in the share capital of not more than 20% of H; pay line \The maximum financing is not more than 75 billion yuan.


way from the distribution point of view, Bank of China, ICBC would choose to issue convertible bonds A-share market. Analysts believe that the Conversion of convertible bonds of longer can effectively disperse the strong focus on the impact of equity transfer on the stock, and issuing other than Equity Finance, more stable market. Bank of Communications and China Construction Bank While A shares allotment, but the two smaller body mass in the A shares, will reduce pressure on the market.


scale from the distribution point of view, the four lines in general to raise about 247 billion yuan, while the A shares for equity financing in the amount is less than 30 billion yuan.


executives according to a recent statement the banks, the refinancing, the next 3 years will not need to re-financing. This also reduces the market expansion in the banking sector are denounced.


14 ministries will develop house property renovation program 2010-05-04 15:17:23 Source: \problems found in house property, land taken by the Department of the current \Until after the introduction of the general program of renovation, house property will be the national unity deal


With Property House \Land Department and other 14 ministries \

2010 年 5 4, in the \

Lijian Qin pointed out that the discovered around the house property issues, the Department of Homeland will take \All small property on the general nature of the treatment room, then wait 14 ministries, the control scheme proposed by the State Council, together with the consent of remediation.


Earlier, at the national conference on land resources, Land and Resources Minister Xu Shaoshi said, cleaning up \He believes that \

in the May 4 press conference, Ministry of Land Resources also announced supervise the handling of four cases are all related to the illegal use of collective land. Among them, Yang Song Town, Huairou District, the sale of collective land housing case, which is a typical case of house property.


2004 年 to 2006, Yang Song Town, Huairou District,easy indian recipes, the name of the sale of collective land rental housing, in the March 2007 special rectification was cleared, but in early 2009, individual projects began construction and sales. Department of Homeland said Yang Song Town, illegal housing project occupies a total area 238.51 acres, are not consistent with land use planning and urban planning.


Land Department requirements have not yet sold, and December 30, 2007 after the new, continued construction of houses to be demolished, and construction of the wall to remove all circles; on December 30, 2007 has been sold before built housing, to be the country house property be dealt with after the introduction of treatment policy.


Li Jianqin requirements, clarify responsibilities, shall be investigated in accordance with regulations developers, village leaders and other relevant personnel responsibilities; an immediate halt to the illegal construction, ordered developers to stop outside sales, and to take power, water supply measures; on has been divided into plots of land to be built for lease, shall order the return of land.


coke industry experts said the price cuts insured alleged monopoly 2010-05-04 19:05:13 Source: NetEase Finance 17 cell phones to keep abreast of the stock

NetEase Financial News 4 May 2010 on April 27 Shanxi Coking Enterprise Alliance held a forum on coke market analysis. Shanxi Coking Industry Association, Coking Industry Association of Hebei Province, Shandong Province Coking Industry Association, Shaanxi and Inner Mongolia provinces of coke production, distribution and business representatives attended the meeting. It was noted that, due to significant increases in cost, coking enterprises in general losses, the Alliance raised the price of coke guide, then, Hebei, Shandong, Shanxi, Inner Mongolia Association also raised prices four places.


public information, Shanxi Coking Union by the more than 200 companies, in addition to 81 local Shanxi Coking large enterprises have already joined, the 55 Shandong, Hebei and Shanxi coking enterprises 75 largest coking enterprises also joined the alliance.


State Council Legislative Affairs Review Panel members amend anti-trust law, \When

Jianzhong said, \the use of technology with the level of management necessarily quite different, so different companies ability to digest certain costs are different. Since the ability to digest different costs, then, after digesting the cost of the final product price must be different. So, if as a region of coke costs led to all the coke enterprises are the same price of a sale of the final product, which is not consistent with economic logic.
Second,south indian cooking, the focus throughout

Association is trade association, trade associations do have many important roles, but can not come forward to coordinate the members of the product sales price. Moreover, once the members of the sales price is being coordinated out, no matter what forms, and are suspected of violating anti-monopoly law and other relevant provisions of Article 16, that the agreement trade association shall not engage in monopolistic behavior.


Academy of Social Sciences pointed out that the Doctor of Economics Guang-Yuan Mar (blog) pointed out that this is a typical price collusion. Alliances, trade associations related companies convene a meeting and then decided to price increases, \\the price behavior of those who are consistent, thus can be identified as cooperative behavior, namely the formation of price-fixing agreement.


Guang-Yuan Mar that the Union and the Association have no right to provide industry guidance prices, the so-called guided price is a price signal that companies have to price increases. Historical data, guidance prices rise more than the price signals, such as December 3, 2009, Shandong coke guidance prices released in December, a regional guidance prices of metallurgical coke was 1830 yuan / ton, two metallurgical coke for the 1750 regional guidance prices yuan / ton; 4 Shanghai two metallurgical coke price rise directly from 1,700 yuan to 1,750 yuan. January 4, 2010, Shanxi Coking Association issued the \5, secondary metallurgical coke prices namely Shanghai raised to 2,000 yuan.


According to statistics, Shanxi, Hebei, Shandong, Shaanxi, Inner Mongolia, the five areas the proportion of the country's total coke production of more than 55%, said Li Shuguang, China University of Politics and Law, from the production point of view the five areas mentioned prices will affect other areas.


in the same time increase the price of coke, coke coke Association together on the top five producing provinces to limit production, demands that all member associations to market ability should strictly enforce the principle of limited production to increase efforts to reduce the coke inventory. Among them, Shanxi Coking enterprises with limited production rate of 40%, Hebei, Shandong, Shaanxi, Inner Mongolia, coking enterprises with limited production rate of 30%.


anti-monopoly law clear that the price competition between operators has reached sales by limiting the formation of producer price fixing agreements. When Jianzhong that, in this case, although the price is as a \intensity greatly increased.


industry analysts have also expressed a different view, they pointed out that the company may not follow the price guide prices. Shun Securities and Shanxi Securities analyst pointed out that coke industry losses, while the callback by the steel and coal prices of factors, even if there is guidance prices, companies may not raise prices. Wind data show that last year's A shares of five listed companies in the coke 4 losses, the only profitable company, its performance has fallen 66%.


needs to be noted that the Development and Reform Commission this year, stepped up efforts to investigate illegal price fixing, published two cases of concern to the community. One is in January 2010, some rice noodles manufacturer Nanning in Nanning City, a House of fresh food factory and the head of the Que and others organized, have collectively increased rice prices, quickly identified the Price Bureau of Guangxi rice business collusion prices of the main facts. Another one is April 19, 2010, Xiamen, Fujian Province, tableware industry association called the city's 28 tableware disinfection companies met to tableware disinfection products price increase issue, decided on May 1 from unity to improve product Delivery prices.


Development and Reform Commission said that as government price departments must strictly investigate and deal with the market price of monopoly.


India and Australia proposed tax increase on ore imports from China pushed the cost of 2010-05-04 04:04:02 Source: First Financial Daily (Shanghai), 230 cell phones to keep abreast of the stock

\

Indian Finance Minister Pranab? Mukherjee recently announced that it will adjust the iron ore, cotton and other commodities of export duties, including iron ore export duty from 10% to 15%. At the same time, the Australian Government has announced its plan last Sunday, will have the resources industry increases domestic prosperity of billions of dollars in tax, and these Ewaishouru used to cut corporate taxes, to more global competition, Li Shi Zhi.


2009 年 12 months, India has just iron ore export duty from 5% to 10%, and the iron ore export duty powder increases from zero to 5%.


joint metal ores network analyst Hu Kai told, \export taxes, mainly to allow the Indian domestic steel manufacturers to get more iron ore.


Pranab? Mukherjee to raise taxes when the announcement said that with the domestic public and private Indian steel companies continued expansion of production capacity, expected in the next two years, India's domestic consumption of iron ore will jumpstart growth.


developed by the Ministry under the Indian steel production capacity expansion plans, 2012/2013 fiscal year, crude steel production in India will reach 124 million tons, than the current level of 54 million tons of production more than doubled.


Indian ore export tax hike, it might inhibit the China lump ore purchases. China's ore imports from India the majority of fine ore, ore is only about 12%, estimated to affect much. But this release signals that India is gradually controlled the export of resources, can post up fine ore exports of concern, there were rumors before the lump ore and fine ore will be raised to 20% of unity.


addition to India, the Australian government to increase taxes on mining companies put on the agenda.


According to the plan, from July 1, 2012 onwards, including mining giant BHP Billiton, Rio Tinto company to put its resources, including non-renewable resource extraction for 40% of profits to pay for the tax; of enterprises taxes, refining costs and capital investment in recycling, Resource Enterprises statutory tax rate of about 57% of the total.


Australia is based on production taxes on mining companies, state franchise tax levied only 2% to 10%.


Australian financial sector is estimated that began July 1, 2012 of the 2012/2013 fiscal year, the government will obtain through the new tax revenue the additional 3.0 billion Australian dollars; 2013/2014 fiscal year, additional Tax will be about 90 billion Australian dollars.


this, Australia's largest mineral resources company BHP Billiton on May 2 has publicly expressed its Web site to raise resources to be disappointed corporate tax. BHP Billiton, said the new tax program will operate the project in Australia's tax rate paid from the current 43% to about 57% in 2013. Adjust the resource tax is likely to weaken Australia's attractiveness as a destination for mining investment.


many analysts believe that mineral resources are still in short supply in the current circumstances, the foreign tax on the increased costs of mining enterprises, is likely to be passed on to the ore export prices, thus increasing the domestic steel ore imports costs.


It is noteworthy that the current Australian iron ore in China and India are the first and third largest importer and second largest importer from China than Brazil, close. According to the domestic iron and steel to provide advice and information agencies \India Mine were increased by 11 million tons and 400,000 tons. India as early as the first time in 2007 calling for the introduction of iron ore export duty when it caused a chain reaction, the global iron ore prices and sea freight have risen.


as \out of about 80 U.S. dollars / ton, however, because \(This article Source: First Financial Daily on: Shan-Shan Chen)