邮储银行IPO是市场信心试金石_BEC初级作文

邮储银行IPO是市场信心试金石

与此同时，发行股票最大的问题是估值。中国国有金融机构不能以低于账面价值的价格发行股票，但中国邮政储蓄银行的4大国有竞争对手目前的股价全都在账面价值的0.7倍至0.8倍之间。这些银行上次股价勉强等于账面价值是在2017年6月内地股市大幅上涨期间——内地股市随后出现暴跌。

Bankers involved say that PSBC’s low loan-to-deposit ratio means it is not dragged down by the bad loan fears that give its peers such a discount. “This is a once-in-a-decade deal,” said one banker involved in the process. “Do you want to miss that for paying up maybe 10 to 15 per cent?”

相关银行家表示，中国邮政储蓄银行较低的贷存比意味着，它不会受到让其他银行估值出现如此大折扣的坏账担忧的拖累。一位参与中国邮政储蓄银行IPO的银行家表示：“这是十年一遇的IPO。你想错过这次机遇，然后多花可能10%或15%的钱吗？”

Hong Kong listings cannot adjust price ranges like New York deals can, so any failure to fill the book means pulling the deal. That is extremely unlikely since Chinese deals tend to come well-stocked with cornerstone investors, who accept a six-month lock-up in return for sizeable allocations. State-backed Chinese deals in particular are known for rounding up so-called friends and family to cut the risk of a deal failing. More than 40 per cent of all equity sold in Hong Kong this year has gone to cornerstones. State-backed CDB Leasing needed a record 85 per cent in June to get its $800m deal across the line.