More urgent financing needs of medium-sized banks
to investors that the banking sector in the financing of flood peak has passed, you can . January 8, 2011, Minsheng Bank launched the first secondary market for bank refinancing programs, plans to target specific non-public offering 4.7 billion shares, an amount not more than 21.5 billion yuan fund-raising. Almost simultaneously, the Agricultural Bank and Industrial Bank also announced the issuance of subordinated bonds. Agricultural Bank of China not more than 50 billion yuan to be issued subordinated bonds, used to replenish the supplementary capital and improve capital adequacy ratio. Industrial Bank plans to issue no more than 15 billion yuan of subordinated bonds.
A-share market record-frequency
just entered 2011, the trend in market shares in Ping An of China has been relatively stable began falling, especially on January 6, Ping An, while the stock price fell sharply, closing sharply amplified. Ping An of China there is such a trend triggered the fuse is that it will be in the A-share market financing to supplement the capital of the rumors. Despite the peace that evening announcement that China, noted that the market will in the A-share market rumors of large-scale re-financing, as there is no A-share market refinancing plan, so that the situation has been temporarily subsided, but investors in listed the sensitivity of corporate finance but has not weakened.
according to the CICC calculations, in accordance with the end of 2012, a large bank capital adequacy ratio of 9.5%, 8.5% of the standard small and medium sized banks, listed banks in the next two years to refinance the total size of about 160 billion yuan, but A shares tradable shareholders only pay about 100 billion, far less than the nearly 800 billion in 2010 scale.
In addition, banking sector is at a historically low valuation levels, lower stock price also inhibit bank financing of the power. Historical data show that from 2000 to 2009, 10 years, the banking sector price-earnings ratio is only 1 to 10 times the level of the low in 2008 after the crash at the bottom. As of December 31, 2010, the bank's stock price-earnings ratio of less than 10 times as many as 10.
over-reliance on bank margins, asset expansion model of development can only come by way of refinancing bridge the gap
why endless demand for bank financing? Experts believe that this course is due to a rapid increase in bank lending in recent years, supervision of capital adequacy ratio hit the red line, so banks need to continue to add capital. But a deeper look, or is that banks are too dependent on interest income, primarily asset development model expansion. Enlarge the scale of one to lend directly to bring about the decline in capital adequacy ratio, only by way of refinancing to make up the gap.
many banks, while the introduction of financing schemes, have said the next few years there will be no large-scale financing program. Such as the Industrial and Commercial Bank had said that after the completion of the convertible bond and rights issue for three years without equity financing. Bank of China said late in the completion of 60 billion yuan in the A + H share placement financing, the next 2 to 3 years without capital market refinancing plan.
the insurance sector, industry analysis, 3 the insurance sector, Ping An of China as the first half of last year, the solvency adequacy ratio was 218%, still look more adequate, after taking into account the reorganization of Shenzhen Development Bank operations The capital shortfall, and the property insurance business capital needs of high growth, future financing may still exist. China Life last year, a sharp decline in solvency ratios, if in the future continue to decline, there will be future financing needs. The most adequate solvency of China Pacific Insurance, H shares have just completed the financing end of 2009, the next few years should not need to refinance.
into the New Year, increasing the momentum of high release. January 7 listed five new shares, the average price-earnings ratio of 93.07 times the issue has been more than the level in December last year. Among them, the new research shares 150 times the
in Since last year, the tide of financing to bank stocks is undoubtedly represented by the financial sector is the biggest hero. 2010, in addition to the Agricultural Bank and China Everbright Bank to achieve the IPO, most of the listed banks are carried out in different ways to refinance. Annual total direct financing banks financing amount Jinsan Cheng A-share market.
Most global stock markets rebounded strongly
In fact, even in 2010, although the bank re-financing from a large number of point of view, but in fact taken from the A-share market funds are relatively much smaller scale. To workers, in construction of three-line placement program as an example, three banks financing of nearly 170 billion yuan share placement, but the major shareholder Huijin full amount subscribed to most of the other public shareholders a very small proportion of financing . Most other banks are also financing and private placements through private placement to complete the channel.
from the three banks see refinancing plan, although the amount of the financing totaled 86.0 billion, but because of the Agricultural Bank and Industrial Bank is to issue subordinated debt, Minsheng Bank is the largest shareholder of private placement are not directly diverted from the stock funds on the secondary market.
, A-share market was weaker trend, to some extent with the rapid expansion of market capacity on the short term
bank refinancing from a large number of point of view, in fact, taken from the A-share market is relatively smaller size of funds
In fact, since last year, the financing of listed companies has been intense market attention. According to statistics, 531 companies in 2010 in the A-share market financing of 1.02752 trillion yuan, of which 343 shares starting, financing, the amount of 488.3 billion yuan. Into 2011, new issues continue to accelerate, the first week after New Year's Day issued 11 new shares to raise funds more than 200 billion.
However, despite the banks will not finance the formation of last year's tide, but on the whole stock market, improve the proportion of direct financing in the general direction, this year's amount of equity financing will remain high. Expert analysis, the future rate of state-owned capital securities will continue to increase, small plates and accelerate the development of the GEM, the international panel discussion on the introduction of more and more enthusiastic, driven by multiple factors in the next few years are likely to be the stock market financing
< p> Although the refinancing of financial stocks have of equity financing, will not have a great impact to the stock market.
compared with the amount of financing, new shares issued in particular the GEM stock prices continue to rise, lead to more controversy. Data show that the average new shares issued in 2010 about 59 times earnings, 53 times in 2009 compared to higher level than the pre-IPO restructuring of 1 times the 2008 high. A monthly perspective, in July 2010 listing of new shares issued earnings ratio of 48.99 times the average, the lowest level for the whole year; listing of new shares in December that year the average price-earnings ratio is 92.06 times the issue, create a new record.
2010 年 total A-share market to raise about 1 trillion yuan, compared with 2009 increase of 1 times
intensive large banks last year after refinancing, the refinancing of medium-sized bank this year, pressure may be greater. Bank Quarterly Bulletin last year, showed that the level of China Merchants Bank capital adequacy ratio was 8.03%, Minsheng Bank is 8.1%. Only 7.0% of Shenzhen Development Bank, therefore, these medium-sized bank this year, the more urgent needs for equity financing. And several big banks have a higher core capital adequacy ratio, based primarily on business development in the future to add the appropriate subsidiary capital.
not form a strong pressure on the stock market
A shares of the secondary market is currently less than 30 times the average price-earnings ratio, price-earnings ratio is much higher than the IPO this level. New shares issued in 2010, 26 companies listed on the first day close below the issue price. 5 trading days before the New Year, there is treasure and the sea stand Metal housing two new shares break. January 13, the issue price of 90 yuan Sinovel listed on the first day down nearly 10%.
market participants believe that most global stock markets rebounded strongly in the last year, A-share market was weaker trend, which to some extent with the rapid expansion of market capacity on the short term. The end of 2010 Shanghai and Shenzhen stock market capitalization reached 19.3 trillion yuan, a year ago is still less than 15 trillion yuan. In the main index fell 10%, while growth in market capitalization is more than 30%.
years ago, part of the shares is expected to soar! Confidential! market institutions will soon be reversed capital flows have changed dramatically! main funding is plotting a new financing arrangement
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