Despite the financial turmoil sweeping the world severely affected, making a number of solar photovoltaic production enterprises have to take shrinkage and cut approach to overcome the temporary difficulties, but the solar PV industry will certainly survive this crisis is the industry’s fastest . It was predicted that the second quarter of 2009 will see the industry’s full recovery.
China’s production of solar cells and modules and applications began in the early 70 century, but behind its production, manufacturing costs are high, coupled with higher conversion efficiency reasons, in addition to apply some special environment it was hard to promote to the civilian area. Since entering the 21st century, a number of studies students returned, bringing back foreign advanced technology and management, have created a more professional in the country, but also relatively large scale of the company, making China the production of solar cells and modules, whether the quality of on the number or both to a new level. Which was founded in 2001, after years and Suzhou Artus Suntech is very typical. Particularly successful in 2005, Suntech listed on NYSE in the U.S., and more than 400,000,000 U.S. dollars a financing can be said that solar photovoltaic industry in China is a breaking news. Then have another dozen solar companies listed overseas, the financial return billions of dollars of funds is huge, which greatly expand the strength of China’s PV industry.
I think the beginning of this century, China’s solar cells and modules to the sustainable development of high-speed four main reasons: First, the global fossil energy prices and the continuing rapid deterioration of the Earth’s environment to accelerate, driven by governments and peoples of renewable energy eagerly look forward to; two solar photovoltaic technology itself is the tremendous progress made in the laboratory to achieve the original conversion efficiency, is now in mass production can be achieved; Third, financial and stock investors have on the solar PV industry enough confidence to make photovoltaic industry have sufficient financial support; Fourth, the reform and opening up, China has become the world’s investment in processing industry park, leading many returnees to return to the smooth development of entrepreneurship.
In recent years, China’s solar photovoltaic industry to make the world wonder of the double speed rapid development, in 2006, China’s solar cell output was only 380 MW in 2007 to more than 1,000 megawatts, accounting for the global 1 / 4 also , and this is almost the global output in 2004 rather, and will thus become the world’s largest solar cell producer. This makes the solar energy industry in China is not only a world first solar thermal products, and optoelectronic products also ranks first in the world. We should be proud of and proud. I said, the solar energy industry is a glorious and light industries, it glorious, because it not only provide energy for mankind, but also provide much environmental value of clean energy; it light, this business is the development of some extremely good future, perhaps in another 23 years, it is the main human sources of energy.
At present, even though we face the global financial turmoil sweeping the serious impact which some solar manufacturers have to take shrinkage and cut approach to overcome the temporary difficulties, I have always believed that solar PV industry will certainly be the fastest the industry through this crisis. It was predicted that the second quarter of 2009 will see the industry’s full recovery. Because so far, national economic recovery plan announced by the Government regard the saving and environmental protection on a very important position, the solar energy industry in the spring will soon come, I believe that.
The development of China’s solar PV industry is at a critical time, we still have a lot to do.
First of all, we are faced with the problem the grave shortage of high-end, almost all of the PV companies lack a strong R & D team, in the PV industry chain and all links in a large number of technical difficulties, need to tackle key problems, such as how to make silicon do more thin, more economical high-purity silicon material; how to make the battery more than 20% conversion efficiency; how to further improve the service life of components and so on. These things only by a company is difficult to do because it takes a lot of money and a lot of manpower, more important is the need for a leader in high-end talent. So I suggest that the domestic relevant departments come forward to organize robust domestic solar PV Technology Research Institute jointly established companies, which can not only carry out solar energy development and utilization of high-tech research, but also training a number of high-tech talent, that on the sustainable development of China’s solar energy industry will be crucial.
Second, in all aspects of PV industry chain, such as high-purity polysilicon, wafers, cells, components of the key production equipment also need to import, the localization of these devices is not high level, also need to put in the necessary financial and human must be developed.
Finally, China’s PV market with our photovoltaic manufacturing world is very disproportionate compared to 2007, China produced more than 1,000 megawatts of photovoltaic products, 99% are sold abroad, our own use less than 1%. Therefore, our application of PV products in the promotion of the Government and the public need to redouble our efforts.
In recent years, we are pleased to see that many of our leading solar photovoltaic companies have put forward a clear goal: Suntech made, three to five years, so that the cost of solar power to 1 yuan / kwh; Suzhou Art Williams said that in the next three decades, so that solar energy into millions of households; LDK asked to be world’s largest solar wafers, to best quality, lowest cost. If these objectives can be achieved, we will truly become the world on a world full of sunshine.
September 7, 2010
Mainland China investment bank’s first international acquisition will make the trip.
January 13, 2010, through the Hai Tong (Hong Kong) Financial Holdings, Hai Tong Securities [19.19
0.26%] (600837.SH) will be the end of Tai Fook Securities in Hong Kong [4.95
1.02%] (0665.HK) of the Tender Offer.
If nothing else, Hai Tong Securities will be 1.822 billion Hong Kong dollars was Tai Fook Securities 52.86% of the shares after the company successfully retain their listing status. This time through the Secretariat by the sea as “Swallow plan” mergers and acquisitions, in addition to the usual business war bargaining strength and texture of each screening, the industry and the regulators were considered to be international M & A “beautiful battle.”
However, this will be only the beginning. Adjacent to the mainland as international financial center, Hong Kong has become China’s mainland investment banking and international M & A the most ideal one-stop operational. This newspaper has learned, in addition to the sea through, the State letter, Guo-Yuan, Mainland securities and other investment companies in the negotiation of Hong Kong’s Chinese-owned investment bank, in order to open the road leading to internationalization.
“Swallow Scheme”
August 2009, after Bank of China International and HSBC Hong Kong, matchmaking, Tai Fook Securities are listed as the substantive goal of the sea through mergers and acquisitions.
Two months later, Hai Tong Securities on the due diligence investigation of Tai Fook Securities.
For confidentiality, in accordance with international practice, international sea links to the merger as a “Swallow” Program name, meaning that fly overseas. Previously, the city of Hai Tong Securities backdoor listing of the shares in time, it was called the “Eagle program.”
According to informed sources, Hai Tong (Hong Kong) Financial Holdings Chief Executive Officer Lam Chung, Tai Fook Securities Company and its shareholders, the newly created (0659.HK) Executive Director, M & Religions are overwhelmed by the sea through with the newly created specific executor. The negotiations before and after the basic operation by them.
Lin Chung, now 40 years old 15 years in the investment industry working experience, and also was awarded the “2006 Outstanding Young Shanghai Ten Financial” title.
As the first sponsor in 2007, Lin Chung served 6 years from the sea through his position to his new post, general manager of investment banking Hai Tong as managing director. For M & A, Lin Chung indeed already do well, which is thought to be sent to Hong Kong that year was appointed to important causes.
Mr Cheng, the son of Cheng, whose grandfather is a consortium of Hong Kong Top Ten – New World [15.10
1.96%] Development Group helmsman Cheng Yu-tung. Religions, 26-year-old, who work in the CLSA 3 years, mainly responsible for infrastructure sector analysis. January 2008, its joining the newly created, was elected in mid-2009 with the newly created Tai Fook Securities executive director.
Because there are investment banking background with Lin Chung and negotiations Religions exchange flow.
The two sides “see-saw” the focus than the maximum price. It is learned that has made the newly created 5.25 Hong Kong dollars / share purchase price, but it seems beyond the sea pass an acceptable price cap.
At 4 o’clock on the 19 November, up to 12 hours after the last talks with Mr Cheng Chung Lin finally shake hands. Hai Tong Hong Kong 4.88 Hong Kong dollars per share to create the new group [14.30
0.14%] Tai Fook Securities acquired 52.86% stake in the newly created Tai Fook Securities finally holding a 9% stake.
Sea Link International
In fact, the end of 2008, Hai Tong Securities in Hong Kong started searching out on M & A targets, and plans to complete in three years, Hai Tong complete platform to build.
Haitong CEO Ming Shan is the sea through international M & A leader. His military background, he is considered low-key and very bold and visionary. Earlier, Li Shan has said Haitong goal is clear: public, group, international.
At that time, the sea level set the tone through the acquisition target is two, one foreign investment bank, and second, the size and influence of large Chinese-owned investment bank.
Hai Tong Hong Kong has a number of business licenses, a small Chinese-owned investment bank of the Sea Link International is not really meaningful.
“Hai Tong to Hong Kong Chinese-owned investment banks basically talked about it again, now in the economic recovery of acquisition, be a good time to catch up.” An insider told reporters.
Finalize goals for the Tai Fook Securities, also is impressive because of its overall strength, especially strong brokerage business. It is reported that Tai Fook Hai Tong Securities consistent with the acquisition of three elements: the large and influential business interaction with the sea through complementary, easy management and cultural integration.
Tai Fook Securities in Hong Kong’s leading local brokerage, one of 15 million customers in Hong Kong and Macao has 12 branches. Compared with their domestic competitors, the acquisition will enable Hai Tong Tai Fook Securities in index futures and margin trading and other innovative business strategic advantage.
In 2007, Tai Fook Securities net profit of 4.84 billion Hong Kong dollars; as the market downturn, in 2008 net profit fell to 112 million Hong Kong dollars; first half of 2009 net profit of 76.75 million Hong Kong dollars.
Although Hai Tong has subsidiaries in Hong Kong, and holds nine licenses, but not compared with the great blessing. It is worth mentioning that in 2009, Hai Tong continuous participation in Minsheng Bank [7.91
0.25%] H shares, China Pacific Insurance [25.62
0.71%] H shares of the IPO, so that it gains little have expected to profit billions of dollars Hong Kong dollars.
This time, after the acquisition, because both belong to the sea-pass system, Hai Tong Tai Fook Securities in Hong Kong on business, then there exists the possibility of reverse integration.
Hai Tong Securities secretaries to directorate Jin Xiaobin frankly, the acquisition of Tai Fook Securities, to the capital through more efficient operation, as soon as possible to upgrade the sea through the overseas market share, make a big financial group in Hong Kong and the Asia-Pacific region radiation; while the sea through the ROE (return on equity rate) would also be effective to upgrade. Another purpose is as a training base.
In the evaluation of the purchase price, the Jin Xiaobin, said, “not cheap but reasonable.” He pointed out that in the future, not just Tai Fook Securities, and the sea through the Hong Kong business will occupy the entire company a very important position.
It is reported that, apart from a small change in the board, the Tai Fook Securities of the management team will remain, it is also regarded as Tai Fook Hai Tong’s most important asset.
Currently holding the securities as the main force of the Hai Tong Securities has begun to take shape, under the jurisdiction of the two fund companies, two direct investment companies, as well as Hong Kong’s financial holding companies, and holding the futures company. Meanwhile, the sea through the acquisition of the Bridge Trust is also awaiting final approval.
Li Shan in accordance with the previous idea, the sea will also be acquired through some of the financial industry and build a complete platform. Internationalization, based in Hong Kong as the main platform.
Now, Hai Tong Tai Fook Securities in Hong Kong M & A, has a firm grasp of its international platform.
M & Start
This is the first time from mainland China’s international investment bank mergers, the industry and regulators as a “beautiful battle.”
It is reported that the Shanghai municipal government to the sea through the acquisition of a very high rating, also called Tai Fook Hai Tong after the acquisition of Shanghai to help establish an international financial center.
A broker who said in mid-December, the Department of the SFC agency meeting held in Xiamen, the agency officials had respect Tai Fook Hai Tong on M & A done “pretty.” After an internal meeting in the Commission, the Commission Vice-Zhuang Xinyi Haitong also commended that the sound of the sea is not anything about this incident did not pass out – well done. However, at this meeting, regulators, On the Road, in the financial crisis, banks, insurance have become bigger and stronger domestic investment banks should also consider how to use the financial crisis become bigger and stronger.
In fact, after the financial crisis, Chinese financial institutions, whether banks, insurance, securities, the majority of overseas M & A is not successful, thus making the acquisition Haitong more worthy of attention.
In the industry view, the sea aside Europe and the United States through the investment bank, turned to the acquisition based on both internationalization and localization of the Hong Kong brokerage, prospective M & A targets in the business and cultural integration of both companies is feasible.
October 2007, when the financial crisis began, CITIC has announced the planned acquisition of U.S. investment bank, but is stopped short after 5 months. This also allows CITIC lucky to have dodged a bullet.
Since then, CITIC will put Hong Kong’s international strategy, and increase the support of CITIC Hong Kong companies and investment. The number of domestic investment banks have begun consideration of the reality of the proximity to the Mainland’s international financial center – Hong Kong as a bridgehead for international.
In fact, since the end of 2008, a number of brokers are considering is similar to the sea through the
“Swallow plans,” planning international acquisitions. Among them, one after another major replenishment of the Hong Kong listed subsidiary of brokerage are considered to be ready to buy a prelude.
According to sources in Hong Kong investment bank, which has stepped up negotiations with the country element, Guoxin, investment and other securities firms. It is learned, such as Sun Hung Kai, Phillip, when the rich, the first Shanghai [1.23
-3.91%] Of domestic investment banks are all acquisitions by the opponent.
August 31, 2010
China’s sustained economic recovery over the past year and the stock market up to foreign investment banks has brought good results, in their eyes, remain attractive this year.
Morgan Stanley Managing Director and CEO of Sun Wei said China last year, Morgan Stanley’s performance in Greater China, marking a record second only to 2007. For the new year, she said, will use multiple platforms to accelerate the investment banking and M & A market full of opportunities.
Competitive
2009 China and the Asian investment banking market, competitors are actually only two, Morgan Stanley and UBS AG (UBS). Equity capital in fierce competition.
Morgan Stanley, UBS is the largest M & A business competitors, but Morgan Stanley has also made a number of bond issues on the edge. For example, Morgan Stanley participated in Singapore’s Temasek 1.5 billion U.S. bonds, 3.5 billion Petronas standard bonds issued by the Philippine government agency bonds, 600 million U.S. dollars.
According to Dealogic data, Morgan Stanley is the first 11 months of 2009, the only one in the stock market, bond market and M & A markets are among the top five investment banks.
To date, Morgan Stanley has completed seven acquisitions, worth a total of 1.5 billion U.S. dollars; 10 equity transactions worth a total of 2.6 billion U.S. dollars; 15 bond transactions worth a total of 4.6 billion U.S. dollars.
In China, Morgan Stanley participated in the China Medical’s IPO, and the China Metallurgical A + H share offering to act as sole global coordinator.
Morgan Stanley, UBS, as the biggest rival, though very productive in the equity business, but missed the mergers and acquisitions in Korea, at the same time, UBS failed to release many of the standard investment-grade corporate bonds, which this year an important situation.
Sun Wei said China’s fast-Soviet economic recovery is strong and timely direct result of economic stimulus measures.
Recalling the 2009 China’s capital markets, energy, pharmaceutical, consumer goods and real estate sectors are more active in these sectors largely benefit from the introduction of economic stimulus.
From Morgan Stanley’s own view of the completion of the IPO project, Long Yuan Electric Power, China Metallurgy, Chinese Medicine, Lake real estate, King International, etc. are concentrated in these industries.
Second half of 2009, the market turmoil, many investors face the uncertainty of future economic trends, investment decision-making very seriously, and face many similar companies, selectivity is also greatly improved.
Sun Wei admitted that in 2009 hard-won achievements in the IPO in the field, not a global network and the combination of the local team can not be achieved.
China’s attractiveness
Greater investment banks in 2009 there have been some changes in the pattern, some of the traditional strong investment bank seems to have weakened some of the original Ersan Liu’s investment bank was so radical in 2010, obviously the pressure will be greater.
“The Chinese market is full of attractive people rush into.” Sun Wei said, “The market itself is testing the strength of the arena, veteran first-class investment bank has its inherent advantages, but most of those who was very aggressive, heroes do not ask the source , has long been regarded as one of the characteristics of emerging markets. “
Along with the gradual resolution of the problem joint venture securities firms, Sun Wei believes that Morgan Stanley in 2009 to increase the strength of China has taken action, “we get the trust and fund licenses, we are wholly owned by Morgan Stanley International Bank also opened a Beijing branch in 2009 to further expand China’s diversified business platform. investment banking, Morgan Stanley and Citigroup’s retail sector has formed Citigroup Smith Barney Smith Barney, Morgan Stanley, to become the world’s largest retail distribution network and enhance our successful IPO on the Advantage. “
For M & A market could change, Sun Wei believes that the market is still in the revision stage challenge, therefore, there will still be clear, but given China’s economic growth will continue, Morgan Stanley’s mergers and acquisitions in 2010 that the market will remain vibrant, and full of opportunity.
However, if the introduction of the 2010 tightening of liquidity, then inhibition of the enterprise funds will not be so abundant as in 2009, which will have an impact on M & A activity, but in the long run, Chinese enterprises “going out” strategy is not a U-turn of .
Sun Wei, said: “China’s resources, materials, advanced technology needs significantly, through the acquisition of, access to the most stable and long-term supply of materials and resources, to protect China’s economic development; Secondly, since the expected depreciation of the dollar renminbi, China’s foreign exchange reserves need to explore various investment channels; also attractive to foreign high-quality asset prices, China’s economic recovery walk in front of the other major economies, at present, there are many quality overseas enterprises are facing financial difficulties, relatively cheap valuations. “
August 29, 2010
According to foreign media reports, China Investment Co., Ltd. (hereinafter referred to as “cast”) may bid for Aluminum Corporation of China (hereinafter referred to as “aluminum”) held by Rio Tinto (Rio Tinto
Plc) shares.
According to “Reuters” reports, the investment bid for Rio Tinto shares held in the aluminum will be its “natural area into a most audacious move.”
Reported for Rio Tinto, the deal would mean to win such a “basis for an acclaimed investor (cornerstone
investor) “. while the aluminum case, then find the exit strategy, said goodbye to a” failure “of the merger plan.
Rio Tinto Aluminum is now the single largest shareholder. Last year early in June, Rio Tinto ended with the Aluminum Company of 19.5 billion proposed alliance transactions, and based on the two sides signed agreements of cooperation and the implementation of aluminum will pay 195 million U.S. dollars of the “breakup fee.” Subsequently in July 2009, the aluminum invest about 1.5 billion U.S. dollars, 15.2 billion U.S. dollars in Rio Tinto’s placement of shares issued in the full exercise of the allotment to enable it to maintain a 9% stake, to try to disrupt Rio Tinto and BHP Billiton cooperation.
As China’s sovereign wealth fund, the investment since last year, shot frequent type of investment in overseas resources assets. In investment is accelerating the pace of overseas investments, end of last year, the pitchers there are about 50 billion U.S. dollars for overseas investment.
Prior to that, “the Economic Observer” reported that sources, the investment may be in the coming months, from the national foreign exchange reserves of about 200 billion U.S. dollars capital injection.
So far not yet have an official and explicit statement in the investment company. However, as early as November, there came the wind: the cast would like to apply for a new state foreign exchange funds, and apply the scale may not be less than 200 billion U.S. dollars.
August 9, 2010
Workers, in construction of three state-owned commercial banks in the A share market was over 24 times earnings, the present, the dynamic price-earnings ratio is lower than the Bank of China 10 times, ICBC, CCB less than 9 times, including China Construction Bank has long leaned firmly below the issue price. Under current conditions, the Agricultural Bank To IPO is clearly difficult to achieve. In addition, the other three were brought before the Bank IPO overseas well-known financial institutions as strategic investors, it is undeniable that these investments make money overseas war, and the participation of these institutions, but also to ensure the success of the three firms into Hong Kong issue, played a “hidden security” role. ABC is not bringing in overseas war vote could mean the loss of the implicit guarantee, combined with recent audit department released its audit report illegal operations and the media crush, so that it casts a shadow over the market.
Agricultural Bank of China IPO point in time there are only two possible choices: To the recent listing of major shareholders ABC Huijin another major shareholder of the Ministry of Finance may even boost the flagging stock market shot at least maintain the stability of bank shares. Otherwise, they can delay IPO, better wait for the market to say, or distribution in danger of collapse, at least not a better price. One insider told the “China Times” reporter, compared to the first possibility of larger, in addition, ABC This may be issued at 20 times earnings.
Agricultural Bank of China IPO, if not ideal, it can not for the state-owned commercial banks, ending the war and draw a full stop.
Exchange gold for the other three lines injected to ensure a successful ABC IPO
Whether overweight BOC, ICBC and China Construction Bank shares, or reduce the proportion of dividends from the three lines, the purpose of Huijin only one: that is stable capital markets, banking stocks helped to ensure the success of the Agricultural Bank IPO.
Late last month, SAFE Investments Limited announced on support of the ICBC, BOC, CCB 3 about to cash dividends in 2009 increased from 50% to 45%, to improve the three lines through internal accumulation of capital, the ability to add and actively support and participate in various lines of re-financing plan.
In 2009, ICBC, BOC, CCB and other large state-owned commercial banks to increase the credit strength, the massive growth in business volume, while the capital adequacy ratio decreased rapidly.
Raise bank capital adequacy ratio, there are four ways: First, re-financing in the secondary market; second is to reduce the dividend ratio, dividends would translate into a part of the capital; 3 is to reduce the loan; Fourth issue subordinated debt, but it can only enhance the capital adequacy ratio, can not raise the core capital adequacy ratio. A third approach difficult to implement.
As the SAFE notice said: “My company believes that large commercial banks ordered additional capital, the maintenance of capital market stability, and promote the healthy development of large commercial banks are of great significance.”
As early as October 9, 2009 stock index fell 2,800 points, Huijin once ordered to support the market first, stability maintenance, announced ICBC, CCB and Bank of China started a period of one year to stabilize the stock holdings, This initiative led to the Shanghai index jumped 131 points, or up 4.76%, Industrial and Commercial Bank of China closed at 4.77 yuan after, to close at 5.58 yuan after China Construction Bank, Bank of China is 3.90 yuan previously, in addition to Bank of China, the exchange payments to support the market funds are now all tied up.
Now, for the possible divestment shareholder Huijin, the bank shares the ups and downs no effect on its basic, it only depends on the number of dividend, in theory, of course, the more the better, why anti-Huijin The other way round?
Only one objective: to save up the market, first Agricultural Bank of China IPO.
However, as mentioned earlier, stuck on the gold exchange, there is no meaningful, even suffer losses, they have to maintain the stability of bank shares.
To attract foreign investment authorities for dumping to a vote of no war war vote or cheap to the market introduction of
Agricultural Bank of China listed on the stock reform appears to be “non-ordinary way to go,” the.
ABC did not intend to introduce in the market before the war overseas to vote, while the other three lines were introduced before listing overseas strategic investors, given the success of the three-line listing, the stock price rose over time, the banks, “or cheap on the” to be stir up public opinion, after bank shares dropping, this argument will be disappeared.
However, the disposal by sale of those who do not calculate: if I had three lines do not introduce war overseas investment, IPO is not successful, the banks will lose much?
Forced by public opinion, combined with major international financial institutions been hard hit by the financial crisis, trouble, the situation ABC special, available qualified overseas strategic investors, few in the end, ABC abandoned prior to listing the introduction of foreign war vote.
ABC selected the SEC in two days after Goldman Sachs as underwriters, Goldman Sachs announced the indictment.
Audit department listed in the Agricultural Bank of China before the ambitious plan, ABC released the audit of the management report violations. Then, the major media’s rampant speculation, this is a CCB, ICBC, Bank of China in particular before the listing, major newspapers, how is its scandal!
Fortunately, ABC did not introduce war overseas to vote, otherwise, this is a good bargaining chip foreign institutions. Will buy at lower prices ABC. , The media will shouted: ABC was sold to fraudsters had.
If the implicit guarantee of the ABC lost now listed in Hong Kong, some quite difficult, the media and agencies have the ABC impeccably no longer dark.
Is ABC really nothing you? Instead, ABC is the potential of the four largest banks in line.
Compared with the other three lines, ABC has the other banks do not have special advantages, first of all, ABC is the largest agency network, institutions that advantage, dot is money; Secondly, the Agricultural Bank of China serves the most broad, half of city, half in rural areas, can diversify risk; Third, the ABC will be the city’s largest bank-based income; Fourth, ABC will be the construction of new revenue the largest banks in rural areas; the five, along with central and local governments, tax and monetary policies on financial support agriculture tilt, ABC will get more preferential policies.
For these reasons, the four lines in the China Construction Bank has been in the rural layout.
Huijin holding stability and the stock market path
ABC suspense no longer listed, the only suspense is when listing what points are listed. The current malaise of the moment is obviously not a good time, some analysts had privately that the Agricultural Bank of China Shanghai Composite Index to 3,500 points in about the most appropriate, even that may be used as the final weapon to suppress spiking. However, these difficult to realize.
The other three lines were selected in the A share index of the high point of distribution, price-earnings ratio is high, price-earnings ratio is 24.23 times the Bank of China issued; ICBC trades at 27.34 times the issue; China Construction Bank issued trades at 32.91 times.
If the ABC in the current issue, difficult to achieve the expected price-earnings ratio of 20 times. Because the three-line price-earnings ratio is very low, bank stocks book value of the highest investment banks, but also the dynamic price-earnings ratio of 12 times.
“SAFE sure shot.” Central University of Finance and the China Banking Research Center, the Securities and Futures Tian Guo Yong, deputy director of the Institute to accept, “China Times” reporter, said that in his view, if the exchange that its holdings of gold The banking sector has been seriously underestimated, damaging its own interests in the case, surely shot.
Tian Guo Yong believes that the most important rescue SAFE strategy is to buy Bank of China, ICBC and China Construction Bank’s shares to stabilize market confidence, exchange money to buy other banks stocks Bu Zhiyu, because gold is not at the national level exchange stabilization fund “As to when shot, then see that the exchange when the gold holdings of the three lines are seriously underestimated. at any time may be shot.” In his view, the Department of dividend payments to reduce the impact of less impact on the market, direct holdings of shares in the three rows will help to restore market confidence, and to allow the three-line valuation more reasonable.
A market that market before the Agricultural Bank, will attempt to save the three lines, “because the three main lines have been seriously underestimated in the price. Agricultural Bank of China listed banking stocks need to return to reasonable levels.”
July 9, 2010
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