| Bloomberg  China Minsheng Banking Corp., the nation’s first privately owned lender, raised HK$30.1 billion ($3.89 billion) in Hong Kong’s biggest public share sale since April 2007.
Minsheng sold 3.32 billion new shares, or a 15 percent stake, at HK$9.08 apiece, just above the mid-point of a HK$8.50 to HK$9.50 range, according to a Shanghai stock exchange filing today. The final price values the bank at about 1.77 times its estimated book value for 2010, two people familiar with the sale said earlier.
Chairman Dong Wenbiao is seeking to plug a shortfall in the bank’s capital adequacy ratio, which fell to the second-lowest among the nation’s 14 publicly traded lenders in the second quarter and threatens to stunt profit growth. Minsheng has expanded lending at a slower pace this year than larger rivals like Bank of China Ltd. that are controlled by the government.
“Minsheng’s selling point is its non-government-backed nature with less policy risks,” said James Liu, a Shanghai- based analyst at Sinopac Financial Holdings Co. “The proceeds can sustain its expansion over the next two years, but after that it will need another round of fund raising.”
The sale, shelved four years ago because of market conditions, comes as the Hang Seng Finance Index has gained 67 percent this year. International institutions ordered more than $34 billion of shares, and the Hong Kong portion of the sale got bids for 159 times the stock on offer, one of the people said.
Valuation
BOC International (Holdings) Ltd., China International Capital Corp., Haitong Securities Co., Macquarie Group Ltd. and UBS AG are managing the sale.
Minsheng’s valuation compares with 3 times book value for the Hong Kong-traded shares of China Merchants Bank Co. and 1.9 times for China Citic Bank Co. The lenders, two of six Chinese banks that trade in Hong Kong, are also listed in Shanghai.
Shares of Minsheng gained 0.1 percent to close at 8.49 yuan in Shanghai. The stock has more than doubled this year, beating the 82 percent gain in the benchmark Shanghai Composite Index.
Five so-called cornerstone investors, including the asset management arm of Ping An Insurance (Group) Co. and Chinese Estates Holdings Ltd., received rights to buy $340 million of shares in exchange for a commitment not to sell their holdings for a few months. ‘Average’ Business
Hopu Investment Management Co., the China-focused fund backed by Temasek Holdings Pte, won’t be allocated the amount of shares it ordered because the price the fund offered was below the sale price, two people familiar with the matter said. Hopu didn’t want to buy shares above HK$9, one of the people said. Hopu officials declined to comment.
Minsheng’s shares will start trading in Hong Kong on Nov. 26, making the company the seventh mainland bank to list in the city. Its six bigger rivals had an average 13.5 percent gain on their debut, according to Royal Bank of Scotland Group Plc.
“Minsheng has an average business franchise as well as a no-better-than-average risk management track record,” Sally Ng and Irene Huang, Hong Kong-based analysts at RBS, wrote in a note this week. “We believe Minsheng shares are unlikely to outperform its H-share bank peers in the medium term.” They rate the stock “hold.” H shares are shares of Chinese companies traded in Hong Kong.
China Citic, the banking unit of the nation’s biggest state-run investment company, raised $5.95 billion selling stock in Hong Kong and Shanghai in April 2007. The Hong Kong part of the sale raised HK$32.9 billion after the exercise of an over- allotment. Capital Ratios
Minsheng, founded by 59 private investors including pig- feed tycoon Liu Yonghao, aims to increase profit by at least 40 percent this year to 11 billion yuan ($1.6 billion) after growth slowed to 25 percent in 2008.
The bank, with about 400 outlets nationwide, had 1.4 trillion yuan of assets at the end of September. It expanded lending by 234 billion yuan in the first nine months of this year, up 36 percent from December.
Minsheng needs as much as 20 billion yuan to boost its core capital adequacy ratio above 9 percent, Liu Minwen, director of Minsheng’s capital financing office, said in June. The bank’s overall capital adequacy ratio stood at 8.48 percent at June 30. The ratio may rise to about 11.6 percent after the Hong Kong offering, Sinopac’s Liu estimated.
The China Banking Regulatory Commission said in September it has forced lenders whose capital adequacy ratios have fallen close to 8 percent to curb expansion. |
没有评论:
发表评论