China Bank's A-share listing sounds like the record of China Bank's online roadshow.
Cai Zhong. com
On the afternoon of June 22nd, when our reporter asked Li Lihui, Governor of Bank of China, online how BOC would seek further development in the capital market after listing, Li Lihui replied:
We hope that China Bank will have a stable and sustainable growth performance and become one of the important factors for the development of China's capital market.
This online Q&A session provides many domestic investors who are eager for the return of BOC with an opportunity to have a direct dialogue with BOC executives. After four hours of online roadshows, many of them will decide whether to invest their money in the new stock of 780988 the next morning.
At 0: 30 p.m./kloc-0, more than 40 senior executives of China bank co., ltd., including chairman Xiao Gang and president Li Lihui, and three co-sponsors, that is, the principals of the lead underwriter, all gathered in the studio on the third floor of china securities journal Society/kloc-0. The narrow corridors are heavily guarded, and the "expulsion policy" is adopted for any uninvited journalists. The atmosphere is particularly tense at once.
But this is an important meeting after all. Thousands of investors have been in front of the computer, asking questions and waiting for answers. At 2 o'clock in the afternoon, the road show officially began-through the semi-closed wooden door of the studio, the reporter saw that all the guests were seated in the newly renovated hall, waiting for Xiao Gang to give a speech first.
The reporter noted that, unlike the Hong Kong roadshow before the H-share listing of Bank of China, the Hong Kong public paid more attention to the internal technical level of the company, while domestic investors paid more attention to the macro level.
Bank of China A-shares: Expectation and Doubt Together.
In fact, as an investor, the most practical idea is how to return. While they have great enthusiasm for BOC's return to the domestic asset market, they also have many doubts:
For some people, the final pricing of A shares in China market has been at the upper limit of the inquiry range, but Bank of China broke this rule. What is the main reason why A shares are priced at 3.08 yuan instead of 3. 15 yuan?
Is it timely for BOC to choose such an opportunity to list in A shares? Will BOC's profit forecast come true? What will happen in 2007? How will BOC protect the interests of small and medium investors?
With China International as the leader, will there be a sharp rise and fall after the listing of A shares of Bank of China? The market has high expectations for BOC's listing, so will BOC's listing lead the stock index out of the downturn, and how should we treat the impact of BOC's listing on the market? All these. It should be said that the psychology of investors is complex and full of expectations.
Regarding the pricing issue, Xiao Gang, Chairman of Bank of China, replied that the A-share price of Bank of China is determined by the market, which is a choice made after comprehensively evaluating the H-share market and the A-share market and considering the interests of investors, which is in line with the relevant inquiry system of domestic securities regulators and the interests of all shareholders of Bank of China.
Xiao Gang believes that the A-share listing of Bank of China will greatly increase the proportion of the banking sector in the whole market, which is conducive to the stability of the market, and at the same time give more reference to the market and investors more choices. On this basis, he believes that the listing of A shares of Bank of China will drive the discovery of the investment value of the whole banking sector.
"Our dividend payment rate is 35% ~ 45%," Xiao Gang said.
"We are optimistic about the trend of China Bank after listing, and there will be no international ups and downs-this is determined by the characteristics of China Bank as a blue chip in the market." Julie, president of china galaxy Securities Company, believes that there is no doubt that China Bank's A shares will be sought after by investors after listing. The good investment value of China Bank lies in its full-service financial platform, relatively balanced income structure, extensive international network and many other advantages.
As for the listing of BOC, will it really enter the bull market from now on? Yang Zhiwei, Secretary of the Board of Directors of Bank of China, said: "Our job is to manage the bank as well as possible, create better performance and maximize shareholder value. Market judgment should be left to market participants. "
"I am confident to realize the profit forecast in 2006 and hope to do better in 2007." Li Lihui said so.
Exchange rate fluctuation: how to resist risks
It is reported that as the most internationalized domestic commercial bank, Bank of China currently has foreign exchange assets of 300 billion US dollars. Then, in the case of frequent fluctuations in international and domestic exchange rates, how to avoid risks, reduce risk exposure and ensure the preservation and appreciation of foreign exchange assets will be a severe test for BOC.
"By the end of 2005, the Bank's undisclosed net foreign exchange exposure was USD 39.4 billion, including capital investment in overseas subsidiaries. The impact of exchange rate changes on the latter is directly included in the capital account and will not affect the profit and loss. " Zhu Min, assistant to the governor of BOC, said that BOC is an international bank, and managing foreign exchange risk is one of its tasks, including RMB exchange rate risk management. Bank of China has the richest foreign exchange management experience and the most senior foreign exchange management experts in China banking industry. As part of the whole risk management procedure, the board of directors and senior management of Bank of China regularly analyze foreign exchange risks.
According to Zhu Min's prediction, RMB appreciation will be within a certain range. Compared with RMB securities, BOC's foreign exchange investment securities enjoy a spread premium of more than 2.5%, which means that as long as the appreciation of RMB does not exceed 2.5%, the open position held by BOC will increase the net income.
He said that BOC pays close attention to the RMB exchange rate and its impact on financial figures, and will comprehensively consider the market affordability, the spread between local and foreign currencies, the change of RMB exchange rate and the ability to use local and foreign currency funds to settle foreign exchange, and implement it step by step. By the end of 2006, the Bank of China plans to further reduce the net foreign exchange exposure of the US dollar, and significantly reduce the RMB exchange rate risk and its financial impact.
"China Bank's foreign exchange assets account for a large proportion of total assets, and exchange rate risk is one of the risks we are highly concerned about." Wang Yongli, assistant governor of China Bank, also said that for banks, we should not only pay attention to exchange rate risk, but also pay attention to interest rate risk. The Bank of China will seek a balance between interest rate and exchange rate risk.
"We will pay close attention to the interest rate and exchange rate trend between RMB and major foreign exchange. Our Asset and Liability Management Committee will pay close attention to the trend of interest rates and exchange rates at the monthly meeting and study corresponding countermeasures, including adjusting the currency and term structure of investment. " Wang Yongli said.
Under supervision: the influence geometry of future income
On April 28th, the People's Bank of China raised the official loan interest rate by 18 to 27 basis points, and the deposit interest rate remained unchanged. Then, last week, the central bank raised the deposit reserve ratio, and the tightening signal became stronger.
It is estimated that due to the increase of the differential reserve ratio, the position of 654.38+04 billion of China Bank will change.
Then, under the current austerity policy, will BOC's operation and profitability be affected? How can China banks effectively guard against risks while implementing national regulatory policies?
"These measures of the central bank have a decisive impact on solving the potential' overheating' problem and are beneficial to the market and bank operations." In Xiao Gang's view, raising the loan interest rate and keeping the deposit interest rate unchanged will effectively increase the bank's loan interest margin and increase the net interest margin and profit.
China Bank has always adhered to prudent and rational development. In the past few years, the growth rate of bank loans in China has been low, and there has been no rapid growth or ups and downs in loans. Therefore, the measures to tighten loans have little impact on China banks. China Bank's loan growth strategy is to focus on high-quality high-end companies and high-end individual customers, whose loan demand is less affected by the slight increase in loan interest rates.
"Banks have considered the possibility of economic downturn and tightening monetary policy in their business planning." Xiaogang said.
According to him, the risk management reform of China Bank focuses on powerful companies and individuals, and these strategies have improved the asset quality of China Bank, enabling it to better benefit from macro-control.
At the same time, compared with other commercial banks, BOC's profits are more diversified and its ability to resist risks is stronger, so it is less dependent on mainland interest income, and its international business contributes more to the bank, especially from Hong Kong and other overseas businesses.
In particular, "our comprehensive banking platform and high non-interest income ratio will provide a buffer for the pressure brought by monetary tightening." Xiaogang said.
Regarding investors' concerns about "whether the People's Bank of China will raise interest rates again" and "whether it is good or bad for the Bank of China", Li Lihui said that it is not convenient to publicly predict the direction of monetary policy at present. However, he believes that China banks can adapt to the adjustment and changes of macroeconomic policies, and their profitability will not be significantly affected. (Reporter Li Wei)