Minsheng Bank IPO by fdjerue7eeu


									Minsheng Bank IPO
   ?H shares livelihood promotion funds raised over 30 billion Hong Kong dollars into
the biggest IPO this year
http://www.sina.com.cn 2009 年 11 月 09 日 06:07 China News Net
    ?BEIJING, Nov. 9, according to Hong Kong's Ta Kung Pao reported
Xinhua, China Minsheng Banking (01988) H shares commenced today, promotion,
market information and stated before the difference is based on the finalization of the
five investors. People's livelihood will be this week, five (13) Public
Offering. It is said that move Gujiajiehu from 8.5 to 9.5 yuan (HK, the same below),
if ceilings, livelihood funds raised more than 30 billion yuan in this year's
IPOs Zhong Ji Zi's largest companies. Market analysts pointed out that the
recent failure of Union Bank of the United States will not be a significant impact on
the livelihood of the people listed.
    ?Minsheng Bank (01988) today launches, from 13 to 18 this month began a public
offering, 26 listed. Foreign news agencies quoted sources, the offer price range of 8.5
to 9.5 yuan per share, equivalent to next year's forecast market account rate
from 1.67 to 1.8 times. H shares will issue 3.32 billion shares, equivalent to a 15%
stake in Minsheng Bank. If the recorded over-subscription, the issued share capital
increased to 3.819 billion shares. Upper limit of 9.5 yuan to the offer price of dollars,
people's livelihood in Hong Kong-listed funds raised up to 4.07 billion U.S.
dollars (about 31.54 billion Hong Kong dollars), will be in April 2007 has been raised
in the largest IPO in Hong Kong. Livelihood of H shares 500 shares per lot, if by mid
price 9 per calculation, taking into account fees and transaction financing, and
admission is 4797.93 yuan. Minsheng Bank A shares last Friday at the Shanghai Stock
Exchange closing price of 8.13 yuan, the offer price ceiling higher than the 2.9% of
this price.
    ?China Ping An Insurance Overseas shares Joseph Lau
    ?Minsheng Bank official confirmed that the basis of 5 investors were Glorious
Sun Enterprises (2.52,0.10,4.13%, the economy through real-time quotes) (00,393)
Chairman Yang Zhenxin (Dr Charles) and Vice Chairman and General Manager Yang
Zhenxun (Yang Xun) , Chinese Estates (13.4,0.24,1.82% and the economy through
real-time quotes) (00,127), Mr Joseph Lau, the Chinese Overseas (00 688), RT-Mart
supermarket chain and Ping An Insurance (02,318), investment was 100 million U.S.
dollars (about 780 million Hong Kong dollars), 100 million U.S. dollars
(approximately 7.8 billion), 60 million U.S. dollars (about 468 million Hong Kong
dollars), 50 million U.S. dollars (about 3.9 billion), and 30 million U.S. dollars (about
234 million Hong Kong dollars). UBS and BOC International is the livelihood of H
shares of co-sponsors, underwriters, including UBS, Bank of China International,
China International Capital Corporation and Macquarie Group.
    ?The first three quarters of this year, Minsheng Bank net profit of 10.2 billion
yuan, up 18.11%, up to 1.86 times the coverage provision. The bank has revised 2009
forecast net profit of 10.6 billion yuan raised from not less than 11 billion yuan. New
loans 234 billion yuan, an increase of 36% compared with last year. To ensure that the
core capital adequacy ratio above 9%, the bank also needs to absorb 20 billion yuan of
funds. Overseas by the end of June this year, the bank capital adequacy ratio was
8.48%. According to Mainland China Banking Regulatory Commission's
regulations, if the capital adequacy ratio below 8%, the banks can no longer be
     ?Union Bank of influence by the micro-
     ?United bank failures recently, investors worry that this will affect the livelihood
of this year's earnings. Because livelihood hold 9.9% stake in Wachovia,
Union Bank collapse, loss of livelihood of the investment will be in full, so had to
make new provision. Sources said the Minsheng Bank's 2009 profit
forecast, Union Bank has been fully taken into account may be turned off. For a total
assets of more than 1.4 trillion yuan, annual profit of more than 11 billion yuan in
banks, 63 million yuan of minimal impact. Some analysts bullish after the livelihood
of the people listed in Hong Kong, earnings growth, expected net profit this year or
43% growth.
  ?Minsheng Bank H shares, or over-subscribed the largest IPO this year's
Hong Kong shares
November 10, 2009 03:00:15 Central Financial Network
     ?Minsheng Bank H shares is expected to become this year's hottest
capital markets in Hong Kong IPO (initial public offerings). At press time yesterday,
part of its international placement was nearly twice over-subscribed.
     ?"Not expensive"
     ?CBN-site information obtained from the road show show, Minsheng Bank H
share price range was 8.5 to 9.5 Hong Kong dollars, plans to issue 3.3217 billion
shares (excluding over-allotment). Click here to estimate the amount of financing
ranging from 28.23 billion ~ 31.56 billion Hong Kong dollars, will set the scale of this
year, most Hong Kong IPO financing. About 5% of the sale, 95% of the subscription
for institutional investors, to be this month, offering 13 ~ 18, 26, listing is expected.
Preliminary prospectus documents show that after the Minsheng Bank issued A shares,
H shares, respectively of the total share capital of 85%, 15%. If the over-allotment
option fully implemented, the H shares will increase to 3.82 billion shares, A shares
and H shares accounted for about 83%, about 17%. The price range than most banks
listed in Hong Kong "cheap." KGI Capital Asia Limited Philip
Chan, vice president of corporate finance outstanding on the CBN said the price
equivalent to about 10 times earnings, "not expensive." Close to
the underwriting team, said the market in order to calculate the profit forecast for next
year, Minsheng Bank, the book value of 1.67 to 1.8 times, and Construction Bank H
share listing matched. In addition to CITIC Bank H shares and H shares of the Bank
of China, the other H shares of Mainland banks in the 2.5 to 2.9 times book value.
     ?Agency shares
     ?"Low key" the market price and the recent improvement,
the Minsheng Bank H shares yesterday won a lot of popular road shows, reproduce
largest bank two years ago, H-share listed mainland Chinese and foreign media
gathered at the scene before. Yesterday's road show to attract many large
institutional investors, including the delivery of silver Insurance, Ping An
(02318.HK)'s safe assets on behalf of Hong Kong, Chan, Managing
Director of the Yangtze River Clothing, Glorious Sun Enterprises chairman Dr
Charles so. Institutional investors as one of Minsheng Bank, Dr Charles said, his
personal stake in Minsheng Bank, the main sentiment in China market advantage, the
banking industry and livelihood prospects for the next three to five years of
development banks. According to the preliminary prospectus documents, Minsheng
Bank H shares will receive at least five "basic investor" shares,
for a total subscription of about 340 million U.S. dollars. Glorious Sun Enterprises
which Dr Charles and Vice Chairman Yang Xun subscribe 100 million U.S. dollars;
by Hong Kong tycoon Joseph Lau, a wholly owned subsidiary of PettyWavy
subscription of about 100 million U.S. dollars; China Overseas Holdings
wholly-owned subsidiary of China's overseas financial investment, and big
supermarket chains related Conditioner The EverEagle and Ping An Asset
Management (Hong Kong) were subscribed 60 million U.S. dollars, 50 million U.S.
dollars and 30 million U.S. dollars. "Cornerstone investors"
share lock-up period was 6 months from the date of listing. Market participants said,
Minsheng Bank has locked a number of "anchor investor" (no
lockups), China Investment Co., Ltd., China Life, Zijin Mining and other engaged in
the 100 million U.S. dollars; another three Middle East Fund Admission The total
investment of 10 billion U.S. dollars. "'Anchor
investor' access to the international part of the shares will not exceed 40%,
but for now, the subscription ratio has reached 50%." Sources close to the
underwriting team, "In the three Middle East Fund, Even with a voluntary
moratorium of 6 months, equivalent to 'basic investor' standard.
    ?Minsheng Bank A shares fell 0.25% yesterday to close at 8.11 yuan, the Hong
Kong dollar co 9.206.
    ?Investment in UCBH concern
    ?As of the end of the third quarter, the bank holding company of Union Bank of
the United States (UCBH) 92.9% Investment in Fukui. Road show in
yesterday's H shares, the Minsheng Bank management on this topic
evasive. A few days ago came news of Union Bank of the United States is USA,
China and the United States bank. UCBH is the holding company for United Bank.
According to the three quarterly, Minsheng Bank held a total of 1154.6 million UCBH,
ending book value of 63.07 million yuan, 887.43 million yuan compared to the initial
investment amount, had fallen by 824.36 million yuan, Fukui 92.9%. (. S. 1. Finance.
After. On. .. Shu reported. .. When Guo. Hsing. Yan)
    ?Integration and Globalization: the cost-benefit calculation again
    ?Joint Holdings (USA) is not only deep into the American market, Minsheng
Bank is a good platform, it is a good Minsheng Bank to upgrade its own platform.
    ?"21st Century": in the current U.S. financial turmoil and
economic downturn of the case, the Minsheng Bank will once again co-Holdings
(U.S.) to invest?
    ?Dong Wenbiao: Minsheng Bank's five-year plan has set the goal of the
international. Then we have repeated discussions, see no need to engage in overseas
branches. Practice has proved that not a very good branch out of the path of
international. Our international route are looking for a good bank to invest.
    ?Joint Holdings (USA) has several significant features. First, he has a very good
Chinese management team; second, the bank is a listed company, financial condition
and transparent; the third, the bank only do Chinese business; Fourth, he is the largest
Chinese bank, with more than 60 branches in New York, Southern California, Seattle
and other places of the Chinese in the more obvious advantages. Such a bank to invest
in the people's livelihood with the least amount of money banks can obtain
the maximum benefit.
    ?Joint Holdings (USA) is a Chinese bank, so banks and other banks the U.S. is
completely different. Americans spend personality is making a tripling, while the
Chinese made a profit of five to spend one. The bank's real estate mortgage
business only for the Chinese, so far, not a penny of the sub-prime, including
"two rooms" Bonds did not. Although the bank also involves
the development loans, but provide adequate provision for the last year. So the
bank's fundamentals are good, currently in the United States is still very
    ?Initially, we spent less than one hundred million dollars to buy a joint holding
4.99% stake, although the share price down a bit now, but we do not play the stock
market, but a strategic investor, we not only buy their brand, but also to buy their team
I think the money to buy their team of light have been very worth it. For now, I have
no doubts in believing that the bank is very good, and we spent less money is coming.
Even if the purchase of 20% of the shares, at current market price of less than 200
million U.S. dollars. Now the U.S. stock market falls, so we have a chance with less
money to buy the controlling stake in the joint, it not a good thing?
    ?"21st Century": The United Holdings (USA) for the first
time investment, the current Minsheng Bank and the United Holdings (USA)
co-operation progress?
    ?Dong Wenbiao: very good. If the completion of three rounds of investment,
Minsheng Bank will hold 20% stake in the joint holding (U.S.) second largest
shareholder of the shares of only 3%, basically we hold the initiative discourse.
    ?Cooperation on specific terms, the two sides have carried out a lot of good
business cooperation, such as letters of credit, trade finance, accounts, etc. lines.
Minsheng Bank's many large business customers in the United States, we
can co-operation with the Midland Bank to provide these customers convenient and
efficient service, this is significant. But I think more importantly, the joint holding
(United States) is not only the Minsheng Bank deep into the American market, a good
platform, but also to enhance people's livelihood and a good platform for
the banks themselves.
    ?"21st Century": Shares of U.S. financial institutions are
very powerful now and then drop, Minsheng Bank has not considered the investment
opportunity? Minsheng Bank has no plans to introduce talents?
    ?Dong Wenbiao: We introduce aspects of human resources has been considered.
Recently I and the Joint Holdings (USA) President Hu said that should take advantage
of some good people over more digging. Moreover, the Minsheng Bank also hopes to
introduce some of their talents. Ministry of Personnel, General Manager of our
discussion on the matter with me, we hope to recruit three 40 personnel, such as
industry analysts, financial analysts, risk control specialists in such fields. 2009/03/27
    ?Confidence in the joint bank
    ?China Securities Journal: Minsheng Bank's five-year development
plan in an international strategy, which now may choose to continue Minsheng Bank
holdings of Union Bank (United States) of the shares. Now the market has this
question, the joint bank housing mortgage loans a higher risk inherent in the
people's livelihood such investment behavior of banks, or whether there is
a high risk decision-making?
    ?Dong Wenbiao: First, the Minsheng Bank's five-year development
plan is very clear, the road to go international. Economic integration is an inevitable
trend, Chinese enterprises have the courage to "go." Minsheng
Bank as a private company, in the process of overseas M & A politically
difficult to provoke the criticism too thick. Secondly, I repeatedly stress that this is a
strategic investment. We can not feel the U.S. financial crisis it has gone downhill, but
not on that visit the United States and the value of investments in the United States is
not high. Third, our Union Bank (United States) is very promising because it is good
to have a large and effective network of institutions, which in New York, Seattle,
Southern California and other areas close to more than 70 branches, now
it's share of net assets is 12 dollars, while provision for the high provision,
Minsheng Bank to the holders of United Bank (U.S.) stake in confidence.
    ?Even a few days ago, we and Union Bank (United States) Chairman of the Joint
both sides of the specialized banks (United States) asset structure, business
development were discussed, we believe that it has a relatively high lending the
security boundary. It is mainly housing mortgage loans are loans against the Chinese
is not the same as subprime loans with low down payments, or zero down payment
issued, these mortgage loans are five percent, four percent of. We think they are
prudent, we United Bank (U.S.) investment, and no problems.
Keywords: H-share listed characters: Minsheng Bank [7.91 0.25%]
H-share listed Minsheng Bank 5-year Dream Lights
Reviewed by: Dong Wenbiao, Zhang Hongwei, Lu Zhiqiang, Liu Yonghao, Hong Qi,
Over the past 2009, the names of these people more frequently than ever appear in
major financial media coverage. November 26, the Hong Kong Stock Exchange hit
the big screen in large letters Minsheng Banking Corporation. After 5 years,
China's first private gene banks has finally succeeded in the H share market,
which makes all the characters and their collection in the spotlight once again.
Minsheng Bank to the public markets and their unique background, which has a
legendary and bumpy experience. As early as 2004, the Minsheng Bank Extraordinary
General Meeting on H shares issued by the listing program, but then because of
internal reasons for its H share offering plan has been delayed 1 year to implement.
June 2005, Minsheng Bank passed the HKEx to hear, but because of internal causes
complete listing of stranded, the first listed in Hong Kong was forced to terminate the
To wait four years, also in June 2009, Minsheng Bank, through the relevant
resolutions of the board of directors, H share offering work started again.
Foregone conclusion in the market, people will pay attention turned to the specific
issue of process and price. Access to 12 times subscribed, the Minsheng Bank will
eventually offer price set at 9.08 Hong Kong dollars.
December 18, Minsheng Bank in 22 days after listing ushered to wrap up its IPO
document. UBS AG Hong Kong Branch (Sole Global Coordinator) informed the
Minsheng Bank, decided to form part of the over-allotment option and require the
company to issue an additional 120 million shares of H shares. December 23, the
over-allotment of 1.2 million shares of H is also traded in Hong Kong Stock Exchange
Main Board. Thus, the Minsheng Bank issued a total of 3.44 billion H shares of stock,
financing the total degree of 312.2 billion set format.
Minsheng Bank's H shares listed on the Stock Exchange of Hong Kong,
mainland China made new additions to the small financial stocks. Meanwhile, the
listing of the funds raised can basically meet the company's rapid
development of the next three years. For its part, all in 2009, all seem so smooth. The
only regret is Jing Shuping, chairman of the Minsheng Bank's first year in
September riding a crane soon died, unable to experience the spectacular market.
Outlook: Since 2005, became the first to complete share reform since the bank,
Minsheng Bank has been exploring in their own way forward and the rapid growth of
the domestic banking sector to become a distinctive landscape. Next year, both their
own access to high finance or after the development of its H shares also in the
international capital market performance are worth the wait. Meanwhile, the
Minsheng Bank's H shares listed on domestic financial firms to give more
to enlightenment, perhaps next year will again see a Hong Kong Stock Exchange
re-financial enterprises mainland debut.
Minsheng Bank to build village banks
2009-07-01 09:12 Source: First Financial Daily
Shi Yan Ping
Minsheng Bank re-shot village banks, located at Songjiang. Since last year, Minsheng
Bank has been the people's livelihood has initiated the establishment of
village banks and Cixi Pengzhou livelihood Village Bank.
Minsheng Bank Board meeting yesterday, adopted a number of motions, including the
launching of village banks set up in Songjiang people's livelihood, the
establishment of branch-level financial services to franchisees and other small and
medium enterprises, in addition to some bad debts written off by resolution of loans
and reduction of bad loans.
Minsheng Bank Board of Directors decided to initiate the formation of village Bank
Co., Ltd. Songjiang livelihood, amount invested 35 million yuan, accounting for
shares held by the village bank initiated 35% of the total share capital, authorized the
management of performance-related management for approval, signed the relevant
legal documents, and authorized the company's Shanghai branch of the
specific commitments set up village bank preparation, negotiations (including
shareholder choice), initiated the formation of, on behalf of fulfilling the rights of
Last year on September 12, Pengzhou Minsheng Bank opened for business village,
which is the first initiated by the national joint-stock commercial banks in the village
bank, registered capital 55 million yuan. On December 30 last year, the establishment
of village banks Cixi livelihood, Minsheng Bank financed 35 million yuan,
accounting for 35% stake.
Minsheng Bank Board of Directors also adopted the resolution to the original
"Business Banking division," renamed as "SME
Finance Business Unit", registered in Shanghai, and to apply for financial
permit, a branch-level financial services to small and medium enterprises franchisee.
In addition, the Board decided to write off bad debts total of 246.2882 million yuan
loan principal, interest owed a total of approximately 134.19 million yuan (actual
amount of principal and interest write-off to Accounting Treatment for date), agreed
to reduce the principal amount of dollars 200 million yuan of bad loans, the interest
about 83.51 million yuan (actual amount to Accounting Treatment for date).
Mishaps         and         resentment        Goldman        Sachs        Gao         Hua
"badmouthing" Minsheng Bank
Yuan Zhaohui 2009-05-12
Economic Observer reporter Yuan Zhaohui April 23, as a joint venture brokerage
Goldman Sachs in China, Gao Hua Securities Report "Minsheng Bank: in
the first quarter results in line with expectations, but the weak performance in 2008;
credit quality of worrying," said, Minsheng Bank (600016 . SH) increased
the sensitivity for higher credit costs, calculated based on its valuation of the stock A
share average 12-month target price of 3.90 yuan, maintaining a neutral rating. The
day, closing at 5.51 yuan.
"3.90 yuan this price are just being told investors to sell Minsheng
Bank." A foreign investment bank, China's financial industry
analyst bluntly.
Goldman Sachs Gao Hua and other similar domestic banks to give more positive
Meanwhile, domestic brokerages to Minsheng Bank's target price of 12
months significantly higher, such as the International Bank gives 7.2 yuan exchange,
other securities firms have given more than about 7 yuan.
In fact, the Minsheng Bank shares the past two weeks straight up, on May 8 to 6.40
yuan closed at 6.47 yuan, and the stock hit a new year high.
Last year, Goldman Sachs Gao Hua Minsheng Bank A shares for 12 months, relative
market valuation of 8.00 yuan. The stock price is 7 yuan. Today, Gao Hua Securities
and the stock price target to 3.90 yuan.
Meanwhile, Goldman Sachs Gao Hua April 27 research report will be 3 medium-sized
bank shares raised to buy from neutral rating: Industrial Bank (601166.SH, buy,
strong buy in the list), Shenzhen Development Bank (000001.SZ , BUY) and China
CITIC Bank (H) (0998.HK, buy). Goldman Sachs Gao Hua also based on valuation
and strong market position in the China Construction Bank A (601939.SH) raised its
rating to buy from neutral; valuation will be based Pudong Development Bank
(600000.SH) rating to neutral from sell on .
Gao Hua Securities maintained a neutral rating on the Minsheng Bank, but more to
emphasize its relatively high credit risk, operational risk higher proportion of the
industry, and increased sensitivity to higher credit costs. Its that the quality of the
bank credit is still worrisome.
The further reasons given are: Minsheng Bank announced lower than expected
performance in 2008 because of weak growth in fee income and expenses higher than
expected. First quarter of 2009, the bank net profit lower than expected credit costs
push (accounting for Gao Hua Securities in 2009 full year forecast of 33%), while
operating profit before provisions in line with expectations. However, weakness in the
bank fee income, down 32%, probably due to the context of the economic weakness
of its investment banking and trade finance related operations weakening demand.
"Such reports from Gao Hua Securities is quite surprising." The
financial industry analysts that "there are some Mishaps in this company
who really should not be."
He explained that the "Malpractice" means the Minsheng Bank
Quarterly Bulletin on April 22 showed a non-performing loans at quarter-end was
1.17%, down from the fourth quarter of last year; the next day, Gao Hua Securities
report, one of the lines quarter of non-performing loans at quarter-end chain forecast
is 9%, the financial industry analysts believe the trend of bad loans, high Huadui Min
of Health, this prediction is too pessimistic.
Another "Mishaps" refers to, Gao Hua Securities in June 2008,
said rating to the Minsheng Bank, the bank may set up financial services platform to
bring to its strong growth in fee income. The bank plans to fee income in 2008
accounted to 20% in the next 3-5 years to further improve to 30% -40%. Gao Hua
Securities believes that with the investment banking and trade finance business
continued to grow, Minsheng Bank's fee income share goal setting is
Less than a year, Gao Hua Securities The report pointed out, Minsheng Bank
announced lower than expected performance in 2008 because of weak revenue growth
and cost of handling more than expected. Of course, this can not be excluded among
the financial crisis.
The "plain-speaking, we Minsheng Bank is cautious, but so
straightforward to want to pressure over the price, really hard to say no emotions
inside. After all, the latest from the Minsheng Bank numbers, Gao Hua Securities in
many judgments debatable. "The financial industry analyst said.
Minsheng Bank's data show, April 22, 2009, a quarter of its
non-performing loan ratio was 1.17% in 2009, is expected to be controlled within 2%.
The end of 2008, non-performing loans increased from 1.22% in late 2007 to 1.20%,
this value is among the lowest in the industry.
Exchange Bank of the international financial industry analyst Lu small that they did
not agree with the views of Gao Hua Securities, especially on the trend estimate of
bad loans. In his view, an end of the quarter, Minsheng Bank loans increased by
12.7%, deposits up 17.6% of the annual net profit of 10.6 billion target without
suspense; In addition, control of non-performing loans of 2% target over-cautious,
even if the rate of bad loans, increased rapidly to 1% defect rate in 2009 will be lower
than 1.7%.
After the financial crisis and the macro-economic nosedive in the drastic changes in
the banking sector asset quality problem is the banks attention.
Minsheng Bank to do the prudent provision of assets. According to the annual report,
2008, Minsheng Bank's provision coverage of 150.04 percent, year
increased 36.9%; loan loss reserve balance of 7.663 billion yuan from the end of 2007
to late 2008's 11.885 billion yuan, the first quarter of this year to continue
accrual at the end of the quarter, the balance of 13.128 billion yuan.
As Gao Hua Securities that the intermediary business revenue weakness, Minsheng
Bank data show a steady increase in the bank intermediary business, a net interest
income in 2008 were 30.4 billion yuan, up 35%; to achieve 4.5 billion in fee and
commission income yuan, an increase of 87%.
Even peers, UBS financial analyst in the April 20 report also noted that UBS has been
vigilant Minsheng Bank, Industrial Bank and Huaxia Bank lending over the past few
years a radical expansion and quality of enterprise customers is relatively weak, 2009,
asset quality may suffer greater pressure, but in view of higher than expected loan
growth, the resulting non-performing loans of these banks will delay the arrival of
peak and valley. 2009 net profit forecast might be too pessimistic, because the
provision seems to be a good provision for control, at least in the case in 2009.
"Perhaps this non-technical reasons, at least in the industry believe that,
Minsheng Bank and Goldman Sachs had a history between the festivals."
The financial industry analysts said.
In early 2005, when the operation of Minsheng Bank after two years in a row, the
internal has issued H shares in Hong Kong to finalize the timetable for the basic
rooms in the March-April 2005. Minsheng Bank was operating a publicly traded
investment bank who, as the Bank of Communications also plans to list in Hong Kong,
Goldman Sachs is the underwriter of both companies, then, are our priorities is a
According to investment bankers say, when the underwriters that the size of Minsheng
Bank and Bank of Communications, far, and the latter is also the background of
HSBC's shareholders, the attractiveness to foreign investors is self-evident.
If they are too close to release date, could trigger investors to prefer the choice of
Bank of Communications.
The end result is the successful issuance of Communications, Minsheng Bank is not
involved in the Hong Kong market.
The investment bank also disclosed that the issue price, at Goldman Sachs believe that
the Minsheng Bank, the banking stocks listed on the Hong Kong market pricing, the
international investment banks in the Mainland and Hong Kong people would have
listed local banks to make more, and reference to a number of indicators, the price did
not set too high. Issue Price will not follow the shareholders, but to the market trend
and the condition of their own.
"A lot of resentment had worrying, the situation would not be this kind of
historical factors." The financial industry analysts said.
However, the Minsheng Bank's executives, said: "Companies
such as Goldman Sachs Gao Hua should not be so, but, Minsheng Bank also will not
say how many other people how to fall. Goldman Sachs Gao Hua has its view that the
correct logic, other Investment banks and brokerages have different views on our own,
the important thing is to do banking business. "

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