MCC should discount to compensate investors for IPO - China Metallurgical, IPO-paper industry

China's capital market is often the case, from a strategic point of view is correct, from the tactical view of the market principle is further from the truth.

IPO is the case. Shares frequently seemingly consistent with market principles. From the IPO has been completed in 21 enterprises are concerned, there were 20 of fund-raising more than originally planned, the recent stock market conditions has slackened, but the IPO companies raised funds over the contrary, more and more, has completed 21 IPO The average price-earnings ratio of new shares issued only up to 37.88 times, far exceeding the trading market for less than 30 times earnings. As market acceptance, since it was willing to invest, why not issued at a premium? Premium is not a fool.

8 30 prospectus released on the evening of the China Metallurgical to break a record, they have net assets of 0.28 yuan per share, breaking iron from China since the net assets per share less than the face value of the record. IPO by China Metallurgical rocket speed, beat in the current IPO is almost the only case of no-risk game, even outside of the rule listed in the question repeatedly, angrily, China Metallurgical will still be for sale.

With many large enterprises, as listed in the rule plays an important role is undertook a mission from. First, continue the resource market exploiting the boundary and in the international commitment to pioneer role in resource acquisition. China Metallurgical Group is the national capital and the main force of overseas project contracting, identify key national resource companies, only investment in overseas mining resources of 10 billion U.S. dollars, it is learned that the company's acquisition of mineral resources overseas, including in Argentina Heihe Province Xi Lage Rand Iron, Zinc and Pakistan's Baluchistan province Duda Saindak copper and gold mine, Papua New Guinea Swiss wooden nickel laterite ores, copper Aina Ke Afghanistan, Australia, Pilbara Iron Ore and Lambert Point Western Australia iron ore; second to continue to develop after the foreign A or A shares and H H shares listed on the path will also be released gradually to the pricing system to replace the mainland outside the pricing, changing market, foreign investors have kept their promises in Hong Kong, China, all the assets sell at a discount adverse situations.

Who can say that China is not a major acquisition of a foreign strategic deployment of resources? Who can say that the pricing power to recover assets in China is not important? This one with Minmetals, China Nonferrous equally important business assets and liabilities are combined rate of 94.1%, should we not save? To achieve the above objectives

is carrying out the strategic deployment of the same time, however both parties mixed Binglie internal credit system in fear.

Danger is that China Metallurgical profitable enterprises such as the data well, but with thirst for capital. Is not listed in the bond market prior to a regular, often in public financing the lion's opening. In 2008, China Metallurgical Group through issuing short-term financing bills and corporate bonds in a manner that inter-bank market financing 7.0 billion, part of the unsecured debt, shows that the banks have no doubt of their credit, research behind the policy is actually Mohe convinced. The A-shares and H-share market financing more than 300 billion yuan, may dissolve in the rule of hands and feet tied ropes debt.

The same time, excessive corporate expansion is not binding, for an all-encompassing major industry clean-up enterprises will be very difficult. China Metallurgical Group, everything from non-ferrous metals, construction contracting, real estate, Paper Everything to the equity investment in the future such as the metallurgical enterprises will certainly be classified in the stock market consolidation, the overall market so dazzling capital operation, probably paper, zinc industries also are listed.

Less than 1 per share net asset listed specially those who have a lot of later: China Construction Company Limited (China Building) pre-disclosure of the prospectus shows that pre-IPO net assets per share was 0.71 yuan, less than 1 yuan; Prior to issuance of China Railway, China Railway Construction companies were pre-IPO net assets per share of 0.65 yuan and 0.62 yuan; June 30 Everbright Securities together with the will of the South Locomotive shares had the prospectus shows that its net assets per share 0.62 yuan, 0.12 yuan per share, while net assets per share of 0.28 yuan Ye. Pre-release listing below one yuan per share, net assets in violation of "Company Law" Article 130, Article 131, can not meet the conditions for issuing and listing shares.



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