Merchants Bank H shares of hot 10% to 15% upside.

<P> UBS: China Merchants Bank H-share listed 10% to 15% upside move the hot-line subscription to Jin Hongyi excellent mood. ."One reaction, from the Merchants Bank subscribe for the estimated increase after the listing of the stock 10% to 15% is reasonable." Joint interview yesterday, when faced with a number of media, the China Merchants Bank, one of the sponsors, senior bankers .As optimistic estimate. .China Merchants Bank will on Friday at the Hong Kong Stock Exchange. .</ P> <P> Jin Hongyi UBS Investment Bank is currently serving as Managing Director and co-head of Asian financial institutions group in 2002 and 2006, the Bank of China Bank of China IPO, Jin Hongyi are sponsored directly responsible. .</ P> <P> "Our response will be well estimated in advance. In the roadshow next day, the reaction was too warm to subscribe, syndicate to fund the request of one of the fixed body no more than 1 billion U.S. dollars, because even if we can not exceed this limit .provide more new shares. "Jinhong Yi said. .</ P> <P> The international road show, executives and organizations in China Merchants Bank to communicate one-on-one meetings, institutional order of the proportion of close to 100%, which is unique in the course of the past, the phenomenon of road shows. .Because, according to past experience, under the single rate of 80% is already very high data. .</ P> <P> record the final CMB oversubscription rate beyond most people's expectations, even the Swiss banks did not anticipate. .Interestingly, the statistical data the day before the subscription, UBS has been in the company held a guessing game, resulting in 12 people to guess Merchants Bank's subscription rate of 150 times to 270 times, so we surprised that the results of one of the most optimistic .Guess closest to the actual number of bits. .</ P> <P> about Merchants Bank in this range of 7.3 to 8.55 Hong Kong dollars, Jinhong Yi told reporters that this price range with reference to the other three banks share price of H shares, low price of 7.3 Hong Kong dollar is considered to make the vast majority .investors are interested in subscription Merchants Bank, the high-end dollar is taken into account 8.55, China Merchants Bank should be close to or exceed the Bank's valuation. .</ P> <P> In addition, a considerable number of foreign institutions in the research report that China Merchants Bank a reasonable 2.5 times book value to 2.7 times higher than the 2.39 times book value Merchants Bank to be higher than the 4.6 to 13 percent. .</ P> <P> for China Merchants Bank The book value at a higher price, Jin Hongyi do not feel surprised. .Continuous as the three Chinese banks listed overseas experience of the sponsor, so he found the foreign investors in China's banking sector change in attitude. .</ P> <P> "Foreign investors in China's banking industry's views can be used to describe the earth-shaking, 5 years ago, investment banks, funds and other institutional view of China's banking sector is basically negative and negative." Jinhong Yi said that he .BOC Hong Kong listing of then recalled when the situation is in accordance with local banks in Hong Kong to an average of 1.6 times book value pricing. .Bank of Communications (3328.HK) is offering 1.6 times book value, China Construction Bank (0939.HK) is 1.96 times the Bank of China (3988.HK) more than 2 times, this is 2.39 times that of China Merchants Bank also set a record .offer price. ."This series of changes in the data shows that foreign investors confidence in China's banking sector is growing." Jinhong Yi said. .</ P> <P> Jinhong Yi also said that China Merchants Bank is the second after the first A share listed companies with H shares, and its case is instructive. .Among the specific operation, the first H shares after the A shares are two difficulties, first of all A-share listed companies released quarterly results reporting requirements, which leave the H shares listed on a very narrow window of time. .Such as the China Merchants Bank listed, must be completed in time listed in the third quarter, the actual time of only 4 to 6 weeks, if the delay over this time period, H-share listed, again, to do statistics. .Followed by the A shares related to the problem of state-owned shares, to the additional costs involved, and H shares is not the concept. .</ P>.