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按照建行给投资者开出的招股价,承销商预测相当于市盈率在8.9至14.2倍之间,与主要国际金融机构的估值比较,定价基本合理。股权性质方面,交行在香港上市曾将大量内资法人股转为H股,依据交行模式,并考虑到内地正在推进的股权分置改革,建行也有可能将原有股东股权转为H股。
According to the offer price given to investors by CCB, the underwriters forecast a price-earnings ratio of 8.9 to 14.2 times. Compared with the valuation of major international financial institutions, the pricing is basically reasonable. As for the nature of ownership, Bank of Hong Kong has listed a large number of domestic legal person shares in Hong Kong into H shares. According to the Bank of Communications model, and taking into account the reform of split share structure in the Mainland, it is also possible for China Construction Bank to convert the original shareholders’ equity into H shares.