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12月16日早上,某国际投行A公司老总启明跨过罗湖桥,打开无线手提电脑,翻看港深两地的中兴通讯的行情,当看到中兴A、H价格你追我赶、H股正欲超越A股时,不由会心地一笑,想起一句老话:是金子总会发光,即使被埋在土里的金子也是金子,市场之手总会把它挖出来。回想起两年前中兴欲以13元的价格发行H股也流产,现在价格差不多翻番,依然被人哄抢,深有感慨:市场先生并非总是理性的,他经常会犯错。 而在两星期前,中兴在上海展开路演,作为此次发行的全球协调人,启总的看法便与不少机构投资者存在分歧,机构投资者要求,根据A与H普遍存在较大价差的现实,中兴H股应给予较大的折让。启总则认为,股价是公司内在价值的反映,而公司的内在价值在某个阶段是相对固定的,中兴不应挪个地方卖就要打个折扣。结果证明不是H 股应该享受折扣,而是A股跟不上H股价值回归的步伐。 出于对中兴内在价值的信心,A公司承销时制定的回拨机制,使得A公司赚得盘满钵满。
December 16 morning, an international investment bank A company CEO Qiming across the Luohu Bridge, turn on the wireless laptop, look at the market in Hong Kong and Shenzhen ZTE, ZTE, when you see the price of H, H shares to catch up with you Desire to surpass A shares, could not help but smile, think of an old saying: gold always glow, even if the gold buried in the soil is gold, the market will always dig it out. Recalling that two years ago, ZTE wanted to issue H shares at a price of 13 yuan and also aborted. Now the price has almost doubled and people are still looting. There is deep feeling that Mr. Market is not always rational and he often makes mistakes. Two weeks ago, ZTE started a roadshow in Shanghai. As the global coordinator of this issue, Kai views were divided among many institutional investors. According to institutional investors, according to the prevalence of large spread between A and H Reality, ZTE H shares should be given a larger discount. General Kai believes that the stock price is a reflection of the intrinsic value of the company, and the intrinsic value of the company at a certain stage is relatively fixed, ZTE should not move a place to sell a discount. The results prove that not H shares should enjoy the discount, but A shares keep pace with the return of H shares value. Out of confidence in the intrinsic value of ZTE, A company underwriting the development of underwriting mechanism, making A company made profitable.