Beijing Enterprises Holdings
WKN: A0NEXK / ISIN: HK0392044647Chinas Aktienboom 1997 bis..
04.01.04 15:47
#1
Publizist
Chinas Aktienboom 1997 bis..
..1997 gab es in Hongkong eine Aktienemission, die den heutigen Hausse-Maßstäben standhält. Damals war der Markt wild auf die Red Chips, die heute gegenüber den H-Aktien recht mickrig aussehen. Beijing Enterprises, ein chinesisches Konglomerat gab 1997 sein Debüt an der Hongkonger Börse - und alle wollten diese Aktie haben. Die Angaben zur Überzeichnung schwanken zwischen dem 1200 und dem 1400fachen. Die Aktie kam im Mai 1997 zu 12,48 HKD und stieg bis auf 65 HKD (Intradayhoch am 28. August 1997). Der Kurs stieg also auf mehr als das Fünffache innerhalb von 3 Monaten. Zuvor hatte Asiaweek gewarnt: "But don't expect rapid price rises this time".
Heute ist es still um Beijing Enterprises. Die Aktie notiert bei 9,3 HKD. Das entspricht einem KGV von ungefähr 14, wenn man die letzten geprüften Jahresergebnisse 12/2002 nimmt. Sicherlich hat man 1997 die Bilanz auf Hochglanz gebracht. Und so wurde auch der Jahresgewinn von dazumal nie wieder erreicht. Der Umsatz steigt aber Jahr für Jahr vor sich hin. Nur die Phantasie ist fort und zeigt sich an einer anderen Stelle des Marktes.
Asiaweek berichtete damals:
"WHEN HONG KONGERS SHOP, they give it their all. Last week, thousands of people lined up to buy a piece of China's capital city. And they were prepared to pay. Office workers, taxi drivers and housewives put down HK$240 billion ($31 billion) in deposits for the initial public offering -- or IPO -- of Beijing Enterprises Holdings, the investment arm of the municipal government of Beijing. That's twice the total money in circulation in Hong Kong -- and slightly larger than the combined foreign currency reserves of Russia, Australia and New Zealand. A lottery had to be held because the IPO was oversubscribed a record 1,347 times.
Company president Guo Yingming has a ready explanation. "Beijing's consumer-products market is so big," he says. "In tourism, Beijing Enterprises has rich resources. Our Jianguo Hotel is the No. 1 joint venture hotel in the whole of China." The company also has stakes in a brewery, McDonald's restaurants, a toll road and a tourism firm that manages the Badaling section of the Great Wall. Profits this year are forecast to top $42 million. With the IPO, Beijing Enterprises has already locked up half that amount. It is estimated to earn more than $21 million in interest from the deposits."
Heute ist es still um Beijing Enterprises. Die Aktie notiert bei 9,3 HKD. Das entspricht einem KGV von ungefähr 14, wenn man die letzten geprüften Jahresergebnisse 12/2002 nimmt. Sicherlich hat man 1997 die Bilanz auf Hochglanz gebracht. Und so wurde auch der Jahresgewinn von dazumal nie wieder erreicht. Der Umsatz steigt aber Jahr für Jahr vor sich hin. Nur die Phantasie ist fort und zeigt sich an einer anderen Stelle des Marktes.
Asiaweek berichtete damals:
"WHEN HONG KONGERS SHOP, they give it their all. Last week, thousands of people lined up to buy a piece of China's capital city. And they were prepared to pay. Office workers, taxi drivers and housewives put down HK$240 billion ($31 billion) in deposits for the initial public offering -- or IPO -- of Beijing Enterprises Holdings, the investment arm of the municipal government of Beijing. That's twice the total money in circulation in Hong Kong -- and slightly larger than the combined foreign currency reserves of Russia, Australia and New Zealand. A lottery had to be held because the IPO was oversubscribed a record 1,347 times.
Company president Guo Yingming has a ready explanation. "Beijing's consumer-products market is so big," he says. "In tourism, Beijing Enterprises has rich resources. Our Jianguo Hotel is the No. 1 joint venture hotel in the whole of China." The company also has stakes in a brewery, McDonald's restaurants, a toll road and a tourism firm that manages the Badaling section of the Great Wall. Profits this year are forecast to top $42 million. With the IPO, Beijing Enterprises has already locked up half that amount. It is estimated to earn more than $21 million in interest from the deposits."
04.01.04 20:14
#2
Timchen
Ja, so ist die Realität halt
Wo kein rentables Wachstum ist, da ist auch kein dauerhafter Kursaufschwung.
Das wird noch für viele chinesische Aktien gelten.
Die momentanen Wachstumsraten, bedingt durch die Öffnung Chinas Richtung Marktwirtschaft, überdecken vieles. Man sollte sich jedoch jede Emission in China sehr genau ansehen, ob sie gut gemanagt ist und ob ein Gewinnwachstums vorzuweisen sind.
timchen
Das wird noch für viele chinesische Aktien gelten.
Die momentanen Wachstumsraten, bedingt durch die Öffnung Chinas Richtung Marktwirtschaft, überdecken vieles. Man sollte sich jedoch jede Emission in China sehr genau ansehen, ob sie gut gemanagt ist und ob ein Gewinnwachstums vorzuweisen sind.
timchen
04.02.04 12:26
#3
Publizist
IPO in diesem Jahr
"China Power International Holdings is expected to seek an initial public offering this year to raise up to US$4 billion (HK$31.2 billion) on international markets as strong economic growth spurs increasing need for power infrastructure.
CPIH is just one of China's five major power companies expected to come to the market more frequently over the next five to 10 years.
Its IPO, originally estimated at US$500 million, may well be one of the biggest to come out of China this year, with Citigroup, CSFB, Merrill Lynch, Deutsche Bank invited to bid to arrange the lucrative deal, according to mainland press reports. The company is expected to list on both the United States and Hong Kong markets.
CPIC is considering a debut in Hong Kong to sell 25% of its share capital as H shares before seeking a second listing in the US. The mounting need for funding stems from China's insatiable power demand.
With key support from the state, CPIC has been mandated to run 10 Laioning Province plants and acquired power assets from Shanxi province in Dec last year. The newspaper said that CPIC may inject some of its assets into CPIH prior to the subsidiary's listing."
CPIH is just one of China's five major power companies expected to come to the market more frequently over the next five to 10 years.
Its IPO, originally estimated at US$500 million, may well be one of the biggest to come out of China this year, with Citigroup, CSFB, Merrill Lynch, Deutsche Bank invited to bid to arrange the lucrative deal, according to mainland press reports. The company is expected to list on both the United States and Hong Kong markets.
CPIC is considering a debut in Hong Kong to sell 25% of its share capital as H shares before seeking a second listing in the US. The mounting need for funding stems from China's insatiable power demand.
With key support from the state, CPIC has been mandated to run 10 Laioning Province plants and acquired power assets from Shanxi province in Dec last year. The newspaper said that CPIC may inject some of its assets into CPIH prior to the subsidiary's listing."