www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Business

Bank stocks head upward on preferred share reports

By Gao Changxin | China Daily | Updated: 2014-03-14 08:58

Banking shares are poised for a sustained rally, analysts said, as reports on Thursday said regulators will soon let qualified companies issue preferred stocks for the first time.

The China Securities Journal reported that rules will come out soon governing preferred stocks, a special class of shares that have the properties of both an equity and a debt instrument. The first issuance will happen in the second half of the year. Candidates include banks and energy companies that have a high debt ratio, according to the report.

Banking shares, the price of which has been on a low over the past two years, jumped on the news on Thursday. Industrial and Commercial Bank of China Ltd, the biggest stock in China by market capitalization, grew 1.24 percent to 3.27 yuan a share. Shanghai Pudong Development Bank, a city commercial bank based in Shanghai, jumped by 3.27 percent to 8.84 yuan a share. Only three of the 45 shares in the financial sector closed lower on Thursday.

The Shanghai Composite Index gained 1.07 percent, or 21.42 points, to 2,019 points, moving back above the psychologically important level of 2,000 points. The index has lost 3.78 percent this month on disappointing macroeconomic data.

The CSI 300 Index of the biggest shares in both Shanghai and Shenzhen rose 1.2 percent to 2,140.33 points.

The China Securities Regulatory Commission first started discussions about preferred stocks at the start of the year. It's widely interpreted that it's to help big State-owned companies, especially lenders, to raise capital, although an official with the commission said this week that there are no industry and market capitalization restrictions for preferred stock issuers.

"Preferred stocks are favorable for lenders because it allows them to raise funds at a lower cost and without further diluting their valuation," said Zhang Qi, a Shanghai-based analyst with Haitong Securities Co Ltd.

Preferred shares pay fixed dividends and are repaid before common stocks if bankruptcy strikes. They normally do not trade on the open market, carry no voting rights and do not dilute net profits attributable to shareholders.

Chinese lender's valuations have sunk over the past year to historic lows as investors speculate that further interest rate liberalization will fan competition and squeeze profit margins. Central bank Governor Zhou Xiaochuan said on Tuesday that the ceiling for deposit rates will be removed in one to two years. Chinese banks average price-earnings ratio, a gauge of valuation, was 4.5 in February, compared with the A-share market average of 9.4 and 10.4 in the Hong Kong market.

Guojin Securities said a report on Thursday that Chinese lenders' financing cost for preferred shares will be around 8 percent, substantially lower than the 20 percent for common stocks.

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 日韩精品中文字幕在线观看 | 久久国产精品无码网站 | 国产欧美亚洲三区久在线观看 | 国产91精品露脸国语对白 | 成人网在线视频 | 在线精品国产一区二区 | a级精品九九九大片免费看 a级毛片免费观看网站 | 国内精品久久国产大陆 | 国产第一福利影院 | av人摸人人人澡人人超碰 | 久久三级网站 | 欧美日韩精品在线视频 | 精品综合久久久久久蜜月 | 国产成人精品自拍 | 色婷婷国产精品欧美毛片 | 中文字幕精品在线观看 | 极品欧美 | 成人免费视频网站 | 亚洲欧美一区二区三区综合 | 欧美在线高清 | 步兵一区二区三区在线观看 | www操操操| 草草影院ccyy免费看片 | 久久久久亚洲精品影视 | 波多野结衣一级视频 | 亚洲影视一区二区 | 亚洲 欧美 精品 | 成人在线视频免费 | 一级毛片在线免费视频 | 五月激情丁香婷婷综合第九 | 久久免费视频99 | 日日摸日日碰夜夜爽久久 | 国产精品国产三级国产在线观看 | 国产综合精品久久久久成人影 | 亚洲欧美专区精品久久 | 中国黄色一级大片 | 亚洲成人黄色网址 | 亚洲精品久久久久久久久久久网站 | 国产片在线天堂av | 美女视频黄色免费 | 一级视频在线播放 |