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由于中国水电海外项目多位于非洲、中东、南亚等发展中国家,局势动荡和汇率升值将给中国水电的海外业务带来不少风险。10月18日,2011年内最大的A股IPO中国水电(601669.SH)正式登陆上海证券交易所,开盘价4.78元,较发行价高出6.22%,并一路震荡走高。与上市首日的表现相比,中国水电的IPO申购过程却并不如意。9月27日,中国水电网上申购开启,最终以4.50元/股的价格区间底部定价,对应2011年10.23倍市盈率,机构认购倍数1.75倍,网上中签率9.69%。募资金额最终定格在135亿元,较招股意向书的目标减少了38亿元。
As China’s hydropower overseas projects are mostly located in Africa, the Middle East, South Asia and other developing countries, the turmoil in the situation and the appreciation of the exchange rate will bring a lot of risks to the overseas business of China Hydropower. On October 18, 2011, China Hydropower (601669.SH), the largest A-share IPO in 2011, formally landed at the Shanghai Stock Exchange with an opening price of 4.78 yuan, 6.22% higher than the issue price and higher and higher along the way. Compared with the performance of the first day of listing, China Hydropower IPO subscription process is not satisfactory. On Sept. 27, China Hydropower Network opened for subscription at the bottom of the price range of RMB4.50 / share, corresponding to 10.23x 2011E P / E, 1.75x subscription ratio and 9.69% online success rate. The final amount of fund-raising fixed at 13.5 billion yuan, the prospectus than the prospectus reduced by 3.8 billion.