Was für Fakten! Hier wird einmal mehr bestätigt das es an den Märkte in den wenigsten Fällen um die Bewertung geht. Die Liquidität dominiert fast immer das Geschehen. Je länger dieser Lauf weitergeht und die Regierung immer noch negative Sparzinsen zuläßt desto unwahrscheinlicher wird wohl folgendes Motto.......
China Shenhua Energy Shares Surge in Shanghai Debut
Oct. 9 (Bloomberg) -- China Shenhua Energy Co., the nation's biggest coal producer, almost doubled on its first day of trading in Shanghai after investors applied for a record 2.66 trillion yuan ($354 billion) of stock.
Shenhua rose as much as 91 percent after the Beijing-based company raised 66.6 billion yuan in the world's biggest share sale this year. Investors ordered 40 times the stock on offer, drawn by first-day trading gains for Chinese companies that averaged 269 percent in the past three months.
The surge gives the coal producer a market capitalization of $173 billion, surpassing Cia. Vale do Rio Doce as the world's second-biggest mining company. Shenhua will use the proceeds to buy mines and expand output to meet demand in the world's fastest-growing major economy, where coal prices have jumped to a record.
Thanks to Bespoke
The Beijing-based company sold 66.6 billion yuan of shares at 36.99 yuan apiece, a 19 percent discount to the closing price of its Hong Kong-listed stock yesterday.
Shenhua's Shanghai shares are trading at 65 times estimated earnings. China Coal Energy Co., the nation's second-biggest coal producer, is trading in Hong Kong at 52 times last year earnings. Shenhua's Hong Kong shares are trading at a ratio of 42, less than the 54 times average for China's CSI 300 Index, the world's best-performing this year.
Shenhua sold 1.8 billion yuan-denominated shares. The sale surpassed the $8 billion raised by Russia's VTB Group in May. The amount is also a record for a domestic stock offering, exceeding the 58 billion yuan raised by China Construction Bank. .....
China, the largest miner and consumer of coal, became a net importer of the fuel for the first time in January, ending centuries of self-sufficiency and boosting benchmark prices of the fuel at home and at Australia's Newcastle Port to records in August. China burns coal to generate 78 percent of its electricity.
>For a more bullish view on the Chinese Economy (not the stock market) read How fit is the panda? from the Economist. Once in a month i need to post something positive excluding gold....... :-)
> Für einen eher positiven Ausblick für China´s Wirtschaft (nicht den Aktienmarkt) empfiehlt sich How fit is the panda? vom Economist. Ich muß ja zumindest einmal monatlich etwas bullishes ausserhalb von Gold posten...... :-)