国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Mengniu debut soars 24%
By Ma Wei (China Daily)
Updated: 2004-06-11 10:08

Reflecting renewed interest in solid mainland companies, Hong Kong investors yesterday pushed Mengniu Dairy shares up 24 per cent from its issue price on the company's debut on the local bourse.

Mengniu, the mainland's largest liquid-milk producer based in the Inner Mongolia Autonomous Region, raised HK$1.37 billion (US$175.64 million) from an initial public offering (IPO) at an issue price of HK$3.925 (US$0.5) apiece.

The keen response from retail investors to the IPO indicated a return of interest in selected mainland offerings after a lull of several months, analysts said.

Mengniu's shares closed yesterday at HK$4.875 (US$0.62), raising the company's market value to US$625 million. Trading amounted to HK$1.69 billion (US$210 million), making it the most active counter in the market yesterday.

Analysts said that Hong Kong investors were attracted to Mengniu largely because of the company's perceived growth potential. Although dairy products have never been a traditional part of the Chinese diet, milk consumption is expected to grow strongly as general living standards, especially in the major cities, continues to improve.

Niu Gensheng, Mengniu's chairman, has reportedly forecast an average annual sales growth of 50 per cent in coming years.

He also said that the company would continue to focus on the domestic mainland market. The company also exports some of its products to Hong Kong and Macao.

Zhang Xi, an investment analyst at brokerage firm UOB Kay Hian, said that based on the company's first-day performance, he expects Mengniu's share price to "maintain an upward trend in the foreseeable future." He further noted that the strong interest in Mengniu shares could boost the confidence of other mainland companies, including Tencent and Li Ning, who are seeking to raise capital through IPOs in Hong Kong.

Mengniu's offer of 350 million shares, or 35 per cent of its enlarged share capital, was 205 times subscribed. Half of the offered shares were sold to retail investors and the remaining to institutional investors.

The issue price was 19 times 2004 projected earnings, in line with mainland dairy company Inner Mongolia Yili's 20 times but lower than Shanghai Bright Dairy & Food's 23 times.

Close