Merrill Lynch lowered the A share and H share rating of HAITONG SEC (06837.HK) -0.880 (-6.111%) Short selling $42.08M; Ratio 7.875%
from Neutral to Underperform. The target price of H share was $13, due
to the concern of reduction in commission rates in 2015. In addition,
the share price is commensurate to 1.6x 12-month forward P/E, which was
nearly to historical high, as driven by the launch of SH-HK Connect. The
broker believed that the SH-HK Connect will inject new liquidity to A
share markets, but the driven force on stocks may be limited. Following
the cooling down of SH-HK Connect, the market will shift the focus on
macro economy and risks. The share price for brokers will then undergo
gradual correction.
UCD (01599) plans to raise Rmb600m from A shares issue Beijing Urban Construction Design & Development Group (UCD) (01599) said it proposes to apply for initial public offering of Renminbi ordinary shares and listing. The number of public issuance of shares amounts to not more than 149.86 million shares. The issuance price of A shares shall not be lower than Rmb2.91 per share. The total proceeds raised from the issuance of A shares amount to Rmb600 million, which will be used for upgrading and reconstructing project of the design centre, the national engineering...
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