Postal savings break Li Jiacheng ten billion investment really stuck up-splitit

Postal savings break Li Jiacheng ten billion investment really stuck up? Hot column capital flows thousands thousand comment stocks the latest rating simulated trading client diagnosis sina finance App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future? Sina Hong Kong stocks launched "Hong Kong stocks are not attractive" big discussion, with a rational and constructive attitude, welcome to pay attention to Hong Kong stocks, people concerned about the capital market, together with Hong Kong stocks for advice and suggestions, and conspiracy of Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Sina Financial News October 28th morning news is known as "the world’s largest IPO" Chinese postal savings bank listed investors can be described as "All Star", but a month fell fast, high fell more than 13%, the current price has than the IPO price of HK $4.76 more than 11% "diving". Many reports, invested in postal savings, Ma Yun, billionaire Li Jiacheng Ma Huateng, are "locked canbei". Is that so? However, the rich tend to be smarter than everyone thinks. The largest investment Li Jiacheng, he and his three funds and son Li Zeju through stock linked notes (ELN) total of 11.62% of the postal savings of H shares, the total value of up to 10 billion 800 million Hong Kong dollars. For the majority of cornerstone investors, shares fell only "stiff" bear the loss, but Li Jiacheng is not holding stocks, but linked notes, outsiders do not know how the specific terms of the contract, in this round of price declines, Li Jiacheng not only may not be losses, can it make a lot of interest. ELN, which is not well known to ordinary investors, is actually a betting tool for investors and private banks. It is understood that UBS is Li Jiacheng’s investment in security rankings. UBS is the pre listed investor of China postal savings, which owns 17.55%H shares. The industry rumors that UBS invested in the postal savings, the establishment of a special investment in the postal savings products for investors to subscribe, so that all investors "indirect" shares in the postal savings. This kind of ELN note is divided into bullish or bearish, and when the stock price is higher than or equal to the agreed price, the promissory note can recover the agreed interest. When the price is lower than the price, the investor needs to buy more stocks or convert the losses in cash. The bearish note, on the other hand, earns interest when the exercise price is lower than the exercise price. ELN is mostly linked to financial stocks, most of the mainland banking stocks, most of Hongkong’s current bank shares ELN can charge 5%-6% per year per annum, mostly in the stock price more than 5% or 10% investors may want to pick. But this kind of product flexibility is very large, completely depending on the mechanism and the customer agreement, depending on the product at risk can be more than 15%, the exercise price and the issue price gap can be up to 20% or even 30%. From the long lines of postal savings and spokesman flattering words, believe that Li Jiacheng and the bank’s contract should be up gambling agreement, if the interest on a monthly basis, it means that the stock price rises, the investor of

中邮储破发 李嘉诚百亿投资真的被套牢? 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经App:直播上线 博主一对一指导 新浪港股APP:实时行情 独家内参   港股还值不值得投资?出现了什么问题?未来出路在哪里?新浪港股发起“港股还有没有吸引力”大讨论,以理性、建设性的态度,欢迎关注港股、关注资本市场的人士,一起为港股建言献策,共谋港股市场的明天。来稿请至hkstock_biz@sina 。   新浪财经讯 10月28日上午消息 号称“全球最大IPO”的中国邮政储蓄银行上市时投资者可谓“全明星阵容”,但一个月来股价下滑速度很快,高位跌幅超过13%,目前价格也已经比招股价4.76港元“潜水”了超过11%。不少报道称,投资于中邮储的富豪李嘉诚、马云、马化腾等,都惨被“套牢”。真的如此吗?   然而,富豪往往比大家以为的精明。其中投资额最大的李嘉诚,他和旗下三个基金以及儿子李泽钜通过股票挂钩票据(ELN)合计共持有中邮储11.62%的H股,总值高达108亿港元。对于多数基石投资者,股价下跌只能“硬挺”承受损失,不过李嘉诚持有的并不是股票,而是挂钩票据,外人并不知道具体的合约条款如何,在这轮股价下跌中,李嘉诚不但未必有所亏损,很可能反而赚了不少利息。   这种普通投资者不太熟悉的股票挂钩票据(ELN)其实属于投资者和私人银行的对赌工具。据了解,瑞银是李嘉诚这次投资的安排行。瑞银是中邮储的上市前投资者,占有17.55%H股,业内传闻称瑞银投资中邮储时,就设立了专门用于投资中邮储的产品供投资者认购,令各方投资者“间接”入股中邮储。   这类ELN票据分为看涨或看跌,看涨式票据会在股价高于或等于约定价格时,可以收回约定利息,低于价格时投资者需要买入更多股票或以现金折算损失。看跌式票据则相反,会在低于行使价时赚取利息。   ELN大多挂钩的是金融类股票,最多的是内地银行股,大部分香港目前的银行股ELN可以收取每年5%-6%的年息,大多在股价波动超过5%或10%时投资者可能要接货。不过这类产品的弹性非常大,完全视乎机构与客户的约定,年息视乎产品风险可以多到15%以上,而行使价与发行价的差距,也可以多到20%甚至30%。   从长和系发言人对中邮储多加溢美的言辞来看,相信李嘉诚与该行的合约应当是赌升的协议,如果利息按月结算,则意味着当月股价上升,投资者就可以收获利息。中邮储9月底上升的头一周股价一直稳定在4.7港元左右,这意味着李嘉诚第一个月的利息基本上已经稳赚。   当然,大家更关注的是中邮储股价目前已经跌了超过10%,那么李嘉诚是不是要被迫接货买入了呢?这个可能性相当低。由于李嘉诚基金作为超级明星客户,是中邮储IPO上市招股时的大卖点,安排行不可能不给予较大的优惠吸引。再加上投资额超过百亿之巨,任何这种体量的投资也必然得到可观的折扣,这意味着李嘉诚事实上投入的资金远远少于其ELN的总值,而行使价和发行价之间的差价也会比其他客户大得多。   据私人银行人士估计,以李嘉诚这类明星客户及巨大投资额,需要“接货”的行使价相信必然很有防守力,相信要比上市价低20-30%(换言之,股价跌20-30%李嘉诚才需要出钱接货),年利息回报则相信至少可到5%。香港投资学会主席谭绍兴近日就指出,在目前全球投资回报普遍偏低的环境下,ELN产品挂钩较为稳定的金融股,得到4-5%的回报,是对富豪家族投资相当有吸引力的投资品。   不少投行人士也相信,安排行说服李嘉诚斥资百亿力挺中邮储的IPO,其巨大的广告效应难以计价,再加上长和系与投行之间生意往来频密,即便跌破行使价,ELN合约条款也可以“再谈”。如果合约上有附加的利息优惠等条款,即便股价下跌造成了亏损也是可以弥补的。   由此可见,尽管合约细节不为外人所知,但看起来高风险的“对赌合约”有时候可能比持有股票还要安全。因此,我们不难理解精明的李嘉诚为何并没有选择常见的作为基石投资者入股,而是挑选了以ELN持有权益。正如李嘉诚基金会发言人所说,李嘉诚对中邮储“绝对有信心”,“作为长线投资”,一定有李嘉诚自己的道理。(新浪财经彭琳 发自香港) 进入【新浪财经股吧】讨论相关的主题文章: