1. HKEx-China Petroleum Hong Kong Stock Code 00857.
China Petroleum was listed on the stock exchange on April 7, 2000, with a circulating share capital of 2,556,543.8+0.3 billion shares and a total share capital of 6,543.8+0,265,438+0,075,438+0.0 billion shares.
2. new york Stock Exchange-China Petroleum Stock Code PTR
China Petroleum was listed on the new york Stock Exchange on April 6th, 2000, one day earlier than the Hongkong Stock Exchange.
3. Shanghai Stock Exchange-China Petroleum Stock Code 60 1857
China Petroleum was listed on A-share of the main board of Shanghai Stock Exchange on June 5438+065438+1October 5, 2007. The issue price of China Petroleum Stock in Shanghai Stock Exchange is 16.7 yuan.
China Oil&Gas Company Limited (60 1857), which landed in the A-share market on October 5, 2007, opened at 48.6 yuan/share and closed at 43.96 yuan/share, which were at a premium of 19 1% and/kloc-0 respectively. China Petroleum publicly issued 4 billion A shares, of which 3 billion shares have been listed and circulated. The issue price of China Petroleum is 65,438+06.7 yuan, which is equivalent to 22.44 times of fully diluted P/E ratio in 2006. The financing scale reached 66.8 billion yuan.
On the first day of listing, the price of new shares will be limited to 2065438+2004 65438+2004 1, and the highest price increase will be 44% of the issue price. According to the regulations of Shanghai Stock Exchange, the effective price range declared by call auction on the first day of initial public offering (IPO) is: the lower price is not lower than 80% of the issue price, and the higher price is not higher than 120% of the issue price. The effective price range of continuous bidding declaration is: 64% lower than the issue price and 144% higher than the issue price. When the price rises or falls 10% for the first time on that day, the trading will be suspended for 30 minutes; when the price rises or falls by 20% for the first time, the trading will be suspended at 2: 55pm on that day. This was not the case at that time, so now it seems that the issue price of China Petroleum is not high, but the first day of the rise was driven by market sentiment, and the stock price was pulled up to compare the situation.
After adjusting the momentum of the previous trading day when China Petroleum was listed, the Shanghai and Shenzhen stock markets continued to fall sharply on the 5th, with the Shanghai Composite Index and Shenzhen Component Index closing at 5634.45 points and 18 1 16.88 points respectively. When the index fell, 70% of the stocks in Shanghai and Shenzhen stock markets rose, while the indexes of China Petrochemical, Industrial and Commercial Bank of China and other heavyweights fell sharply. In fact, the issue price of China Petroleum doesn't seem to be very high, but when the market is good, the opening price of PetroChina is relatively high.
Basic principles of IPO pricing
1. Intrinsic value principle
The stock price is the discounted value of future earnings. If the stock price cannot reflect the intrinsic value of the stock, or the deviation between the stock pricing and the intrinsic value of the stock is too large, it can be considered that there is a certain deviation in the pricing mechanism of the stock primary market. The issue price of stocks should reflect the intrinsic value of stocks, which can be calculated by cash flow discount method, relative valuation method and economic added value method.
2. The principle of marketization
The issue price of stocks should be determined according to the market-oriented principle, fully reflect the relationship between market supply and demand, balance the relationship between stock supply and demand, and accurately reflect the market's recognition of stock value. In other words, the issue price of stocks should consider the overall price level of stocks, the supply and demand situation at the time of issuance, and take into account the interests of all parties.
On the one hand, IPO pricing must consider meeting the issuer's financing needs. Raising funds needed by enterprises is one of the purposes of issuing new shares by issuers. Therefore, IPO pricing should consider the issuer's financing needs and meet the issuer's financing needs to the maximum extent. The IPO price is too low. Under the condition of continuous circulation, the financing scale of enterprises will be relatively small, which not only harms the interests of original shareholders, but also is not conducive to the growth of the company. On the other hand, the pricing of new shares must consider the interests of investors and underwriters. For the sake of investment cost, investors hope that the price of new shares will be lower. If the IPO price is too high, it will increase its investment cost and weaken its investment confidence. At the same time, it will increase the underwriter's issuing responsibility and risk, increase the pressure on the secondary market, thus damaging the image of listed companies and reducing their ability to increase capital and shares.
Generally speaking, whether the pricing is reasonable can be shown within a period of time after the stock is listed. Large fluctuations are abnormal, and generally it is normal to add 5%~20%. If there is no pricing space, it is difficult to position the stock in the secondary market after listing, which will affect the company's reputation. Therefore, the determination of the issue price of new shares should pay attention to leaving appropriate room for the operation of the secondary market.
3. Based on the principle of combining international practices with China's national conditions.
On the one hand, the development of the securities market has its inherent laws and basic patterns, and China's securities market must also follow such laws and patterns. Therefore, China's stock issue price should be determined by introducing international practices and keeping consistent with international practices as far as possible to maintain comparability. On the other hand, China's economic development and the development of its securities market have their own characteristics, which are obviously different from those of developed countries. Especially, compared with other mature securities markets, China's securities market still has many shortcomings, and some market signals can't reflect the real situation. In addition, due to the particularity of China's joint-stock enterprises (restructuring and establishment), under the condition of conforming to international practice, the pricing should take into account China's specific situation and cannot be blindly copied.
4. The principle of combining qualitative and quantitative.
Because of its particularity, many factors are uncertain or difficult to determine. Therefore, when pricing, we should fully consider the quantifiable and unmeasurable factors that affect new shares. Quantitative analysis of quantifiable factors and qualitative analysis of unquantifiable factors. Only by combining quantitative analysis with qualitative analysis can the price be set accurately and reasonably.
The issue price of stocks is influenced by many factors, such as the national macroeconomic environment, the characteristics of enterprises' industries, the company's financial situation, the company's basic information and so on. Therefore, IPO pricing is a complex system engineering, which needs to be based on pricing principles, combined with the actual situation of enterprises, comprehensively considering the market environment, and through scientific pricing procedures, in order to get a relatively reasonable issue price. The same is true of the new share issuance system.
So far, the price of China Petroleum is near 4 yuan, and stock price fluctuation is very common in the market, and even some stocks are delisted, which is normal.