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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	7/24/2003 10:23:47 PM
From: RealMuLan	Read Replies (1) of 74559

China Zhongjin/IPO: Priced At 20 Times 2002 EPS Thursday July 24, 6:55 PM sg.biz.yahoo.com SHANGHAI (Dow Jones)--Zhongjin Gold Corp., a unit of China's largest gold mining firm, hopes to raise 405 million yuan ($1=CNY8.28) from an A-share initial public offering this month. Zhongjin Gold would be the first publicly listed gold company on China's stock exchange. In its prospectus issued Thursday, Zhongjin Gold said it plans to sell 100 million shares at CNY4.05 apiece July 30. Net of fees, the company will receive CNY388.3 million from the share sale. The offer will be open to domestic and select foreign institutional investors. At CNY4.05 apiece, the new shares are priced at 20 times the company's 2002 earnings per share of CNY0.2023. Zhongjin Gold, a unit of China Gold Group Co., will use the proceeds to finance a 30 metric ton gold refinery project, a processing project and an exploration and mining project, the prospectus said. In the first three months of this year, the company posted a net profit of CNY9.88 million on core revenue of CNY382.1 million. No year-on-year comparative figures were given. Zhongjin Gold registered a full-year net profit of CNY36.4 million in 2002, slightly higher than CNY34.9 million a year-earlier. The A shares account for 35.71% of the post-IPO capital of the company. China is a major international gold player. It is the third largest gold buyer and the fourth largest gold producer in the world. It has more than 1,000 gold mines and about 30 gold refiners. The issue's lead underwriter is China Galaxy Securities Co. Ltd. The shares will be listed on the Shanghai Stock Exchange. No listing date has been set. China Zhongjin/IPO: To Offer Shares On July 30 sg.biz.yahoo.com

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