par po » 05 nov. 2007, 22:51
à noter que la valeur de l'action petrochina est différente à hong kong et shanghai.
sur le marché de shanghai, il y a une bulle financière importante et petrochina vaudrait 1000 milliards si on multipliait le cours par le nombre de titres (mais seulement 2,2% des titres sont cotés à shanghai)
sur le marché de hong kong, petrochina vaut moins de 500 milliards;
voir explication ci dessous
WSJA(11/6) Petrochina Soars, But How Big Is It? (Dow Jones News Service)
Updated: Monday, November 05, 2007 04:31PM ET
(From THE WALL STREET JOURNAL ASIA)
By Andrew Batson and Shai Oster
BEIJING -- PetroChina Co., the main oil and gas producer in China, became the world's biggest company in the course of a few hours of trading yesterday. Or did it?
PetroChina's stunning debut on the Shanghai Stock Exchange again demonstrated the force of China's bull market, which has more than doubled its benchmark stock index so far this year. The company, which also lists shares in Hong Kong and American depositary shares in New York, saw its Shanghai share price more than double on its first day of trading after it raised $8.9 billion in its first share sale in mainland China. By some measures, PetroChina could now be valued at more than $1 trillion, which would make it by far the world's largest company by market capitalization.
Yet the soaring valuations put on PetroChina and other Chinese-listed companies seem to say more about the problems and idiosyncrasies of China's market than the performance of the companies themselves.
In fact, it is very difficult to determine the real value of Chinese government-controlled companies like PetroChina or Industrial & Commercial Bank of China Ltd., a state-controlled lender that is the largest financial institution by some measures of market capitalization. They have complicated corporate structures that keep most of their shares locked up in government hands, with the few that are publicly traded spread across different markets. The scarcity can drive up prices. And the problem is compounded by China's capital controls, which can cause domestic prices to differ greatly from those on other markets.
PetroChina, for example, sold a mere 2.2% of its share capital to domestic investors in its Shanghai initial public offering. When those shares made their debut on the exchange yesterday, their price rocketed to a close of 43.96 yuan (US$5.90) each, from the IPO price of 16.70 yuan.
Applying that price to all of PetroChina's outstanding shares would give the company a market capitalization of around $1.08 trillion, twice that of industry giant Exxon Mobil Corp., the company that, at least before yesterday, had the highest market value in the world, at around $488 billion. But if you apply the price of PetroChina's Hong Kong-listed shares -- HK$18 (US$2.32) each, as of yesterday's close -- to all PetroChina's outstanding shares, then the company is valued at closer to $424 billion. The valuation of PetroChina's American depositary shares is close to the Hong Kong shares. Yet about 86% of PetroChina's shares are held by its state-owned parent and don't trade on any exchange, and it is hard to know what price they would fetch if all of them were actually to come to market.
à noter que la valeur de l'action petrochina est différente à hong kong et shanghai.
sur le marché de shanghai, il y a une bulle financière importante et petrochina vaudrait 1000 milliards si on multipliait le cours par le nombre de titres (mais seulement 2,2% des titres sont cotés à shanghai)
sur le marché de hong kong, petrochina vaut moins de 500 milliards;
voir explication ci dessous
WSJA(11/6) Petrochina Soars, But How Big Is It? (Dow Jones News Service)
Updated: Monday, November 05, 2007 04:31PM ET
(From THE WALL STREET JOURNAL ASIA)
By Andrew Batson and Shai Oster
BEIJING -- PetroChina Co., the main oil and gas producer in China, became the world's biggest company in the course of a few hours of trading yesterday. Or did it?
PetroChina's stunning debut on the Shanghai Stock Exchange again demonstrated the force of China's bull market, which has more than doubled its benchmark stock index so far this year. The company, which also lists shares in Hong Kong and American depositary shares in New York, saw its Shanghai share price more than double on its first day of trading after it raised $8.9 billion in its first share sale in mainland China. By some measures, PetroChina could now be valued at more than $1 trillion, which would make it by far the world's largest company by market capitalization.
Yet the soaring valuations put on PetroChina and other Chinese-listed companies seem to say more about the problems and idiosyncrasies of China's market than the performance of the companies themselves.
In fact, it is very difficult to determine the real value of Chinese government-controlled companies like PetroChina or Industrial & Commercial Bank of China Ltd., a state-controlled lender that is the largest financial institution by some measures of market capitalization. They have complicated corporate structures that keep most of their shares locked up in government hands, with the few that are publicly traded spread across different markets. The scarcity can drive up prices. And the problem is compounded by China's capital controls, which can cause domestic prices to differ greatly from those on other markets.
PetroChina, for example, sold a mere 2.2% of its share capital to domestic investors in its Shanghai initial public offering. When those shares made their debut on the exchange yesterday, their price rocketed to a close of 43.96 yuan (US$5.90) each, from the IPO price of 16.70 yuan.
Applying that price to all of PetroChina's outstanding shares would give the company a market capitalization of around $1.08 trillion, twice that of industry giant Exxon Mobil Corp., the company that, at least before yesterday, had the highest market value in the world, at around $488 billion. But if you apply the price of PetroChina's Hong Kong-listed shares -- HK$18 (US$2.32) each, as of yesterday's close -- to all PetroChina's outstanding shares, then the company is valued at closer to $424 billion. The valuation of PetroChina's American depositary shares is close to the Hong Kong shares. Yet about 86% of PetroChina's shares are held by its state-owned parent and don't trade on any exchange, and it is hard to know what price they would fetch if all of them were actually to come to market.