Who would have thought that Air China's IPO this time would not be easy.

The summer of 2006 was very hot.

The Three Gorges Dam has just been completed, and the even greater Qingz Railway has also been opened to traffic.

As far as the eye can see, the economic situation is very good.

The stock market is also good, starting from less than 1,000 points and slowly rising to 1700 points, but millions of shareholders are still at a loss, and there is a long-suppressed breath in the air, and the storm feels like it is coming at any time, but it just doesn't come.

The China Securities Regulatory Commission strictly investigated the manipulation of stock prices, the market makers were arrested one after another, the casino theory, the theory of overturning and starting over, there is still a large market, and no one dares to say that the bull market is approaching.

After all, since the establishment of the Huaxia stock market, the highest point is only 2245 points.

It is still the result of many favorable policies.

1700 points, which is indeed very high.

Even the CICC, which is full of promises in China, has a unanimous view among its institutional sales managers: "The stock market has risen very much, out of the value range, and it is recommended to sell."

It was at this time that CICC received a task - to sell Air China's IPO.

Air China, the only airline in China whose aircraft has printed the "Five-Star Red Flag".

In addition to commercial operations to carry passengers, it also undertakes the task of traveling by special planes for some special people.

It's very important.

Looking at the advertisements shot by Air China and the neat uniforms of the crew, most people will think that this is a very tall company.

In fact, the throat of this company is often choked tightly by dollars and oil and cannot breathe.

The planes purchased by Air China are all purchased in US dollars, and most of them are loans.

Therefore, the trend of the US dollar will cause huge fluctuations in Air China's profits.

In addition, aviation kerosene is also needed for airplane flights, but in the summer of 2006, crude oil prices were very expensive, and in April oil prices exceeded 70, and the day after Air China released its prospectus at the end of July, oil prices directly exceeded 80 US dollars.

Air China knows this, and so do its major market investors.

So, will Air China make money or lose money in this situation?

What can Air China do to withstand the fluctuations of the US dollar?

With the upward trend of oil prices so obvious, how can Air China hedge against it? If even a small accident happens, where will Air China's share price go?

Regarding these buyer issues, the leaders of Air China and AVIC Group are very calm and confident.

In the whole of China, if there is a certain level, which travel is not an Air China special plane, what China Eastern Airlines, China Southern Airlines, and Hainan Airlines, can they be compared?

Moreover, in the history of China, there has never been a shrinkage of IPO, what are you afraid of? As soon as Air China's new shares are issued, isn't it just a dozen casual price limits?

For the underwriters, CICC, this is even less so.

As the No.1 local investment bank in China, CICC's investment banking brand is not blown.

Not only did he work in the most expensive building in China, but he also had a special fleet of people to take employees home in the middle of the night, sold the most difficult bonds in China, and underwrote the most unlikely stocks.

The listing of a state-owned enterprise like Air China is none other than CICC, and it will definitely not fail!

In their eyes, selling an IPO is simple.

Only need to arrange a few researchers, memorize the bids, wear a suit and tie, make an appointment for the roadshow, and the team rushes into the hall of the seller's house, the issuer's main representative makes a statement, and the deputy representative agrees tactfully, nods and agrees, and then collectively smiles at the seller's several young researchers who have just graduated, and the other party asks questions....

Isn't it easy?

However, this IPO was surprisingly difficult, and the process was also full of twists and turns, and all kinds of impossibilities became possible.

On 30 July 2006, Air China issued a prospectus to issue RMB2.7 billion in new shares to mainland investors.

Regarding the price, CICC privately helped the issuer find out, and the results were very

Not good.

So they deliberated and finally set a low price of 2.75-2.95 yuan, which is not optimistic.

However, even so, the overall financing target is as high as 8 billion yuan.

Among them, 350 million shares were strategically placed, and the remaining shares were 1.175 billion shares each for one person and half of the offline and online ones.

This is all standard action for large IPOs, and there is nothing new.

But what's new is that Air China's offline placement is extremely cold.

Of the more than 200 institutions that met the quotation qualifications, only 36 submitted the "Application Form" on the same day.

Most of these 36 companies were forced to do so by CICC's institutional salesmen.

In this way, by the time the quotation was submitted, there were still 9 companies that deliberately wrote the wrong price or other information, resulting in invalid quotations.

Think about it, what kind of image of an IPO is an IPO that can make a financial investment institution that is extremely serious about numbers deliberately offer invalid offers.

Almost all public funds believe that Air China's risk is too great, and it is a clear loss of money.

Not to mention that there is a one-year restriction period for allotment of shares, what if such a large plate falls to one piece?

According to the calculations of the staff of the market investment department of CICC, the total amount of subscriptions was far lower than expected, only 28.65% of the total amount of issuance was planned.

In this release, it seems that the defeat is decided.

If even a large central enterprise like Air China fails to issue A-shares, then ICBC and Datang Power Generation, which are on the list of CICC waiting to be listed.... The fate of central enterprises can be imagined.

This has no hematopoietic ability.

1700 points, and then back to 998 points, is quite possible.

Faced with the list of quotations, CICC pondered hard and thought about how to convince these bidders to buy more.

In the end, only Wang Guiwen of Harvest Fund invested 336 million yuan and bought 120 million shares.

Although it only accounts for 1.07% of the total share capital, it is already very face-saving to be able to buy so much, and it is no longer difficult to be strong.

With the support of the Harvest Fund, Air China's IPO was barely saved.

The whole process stumbled, and the issue price of Air China was continuously lowered, and finally set at 2.8 yuan, and the total amount of funds raised was less than 60% of the original plan.

After repeated communication between the directors of Air China and the exchange, they got a very auspicious stock symbol: 601111.

However, this did not bring good luck to Air China.

On the first day of listing, the stock was frantically sold by shareholders, and the turnover rate was as high as 34.79%.

Air China's major shareholders immediately decided to use nearly 2 billion yuan of IPO issuance reserves in the secondary market to stabilize the issue price of 2.8 yuan.

This is the first time in the history of ChinaAMC's IPO that a major shareholder has committed to increase its holdings.

August 21 is the second trading day after the listing of China Airlines.

Although the stock price opened at a price of 2.8 yuan during the call auction stage, after the official trading at 9:30, the selling orders poured out again frantically, and Air China's stock price fell steadily.

However, in the case of traders of AVIC Group, who continued to invest funds to buy, all these sell-offs were caught, and the stock price was also at the position of 2.75 yuan, showing signs of stabilization.

At this time, there were suddenly some sporadic buy orders on the disk, more than a few hundred hands, and a few dozen or a dozen hands.....

"Chairman, it seems that some retail investors have come in to buy the bottom!"

The trader immediately found out about the situation and immediately reported it.

"Good! This shows that there are still investors in the market who recognize us, can we have the confidence to hold this price?" The leaders of AVIC Group suddenly felt full of strength.

If the stock price continues to fall, then they will be really embarrassed!

No

The shrinkage of shareholders' equity alone is also a heavy blow to the company's reputation.

"It shouldn't be a big problem."

The trader looked at the scattered small orders on the market and decided to use this sentiment to pull up the stock price and try to make enough control space for the next trading day.

By the end of the afternoon, Air China's stubborn station had returned to 2.8 yuan.

What a long day!

Wait until the evening.

Night falls.

Most of them were asleep.

However, an online post circulated quickly in major financial institutions and fund circles.

Buzzing~

Buzz~

.....

Chen Jie was busy with the company's affairs for a day, consumed a lot of brain cells, and finally fell asleep, and was woken up by the annoying vibration of the mobile phone on the bedside table.

He glanced at the name of the caller ID in the lake, reluctantly picked up the phone, and complained:

"Guobin, what's the situation, still call me so late?"