IDO (is abbreviation), the issue of the first public issuance (IPO) concept of the first public issuance (IPO) of the first public offer (IPO) of the blockchain digital assets. The behavior of universal digital assets raised by asset bonds and crowdfunding methods. . The first public offering () refers to the first time a company sells its shares to the public. Or do the market for sale. Generally speaking, once the first public listing is completed, the company can apply for a trading of the stock exchange or quotation system. ? Before applying for an IPO, limited liability shall be changed to a joint -stock company. . As far as the valuation model is concerned, different industry attributes, growth, and financial characteristics determine that listed companies apply different valuation models. The more commonly used valuation methods can be divided into two categories: income confrontation and analog method. The so -called exposure of income is to estimate the future business status of the listed company in a reasonable way, and choose the appropriate discount rate and discount model to calculate the value of listed companies, such as the most commonly used dividend model (DDM), cash flow Discount (DCF) model, etc. The discount model is not complicated. The key is how to determine the company's future cash flow and discount rate, which is exactly the professional value of the underwriter. The so -called analog method is to choose some ratio of similar listed companies, such as the most commonly used P/E ratio (P/E is the stock price/earnings per share), the net net ratio (P/B is the stock price/per share for net assets), and then combine the new new assets) The financial indicators of listed companies, such as earnings per share and net assets per share to determine the value of listed companies, generally use prediction indicators. . The use of the P / E ratio Law has many limitations, such as requiring listed companies to operate stable operations, and no loss. There is no such problem for the Municipal Pure Bill Law, but there are also defects, mainly because it depends on the company's book value instead of the latest market value. Therefore, this method is more suitable for companies such as banks and insurance companies with high proportion of migrant assets. In the process of CCB IPO, calculated according to the pricing range determined in the prospectus 1.9 ~ 2.4 Hong Kong dollars. Essence In addition to the above indicators, the valuation can also be valued by indicators such as market value/sales income (P/S), market value/cash flow (P/C). Through the valuation model, the company's theoretical value can be reasonably estimated, but to finally determine the issuance price, you also need to choose a reasonable distribution method to fully discover market demand. Commonly used issuance methods include: cumulative bidding methods, fixed price methods, bidding bidding methods, bidding bidding Way. Generally, the bidding method is more common in bond issuance, so I do not repeat it here. Cumulative bidding is one of the most commonly used new stock issuance methods in the world. It refers to the issuer to determine the issuance price through the inquiry mechanism and independently allocate shares. The so -called "inquiry mechanism" refers to the process of determining the issue price range of the new shares first, holding a roadshow promotion meeting, repeatedly corrected the issue price according to the demand and demand price information, and finally determined the issuance price. The general time is 1 to 2 weeks. For example, the initial inquiry range of the CCB was HK $ 1.42 ~ 2.27, which has been narrowed to HK $ 1.65 ~ 2.10, and the final issue price will be determined by October 25. The inquiry process is just an investor's intention, generally does not represent the final purchase commitment.
IDO (is abbreviation), the issue of the first public issuance (IPO) concept of the first public issuance (IPO) of the first public offer (IPO) of the blockchain digital assets. The behavior of universal digital assets raised by asset bonds and crowdfunding methods.
. The first public offering () refers to the first time a company sells its shares to the public. Or do the market for sale. Generally speaking, once the first public listing is completed, the company can apply for a trading of the stock exchange or quotation system. ? Before applying for an IPO, limited liability shall be changed to a joint -stock company.
. As far as the valuation model is concerned, different industry attributes, growth, and financial characteristics determine that listed companies apply different valuation models. The more commonly used valuation methods can be divided into two categories: income confrontation and analog method. The so -called exposure of income is to estimate the future business status of the listed company in a reasonable way, and choose the appropriate discount rate and discount model to calculate the value of listed companies, such as the most commonly used dividend model (DDM), cash flow Discount (DCF) model, etc. The discount model is not complicated. The key is how to determine the company's future cash flow and discount rate, which is exactly the professional value of the underwriter. The so -called analog method is to choose some ratio of similar listed companies, such as the most commonly used P/E ratio (P/E is the stock price/earnings per share), the net net ratio (P/B is the stock price/per share for net assets), and then combine the new new assets) The financial indicators of listed companies, such as earnings per share and net assets per share to determine the value of listed companies, generally use prediction indicators.
. The use of the P / E ratio Law has many limitations, such as requiring listed companies to operate stable operations, and no loss. There is no such problem for the Municipal Pure Bill Law, but there are also defects, mainly because it depends on the company's book value instead of the latest market value. Therefore, this method is more suitable for companies such as banks and insurance companies with high proportion of migrant assets. In the process of CCB IPO, calculated according to the pricing range determined in the prospectus 1.9 ~ 2.4 Hong Kong dollars. Essence In addition to the above indicators, the valuation can also be valued by indicators such as market value/sales income (P/S), market value/cash flow (P/C). Through the valuation model, the company's theoretical value can be reasonably estimated, but to finally determine the issuance price, you also need to choose a reasonable distribution method to fully discover market demand. Commonly used issuance methods include: cumulative bidding methods, fixed price methods, bidding bidding methods, bidding bidding Way. Generally, the bidding method is more common in bond issuance, so I do not repeat it here. Cumulative bidding is one of the most commonly used new stock issuance methods in the world. It refers to the issuer to determine the issuance price through the inquiry mechanism and independently allocate shares. The so -called "inquiry mechanism" refers to the process of determining the issue price range of the new shares first, holding a roadshow promotion meeting, repeatedly corrected the issue price according to the demand and demand price information, and finally determined the issuance price. The general time is 1 to 2 weeks. For example, the initial inquiry range of the CCB was HK $ 1.42 ~ 2.27, which has been narrowed to HK $ 1.65 ~ 2.10, and the final issue price will be determined by October 25. The inquiry process is just an investor's intention, generally does not represent the final purchase commitment.