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中金亦庄产业园REIT比例配售结果出炉
Xin Hua Cai Jing· 2025-06-12 11:41
新华财经上海6月12日电(记者杨溢仁)6月12日,根据上海证券交易所网站披露的中金亦庄产业园封闭 式基础设施证券投资基金(下称"中金亦庄产业园REIT",基金代码:508080)认购申请确认比例公告显 示,该基金公众投资者有效认购基金份额数量达647.43亿份,约为公众发售初始基金份额数量的1798.42 倍。 按照认购价格2.720元/份计算,此次公众发售比例配售前的募集规模约为1761.01亿元,网下有效认购 基金份额数量约220.44亿份,网下发售比例配售前的募集规模约为599.60亿元;战略配售基金份额数量 为2.8亿份,认购规模约7.616亿元。据此计算,本次中金亦庄产业园REIT发售募集规模达2368.23亿元 (含战略配售、网下发售和公众发售),是其首发募集规模10.88亿元的217.67倍。根据配售结果,本次 战略投资者将按100%配售,网下投资者和公众投资者配售比例分别为0.38105434%和0.05560442%。 公告显示,中金亦庄产业园REIT于6月10日起正式发售,由于公众投资者累计有效认购规模超过初始募 集规模上限,发行仅一天便提前结束公众募集。 值得一提的是,中金亦庄产业园RE ...
中金亦庄REIT(508080)申购价值分析
Shenwan Hongyuan Securities· 2025-06-04 14:44
Group 1: Investment Overview - The initial inquiry period for Zhongjin Yizhuang REIT is June 5, 2025, with a preliminary price range of CNY 2.257 to CNY 2.758 per share, aiming to raise CNY 1.003 billion[7] - The REIT focuses on high-end automotive and new energy vehicle key component industrial parks, with over 5 years of operation and a tenant composition heavily weighted towards the automotive manufacturing sector[2] - The original equity holder, Yizhuang Shengyuan, has developed 57 industrial platforms with a total operational area of nearly 4 million square meters, housing over 5,000 enterprises[2] Group 2: Financial Performance - Revenue from 2022 to 2024 was CNY 0.8 billion, CNY 0.98 billion, and CNY 1.04 billion, with approximately 90% derived from rental income[3] - Net profit for the same period was CNY 0.11 billion, CNY 0.25 billion, and CNY 0.25 billion, with gross margins increasing from 54.9% to 65.9%[3] - The occupancy rate improved from 66.74% in 2022 to 85.42% in 2024, although it remains below the average of comparable REITs[3] Group 3: Valuation Metrics - The projected annual distribution rate for 2025 is 6.22%, significantly higher than the average of comparable REITs[45] - The project has a discount rate of 7.25%, with an asset valuation increase of 57.46% compared to its book value[47] - The P/NAV ratio is estimated between 2.45 and 3.00, which is significantly higher than the average of comparable REITs, while the P/FFO is lower at 18.70 to 22.85[48] Group 4: Risks and Considerations - Risks include high tenant industry concentration, potential valuation fluctuations, and a relatively short remaining land use period[2]