当时招股说明书显示，永达汽车的招股价范围在每股 7.60 至
10.80 港元，预计募集资金净额最多可达 31.57 亿港元。
两个月后，永达汽车重启香港首次公开募股(IPO)筹资，并于 7
月 12 日在香港交易所挂牌上市。公司发行 2.54 亿股 H 股，发行价为
每股 6.60 港元，基于 2012 财年每股收益预期的市盈率为 6.5 倍。
本课题通过对永达汽车估值方法的讨论，并结合行业数据的分
析，为投资汽车经销行业找到最合适的估值模式。
关键词：永达汽车，汽车经销行业，估值方法
ABSTRACT
Yongda Auto started its preparation for HK IPO since 2011. It
initiated global roadshow from May 14, 2012 and planed to be listed on
HKEX on May 30, 2012. However, IPO process was suspended all of a
sudden.
According to the prospectus disclosed then, IPO price range from
HKD7.60 per share to HKD10.80 per share. Estimated maximum fund
raising will be HKD 3.157Bn.
Two months later, Yongda Auto restarted its IPO process and got
listed on July 12, 2012 on HKEX. Finally, 254 million of new shares are
issued to public and the IPO price is set at HKD6.60 per share, or a 6.5x
P/E multiple based on 2012 estimated earnings
This essay is to discuss method of valuation for Yongda Auto and
auto dealership industry and find a proper methodology for the industry
KEWORDS: Yongda Auto, car dealership industry, the method of
valuation
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