China Everbright Bank seeks stock market flotation
China Everbright Bank said on Tuesday that it had applied to float on the country’s local currency denominated A-share stock market.
ADVERTISEMENT
The medium-sized lender submitted the application to the China Securities Regulatory Commission earlier this month after “all basic requirements for an A-share listing have been met,” it said in the statement sent to AFP.
The actual listing date will depend on the process of regulatory review and the performance of the capital markets, according to the statement.
The bank said its capital adequacy ratio had risen above the regulatory minimum of eight percent after the sale of six billion yuan (870 million dollars) worth of subordinated bonds.
It had also reduced its non-performing loan ratio to below two percent by disposing of 14.2 billion yuan of non-performing assets, it said.
Similar to some other Chinese lenders preparing to list, the bank in November obtained 20 billion yuan of bail-out money from Central Huijin, an investment arm of sovereign wealth fund China Investment Corp.
The bank said earlier this year it expected to sell shares worth 10 percent of the enlarged share capital in a flotation on the Shanghai bourse sometime before the Olympic Games in August, followed by a listing in Hong Kong.
The bank’s affiliate, China Everbright Securities, had also completed all preparatory work for an initial public offering, including applying to and receiving initial feedback from the regulator, according to the statement.
Tags: bank, investment, Olympic