Money

Everbright Bank IPO gets regulatory support

(Xinhua)
Updated: 2011-04-13 10:51

BEIJING - China Everbright Bank's H-share IPO plan has gained regulatory support, but the bank has not considered strategic investment, Lin Li, the bank's vice president, said Tuesday.

Preparation for the Hong Kong listing has been going smoothly, said Lin at a news briefing regarding the bank's 2010 performance.

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The mid-sized bank announced in February that, to replenish its core capital, the bank plans to issue no more than 12 billion shares in the Hong Kong market by the end of this year, a plan that won shareholders' approval last month.

The H-share IPO is expected to be completed within this year, Lin said. He did not reveal the exact date of the IPO.

Headquartered in Beijing, the bank made its debut in the Shanghai stock market on August 18, 2010, raising 18.9 billion yuan ($2.87 billion) at the IPO price of 3.1 yuan per share.

The lender reported 12.79 billion yuan in net profits last year in a statement filed to the Shanghai Stock Exchange, up 67.4 percent year-on-year.