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Editor's note: China Everbright Bank, which had been planning an IPO since June 2008, floated its shares in Shanghai on Aug 18. The bank's initial public offering (IPO) marked the nation's second-largest this year. [AgBank's IPO becomes' world's largest]
Everbright shares soared 18 percent from the IPO price of 3.1 yuan on the first trading day, a better-than-expected performance for the roughly $3 billion IPO that underlines continued interest in banking stocks.
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China's 2nd-larget IPO in 2010 |
Everbright shares shine in Shanghai 2010-08-19
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Yu Zhengsheng, Party secretary of Shanghai municipality, hits a gong to mark the bank's listing on the Shanghai Stock Exchange in Shanghai on Aug 18. [Qilai Shen / Bloomberg] |
China Everbright Bank Co shares rose 18 percent on their debut in Shanghai after completing the nation's second-largest initial public offering this year, as the stock market recovers from a three-month slump. The shares advanced to 3.66 yuan (54 cents) at the close of trading from the IPO price of 3.1 yuan. Everbright Bank's gain outpaced the Agricultural Bank of China Ltd, which rose 0.8 percent on its debut in Shanghai last month after a world-record $22.1 billion IPO. [Full story]
Strong demand for Everbright IPO 2010-08-05
China Everbright Bank's IPO shares reserved for strategic investors have been hugely oversubscribed, signaling strong demand for the potentially $2.9 billion offering as stock markets recover.
Thirty strategic investors have committed up to 60 billion yuan ($8.86 billion) for their portion of the 6.1 billion-share offering, the bank said on Wednesday, in what could be the second-largest Chinese offering this year after Agricultural Bank of China's (ABC) $20.8 billion initial public offering last month.
"Everbright Bank is healthier than ABC by many standards and is selling much fewer shares, so if the pricing is reasonable, it would be natural for the lender to attract more interest from potential strategic investors who are often State-owned and cash-rich," said Ye Yunyan, analyst at Galaxy Securities in Beijing. [Full story]
Everbright Bank picks strategic investors for IPO 2010-08-04
China Everbright Bank's IPO shares reserved for strategic investors have been hugely oversubscribed, signalling strong demand for the potentially $2.9 billion offering as stock markets recover.
Thirty strategic investors have committed up to 60 billion yuan ($8.86 billion) for their portion of the 6.1 billion-share offering, the bank said in a statement on Wednesday, in what could be the second-largest Chinese offering this year after Agricultural Bank of China's (ABC) $20.8 billion initial public offering last month. [Full story]
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China Minmetals, Datang to invest in Everbright's Shanghai IPO 2010-08-05
China Everbright Bank eyes strategic investors 2010-07-26
Everbright Bank plans Shanghai share float 2010-07-24
Everbright Bank plans 6.1b shares IPO 2010-07-23
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Schedule for Everbright's IPO |
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July 26 |
China Everbright Bank gets IPO nod |
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July 29 |
China Everbright Bank unveiled IPO prospectus |
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Aug 2-Aug 5 |
China Everbright Bank seeks price range |
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Aug 6 |
China Everbright Bank sets IPO price range |
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Aug 9 |
China Everbright Bank kicks off road show |
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Aug 9- Aug 10 |
China Everbright Bank was open for offline subscription |
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Aug 10- Aug 11 |
China Everbright Bank conducted online subscription |
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Aug 11 |
China Everbright Bank sets IPO price at 3.10 yuan per share |
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Aug 18 |
China Everbright Bank is listed on the Shanghai Stock Exchange |
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Basic information about Everbright's IPO |
| Name | China Everbright Bank Company Limited (601818) |
| Total shares before issuance | 33.43 billion | Planned total shares after issuance | 39.53 billion |
| Shares planned to issue in its IPO |
6.1 billion |
Accounts for 15.43 % of the total shares after issuance |
| Key financial indicators (As of Dec 31, 2010) |
| Earnings per share | 0.26 |
Net asset value per share before issuance |
1.44 yuan per share |
| Cash flow per share | 0.82 | Rate of return on common stockholders' equity | 19.43 % |
| Major business of Everbright |
The bank provides a full range of commercial banking services including deposit, loan, domestic and international settlement, currency trading, discount, financial and government bonds, interbank lending, receipt and payment, insurance, letter of credit, bank guarantee, deposit box services, and other related services. |
| Lead underwriters |
China Jianyin Investment Securities |
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Top 10 shareholders of Everbright |
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Name |
Percentage
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Central Huijin Investment Ltd |
59.82 |
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China Everbright Group |
6.40 |
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China Everbright Limited |
5.26 |
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China Reinsurance (Group) Company |
4.49 |
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China Power Finance Co |
2.45 |
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Shenergy Co Ltd |
2.39 |
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China Aerospace Science and Technology Corporation |
1.50 |
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Aerospace Science and Technology Finance Co |
1.50 |
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Baosteel Group Corporation |
1.50 |
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Hongta Tobacco (Group) Co |
1.19 |
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Related readings |
Everbright Bank reports slight increase in 2009 profit
Net profits of China Everbright Bank (CEB) rose 280 million yuan ($41.1 million) last year to hit 7.6 billion yuan, announced the Beijing-based bank Wednesday. The growth rate was lower than that in 2008 when the bank's net profit soared 45.2 percent year on year. A director of the state-holding bank Tang Shuangning said CEB had revenues of 24.1 billion yuan in 2009, about 640 million yuan less than that in 2008.
The growth rate was lower than that in 2008 when the bank's net profit soared 45.2 percent year on year.
A director of the state-holding bank Tang Shuangning said CEB had revenues of 24.1 billion yuan in 2009, about 640 million yuan less than that in 2008. [Full story]
Everbright Bank gets nod for share placement
China Everbright Bank has received regulatory approval for an 11.5 billion yuan ($1.7 billion) private share placement, the bank said yesterday, moving it closer towards its initial public offering.
The lender applied in June 2008 to sell shares publicly in Shanghai, but the plan was delayed due to a 10-month nationwide IPO suspension amid a slump in domestic stock markets. The mid-sized bank said it got the green light from the China Banking Regulatory Commission to sell stakes to eight Chinese state firms, including Shanghai Chengtou Holdings Co, Guangdong Expressway Development Co, Baosteel Group, China Reinsurance Group and Shenergy Group. [Full story]
Everbright Bank posts 7.32b yuan net profit in 2008
China Everbright Bank reported a net profit of 3.43 billion yuan ($502 million) in the first half, down 46.99 percent year-on-year, said a statement on the bank's website Tuesday. The bank's outstanding loans soared 31.6 percent to 616.5 billion yuan since January, while its non-performing loan (NPL) narrowed by 640 million yuan to 8.73 billion yuan as of the end of June. [Full story]
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China Everbright Bank may float in June
Two China banks may tweak fund-raising plans