Everbright Bank mulls public offering in Hong Kong

China's State-run Everbright Bank, a mid-sized lender that saw its proprietary-trading arm suspended from trading two weeks ago, is in the process of applying for an initial public offering in Hong Kong, the company said on its mid-term report on Monday. The company is promoting the H-share listing to further strengthen its capital, the report said. China's Ministry of Finance and the China Banking Regulatory Commission have approved the move. The bank has formally submitted its application to the China Securities Regulatory Commission and to the Hong Kong Stock Exchange.

Chinese bank assets hit $22.9 trillion in July