Everbright Bank receives approval to list in Hong Kong from regulator

Source:Global Times Published: 2013-10-17 23:23:01

A  branch of China Everbright Bank in Jinan, East China's Shandong Province Photo: CFP

A branch of China Everbright Bank in Jinan, East China's Shandong Province Photo: CFP

China Everbright Bank, a mid-sized Chinese bank, said that it has received approval from the country's regulator to issue shares in Hong Kong, according to a statement filed by the bank on Shanghai Stock Exchange Thursday.

The bank was permitted by the China Securities Regulatory Commission (CSRC) to issue around 12 billion shares with the value of 1 yuan per share overseas, the statement said, adding that the bank will be able to get listed on the Hong Kong Stock Exchange after this round of issuance.

The bank noted that the listing still needs approval from the Hong Kong Stock Exchange, and it will disclose more information if available.

The bank had initially gained approval from the CSRC to issues shares in Hong Kong in June 2011.

However, it postponed getting listing due to various reasons like market fluctuations. Due to the time elapsing, the bank had to apply again to the regulator for approval.

Analysts were quoted by Beijing Business Today newspaper as saying Thursday that China Everbright could raise a total of around HK$40 billion ($5.16 billion) from the Hong Kong stock market after its listing.

More banks from the Chinese mainland, including the Bank of Shanghai and China Guangfa Bank, are planning to issue shares in Hong Kong rather than on mainland A-share markets, partly because the regulator has not restarted reviews of IPO applications by domestic firms.

The CSRC suspended approval of new IPOs in September 2012 in an effort to revive the country's sagging stock market.

Posted in: Companies

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