China's Everbright set to go public

2 April 2008

China's Everbright bank will go public in Shanghai in time for the 2008 Beijing Olympics, the company announced yesterday.

Around ten per cent of its enlarged share capital totalling 820 million A shares will be issued to potential investors as part of the Initial Public Offering (IPO).

However, the bank has put on hold the search for a suitable strategic investor due to the current state of financial markets; however this process is likely to restart in the third quarter.

Should the Shanghai IPO go well, then there are plans to realize a listing in Honk Kong, but vice-president Xie Zhichun told China Daily that there was "no timetable" for this.

"The board may enlarge the A-share issue further to more than ten percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not," he said.

"But we expect to finish the Shanghai listing before the Olympic Games."

China Everbright Group's assets apparently totalled 800 billion yuan ($114 billion) by the close of 2007, with a profit of 14.8 billion yuan.

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