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Fast on the heels of Agricultural Bank of China's IPO, China Everbright Bank is following suit. The lender is planning to launch an initial public offering in Shanghai that could raise up to 20 billion yuan, resurrecting a long-waited sale.
The Hong Kong offering will start after the bank completes its A-share IPO in Shanghai, but the exact timing depends on market conditions. Everbright Bank will sell more than 6 billion yuan-denominated A-shares ahead of its listing in Shanghai, and an over-allotment option could raise the size of the offering to up to 7 billion shares.
The mid-sized bank's IPO is likely to be the country's second-largest IPO this year, after the AgBank sale earlier this month. China's Securities regulator says it will review Everbright Bank's IPO plan on July 26th.