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Everbright Bank gets nod for Shanghai IPO

07-27-2010 08:50 BJT Special Report:Everbright Bank IPO |

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China's securities regulator today approved China Everbright Bank's Shanghai IPO proposal,sources familiar with the matter say. It's the latest Chinese lender to tap the equity markets for funds, after the lending spree last year.

The bank plans to offer about six billion A-shares to raise 20 billion yuan. The bank will place out about half of its offering to strategic investors, in a move to reduce its impact on the domestic stock markets. It will be listing in Shanghai later this year, and could mark the second largest bank IPO in China this year.

The bank is China's 11th biggest lender by assets and is controlled by Central Huijin, the investment arm of China's sovereign wealth fund.

Editor:Xiong Qu |Source: CNTV.CN

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