Friday July 30, 2010
China Everbright Bank to list on Aug 18
SHANGHAI: China Everbright Bank will list on the Shanghai stock exchange on Aug 18, and will soon release its prospectus for an initial public offering (IPO) slated to raise up to US$2.9bil, the official Shanghai Securities News reported yesterday.
Everbright Bank, China’s 11th biggest bank by assets, would sell up to 6.1 billion shares in the IPO. The paper said the bank would soon start its road shows in Beijing, Shanghai, Shenzhen and Guangzhou.
The China Securities Regulatory Commission (CSRC) said late on Monday it had approved the IPO.
Everbright Bank’s IPO follows Agricultural Bank of China’s mammoth US$19bil dual-listing earlier in July which had prompted a tight liquidity squeeze in Shanghai A shares.
Analysts said upcoming IPOs including Everbright Bank’s were unlikely to have a great impact on the stock market, which had rallied strongly in recent sessions as liquidity sizably improved and investors eyed reasonable valuations. — Reuters
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