Money
China Everbright eyes Hong Kong listing
Updated: 2011-06-01 13:42
(Agencies)
China Everbright Bank is seeking to list in Hong Kong in July, the lender said in a statement late on Tuesday, in a listing that could be worth around $6 billion to $7 billion.
The Shanghai-listed mid-size bank will have a listing hearing on June 9, it said. Shareholders of the bank have approved its plan to sell up to 10.5 billion Hong Kong-listed shares, with an over-allotment of up to 1.5 billion shares to boost its capital adequacy ratio.
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Shares in Everbright have fallen more than 7 percent in the past month and closed at 3.54 yuan on Tuesday.
Chinese banks are seeking to raise capital amid a tighter regulatory environment. They have to maintain a liquidity leverage ratio of at least 4 percent by end-2013, above the Basel III requirement of three percent.
Smaller Chinese banks have three extra years to meet the requirement.
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