Banking

China's Everbright Bank plans H-share IPO

(Xinhua)
Updated: 2011-02-21 09:17

BEIJING - China Everbright Bank will issue no more than 12 billion shares in Hong Kong, the bank announced Sunday.

The H-share IPO will be made through a public offering and global allocations, the mid-sized bank said in a statement filed with the Shanghai Stock Exchange.

The H-share IPO is expected to be finished within this year.

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Excluding issuance costs, the proceeds from the H-share IPO will be used to replenish the bank's core capital, lift its capital adequacy ratio and improve capabilities to fight risks and maintain profits, the statement said.

Headquartered in Beijing, the bank made its debut on the Shanghai stock market on Aug 18, 2010, raising 18.9 billion yuan ($2.9 billion) at the IPO price of 3.1 yuan a share.

The lender reported 12.7 billion yuan of net profit last year, up 65.9 percent year-on-year.