Everbright Bank nodded to issue H shares

China Everbright Bank Co Ltd has won approval from the China Securities Regulatory Commission to issue 12 billion H shares, the bank announced on Wednesday, in a development that brings it one step nearer to its IPO in Hong Kong.

The shares, including 1.5 billion in over-allotment, are all common stock with a face value of one yuan (16 US cents) per share.

"Following the issuing of the overseas listed foreign shares, the bank could apply for an IPO on the main board of the Stock Exchange of Hong Kong Limited," the bank said.

After it was listed in the A-share market in 2010, the bank postponed its IPO in Hong Kong because of the financial crisis, suspending the process in September last year.

Everbright is among the six joint-stock and city commercial banks preparing to go public in Hong Kong because of the IPO shutdown on the mainland with a total estimated capitalization of 130 billion yuan.