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Everbright Bank applies for domestic IPO

(Xinhua)
Updated: 2008-06-18 11:36

China Everbright Bank has submitted to the country's stock regulator an application for a domestic public offering.

The bank had met the basic requirements for the A share initial public offering (IPO), said the Everbright Group, the lender's parent company, a state-owned financial conglomerate.

After issuing 6 billion yuan ($871 million) of subordinated bonds, the bank raised its capital adequacy ratio to more than 8 percent, the lowest level required by the banking regulator.

It also lowered its non-performing loans ratio to less than 2 percent after disposing of 14.2 billion yuan of bad loans.

The group did not provide details of the IPO.

Everbright Securities, the group's securities unit, had also applied to the China Securities Regulatory Commission (CSRC) for domestic listing.

"The timing of the two listings will depend on the CSRC's approval process and performance of the capital market," said Tang Shuangning, Everbright Group chairman.

Analysts said the CSRC might postpone the listings with the slumping share prices, on concerns any approval would add liquidity pressures on the equity market.

China's benchmark Shanghai Composite Index closed 2.76 percent lower at 2,794.75, more than 54 percent off its all-time high in mid-October.

Shanghai Securities News earlier reported the Everbright Bank sought to get listed on domestic exchanges within 2008 following the listing of Everbright Securities.