Everbright Bank Eyes Hong Kong Debut in July

(Beijing) -- China Everbright Bank is gearing up for its listing on the Hong Kong Exchanges by July this year, with an aim to raise US$ 6 to 7 billion through the issuance of up to 10.5 billion shares and another 1.5 billion shares in an over-allotment option.

The bank will be the ninth Chinese bank to be listed on both the Shanghai and Hong Kong stock exchanges. Proceeds from the IPO will be used to replenish its core capital and lift its capital adequacy ratio.