Everbright Bank plans A-share listing
18 June 2008
China Everbright Bank announced on Tuesday that it had applied to list on the A-share market, AFP reported. It hopes to sell shares in Shanghai before the Olympic Games in August and then list in Hong Kong. In order to meet regulatory requirements, China Everbright said it had pushed its capital adequacy ratio above the minimum of 8% through the sale of US$870 million in subordinated bonds. It has also cut its non-performing loan ratio to less than 2% after disposing of over US$2 billion in non-performing assets. In November, China Everbright received a US$2.9 billion handout from Central Huijin – an investment entity controlled by China's sovereign wealth fund – so it could recapitalize its operations. China Everbright Securities, an affiliate of the bank, said it was also preparing the ground for a listing.