06 May '11, 4pm

China Everbright to raise more than US$60b in HK IPO

HONG KONG: The Beijing-based lender China Everbright is seeking to raise more than US$6 billion in an initial public offering in Hong Kong. Reports say that the bank is seeking listing approval from regulators as early as next month, and could make its market debut in July. Despite the patchy post-listing performances of IPOs in Hong Kong, there is no shortage of companies lining up to list. This month alone, one of the world's biggest commodities trader Glencore has come up with a US$10 billion dual-listing in London and Hong Kong. And there are four mainland Chinese firms raising more than US$3 billion, also in the month of May. Shareholders at China Everbright have approved plans to sell as much as 12 billion new shares in Hong Kong. In February, the bank said it will use the proceeds of the offering to boost its core capital base. The mainland lender is already listed ...

Full article: http://www.channelnewsasia.com/stories/corporatenews/view...

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