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China Everbright Bank to launch IPO before Olympics（Xinhua）

April 2, 2008 BEIJING, - China Everbright Bank (CEB), Everbright Group's banking unit, is to go public before the Beijing Olympic Games, company source said. "We don't have the timetable for a Hong Kong listing, and we decided to postponed inviting strategic investors in view of worsening sub-prime crises in the international financial market,"said Xie Zhichun, vice president of the bank. Xie added that the bank will restart inviting strategic investor work after Shanghai listing, when the potential investors release their third-quarter reports. "The bank plans to issue 6 to 8 billion yuan worth of sub-ordinated bonds in the near future to further supplement the capital, and most of the preliminary work has been done," said Xie. Mu Huijun, vice manager of Finance Management Department of CEB said that the bank's assets topped 800 billion yuan by 2007, representing an increase of 29 percent year on year.

China Everbright Bank expects to list before Beijing Olympics（XFN-ASIA）

April 1, 2008 by Ivy Cheng BEIJING (XFN-ASIA) - China Everbright Bank said it expects to complete a listing sometime before the Olympic Games in August. The bank had announced earlier that it will initially issue A-shares in Shanghai and then consider an H-share listing in Hong Kong. The bank plans to issue up to 8 bln yuan in subordinated bonds by the end of April. China Everbright said its cumulative losses will be completely offset by profits as of the end of April with the disposal of bad assets also seen completed by that date. The bank had a non-performing loan ratio of 4.46 pct at the end of 2007, with a capital adequacy ratio (CAR) of 7.11 pct, still below the regulatory minimum of 8 pct.

China Everbright Bank to go public soon（China Daily）

April 2, 2008 By Mao Lijun China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday. The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate. The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games. "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders." Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games." The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said. "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank. The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time. The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks. It will restart inviting strategic investors after its Shanghai listing, the bank said. The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.

Everbright Bank opts to launch share sale in Shanghai only（South China Morning Post）（extract）

April 2, 2008 China Everbright Bank, the eighth-largest bank on the mainland, has shelved indefinitely plans to bring in foreign investors and sell shares in Hong Kong. Instead, it has chosen a domestic listing before the Beijing Olympic Games in August. ...

Loss for HK as Everbright banks on Shanghai（The Standard）

April 2, 2008 China Everbright Bank, a mid-sized lender, said yesterday it will list shares in Shanghai in July or early August but shelve its Hong Kong float. Vice president Xie Zhichun said the bank would list more than 10 percent of its enlarged capital base. The original plan was to issue about 10 percent of the enlarged capital base in Shanghai and to team up with strategic investors on the IPO, while issuing an unspecified amount in Hong Kong. "Due to recent changes in our listing plan, we will probably raise [the proportion of shares to be listed in Shanghai]," Xie said, adding there is no longer any plan to list in Hong Kong at the same time. Whether the bank will eventually list in the SAR depends on market conditions, he said. Confidence in new listings has taken a hit from signs of slowing corporate profit growth and plans for huge cash calls by already-listed firms. Xie also said that Everbright Bank had dropped its plan to team up with strategic investors ahead of the IPO, because the credit crisis has made it more difficult to assess the financial health of potential partners. The bank is a unit of China Everbright Group. The brokerage unit of the group, China Everbright Securities, plans to list in Shanghai in early June.

China Everbright says to list by early August（Reuters）

Apr 1, 2008 BEIJING - China Everbright Bank, a mid-sized lender, said on Tuesday it will list shares in Shanghai in July or early August, despite tanking markets and appetite for new Chinese issues drying up. Xie Zhichun, vice president of Everbright Bank, told reporters that the bank would list more than 10 percent of its enlarged capital base. The original plan was to issue about 10 percent of the enlarged capital base in Shanghai and to team up with strategic investors on the IPO, while issuing an unspecified amount in Hong Kong. "Due to recent changes in our listing plan, we will probably raise (the proportion of shares to be listed in Shanghai)," Xie said, adding there was no longer a plan to list in Hong Kong. Whether the bank will eventually list in Hong Kong depends on market conditions, he said. Confidence in new listings has taken a hit from signs of slowing corporate profit growth and plans for huge cash calls by already-listed firms -- issues which have sent the main Shanghai index .SSEC plunging more than 45 percent below October's record peak. Xie also said the bank had dropped its plan to team up with strategic investors ahead of the IPO, because of the credit crisis has made it more difficult to assess the financial health of potential partners. "We still plan to team up with strategic investors, but we have to postpone it," Xie said. "If we introduced a strategic investor while not properly judging its financial condition, we would probably become a laughing-stock," he added. The bank last month named China International Capital Corp Ltd, China Jianyin Investment Securities and Shenyin & Wanguo Securities as underwriters for the Shanghai initial public offering. SECURITIES TO LIST TOO The bank's sister firm, China Everbright Securities, hopes to float shares in Shanghai in early June, Lin Li, board secretary of China Everbright Group, the parent of both Everbright Bank and Everbright Securities, told Reuters. Lin added that the final timing depended on regulatory approval, although the firm had already submitted application documents to the China Securities Regulatory Commission. Everbright Securities plans to issue no more than 520 million shares in Shanghai, which would mean raising a total of about 10 billion yuan ($1.43 billion) based on a price/earnings ratio of 20 times, he said. "That's not a big amount. We can reach our goal if there is a right opportunity in the second half," Lin said. Everbright Bank plans to raise 8 billion yuan in April by issuing subordinated bonds, said Xie, up from its original plan of 4 billion to 5 billion yuan, to make up for its abandoned plan to bring in a strategic investor before the IPO. The bank had a capital adequacy ratio of 7.19 percent by the end of last year, while China requires that ratio for any bank to be above 8 percent when becoming listed. Although squeezed by the rise in the reserve requirement ratio and the narrowing net interest gap, Xie said Chinese lenders' increased power to price their loans under Beijing's credit tightening campaign would help sustain the sector's profitability in the first half. "Everbright Bank's profits in the first quarter are very good," he added, but declined to give specific figures.

China Everbright Bank Aims For A-Shr IPO By Early Aug（Dow Jones）（extract）

Published by The Wall Street Journal Apr 2, 2008 BEIJING --China Everbright Bank Co. plans to list around 10% of its enlarged share capital in a domestic initial public offering in July or early August, before the Beijing 2008 Olympic Games, a press official at the bank said Tuesday. The official, who declined to be named, ...