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Republished by Forbes
BEIJING (XFN-ASIA) - China Everbright Bank said it filed
an application on June 6 for an initial public offering
(IPO) with the China Securities Regulatory Commission, after
its board and shareholders approved the IPO plan on June
5.
The bank said its capital adequacy ratio is now above the
regulatory minimum of 8 pct after the issue of 6 bln yuan
worth of subordinated bonds, while the non-performing loan
(NPL) ratio has also fallen to below 2 pct after disposing
of 14.2 bln yuan worth of NPLs.
Net assets per share are now over one yuan after the offsetting
of all accumulated losses following a 20 bln yuan capital
injection from Central Huijin, a wholly-owned unit of sovereign
fund China Investment Corp.
The bank said all basic requirements for a domestic listing
have been met.
The bank said earlier that it expects to complete the domestic
listing sometime before the Olympic Games in August. It
has appointed China International Capital Corp, China Jianyin
Investment Securities and Shenyin & Wanguo Securities
as underwriters for the IPO.
"Because of changes in the capital market, the actual
listing date will depend on the process of regulatory review
and the performance of the capital markets," the bank's
chairman Tang Shuangning said.
Tang also said that the bank's reform target are not subject
to adjustment even amid many uncertainties in the capital
markets.
The Shanghai Composite Index closed at 2,874.1 points yesterday,
down by over 50 pct from the peak of 6,124.04 points in
October 2007.
Tang also noted that the bank's affiliate, China Everbright
Securities has also completed all IPO preparatory work,
including filing its IPO applications and receiving initial
feedback from the CSRC. It is now awaiting final approval
from the securities regulator.
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China Everbright Bank files IPO application（Xinhua Financial
News）