China Everbright Bank has submitted an application to be listed in Hong Kong as it seeks to resume its initial public offering by issuing up to 12 billion H-shares, a source said on Monday.
All of the funds raised through an IPO in Hong Kong will be used to supplement the lender's core capitals to push up its core capital adequacy ratio, according to the lender.
By the end of March, the lender's capital adequacy ratio was 9.90 percent. Its core tier-one capital adequacy ratio was 7.53 percent, according to the lender's first quarter report for 2013.
Analysts said the lender desperately needs to complete the IPO in Hong Kong to ensure its capital meets the demands of its operations.
Headquartered in Beijing, China Everbright planned to raise $6 billion by landing a Hong Kong IPO in 2011 but abandoned the plan later that year in the face of a sluggish economy. In May 2012 it again filed an IPO plan but again postponed it.
The bank's net profits hit 23.6 billion yuan in 2012, up 30.74 percent year-on-year, according to a preliminary report in January.
Copyright ©1999-2011 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
