皇冠体育app

Money

皇冠体育app Everbright eyes Hong Kong listing

(Agencies)
Updated: 2011-06-01 13:42

皇冠体育app Everbright Bank is seeking to list in Hong Kong in July, the lender said in a statement late on Tuesday, in a listing that could be worth around $6 billion to $7 billion.

The Shanghai-listed mid-size bank will have a listing hearing on June 9, it said. Shareholders of the bank have approved its plan to sell up to 10.5 billion Hong Kong-listed shares, with an over-allotment of up to 1.5 billion shares to boost its capital adequacy ratio.

Related readings:      Everbright to sell shares in Hong Kong

The underwriters for the offer are Bank of America Merrill Lynch, BOC International, BNP Paribas, CICC, JP Morgan, Morgan Stanley and UBS, HSBC Holdings Plc and Shenyin and Wanguo Securities Co, it said.

Shares in Everbright have fallen more than 7 percent in the past month and closed at 3.54 yuan on Tuesday.

Chinese banks are seeking to raise capital amid a tighter regulatory environment. They have to maintain a liquidity leverage ratio of at least 4 percent by end-2013, above the Basel III requirement of three percent.

Smaller Chinese banks have three extra years to meet the requirement.