China Everbright Bank to launch IPO before Olympics
Updated: 2008-04-02 17:53
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.
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