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Everbright seeks domestic public offering
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China Everbright Bank has submitted an application for a domestic public offering to the country's stock regulator.

The bank had met the basic requirements for the A share initial public offering , said the Everbright Group, the lender's parent company, a state-owned financial conglomerate. After issuing 6 billion yuan (US$871 million) of subordinated bonds, the bank raised its capital adequacy ratio to more than 8 percent, the lowest level required by the banking regulator.

It lowered its nonperforming loans ratio to less than 2 percent after disposing of 14.2 billion yuan of bad loans.

Everbright Securities, the group's securities unit, had also applied to the China Securities Regulatory Commission for domestic listing.

"The timing of the two listings will depend on the approval process and performance of the capital market," said Tang Shuangning, Everbright Group chairman.

Analysts said the CSRC might postpone the listings on concern that the approval would add liquidity pressures to the equity market.

The Chinese mainland's benchmark Shanghai Composite Index closed 2.76 percent lower at 2,794.75, more than 54 percent off its record high in October.

Shanghai Securities News earlier reported the Everbright Bank sought listing on domestic exchanges in 2008 following the listing of Everbright Securities.

(Shanghai Daily June 18, 2008)

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