China Everbright Bank to sell shares in Hong Kong

The Chinese bank, which raised $2.8 billion from a Shanghai IPO in August, said it plans to tap the Hong Kong market by offering up to 12 billion shares.

Just over seven months after raising Rmb18.9 billion $2.8 billion from a Shanghai initial public offering, China Everbright Bank is thirsty for capital again and plans to sell 10.5 billion H-shares in a Hong Kong IPO to replenish its capital reserve, the lender said yesterday.

It is the second Chinese bank to announce fundraising plans this year. Last month, China Minsheng Bank, the country's seventh-largest lender that is listed in both Shanghai and Hong Kong, said it will raise Rmb21.5 billion $3 billion from an A-share placement to shore up its capital strength.

Everbright Bank's announcement came after the People's Bank of China PBoC said on Friday it will raise the bank...

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