Everbright Bank raises $3 billion ahead of HK listing

The Chinese bank exercises the 15% upsize option in full to pull off this year’s largest new listing as Chinese investors come out in force to support the transaction.

China Everbright Bank CEB has raised HK$23.25 billion $3.0 billion ahead of its Hong Kong listing after exercising the 15% upsize option in full and fixing the price below the mid-point of the range.

That makes it the largest new listing both in Hong Kong and in Asia ex-Japan so far this year, ahead of China Cinda Asset Management’s $2.45 billion deal.

New listings include both initial public offerings and companies that are already listed but are raising new capital from a share sale and listing in a second market. CEB has been listed in Shanghai since August 2010 and this is its third attempt to...

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