China Everbright Bank Co. said the mainland banking regulator has approved its plan to sell no more than 12 billion shares in a Hong Kong initial public offering.
Everbright Bank had said in February it will sell up to 10.5 billion shares in the Hong Kong deal, with an option to allot an additional 1.5 billion shares to investors if demand is sufficient.
Everbright Bank said in February it will use the proceeds of the offering to increase its core capital base.
Everbright Bank is the latest midsize Chinese lender to repeatedly tap the capital markets to boost its capital amid the government's tightening efforts to cool the economy. In January, China Minsheng Banking Corp., which raised US$4 billion in a Hong Kong IPO in 2009, said it intends to raise as much as 21.5 billion yuan from the sale of new Shanghai-listed shares.
Everbright Bank had said in February it will sell up to 10.5 billion shares in the Hong Kong deal, with an option to allot an additional 1.5 billion shares to investors if demand is sufficient.
Everbright Bank said in February it will use the proceeds of the offering to increase its core capital base.
Everbright Bank is the latest midsize Chinese lender to repeatedly tap the capital markets to boost its capital amid the government's tightening efforts to cool the economy. In January, China Minsheng Banking Corp., which raised US$4 billion in a Hong Kong IPO in 2009, said it intends to raise as much as 21.5 billion yuan from the sale of new Shanghai-listed shares.
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