Everbright bank may list as early as end-07
(Dow Jones)Updated: 2007-05-21 14:15
China Everbright Bank Co. could list as early as the end of this year, with due diligence work by Ernst & Young LLP expected to be completed by mid-June, local media reported.
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China Everbright Bank Co. could list as early as the end of this year, with due diligence work by Ernst & Young LLP expected to be completed by mid-June, local media reported on May 21, 2007. [newsphoto]
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Central Huijin Investment Co., a state financial investment agency, has hired Ernst & Young to conduct due diligence of Everbright Bank and its major shareholder China Everbright Group, according to a report by the local-language Caijing magazine.
The article on its Web site dated Thursday said the due diligence is expected to be completed in mid-June, paving the way for Everbright's restructuring.
The Caijing report said China Jianyin Investment Ltd., another state-owned investment vehicle, would be part of the restructuring of Everbright Group, which could lead to the group being split into holding company and business operations.
It said Central Huijin would become the controlling shareholder in Everbright Bank following a capital injection.
China Everbright Group, a state-owned financial conglomerate under the State Council, is now the bank's largest shareholder with a 24.16% stake. Its Hong Kong-listed unit China Everbright Ltd. owns a 21.4% stake in the bank.
A person familiar with the situation said in January Central Huijin was finalizing plans to inject CNY24 billion-CNY25 billion into China Everbright Bank.
China Everbright Bank is also preparing to introduce strategic investors ahead of a planned Hong Kong listing this year, the person added.
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