Bank's HK share offer off again
By Hu Xiaocen |
August 28, 2012, Tuesday
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Print Edition
Print Edition
CHINA Everbright Bank will again delay its Hong Kong share offering because of weak market conditions.
The lender undertook the decision amid a global economic slowdown and a prolonged European debt crisis, while sluggish capital markets kept valuations of banking shares relatively low. The H-share offering may be re-initiated when the market improves, the bank said.
The mid-sized bank had initially planned to raise up to US$6 billion in August 2011, but later cut the size by half, according to earlier media reports.
Despite its decision to shelve the offering, its shares rose 0.36 percent to 2.75 yuan (44 US cents) in Shanghai yesterday amid a 1.74 percent decline to 2.055.71 in the Shanghai Composite Index.
On Saturday, the bank unveiled a new profit distribution policy under which cash dividend paid to shareholders should be over 10 percent of annual distributable profits instead of between 30 percent and 40 percent of net profit in 2011 to 2013 under a previous policy.
The lender posted an annual 40.3 percent jump in net profit to 12.9 billion yuan in the first half year, said its mid-year report published last Friday.
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