CSRC gives approval to broker's IPO

Source: Xinhua | July 27, 2009, Monday |

Print Edition

EVERBRIGHT Securities, China's 11th-biggest brokerage by assets with a registered capital of 2.9 billion yuan (US$ 420 million), has its initial public offering approved by the country's securities watchdog.

The company is to become the first listed brokerage in the country after the China Securities Regulatory Commission resumed IPOs last month. Everbright Securities submitted its IPO application in June 2008.

The listing is due to take place this week. Sources familiar with Everbright estimated a total of 520 million A shares are expected to be issued at 15 to 20 yuan each, and it would raise more than 10 billion yuan, according to Saturday's China Securities Journal.

The broker posted a net profit of 1.28 billion yuan in the first half this year, which beat its net earnings 1.22 billion yuan last year.

China Everbright Bank, the parent of the broker, earlier said it plans to raise 11 billion yuan via a private placement.

Finance

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CSRC gives approval to broker's IPO

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