Everbright plans listing on HK bourse
Print Edition
EVERBRIGHT Securities Co is planning to list on the Hong Kong stock exchange to raise fresh funds for business expansion after the brokerage posted a stunning ninefold rise in net profit last year.
The directors of the company have approved a plan to launch an initial public offering on the main board of the Hong Kong bourse, aiming to sell up to 680 million shares, Everbright said in a filing to the Shanghai Stock Exchange.
The timing and pricing of the offering have yet to be decided, but will be based on market condition and valuations of peer companies, it said.
In a separate statement, Everbright said its net profit surged 904.8 percent year on year to 2.07 billion yuan (US$334 million) in 2014.
Earnings per share soared to 0.61 yuan.
“We have got our businesses back on track last year and recovered from the aftermath of the erroneous trading incident,” the company said.
Last year, Everbright resumed its businesses, including proprietary investment and stock and bond underwriting, which were suspended after a glitch in the brokerage’s trading system triggered a deluge of orders that caused a wild movement on the Shanghai stock market in August 2013.
Its brokerage business raked in 1.64 billion yuan, or 79 percent of the total profit, representing a 93 percent increase from a year earlier as a robust rebound in the A-share market boosted trading activity.
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