Everbright to become joint-stock company
Print Edition
THE Shanghai and Hong Kong-listed China Everbright Bank said the State Council had approved the proposed restructuring of its parent company China Everbright (Group) Corp.
According to the restructuring proposal, the corporation will be transformed from a wholly state-owned enterprise to a joint-stock company and will be renamed China Everbright Group Corp.
The new company will be jointly established by the Ministry of Finance and Central Huijin Investment Ltd.
The ministry’s capital contribution will comprise its equity interests in China Everbright (Group) Corp, China Everbright Holdings Co and the principal and interest of the credit extended to China Everbright (Group) Corp.
The capital contribution of Huijin will comprise the 9 billion shares it holds in China Everbright Bank, its equity interest in China Everbright Industrial (Group) Co and the principal and interest of the loans from the People’s Bank of China.
The bank said that the restructuring is led by the Chinese government, and that it will cooperate with Huijin and China Everbright (Group) Corp to implement the proposals.
China Everbright (Group) Corp’s businesses have covered bank, securities, insurance, trust, investment bank and asset management since its founding in 1983.
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