Everbright Securities sees IPO by March or April
Updated: 2008-01-18 14:07
China Everbright Securities will seek to complete an initial public offering (IPO) by March or April, parent China Everbright Group said.
Tang Shuangning, chairman of China Everbright Group, said in a statement that the brokerage filed an IPO application with the China Securities Regulatory Commission (CSRC) in September and last month it submitted all required IPO materials to the CSRC.
Everbright Securities, which has registered capital of 2.898 billion yuan ($399.7 million), booked a net profit of 4.63 billion yuan in 2007, Tang said, without elaborating.
In 2008, the securities company plans to carry out direct investments, seeking out companies with domestic listing potential. It will also development a qualified domestic institutional investor (QDII) business, he added.
Tang said after the listing the company will seek merger and acquisition deals in the securities industry. He gave no details.
In August, the company's shareholders approved a proposal to issue up to 520 million A-shares on the Shanghai Stock Exchange. The proceeds will be used to supplement the brokerage's working capital.
Earlier this month, the brokerage also obtained a license to invest overseas under the QDII scheme.
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