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Everbright Securities gets IPO approval from regulator

(Xinhua)
Updated: 2009-07-25 15:12

Everbright Securities, China's 11th biggest brokerage by assets with a registered capital of 2.9 billion yuan ($420 million), has got its initial public offering (IPO) approvals from the country's securities watchdog.

Special Coverage: Restart of IPO Related readings:  China stock regulator approves new IPO  Everbright Securities may trigger wave of new IPOs  Everbright, Merchants Securities fare well  Brokers' commission in Q1 surges over 70%  Chinese brokers' profits decline in 2008

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

The listing is scheduled to occur next week. Sources familiar with Everbright estimated a total of 520 million A shares are expected to be issued,

with 15 yuan to 20 yuan per share, and it would raise more than 10 billion yuan, according to Saturday's China Securities Journal.

The company posted a net profit of 1.28 billion yuan in the first half, which even exceeded the overall net profit of 1.22 billion yuan in 2008, according to the company's financial report.

China Everbright Bank, the parent company of Everbright Securities, announced on July 22 that it plans to raise 11 billion yuan through private placement with some large state-owned enterprises to lift its capital adequacy ratio.