China Everbright Group will be transformed from a wholly State-owned enterprise to a joint stock limited company, said its subsidiary Everbright Securities Corp Ltd in a statement on Tuesday.
Its stock rose to the highest since 2011 in Hong Kong trading after government entities signed an agreement that’s part of the restructuring of the China Everbright group of SOEs.
The Ministry of Finance and Huijin Ltd, founders of the joint stock limited company, have agreed to subscribe to 44.33 percent and 55.67 percent of its registered capital, respectively. After restructuring, the name of the group will be changed to China Everbright Group Ltd.
Market insiders said the group will have a clear stock ownership. The Ministry of Finance and Huijin Ltd will hold a controlling interest in China Everbright Group Ltd, and the group will hold controlling interest in its subsidiaries, including China Everbright Bank and Everbright Securities.
They said it is a crucial step toward internal integration of the group, which is expected to launch an overall listing after the restructuring.
Established in 1983, China Everbright Group has become a financial conglomerate involved in sectors including banking, securities, insurance, asset management, futures and financial leasing.
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