Everbright Bank plans third HK IPO attempt

China Everbright Bank said on March 12 that its board of directors has approved a proposal to issue up to 12 billion shares in a Hong Kong listing, the National Business Daily reported on March 13.

This is the bank's third attempt to be listed list in Hong Kong to raise $1.5 billion to meet core capital requirements.

According to the report, the bank has tried to list in Hong Kong in 2011 and in May last year, but both attempts weren't successful due to adverse market conditions.

The bank is seeking to raise funds to meet new regulatory requirements announced by the China Banking Regulatory Commission in December last year.

According to the new regulations, the bank is required to meet a minimum capital adequacy ratio of 8.5 percent by the end of the year. It had a core capital adequacy ratio of 8.24 percent at the end of September last year.