Everbright Bank, the only big Chinese state-owned lender that has not yet gone public, plans to raise as much as Rmb20bn ($3bn) next month in a long-delayed initial public offering in Shanghai.
The IPO marks the end of a decade-long reform process during which China's biggest lenders have been cleaned up, injected with fresh capital and floated on stock exchanges.
The China Securities Regulatory Commission yesterday said it would review Everbright's IPO application on July 26, an announcement that in effect gives the green light for an imminent listing.
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