Source: Shanghai Daily 11/08/2007

CHINA Everbright Bank Co, awaiting a 20-billion-yuan (US$2.7 billion) capital injection from the government, plans to bring in foreign strategic investors and sell shares to the public.

The banking unit of China Everbright Group expects to get approval for the capital injection “soon,” Tang Shuangning, chairman of the Beijing-based group said yesterday.

China’s Central Huijin Investment Co, a state-holding company, in August agreed to buy 20 billion new shares at one yuan each. China’s eighth-biggest bank hired China International Capital Corp and Morgan Stanley to find a foreign strategic investor to prepare the lender for an initial public offering that may raise at least US$1 billion next year, people familiar with the situation said in January.

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