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China Everbright Seen Rising In Wednesday Debut

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IPO_1 August 17, 2010 (Chinavestor) China Everbright Bank (SHA:601818), the latest in a long line of China-based banks to test the market with an initial public offering, is expected to move higher, albeit modestly, in its Wednesday debut thanks to a fair valuation and market conditions that are conducive to new offerings.

Analysts have said that the Everbright (SHA:601818) IPO is priced more reasonable rates than the recent IPO of Agricultural Bank of China  (SHA:601288). That IPO was the world's largest thus far in 2010. The Everbright (SHA:601818) IPO will be China's second-largest IPO in 2010 behind AgBank (SHA:601288).

Everbright Bank's (SHA:601818) strong earnings growth may also boost investor interest after it said Monday its first-half net profit almost doubled from a year earlier to CNY6.83 billion ($1.01 billion) because of an improvement in its net interest margin, according to the Wall Street Journal. Analysts say Everbright Bank (SHA:601818) is listing its shares at a 20% discount to other Chinese banks. AgBank (SHA:601288) sold its shares at a 15% discount, the Journal reported.



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