China Everbright Bank Co. Ltd. (601818.CN) has received approval from the China Securities Regulatory Commission (CSRC) to sell up to 12 billion ordinary shares in an initial public offering (IPO) in Hong Kong, Beijing Business Today reported Thursday, citing a company filing. The shares are priced at 1 yuan (16 US cents) apiece. In June 2011, the bank was given the nod for an H-share IPO but withdrew the offering due to unfavorable market conditions. Since then, it had failed three times to launch an IPO until now. China Everbright could raise up to HK$40 billion (US$5.16 billion) from the listing, the report said, citing unnamed analysts.
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