23 July 2019

China Everbright Bank plans A-to-H-share swap, paper says

China Everbright Bank Co., Ltd. (601818.CN) is preparing for its Hong Kong listing by converting 584.2 million A shares held by state-owned shareholders into H shares and registering them in a Hong Kong designated shares account called the National Council for Social Security Fund, the China Securities Journal reported Wednesday. After the conversion, the bank will own 39.85 billion of its A shares. The bank has 115 state-owned shareholders and the conversion is mandated by State Council rules, the report said.

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