Date
23 November 2017

Everbright Bank slips in HK debut on bad debt concerns, WSJ says

China Everbright Bank Co. shares fell on their first day of trading in Hong Kong Friday, reflecting investors’ concerns about mainland banks’ bad debt levels, the Wall Street Journal reported. The lender, which raised US$3 billion in Hong Kong’s biggest initial public offering this year, saw its shares slide as much as 5 percent below the offer price of HK$3.98. “It’s not surprising that Everbright Bank is trading below IPO price as its subscription response wasn’t great,” Ben Kwong, associate director of securities firm KGI Asia, was quoted as saying. “Investors are still concerned about rising bad debts across the banking industry in the country.”

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