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  • Everbright Bank Makes Shanghai Debut

    Published on August 18, 2010

    China’s stocks opened slightly higher Wednesday with the benchmark Shanghai Composite Index up 0.1 percent to open at 2,674.5 points.

    The Shenzhen Component Index rose 0.2 percent to open at 11,304.12 points.

    China Everbright Bank made its debut on the Shanghai bourse Wednesday, with its share price opened at 3.37 yuan (about 0.49 U.S. dollars), 8.71 percent higher than its initial public offering(IPO) price of 3.1 yuan.

    The bank plans to raise up to 18.91 billion yuan in its initial public offering in Shanghai by issuing 6.1 billion shares in the IPO. And a green shoe option will boost the size of the offering by 15 percent to 7 billion shares.

    Shares of the bank are expected to rise 5 to 15 percent from its IPO price on its first trading day, according to analysts.

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