China Everbright Bank (601818.SH) has reapplied to conduct an initial public offering in Hong Kong in June, after delaying its listing last July due to volatile markets, The Wall Street Journal reported, citing people familiar with the deal. The Shanghai-based lender aims to raise US$1.5-2 billion to meet its capital adequacy ratio requirement and expand lending, down sharply from its goal of raising US$6 billion last year. The bank is currently seeking cornerstone investors, who are guaranteed large allotments in exchange for holding the shares for a certain length of time. New York-based hedge fund D.E. Shaw, one of Everbright’s 12 potential cornerstone investors last year, has re-committed to the offering, a person familiar with the matter said. Everbright’s net income rose 41% from a year earlier to US$1.1 billion in the first quarter.
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