Everbright Securities to list in Shanghai

Everbright Securities said it would list in Shanghai on Tuesday after having raised US$1.6 billion in its initial public offering, Reuters reported. The company, which is controlled by China’s second-biggest financial conglomerate, Everbright Group, offered 520 million shares at US$3.08 (RMB21.08) each. It was valued at US$10.5 billion, or 58.56 times its 2008 earnings. The country’s largest housing contractor, China State Construction Engineering Corp, and toll-road operator Sichuan Expressway saw their shares surge in their trading debuts last month. However, their share prices have since cooled as the Shanghai Composite Index has lost more than 12% from its 14-month high two weeks ago.