China Everbright Bank Co., which pulled a plan to raise $6 billion in Hong Kong in August, renewed its application to the city’s stock exchange for a share sale, said two people with knowledge of the matter.
Everbright Bank, based in Beijing and traded in Shanghai, made the filing after a previous application submitted in April lapsed, said the people, who declined to be identified because the information is private. The lender had been waiting for market conditions to improve without giving up on the share sale plan, they said.
The offering was delayed in June and again in August as Chinese bank shares dropped on concern that loans made to local governments may sour. Hong Kong’s Hang Seng Index has rebounded 20 percent after closing at a more than two-year low on Oct. 4.
Everbright Bank had aimed to raise about $6 billion from the sale of 10.5 billion shares, according to a term sheet sent to investors on June 14. The stock has fallen 24 percent in Shanghai trading this year, based on yesterday’s closing price.
The people familiar with Everbright Bank’s application didn’t give a time frame for the share sale. Two calls to the bank’s Board Secretary Office in Beijing went unanswered.