光大銀行擬重啓赴港上市計劃

Everbright Bank, a Chinese state lender that focuses on small businesses and consumers, is determined to buck a market trend of failed initial public offerings and list in Hong Kong before the end of this year, according to a senior executive.

據一名高管表示，專注於小企業和消費者的中國國有控股銀行光大銀行(Everbright Bank)決心在近期一連串首次公開發行(IPO)流產的市場趨勢下逆流而上，在今年底之前在香港上市。

After its own abortive attempt at a Hong Kong IPO last year, Everbright is taking no chances this time, putting pressure on its underwriters to Line up guaranteed investors and cutting the amount that it hopes to raise, two other bankers involved in the deal told the Financial Times.

另有兩名參與交易的銀行家告訴英國《金融時報》，曾在去年擱置香港IPO計劃的光大銀行，這一次不敢草率行事。該行正向承銷商施壓，要求它們安排基石投資者，同時該行也降低了其希望募集的金額。

Everbright, which last year targeted a $6bn offering, has lowered its sights and will content itself with selling fewer shares, potentially bringing in just about $2bn. However, that would still rank as Hong Kong's biggest IPO of what has been a difficult year so far.

去年曾希望通過赴港上市募資60億美元的光大銀行，已放低眼光，並滿足於發售較少的股票，募資額可能僅爲20億美元。不過，那仍將是香港今年最大的IPO，今年迄今香港股市形勢艱難。

Everbright declined to say how much it hoped to raise with the IPO.

光大銀行不願表明其希望通過IPO募集多少資金。

"If there is a good market window, we plan to complete the IPO this year," Lin Li, Everbright Bank vice-president in charge of the listing plan, told the Financial Times. "Despite the current market conditions and the fact that bank shares are undervalued, we think that from a broader financial perspective, it would be better to list than not to list."

"如果有一個有利的市場機會，我們計劃在今年完成IPO，"負責上市計劃的光大銀行副行長林立對英國《金融時報》表示。"儘管面臨目前的市場狀況，而且銀行類股票受到低估，但我們認爲從整體財務視角看，上市比不上市更好。"

Everbright received approval to list in Hong Kong in a stock exchange hearing this month and is now trying to secure commitments from investors before announcing a resumption of its IPO plan, a banker said. Underwriters are seeking both anchor orders and cornerstone investors – investors who receive a guaranteed allotment of shares but must agree to hold them for a defined "lock-up" period.

據一名銀行家介紹，光大銀行本月在一個證交所聽證會上獲得了在港上市的批准，目前正試圖獲得投資者的承諾，然後才宣佈重啓IPO計劃。各家承銷商正在物色錨定訂單和基石投資者（這些投資者將保證得到認購的股票，但必須同意在規定的"鎖定"期內一直持有這些股票）。

Everbright Bank listed in Shanghai two years ago, but, like other big Chinese banks, views a Hong Kong listing as a crucial part of its development strategy. Along with adding to its capital base, a presence in the Hong Kong market will help Everbright expand its international business, Mr Lin said.

光大銀行於兩年前在上海上市，但該行與中國其它大型銀行一樣，視赴港上市爲其發展戰略的一個關鍵環節。林立表示，除了擴充其資本基礎外，在香港市場佔據一席之地還將有助於光大銀行擴張國際業務。

Everbright's core capital adequacy ratio was 8.11 per cent at the end of the first quarter, up from 2011 but below the 8.5 per cent threshold that the Chinese banking regulator wants banks to achieve in coming years.

截至第一季度末，光大銀行的核心資本充足率爲8.11%，高於2011年水平，但不到中國銀監會要求各銀行在未來幾年達到的8.5%這一門檻。

As the first Chinese lender to list in Hong Kong since Agricultural Bank of China's blockbuster debut in 2010, an Everbright IPO would be an important test of how international investors view Chinese banks.

光大銀行將成爲自中國農業銀行(AgBank) 2010年大規模上市以來，首家在香港IPO的中資銀行，這起IPO將成爲國際投資者如何看待中資銀行的重要測試。

Share prices of Chinese banks listed in Hong Kong have fallen about 25 per cent over the past year, weighed down by concerns over bad loans and the slowing economy.

過去一年期間，受市場對壞債和經濟放緩的擔憂的拖累，在香港上市的中資銀行的股價下跌了25%左右。

Last year when Everbright pulled its IPO, it was looking at a price-to-book ratio of about 1.5, a valuation that Chinese officials believed set too low a benchmark for the country's banking sector, hence making the listing politically unacceptable, according to a banker. Everbright would be hard pressed to come close to such a multiple now, so officials will either have to be more tolerant of low valuations or there is a risk that the listing will again be called off.

去年光大銀行放棄IPO時，其預期市淨率約爲1.5；據一名銀行家表示，中國官員們認爲，這樣的估價爲中國銀行業設定的基準過低，這意味着上市計劃在政治上不可接受。如今，光大銀行即使要達到這樣的市淨率也並非易事，因此，要麼這一次官員們對低估價更加寬容，要麼上市有可能再一次被叫停。