Monday, March 10, 2008

Everbright Bank, Hongyuan Securities forms strategic partnership

China Everbright Bank (CEB) and Hongyuan Securities<000562> have signed an agreement to form a strategic partnership on Friday, sources reported.

The move aims to deepen the two companies' cooperation in asset management, investment banking as well as bond business, the securities firm said.

Hongyuan, along with CEB's securities unit Everbright Securities, has already been appointed as the financial advisor for the lender's Shanghai listing, said Xie Zhichun, vice governor of CEB, adding that Hongyuan's general manager Hu Qiang once worked in Everbright Securities.

CEB is expected to launch its IPO in Shanghai as early as June or July, according to CEB's chairman.

Shares of the Shenzhen-listed brokerage went down 2.1% to close at RMB 29.35, and were traded at RMB 28.68 at 14:50 today.

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