HONG KONG (MarketWatch) -- China Everbright Bank Co. is seeking a initial public offering in Shanghai before the end of June, a move that would enable it to tap the market ahead of Agricultural Bank of China, The Wall Street Journal reported, citing a person familiar with the situation.
The mid-sized lender stands an even-odds chance of getting the IPO to market by the end of the first half, as many details still must be worked out, the source told the paper.
The rush to get the IPO to market reflects growing concern among Chinese lenders that those who move too slowly could face slim pickings as a heavy load of planned fund-raising is poised to vacuum up surplus liquidity.
Agricultural Bank of China has reportedly filed listing applications in Hong Kong and Shanghai that could see China's largest rural lender raise as much as $30 billion in the dual-market IPO, a record amount.
Chinese state-owned lenders are planning to issue about $46.5 billion of debt and equity this year to help shore up balance sheets after 2009's torrid lending - in support of the government's stimulus efforts - depleted capital reserves.
China Everbright's earlier plans for an IPO were interrupted by the global financial crisis. It was not clear whether the bank's listing application in June 2008 could be reactivated, or whether it would need to submit a new application.
