Following an April 14 auction

,Abercrombie & Fitch
Once the bank's board accepts the bids, a notification will be sent to the Ministry of Finance.


Xie Zhichun, CEB vice president, said in April that the bank had applied to supplement its capital by issuing 6 billion yuan to 8 billion yuan in sub-securities by the end of the month. Xie also said the bank's profits for the January-April period would cover aggregated losses.
Yet it's hard to tell whether CEB will be able to stick to its IPO agenda. The goal still hinges on whether preparation work can be finished on time,Louboutin chaussure, conditions are ripe on the capital market,christian louboutin, and regulators approve the bank's moves, including the debt sales.


1 yuan = 14 U.S. cents
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CEB said before the auction that most of the non-performing assets had been recorded in the bank's loss column. Bank Secretary Lin Li told Caijing that disposing the non-performing assets would allow for some profit retrieval,louboutin pas cher, since the auction proceeds should exceed expectations and provide capital to cover previous losses.


Following an April 14 auction, CEB said China Great Wall Asset Management Corp. agreed to pay 521 million yuan for 10 debt packages, China Orient Asset Management Corp. said it would buy seven packages for 415 million yuan,Abercrombie, and China Cinda Asset Management Corp. agreed to pay 706 million yuan for eight packages.
Three asset management firms offered a total 1.64 billion yuan for non-performing assets of China Everbright Bank,christian louboutin pas cher, lifting the bank's IPO hopes.

By staff writer Li Zhigang and intern Zhou Lingling
CEB hopes to launch an initial public offering on China's A-share market before the Olympics begin in August,louboutin chaussure pas cher, but still faces problems tied to a low capital adequacy ratio and aggregated losses.
Related Story:
Edging toward a goal to go public before the Beijing Olympics,Abercrombie and Fitch, China Everbright Bank (CEB) announced that three potential buyers have offered a combined -- and higher-than-expected -- 1.64 billion yuan for 25 packages of non-performing assets once valued at 14 billion yuan.

IPO-Anxious Everbright Paying Off Old Debt
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