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Report: China Everbright Group plans restructuring, Hong Kong IPO

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Report: China Everbright Group plans restructuring, Hong Kong IPO

China Everbright Group Ltd. plans to restructure its business and launch an IPO in Hong Kong in 2020, Reuters reported Oct. 10, citing three people with direct knowledge of the matter.

The Chinese state-owned conglomerate could raise up to US$3 billion from the planned IPO, according to one of the sources. The company reportedly hired JPMorgan Chase & Co., China International Capital Corp. Ltd. and CITIC Securities Co. Ltd. to help it finalize details of the planned restructuring such as identifying the assets that will be listed.

China Everbright's businesses spans from banking to aircraft leasing and environmental protection services. It owns ownership stakes in listed entities China Everbright Bank Co. Ltd., Everbright Securities Co. Ltd. and Hong Kong-based asset manager China Everbright Ltd., among others.

The company and its reported advisers did not respond to Reuters' requests for comment.