Everbright Securities, China's 11th biggest brokerage by assets with a registered capital of 2.9 billion yuan (about 420 million U.S. dollars), has got its initial public offering (IPO) approvals from the country's securities watchdog.

The company is to become the first listed brokerage in the country after the China Securities Regulatory Commission resumed IPOs in June. Everbright Securities submitted its IPO application in June of last year.

The listing is scheduled to occur next week. Sources familiar with Everbright estimated a total of 520 million A shares are expected to be issued, with 15 yuan to 20 yuan per share, and it would raise more than 10 billion yuan, according to Saturday's China Securities Journal.

The company posted a net profit of 1.28 billion yuan in the first half, which even exceeded the overall net profit of 1.22 billion yuan in 2008, according to the company's financial report.

China Everbright Bank, the parent company of Everbright Securities, announced on July 22 that it plans to raise 11 billion yuan through private placement with some large state-owned enterprises to lift its capital adequacy ratio.

(Xinhua News Agency July 25, 2009)