Shares in China Everbright Limited jumped more than 11 per cent on Monday after it became the latest state-owned company to announce a revamp of its ownership structure.
The group said in a statement to the stock exchange late on Friday that it had received approval to switch from a “wholly state-owned enterprise to a joint stock company”. The new entity will be jointly established by China’s Ministry of Finance and Central Huijin Investment, a government-backed fund.
China Everbright Limited is a financial conglomerate with holdings in China Everbright Bank and Everbright Securities, both of which also have stock market listings. China Everbright Bank was up 2.5 per cent in Hong Kong on Monday afternoon, while Everbright Securities climbed 4.3 per cent in Shanghai.