Subsidiary's IPO lifts Everbright's profits
China Everbright's net profit leapt 371 per cent to HK$4.76 billion last year due to a HK$3.18 billion gain from the initial public offer of its subsidiary Everbright Securities in Shanghai in August. Excluding this gain and earnings of associates, Everbright's operating profit fell 52.7 per cent to HK$335.81 million as turnover dropped 7.7 per cent to HK$3.83 billion. China Everbright declared a final dividend of 20 HK cents per share. The company has applied to regulators to list another subsidiary, Everbright Bank, in Shanghai, chief executive Chen Shuang said.