SHANGHAI/HONG KONG (Reuters) – State-owned financial conglomerate China Everbright Group aims to restructure its sprawling business and pursue a billion dollar IPO next year in Hong Kong, three people with direct knowledge of the matter told Reuters on Thursday. While the offering size has yet to be finalised, the initial public offering (IPO) will likely be at least in the billion-dollar bracket, two of the people said. The third person estimated that Everbright, backed by sovereign wealth fund subsidiary Central Huijin Investment Ltd and China’s Ministry of Finance, could raise up to $3 billion.
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