Currently, China Everbright Group is undergoing reform and restructuring to turn itself into the first state-held financial holding group in China. In so doing, it will blaze a trail for the reform of China’s financial industry. Everbright’s reform is both arduous and complex, and requires meticulous planning and careful arrangement. In short, it has to win “three major battles”.

　　First Battle: Plan Formulation
　　The relevant circles began designing a reform and restructuring plan for Everbright Group in early 2004. The plan was repeatedly examined and revised by a three-party group formed by the People’s Bank, the Ministry of Finance and the China Banking Regulatory Commission. Opinions from various quarters were also solicited. After three years and eight months, the plan was formally approved by the State Council on August 5, 2007. After the plan was approved, China Everbright Group immediately held a mobilization meeting to announce specific work arrangements. By upholding the strategy of “four seizures and one leading” and implementing the “five projects”, the group launched an all-round reform and restructuring. This represented the first battle for Everbright’s reform.

　　Second Battle: Capital Injection
　　After the plan was approved, the main contradiction for Everbright’s reform and restructuring was to materialize the state’s capital injection into Everbright Bank. As the new and old shareholders were widely divergent on share reduction and other issues, Everbright Bank had to slow down its pace of restructuring. If this state of affairs continued, the bank would miss the fine opportunity from the capital market, which would be detrimental both to the bank and to other stakeholders. After repeated consultations in the spirit of “seeking common ground on major issues and reserving differences on minor ones”, the relevant parties finally reached consensus a few days ago on how to properly solve share reduction and other issues. The bank will convene a Board of Directors meeting and a General Meeting of Shareholders in the near future to examine and approve the issues relating to capital injection by the Central Huijin Investment Company Limited. This represented the second battle for Everbright’s reform.

　　Third Battle: Restructuring & Listing
　　After the state capital injection is transferred, Everbright Bank will begin to introduce strategic investors and be publicly listed at an appropriate time. This will be the third battle for Everbright’s reform. In the third battle, the bank will work in compliance with the principle of self-favorableness, the principle of market selection and the principle of openness and transparency and will be responsible for all investors.
　　Listing is not the goal. But listing is an important way for a joint-stock bank to pursue virtuous development. At a time when China’s macroeconomic situation remains good, the bank’s listing will be equally worth expecting. And I am fully confident about this.
　　“No green mountain can stop the river from flowing eastward.” We are confident that with the care and support of the state and with the joint efforts of the new and old shareholders, Everbright will win complete victory in the “three major battles” for its reform and restructuring.