(Yicai Global) July 6 -- Postal Savings Bank of China Co. is preparing for an initial public offering of shares in Hong Kong that may raise more than CNY50 billion (USD7.49 billion) in possibly this year's biggest stock market floatation.
The Beijing-based bank filed prelisting documents to Hong Kong's stock exchange on June 4, showing that it will issue no more than 13.923 billion shares.
Last December, the bank, an arm of state-owned China Post Group Co., allocated 11.6 billion shares to 10 investors including UBS Group AG, China Life Insurance Co., China Telecom Corp., Canada Pension Plan Investment Board and Alibaba Group Holding Ltd. affiliate Ant Financial Services Group. Priced at an average of CNY3.8 each, the issue raised about CNY45.1 billion.
South Korea's Lotte Co. last month abandoned a USD4.85 billion IPO for its hotel unit. That listing was expected to be the biggest this year.