Postal Savings Bank of China Seeks Over USD7.8 Billion in Hong Kong IPO
Yicai Global
/SOURCE : Yicai
Postal Savings Bank of China Seeks Over USD7.8 Billion in Hong Kong IPO

(Yicai Global) Sept. 14 -- Postal Savings Bank of China (PSBC) [HKG:1658] will launch an initial public offering in Hong Kong tomorrow to sell 12.1 billion of H-shares at between HKD4.68 and HKD5.18, thereby raising up to USD8 billion (HKD62 billion). In will be the world's second largest fund-raising after Alibaba's USD21.8 billion float in the US two years ago.

Post-listing, the bank will dedicate itself to returning value to shareholders, paying dividends of at least 10 percent of net profit each year, PSBC Chairman Mr. Li Guohua announced to the press yesterday.

PSBC has finalized six cornerstone investors: China State Shipbuilding Corp. [SH: 600150], Shanghai International Port (Group) Co. [SH: 600018], HNA Capital Holding Co., State Grid Corporation of China, China Chengtong Holdings Group, Ltd. and Greatwall Pan-Asia International Investment Co. Together they will take up 77 percent of the total H-share subscriptions.

Founded in 2007, PSBC is the last of the country's state-owned banks to list in Hong Kong. As of late March, the bank had CNY77 trillion in assets, CNY67 trillion of deposits and CNY27 trillion in loans. It ranked 22nd by assets among global lenders late last year.

Follow Yicai Global on