China’s Postal Sav­ings Bank marks achieve­ments

Pakistan Observer - - ECONOMY WATCH -

BEI­JING—Postal Sav­ings Bank of China Co. filed a list­ing ap­pli­ca­tion with the Hong Kong stock ex­change, peo­ple with knowl­edge of the mat­ter said, as it pre­pares for an $8 bil­lion ini­tial pub­lic of­fer­ing that could be the world’s big­gest this year. The bank, which has the most branches of any Chi­nese lender, aims to list as early as Septem­ber, two peo­ple said Thurs­day, ask­ing not to be iden­ti­fied as the in­for­ma­tion is pri­vate. An $8 bil­lion IPO would be the largest since e-com­merce bil­lion­aire Jack Ma’s Alibaba Group Hold­ing Ltd. priced its $25 bil­lion New York share sale in Septem­ber 2014, ac­cord­ing to data com­piled by Bloomberg.

Postal Sav­ings Bank is seek­ing to list at one of the most tur­bu­lent times for in­vestors in years. Bri­tain’s vote to exit the Euro­pean Union roiled global eq­uity mar­kets and caused the pound to plunge to its low­est in more than 30 years. The amount raised from first-time share sales globally was $52.3 bil­lion in the first half, the slow­est pace in seven years, Bloomberg-com­piled data show.

A Hong Kong-based ex­ter­nal spokes­woman for Postal Sav­ings Bank de­clined to com­ment. IFR re­ported the sub­mis­sion ear­lier Thurs­day in Hong Kong, cit­ing uniden­ti­fied peo­ple. Postal Sav­ings Bank hired Bank of Amer­ica Corp., China In­ter­na­tional Cap­i­tal Corp., Gold­man Sachs Group Inc., JPMor­gan Chase & Co. and Mor­gan Stan­ley to ar­range the sale, peo­ple with knowl­edge of the mat­ter said in Jan­uary. The lender raised 45 bil­lion yuan ($6.8 bil­lion) in De­cem­ber sell­ing about a 17 per­cent stake to in­vestors in­clud­ing Canada Pen­sion Plan In­vest­ment Board, Sin­ga­pore state in­vest­ment com­pany Te­masek Hold­ings Pte and UBS Group AG.—Agen­cies

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