Postal Savings Bank Stages IPO of the Year
Yicai Global
/SOURCE : Yicai
Postal Savings Bank Stages IPO of the Year

(Yicai Global) Sept. 28 -- Shares of the Postal Savings Bank of China [HKG:1658] began trading on the Hong Kong Stock Exchange today after undergoing initial public offering procedures. The opening quote was USD0.61 (HKD4.76) per share.

One of the largest Chinese state-owned banks, the Postal Savings Bank of China has raised USD7.4 billion (HKD57.627 billion) in total through the IPO, the biggest since Alibaba Group Holding Ltd. [NYSE:BABA] listed in the US in 2014.

Caixin.com reports that the IPO has lured many international investors, including the Wellington Fund, the European investment family of Swiss bank UBS AG, Soros Fund Management, LLC, D. E. Shaw Capital, Och-Ziff Capital Management Group and Millennium Fund Services.

With about USD800 billion in deposits and around 40,000 branches throughout China, the bank is larger than many of its better known rivals.

Follow Yicai Global on