Postal Savings Bank of China HKSE IPO

Overview:

• Postal Savings Bank of China (PSBC)—a commercial retail bank—has successfully completed a HK$56.63 billion ($7.3 billion) Hong Kong IPO, which is the world's largest IPO since Alibaba Group Holding's historic $25 billion 2014 debut on the New York Stock Exchange.
• The Beijing-based Postal Savings Bank has 40,057 outlets in China, more than any other bank; and it is fifth largest commercial bank in China with $1.2 trillion in assets. 
• The company was spun off from China Post in 2007—the country's state-owned postal service company.
• The bank is looking to raise working capital to support business growth, and in December last year it raised $7 billion from a group of foreign and domestic cornerstone investors, including JPMorgan, Canada Pension Plan Investment Board, Tencent Holdings and Alibaba affiliate Ant Financial Services Group.

Adam Majeed - Asia Editor

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