Postal Savings Bank of China files for IPO
The Postal Savings Bank of China (PSBC) has filed for an initial public offering (IPO) on the Hong Kong exchange. As previously reported, the IPO has been on the cards for some time and analysts believe it will be the biggest of the year.
Sources report that the listing will probably take place sometime in September and that PSBC is looking to raise about $8bn – placing the value of the bank at around $50bn.
The timing is not perfect: shares in the Asia Pacific region have been affected by China’s relative economic slow-down and the global market is still absorbing the impact of the UK’s Brexit vote.
Most pertinently for this IPO, there are still concerns – according to Bloomberg sources – about the true level of “bad debt” in the Chinese banking system.
