Hong Kong-listed Postal Savings Bank of China, backed by Tencent and Alibaba, is planning a $4.7 bln Shanghai float. The money will replenish core capital, but some proceeds might get absorbed helping rickety rustic brethren too. petesweeneypro
Hong Kong-listed Postal Savings Bank of China disclosed on Nov. 6 plans to raise 32.7 billion yuan from a Shanghai offering set to be the largest A-share listing in four years.
The bank plans to offer 5.17 billion shares, or 6% of the enlarged capital, or 5.9 billion shares if demand is strong. China's biggest bank by number of branches set the issue price at 5.50 yuan per share, slightly above its net asset value per share of 5.49 yuan as of June 30. China's CICC and China Post Securities are working on the transaction.
By end-June, PSBC had a total 39,700 branches, half of which are in rural areas. It had some 9 trillion yuan in savings on book by the end of September, accounting for 96% of the bank's total liabilities.
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