Postal Savings Bank of China filed a listing application with the Hong Kong Stock Exchange, people with knowledge of the matter said, as it prepares for an $8bn 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, asking not to be identified as the information is private. A $8bn IPO would be the largest since e-commerce billionaire Jack Ma’s Alibaba Group Holding priced its $25bn 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 $52.3bn 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 on Thursday in Hong Kong, citing unidentified people.
Postal Savings Bank raised 45bn yuan ($6.8bn) in December selling about a 17% stake to investors including Canada Pension Plan Investment Board, JPMorgan Chase & Co and UBS Group.
People walk past a signboard of Postal Savings Bank of China in Beijing. The bank raised 45bn yuan ($6.8bn) in December selling about a 17% stake to investors including Canada Pension Plan Investment Board, JPMorgan Chase & Co and UBS Group.
