PSBC in $8b pre-IPO investment

The country's largest lender by number of outlets and second-biggest by assets, Postal Savings Bank of China, is raising the funds from a consortium that includes some of Asia's biggest names.

Postal Savings Bank of China, the country’s sixth-largest commercial lender by assets, is set to raise about $8 billion ahead of its initial public offering next year by selling a 15% stake to a consortium of heavyweight investors including Li Ka-shing and Alibaba.

The fundraising disclosed on Tuesday follows the decision by the Chinese securities regulator on Friday to lift its ban on IPOs in a sign that the country’s stock markets have stabilised after a rocky summer.

Other investors taking part in PSBC's pre-IPO investment include Singapore sovereign wealth fund Temasek, the International Finance Corporation, and US bank JP Morgan, according...

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