PSBC’s IPO remains an SOE game

Similar to other state-owned banks, the post-to-banking lender’s Hong Kong listing is yet another deal dominated by investment from state institutions.

Postal Savings Bank of China’s long-awaited Hong Kong initial public offering is the year's stand-out global listing so far, such is its scale, but just as salient is the degree to which it leans on pre-deal commitments from other Chinese state-owned enterprises.

On Tuesday, China’s largest lender by number of branches began offering shares to investors, looking to raise as much as HK$62.7 billion $8.1 billion, which would make it Hong Kong's biggest IPO in six years. On offer are 12.1 billion new shares priced at between HK$4.68 to HK$5.18 each.

Jumbo equity offerings are usually seen as a ...

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