China’s securities regulator has given its approval to the A-share listing of one of the country’s big six state-owned banks.
On 25 October the China Securities Regulatory Commission (CSRC) announced that it had approved the initial public offerings (IPO’s) of four applicants, including Postal Savings Bank of China (PSBC).
The approval arrives little over four months after PSBC submitted its IPO application at the end of June this year.
PSBC plans to issue no more than 6% of equity, for the largest IPO in 2019, and likely the second largest in the past five years.
According to its mid-year report PSBC’s total assets are over 10 trillion yuan, while the issue of 5.172 billion A-shares is expected to raise up to 28.394 billion yuan.
In early 2019 the People’s Bank of China (PBOC) changed its definition of the country’s big state-owned banks to include PSBC, bringing the number of such lenders to six in total.