Postal Savings Bank of China (PSBC)—the sixth largest lender in China—began accepting proposals for its $10 billion Hong Kong IPO on Tuesday and will continue to do so through Friday. The PSBC IPO will be the largest financial institution IPO in Hong Kong ever since AIA Group Limited’s $20.5 billion in 2010.
Back in December 2015, PSBC sold 17 percent of its shares for $7 billion to a group of investors. The buyers include international investors like UBS Group AG and JP Morgan Chase & Co, and domestic investors like Alibaba’s finance unit Ant Finance, Tencent Holdings Limited, China Life Insurance Company Limited, and China Telecom Corporation.
With 500 million customers and 40,000 branches across China, PSBC is twice the size of Industrial and Commercial Bank of China, the largest bank in terms of assets. China International Capital Corp, who arranged the stake sale, has being working with PSBC in planning the bank’s IPO.