China’s Most Ubiquitous Bank Gets Closer to Mainland IPO

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: Chinese Startup X Square Robot Hits 20 Billion Yuan Valuation; UBTech Launches Lifelike Humanoid Robots in Push for Consumer Market; China Mobile Sets Up Token Office to Scale AI Services

LATEST: Chinese Startup X Square Robot Hits 20 Billion Yuan Valuation; Wanda Ordered to Pay Suning 1.75 Billion Yuan Over Failed IPO; Volkswagen Urged to Build China-Developed Cars in Germany to Protect Jobs; China Mobile Sets Up Token Office to Scale AI Services; UBTech Launches Lifelike Humanoid Robots in Push for Consumer Market; Geely-Backed Polestar Forced Out of U.S. by Chinese Auto Tech Ban; DeepSeek Plans Major Hiring Spree After $7.4 Billion Funding Round; Anyverse Dynamics Raises Over $200 Million as China’s Robotics Funding Boom Accelerates; Europe Has a Lot to Learn From China About Electric Trucks, Volvo CTO Says; Embodied AI Startup Kunlunxing Lands Multibillion Yuan Raise; ByteDance Targets July Launch of Upgraded AI Video Model; China’s Starlink Challenger Seeks Up to $2.2 Billion for Satellite Network Push; New Model Propels Zhipu AI’s Market Value to Record HK$1 Trillion; In AI Pitch, Alibaba Chairman Urges Europe to Look Beyond U.S. Tech; Cover Story: China’s AI Boom Is Rewiring Its Power Grid; In Depth: How AI Is Rewiring White-Collar Work in China; Chipmaker YMTC Cedes Control of Foundry Unit Ahead of Mega IPO; Chinese Startup Manifold AI Raises Fresh Funding as Investors Bet on ‘World Models’; Crealights Takes Step Closer to Hong Kong IPO as Data Center Boom Fuels Growth Prospects; Tencent Lets AI Agent Make Purchases Through WeChat Pay

By Zhao Runhua / Jun 13, 2019 12:44 PM / Finance

Photo: IC China

It’s been a while since China’s most ubiquitous bank started planning for a second listing on the Chinese mainland.

But on Wednesday, Hong Kong-listed Postal Savings Bank of China (PSB) announced that the China Banking and Insurance Regulatory Commission (CBIRC) has agreed to its mainland listing plan. It still needs to obtain approval from other regulators, including the China Securities Regulatory Commission. CBIRC will allow the PSB to issue no more than 5,947,988,900 shares, the bank said. No other details were made available.

In September 2016, the PSB raised over $7 billion with its Hong Kong IPO, which was the world’s largest share since internet behemoth Alibaba’s 2014 $25 billion IPO.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Share this article

Open WeChat and scan the QR code