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: Recruitment Data Suggests AI Has Yet to Hurt Hiring of Coders in China; AMD Bets on Edge Computing in Race for AI PC Market; Alibaba Expands AI Push With Model Update, New Chip

LATEST: Alibaba Expands AI Push With Model Update, New Chip; Recruitment Data Suggests AI Has Yet to Hurt Hiring of Coders in China; AMD Bets on Edge Computing in Race for AI PC Market; Robot-Dog Maker Deep Robotics Seeks $370 Million Shanghai IPO; Unitree Unveils ‘World’s First’ Production-Ready Mecha; China Establishes New Agency for the Low-Altitude Economy; Baidu CEO Says AI Agents Will Be the Measure of AI Success; Tencent Wins Regulatory Approval to Acquire Audio Platform Ximalaya; Kuaishou Weighs Seeking Outside Money for AI Video Unit; China Issues Guidelines to Standardize AI Agent Development; Cover Story: How AI Is Mining Worker Data to Reshape the Labor Market; ByteDance Plans Subscriptions for AI Chatbot Doubao; U.S. Chipmaker Onsemi Reaffirms Commitment to China as Demand Rises From EV Shift; U.S. Moves to Block Chinese Labs From Certifying Electronics; Cover Story: AI Drives Markets as Valuations Race Ahead of Earnings; Insta360 Profit Falls as R&D Surge Meets Rising DJI Competition; Beijing to Impose Sweeping Drone Sales Ban From May 1; Lightelligence Sets Record IPO Gain with 383% Surge on Hong Kong Debut; Robot Era Raises Over $200 Million as Humanoid Robot Race Heats Up; DeepSeek Launches New AI Model as Funding Rumors Spread

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