Postal Savings Bank of China plans to announce it has raised more than $4.5bn by selling almost 17 per cent of its shares to ten domestic and international investors ahead of a proposed listing, which could come next year.
The placing gives Postal Savings Bank a valuation above its target of $25bn, according to two people familiar with the matter and a filing with the Hong Kong Stock Exchange. The transaction values the bank above book value, while most other Chinese banks are priced at a discount to book value.
The Chinese investors range from state-owned enterprises to units of the two most powerful Chinese internet companies, Alibaba and Tencent.
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