China’s Postal Savings Bank invites banks to be sponsors for $15b HK IPO

An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China, in this September 7, 2015 file photo. REUTERS/Jason Lee/Files

Postal Savings Bank of China (PSBC) has invited banks to pitch for its planned Hong Kong IPO, which with an estimated value of up to $15 billion may be the world’s biggest listing this year, IFR reported, citing people familiar with the deal.

The move puts the initial public offering on track to take place in the second half of the year, said IFR, a Thomson Reuters publication. It added that banks have until Jan. 22 to submit their pitches to become sponsors of the listing.

A PSBC spokesman in Beijing declined to comment on the IPO plans when contacted by Reuters.

The bank, China’s largest by number of customers and branches, last month raised about $7 billion by selling a 17 percent stake to investors including UBS Group AG, JPMorgan, Alibaba’s Ant Financial unit, Tencent Holdings and Canada Pension Plan Investment Board (CPPIB).

The sale was the single biggest private fund-raising in China’s financial industry with investors attracted to the bank’s customer base of almost 500 million – larger than the population of the United States.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.