HONG KONG: Postal Savings Bank of China (PSBC) made a low-key debut at the Hong Kong bourse Wednesday, despite notching up the arena’s largest IPO in two years aimed toward expanding the enterprise.
China’s 5th-largest lender raked in a huge $7.Four billion inside the flotation, with a record in the Chinese language economic information portal Caixin saying a fund linked to investment guru George Soros was a few of the preliminary investors.
But the firm’s first day of buying and selling noticed it submit a tepid upward thrust within the morning session with analysts saying the muted response became expected, because of the glut of options in Chinese banking.
“We have already got a variety of Chinese banks inside the market. The ones (already) publicly traded are inexpensive,” said Jackson Wong, associate director of Hong Kong-based Simsen Financial institution.
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