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Postal Savings Bank of China Gets $2 billion Backing

Postal Savings Bank of China Gets $2 billion Backing

Postal Savings Bank of China is getting a US$2 billion backing from another Chinese state firm. The bank is close to securing a cornerstone commitment from China State Shipbuilding ahead of the IPO, which is expected to raise more than $US 7 billion in the coming weeks. This IPO is set to be the world’s biggest initial public offering this year.

“The bank is close to securing a cornerstone commitment from China State Shipbuilding ahead of the IPO, which is expected to raise more than $US 7 billion in the coming weeks.”

~The Australian

Hong Kong has traditionally served as a gateway to connect Chinese companies with capital from investors. Increasingly, Chinese domestic companies are providing big chunks of funding for Hong Kong listings of other Chinese firms.

Related Reports: The Australian, Wall Street Journal

 

About China Postal Savings Bank

At present, Postal Savings Bank has 37,000 business offices for savings service, 45,000 business offices for exchange service and 20,000 business offices for international remittance service. Postal Savings Bank of China will continuously diversify its service products, expand distribution channels and improve service functions relying on postal network’s advantages and according to the modern framework for corporate governance as well as the requirements of management for commercial banks to provide more complete and convenient basic finance services and create a modern bank with adequate capital, rigorous interior control, safe operation, complete functions and high competitiveness.

Visit: China Postal Savings Bank

 

About China State Shipbuilding

China State Shipbuilding Corporation (CSSC) established on the 1st of July 1999, is a conglomerate and state-authorized investment institution directly administered by the central government of China. It boasts its being the mainstay of the shipbuilding industry in China. Under its wing, there are a total of 60 sole proprietorship enterprises and shareholding institutions, including the most powerful and some renowned shipbuilding and repairing yards, research and design institutes, marine-related equipment manufacturers and trading firms in China.

Visit: China State Shipbuilding

 


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