Postal Savings Bank of China has quietly launched a fundraising that will let foreign and domestic investors take a 15 per cent stake, ahead of the group’s $25bn initial public offering next year — in a sign of government confidence that it has stabilised the Chinese equity market.
Investors taking part in the pre-IPO capital raising include the Singapore state investment fund Temasek, Swiss bank UBS, the Canada Pension Plan Investment Board, and the IFC arm of the World Bank, according to people familiar with the plan.
UBS is expected to place its stake with other investors, which may include Hong Kong tycoon Li Ka-shing, the people added. Mr Li’s spokesperson declined to comment.
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