On September 28, Postal Savings Bank of China Limited began trading on the main board of the Stock Exchange of Hong Kong under the stock code 1658.HK. The shares will be traded in units of 1,000 H shares each.
PSBC's H shares are priced at HK $4.76 per H share (excluding 1% economic commission, 0.0027% SFC transaction levy and 0.005% SEHK transaction fee). Based on the offering price of HK $4.76 per H share, after deducting underwriting commissions and other estimated expenses related to the global offering and assuming that the over-allotment is not exercised, the net global offering proceeds to be collected by PSBC are estimated to be approximately HK $56.627 billion.
The Postal Savings Bank issued 12,106,588,000 H shares globally, of which 95% were issued on the basis of international offerings and 5% were issued in Hong Kong.
For the Hong Kong Public Offering, the Postal Savings Bank received a total of 30,990 valid applications for 15,75443,000 shares (including applications using white and yellow application forms, applications for Hong Kong Clearing through the Central Clearing System and electronic subscription instructions via the White Form eIPO service). This is approximately 2.60 times the total initial subscription amount of 60,5330,000 shares available under the Hong Kong public Offering.
For the international allotment portion, the final number of shares issued by PSBC to the transferees was 115,01,258,000, representing 95% of the total number of shares issued worldwide (before the exercise of the over-allotment). The international offering has been overallocated 1815,988,000 shares.
Pursuant to the Cornerstone Investment Agreement entered into with the Cornerstone Investors, the number of offering shares subscribed by the Cornerstone investors has now been determined. CSICInvestmentOneLimited has subscribed for 3423340000 shares, the port group (Hong Kong) co., LTD has already subscribed for 3349490000 shares, VictoryGlobalGroupLimited has subscribed for 1629579000 shares, the state grid has to recognize overseas investment co., LTD China Chengtong Holding Group Co., Ltd. has subscribed 24,436,000 shares, Great Wall Huanya International Investment Co., Ltd. has subscribed 162,957,000 shares, a total of 92,93,782,000 shares, which is equivalent to about 11.51% of the total issued share capital of PSBC after the completion of the global offering. That is, the number of shares offered under the global offering is approximately 76.77% (assuming the overallotment is not exercised). Each Cornerstone investor has agreed that it will not and will cause its affiliates not to sell any of the offered shares subscribed for at any time during the six-month period following the listing date.
The successful listing on the international capital market is an important milestone in the history of Postal Savings Bank's reform, which indicates that Postal Savings Bank has realized the three-step development strategy of "stock reform, war and listing".
In December 2015, PSBC took "attracting capital, mechanism, resources, technology and intelligence" as its goal. Successful introduction of ubs, China life insurance, China telecom, Canadian pension fund investment company, the ant gold and jpmorgan chase, FullertonManagementPteLtd, the international finance corporation, DBS bank and shenzhen tencent and other 10 strategic investors, realize the diversification of the ownership structure, and further enhance the comprehensive strength.
"All these have fully demonstrated that domestic and foreign investors' recognition of PSBC's retail banking strategy, its unique 'proprietary + agent' business model, its huge network, customer base and financial strength, excellent asset quality and significant growth potential. At the same time, it fully shows that investors have expectations for the development prospects of the Chinese economy and confidence in the robustness and profitability of the Chinese banking sector." Postal Savings Bank chairman Li Guohua said.
The successful listing of Postal Savings Bank is another fruitful achievement of China's economic and financial system reform. Li Guohua said that listing in Hong Kong is the most important step for PSBC to complete its reform roadmap, as well as an important step towards internationalization and capital market. He hopes that by integrating into the international capital market, PSBC will continue to improve its corporate governance level and comprehensive competitive strength.
