Postal Savings Bank makes flat debut in Hong Kong

Lukewarm reception: Postal Savings Bank chairman Li Guohua (left) and president Lyu Jiajin at the company’s listing ceremony at the Hong Kong Stock Exchange. Postal Savings Bank made a tepid share market debut in Hong Kong as a Chinese business magazine reported that a fund connected with billionaire George Soros was among investors. – Bloomberg

HONG KONG: Shares in Postal Savings Bank of China (PSBC) made a flat debut in Hong Kong after the state-owned lender raised US$7.4bil in the world’s biggest initial public offering in two years, priced the deal near the bottom of its marketing range.

Yesterday’s lukewarm start for PSBC comes as investors remain cautious on the outlook for the Chinese banking industry, battling with mounting bad debts amid a slowing economy.