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China's Postal Savings Bank gets approval for secondary listing

State bank's IPO likely to fetch $3.2bn in China's biggest float so far this year

PSBC is expected to offer 6% of its total shareholdings, or 5.17 billion shares, on the Shanghai Stock Exchange.   © Reuters

SHANGHAI -- China's securities regulator on Thursday approved an initial public offering from the Postal Savings Bank of China on the mainland's A-share markets, paving the way for the state lender to raise at least 23 billion yuan ($3.2 billion) to strengthen its capital liquidity.

Already listed in Hong Kong, PSBC is expected to offer 6% of its total shareholdings, or 5.17 billion shares, on either the Shanghai or Shenzen stock exchange to tap funds from the domestic market.

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