HONG KONG, Sept 29 (Reuters) - Hong Kong’s Li Ka Shing Foundation on Thursday said it owns 2.8 percent of Postal Savings Bank of China Co Ltd, a Chinese state-back lender that raised $7.4 billion through an initial public offering in Hong Kong this month.
The ownership arises from performance-linked notes issued by a financial institution, the foundation said in a statement without elaborating.
Hong Kong billionaire Li Ka-shing has “absolute” confidence in the bank and treats the ownership as a long-term investment, his group companies CK Hutchison Holdings Ltd and Cheung Kong Property Holdings Ltd said in a separate statement.
The stake is worth HK$10.78 billion ($1.39 billion), according to a Reuters calculation based on Thursday’s closing price of the bank’s stock.
$1 = 7.7540 Hong Kong dollars Reporting by Denny Thomas and Donny Kwok