HONG KONG, Sept 29 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
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
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)