August 30, 2017 / 3:00 AM / a year ago

China's postal bank plans Shanghai listing, seeks to raise $785 million

HONG KONG (Reuters) - State-owned Postal Savings Bank of China (1658.HK), the country’s biggest lender by branches, said it was planning a Shanghai listing, seeking to raise around $785 million.

FILE PHOTO: A man walks out of a Postal Savings Bank of China branch in Beijing April 23, 2015. REUTERS/Kim Kyung-Hoon/File Photo

The move follows its Hong Kong listing last year in which the bank raised $7.4 billion - the world’s biggest IPO since Alibaba’s U.S. listing in 2014.

The bank plans to raise as much as 5.17 billion yuan ($785 million) in an issue that would consist of no more than 5.17 billion shares at par value of 1 yuan per share, it said in a stock exchange filing Monday night.

The offering would further optimize the bank’s corporate governance structure and develop domestic and overseas financing platforms, it added.

The bank reported first-half net profit of 26.6 billion yuan ($4 billion), up 14.5 percent year-on-year.

Reporting by Kane Wu; Editing by Edwina Gibbs

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