The Postal Savings Bank of China’s (PSBC) US$7.4 billion initial public offering on the Hong Kong Stock Exchange (HKEX) made a crucial breakthrough on the listing rules, said a legal expert involved.
Tim Wang, China co-managing partner of Clifford Chance, told China Business Law Journal that more than 50% of the PSBC’s securities in public hands at the time of listing were beneficially owned by the three largest public shareholders, which violated the listing rules of the HKEX. But the PSBC successfully got an exemption from the exchange.
“The size of its issuance is really huge,” said Wang. “Even if its three largest public shareholders own approximately 53% of securities in public hands, its public float was not seriously affected, as well as its liquidity.”
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