Financial news
Written by: Dan
2019-12-10 12:03
Last updated: 2019-12-10 12:03China Post Bank (Shanghai ﹕ 601658) (1658) is listed on the Shanghai Stock Exchange today, which means that the six major state-owned banks in China will all be listed on the "A + H".
Postal Savings Bank opened at RMB 5.6 (RMB ‧ the same below), and fell slightly after rising to RMB 5.65. At noon, it closed at RMB 5.56, up 1.1%, and the turnover was RMB 6.864 billion.
Recently, the stock price performance of newly listed banks is not very optimistic. On November 27, Zheshang Bank fell below the issue price the next day after listing, and Yunong Commercial Bank broke the issue on the tenth trading day of listing. Against this background, the initial performance of PBC's A-share listing deserves attention.
It is understood that, in order to stabilize the stock price, Postal Savings Bank introduced a minimum placement share in the A-share issuance plan, that is, the joint lead underwriter was granted an over-allocation option not exceeding 15% of the initial issue amount. If the stock price of the Postal Savings Bank A shares falls below the issue price within 30 days after the listing, the underwriter buys the shares at an issue price of no more than 5.5 yuan, and a maximum of about 4.3 billion yuan of funds is entered to support the stock price.
Post Bank H shares listed in 2017
This is the fourth time in the history of A shares to introduce an over-allotment mechanism. Previously, ICBC (2006), Agricultural Bank of China (2010) and Everbright Bank (2010) all performed well during the exercise period of the over-allotment option.
According to public information, the Postal Savings Bank was established in 2007 and was formerly known as Postal Savings. Its history can be traced back to the postal savings business opened in 1919. In 2012, China Post Savings Bank Co., Ltd. was restructured into China Post Savings Bank Co., Ltd. In September 2016, PBC issued H shares on the Hong Kong Stock Exchange (0388).
In August 2017, the Postal Savings Bank announced its intention to apply for the A-share offering. In February 2019, the China Banking Regulatory Commission announced that the type of postal savings bank is a “state-owned large commercial bank”. Since then, the five state-owned banks have expanded to six state-owned banks.
In addition, the Postal Holding Group, the controlling shareholder of the Postal Savings Bank, plans to increase its holdings within 12 months from December 10, with an increase of not less than 2.5 billion yuan, and no price range for the increase. The Post Group will gradually implement a plan to increase its holdings in accordance with the fluctuations in the company's stock prices. In this way, there will be at least about 6.8 billion yuan in the early stage of listing.
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A shares of China Post Bank