China postal bank's $10 billion IPO piques foreign interest

Postal Savings Bank of China’s up to $10 billion forthcoming IPO is drawing marquee foreign investors’ attention due to its clean balance sheet, though unattractive valuations may mean it will still need local cornerstone investors to succeed. Slots to meet with PSBC’s management were all snapped up this week when it held a series of meetings with investors in London, New York, Boston and in the U.S. west coast, bankers and investors directly involved in the Hong Kong IPO, expected to be the world’s biggest in 2016, told Reuters. Some fund managers, though, said they will steer clear of the deal and wait to see how PSBC shares perform post-listing.