State-owned Postal Savings Bank of China is seen getting between 60% and 80% of its Hong Kong IPO covered by commitments from cornerstone investors, people with direct knowledge of the deal said on Wednesday. The bank, China’s largest by branches, has secured about $2 billion in commitments from China State Shipbuilding Corp, out of a total of about $6 billion expected in cornerstone investments for the IPO, according to Reuters. The bank is looking to raise about $8 billion in the IPO, expected to be the world’s biggest in 2016. The majority of the investments will come from Chinese companies, as overseas fund managers remain skittish over valuations, the sources added.
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