Postal Savings Bank of China’s enormous IPO may not deliver, The Wall Street Journal warns. China’s fifth-largest bank by assets, it plans to raise about $7.5 billion in its Hong Kong public offering this month. Unlike other Chinese banks, this one has posted double-digit profit growth and barely has any non-performing loans. But that profit growth has come from rapid loan growth and riskier assets, and the bank is inefficient. Most Chinese banks have seemingly healthy capital bases, maintaining an average 11% tier one capital ratio that is well above regulatory requirements. Postal Savings, at the end of March this year, stood at 8.35%, which barely meets the minimum.