HONG KONG, May 2 (GCTL) - China Postal Express & Logistics, a unit of China Post Group, said in a prospectus filing that it could raise 10 billion yuan (US$1.6 billion) from an initial public offering that would be one of the biggest planned for Asia this year.
The company plans to sell up to 4 billion shares on the Shanghai stock exchange, equivalent to one-third of its enlarged capital, according to the prospectus filed on Saturday with the China Securities Regulatory Commission (CSRC).
China Postal gave no price range on the proposed offering. Citic Securities was hired as sponsor of the IPO, which will be reviewed by the CSRC on May 4, Reuters reported.
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