PSBC files prelisting documents

Postal Savings Bank of China Co Ltd, gearing up for an $8 billion initial public offering in Hong Kong in the second half of this year, on Monday published its IPO prelisting application on the website of the city's stock and futures market operator - Hong Kong Exchanges and Clearing Ltd.

The IPO is set to be the biggest since e-commerce giant Alibaba Group Holding Ltd raised a record $25 billion in New York in September 2014.

The bank's net profit for the three months ending March increased 11 percent from the same period a year earlier to 12.5 billion yuan ($1.9 billion). Its nonperforming loan ratio stood at 0.81 percent as of March 31, significantly lower than large commercial banks' average of 1.72 percent.