China’s biggest stock listing since 2010 is drawing the lowest demand from retail investors in almost half a decade, amid signs stock market exuberance is waning and concern over the country’s troubled banking system.
Seeking to raise as much as 32.7 billion yuan ($4.6 billion) from a listing in Shanghai, state-owned lender Postal Savings Bank of China Co. saw the deal about 79 times oversubscribed by retail investors, according to an exchange filing late Thursday. That would be the lowest level for a mainland listing since that of China National Nuclear Power Co. in 2015, right before the country’s stock market crashed later that month.
