Back when China formed Postal Savings Bank in 2007, its already-listed banking behemoths garnered valuations of at least twice their book value and enthusiasm for the country knew no bounds. Now PSBC is its fifth-largest bank by assets and is about to brave the Hong Kong market — even though its fellows have not traded near book value in more than a year.
在2007年中國郵政儲蓄銀行(PSBC)成立的時候，中國那些業已上市的大銀行的估值至少是它們賬面價值的兩倍，而且投資者對中國市場趨之若鶩。如今，按資產計算是中國第五大銀行的中國郵政儲蓄銀行即將勇敢赴香港上市——即便中資銀行在逾一年時間里的股價大大低于每股賬面價值。
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