Depending on your view, PSBC is either an unwieldy, undercapitalised, cost-inefficient bricks-and-mortar bank stuck in a bygone era, or a vast, under-exploited savings pool with unique knowledge of under-leveraged rural China, where it lends. The truth is that it is all of those things. The question is, will the glass half-full thinkers be prepared to back it when it launches its offering next month?

中国邮政储蓄银行是一家臃肿、资本不足、成本效益低、而且囿于过去时代的实体银行，还是一家对中国杠杆不足的农村地区（其主要贷款对象）有着独特了解、尚未得到充分开发的大型储蓄池？这取决于你怎么看。真实情况是，这两种描述都对。问题在于，当中国邮政储蓄银行下月IPO的时候，那些乐观的思想家准备好支持它了吗？

Those who have already placed bets include JPMorgan, Canada Pension Plan Investment Board and Singapore’s Temasek as well as DBS, the city-state’s biggest bank. Ant Financial, Alibaba’s payments arm, and its rival Tencent were also part of the same $7bn pre-IPO investment round last December. This blue-chip group valued PSBC at $41bn — far above the $30bn suggested by bankers earlier in 2017. Mark Machin, now head of CPPIB, described his fund’s $500m investment as a bet on the bank, not the financial sector, because it fits his broader aim to focus on rural China as well as on consumers.

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