Against that, investors must weigh up the fact that the bank’s profitability has been deteriorating at a faster pace than its rivals’. Last year, it produced a return on equity of 15 per cent. That might sound fabulous to western bank investors but it was down 13 percentage points from its 2017 level, according to Bernstein. It also lagged behind its peers by more than one percentage point. PSBC’s commercial relationship with its 83 per cent owner and parent, China Post Group, from whom it was split in 2007, is complicated too.

在这种背景下，投资者必须斟酌中国邮政储蓄银行盈利能力降速超过其竞争对手的事实。去年，该行的股本回报率是15%。对西方的银行投资者来说，这可能听起来很高，但伯恩斯坦研究公司(Bernstein)的数据显示，它比2017年下降了13个百分点，也比其他银行落后了逾1个百分点。中国邮政储蓄银行与持有其83%股份的母公司中国邮政集团(China Post Group)的商业关系也很复杂。2007年，中国邮政储蓄银行从中国邮政集团分离出来。

The biggest problem, meanwhile, for those selling the shares is valuation. Chinese state-owned financials cannot sell shares at below book value, and PSBC’s four big state-owned rivals are all trading at between 0.7 and 0.8 times book value. They last traded at par, and then only barely, in June 2017 during the mainland market boom that collapsed a year ago.

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