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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年中国邮政储蓄银行(PSBC)成立的时候，中国那些业已上市的大银行的估值至少是它们账面价值的两倍，而且投资者对中国市场趋之若鹜。如今，按资产计算是中国第五大银行的中国邮政储蓄银行即将勇敢赴香港上市——即便中资银行在逾一年时间里的股价大大低于每股账面价值。 That joins a list of other challenges facing the world’s biggest public offering since Alibaba blasted past fevered expectations and raised a record $25bn in New York two years ago. Looking for between $8bn and $10bn, PSBC is altogether more modest. It will, however, be a far greater litmus test of investor sentiment towards China. 此外，将成为自阿里巴巴(Alibaba)上市以来全球最大IPO的中国邮政储蓄银行上市还面临其他一系列挑战。两年前，阿里巴巴打破狂热预期，在纽约上市筹得创纪录的250亿美元资金。中国邮政储蓄银行预计募集金额为80亿至100亿美元之间，总体来说低调得多。然而，它将成为测试投资者对中国市场的情绪的一块重要得多的试金石。 | 
