By Martin Mou

Postal Savings Bank of China Co. said its controlling shareholder has bought 6.0 million of its A-shares as part of a plan to stabilize its A-share price.

China Post Group, which owns 65% of PSBC, has spent 28.8 million yuan ($4.11 million) purchasing the bank's Shanghai-listed shares the past three months, the Chinese lender said Friday.

Under the bank's share-price stabilization plan, China Post may use a minimum CNY50.0 million to buy PSBC's shares.

PSBC, which is also listed in Hong Kong, completed its share offering in Shanghai in December last year in one of the largest A-share IPOs that year.

PSBC's shares have fallen 18% year to date to CNY4.62, which is below its Shanghai IPO price of CNY5.5. 



  Write to Martin Mou at martin.mou@wsj.com