1398.HK - Industrial and Commercial Bank of China Limited

HKSE - HKSE Delayed Price. Currency in HKD
4.550
-0.030 (-0.66%)
At close: 4:08PM HKT
Stock chart is not supported by your current browser
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close4.580
Open4.570
Bid4.550 x 0
Ask4.560 x 0
Day's Range4.520 - 4.610
52 Week Range4.520 - 6.110
Volume229,651,430
Avg. Volume222,583,723
Market Cap2.695T
Beta (5Y Monthly)0.76
PE Ratio (TTM)4.73
EPS (TTM)0.961
Earnings DateN/A
Forward Dividend & Yield0.29 (6.28%)
Ex-Dividend DateJun 22, 2020
1y Target Est7.53
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
N/A
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
    View more
    • Moody's

      Industrial & Comm'l Bank of China (NZ) Ltd -- Moody's announces completion of a periodic review of ratings of Industrial & Comm'l Bank of China (NZ) Ltd

      Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Industrial & Comm'l Bank of China (NZ) Ltd and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

    • Moody's

      Industrial & Comm'l Bank of China (Macau) Ltd -- Moody's announces completion of a periodic review of ratings of Industrial & Comm'l Bank of China (Macau) Ltd

      Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Industrial & Comm'l Bank of China (Macau) Ltd and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.

    • Moody's

      Industrial & Comm'l Bank of China (Asia) Ltd. -- Moody's announces completion of a periodic review of ratings of Industrial & Comm'l Bank of China (Asia) Ltd.

      Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Industrial & Comm'l Bank of China (Asia) Ltd. Hong Kong, July 14, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Industrial & Comm'l Bank of China (Asia) Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.

    • Exclusive: Chinese banks prepare contingency plans over threat of U.S. sanctions - sources
      Reuters

      Exclusive: Chinese banks prepare contingency plans over threat of U.S. sanctions - sources

      Chinese state lenders are revamping contingency plans in anticipation of U.S. legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong, sources at five state financial institutions said. In worst-case scenarios under consideration by the Bank of China <601988.SS> <3988.HK> and Industrial and Commercial Bank of China (ICBC) <601398.SS> <1398.HK>, the lenders are looking at the possibility of being cut off from U.S. dollars or losing access to U.S. dollar settlements, two sources said.

    • China’s JPMorgan Isn’t Coming Anytime Soon
      Bloomberg

      China’s JPMorgan Isn’t Coming Anytime Soon

      (Bloomberg Opinion) -- China is attempting to create its own JPMorgan Chase & Co. The ambitions could prove hard to satisfy.Regulatory authorities may allow some of the largest commercial lenders into the brokerage industry to perform services that include investment banking, underwriting initial public offerings, retail brokering, and proprietary trading, local media outlet Caixin reported. With capital markets flailing and direct financing struggling to take hold as debt rises across the economy, what better way than to bring in its trillion-dollar whales to boost the financial sector?There is logic to this. Size matters, and the volumes could lead to success. China’s banks have more than $40 trillion in assets; the securities industry’s amount to around 3% of that. The largest lender, Industrial & Commercial Bank of China Ltd., had 32.1 trillion yuan ($4.5 trillion) in assets and 650 million retail customers as of March, according to Goldman Sachs Group Inc. The biggest broker, CITIC Securities Co., had 922 billion yuan and 8.7 million retail clients. Banks have thousands of branches with deeper distribution channels.But banks are the load-bearing pillars of China’s financial system. Regulators have asked lenders to show leniency with hard-up borrowers and to forego profits in the name of national service, in both tough and normal times. Granting brokerage licenses could help them create another channel of (small) profits.Banks stepping in where brokers have failed could help the broader capital markets. In theory, commercial lenders know how to deal with different types of risk, like with the ups and downs in the value of a security and market movements. They’re already big participants in bond markets and have access. Bringing banks into mainstream brokering could help reduce the intensity of risk associated with the trillions of dollars of credit being created in China every month. It may also help solve a persistent problem: the inefficient allocation of credit that has led to mispriced assets.All of this is contingent upon the banks pulling their weight. Going by past experiments, they haven’t brought the heft that Beijing had hoped. Consider China’s life insurance industry. It took bank-backed players in this sector a decade to build a foothold. Their market share grew to 9.2% last year from 2.5% in 2010. The brokerage arms of Chinese banks in Hong Kong have fared little better. Bank of China International Securities, set up in 2002 by Bank of China Ltd., remains a mid-size broker by assets and revenue, Goldman Sachs says. Top executives come from the bank; related-party transactions with the parent account for just about 14% for underwriting business and around 39% for income from asset management fees.Catapulting ICBC to the same stature as JPMorgan — a full service bank with a 200-year history — may take a while. The American financial giant has hired big, and opportunistically built out businesses. It bought and merged with firms like Banc One Corp. and Bear Stearns Cos. and is in consumer banking, prime brokerage and cash clearing. The services it offers run the gamut of credit cards, retail branches, investment banking, and asset management. Shareholders have mostly rewarded the efforts.For China’s biggest lenders, conflicting and competing priorities will make this challenging. They’re already being required to take on more balance sheet risk, lend to weak companies and roll over loans while maintaining capital buffers, keeping depositors happy and essentially martyring themselves. Now, they’ll be adding brokering at a time when traditional revenue sources are shrinking in that business. And it won’t happen overnight, or even in the next two years. As for brokers? Their stock prices dropped on the news that banks would be wading into their territory.Beijing’s efforts to shore up its capital markets may look OK on paper, but they’re increasingly muddled and interests aren’t aligned. As China attempts to make its financial sector more institutional and less fragmented while it’s also letting in foreign banks and brokers, allowing the big homegrown institutions to do more, with additional leeway, doesn’t necessarily make for a stronger system. As I’ve written, experiments like these can have unexpected results.Over time, it won’t be surprising to see China’s large brokers and banks start looking very similar; for instance, big securities firms becoming bank holding-type companies, as one investor suggested. That may be a laudable goal for Beijing, but is it realistic? And does it take into account the problems on the financing side, such as misallocation and transmission? Ultimately, none of this really gets at one big problem: unproductive credit.All the while, regulators are inviting in the likes of the actual JPMorgan Chase and Nomura Holdings Inc. and giving them bigger roles. China won’t be ready. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Anjani Trivedi is a Bloomberg Opinion columnist covering industrial companies in Asia. She previously worked for the Wall Street Journal. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • China plans to grant investment banking licenses to lenders - Caixin
      Reuters

      China plans to grant investment banking licenses to lenders - Caixin

      China's securities regulator plans to grant investment banking licences to commercial lenders as part of efforts to breed industry behemoths in the face of fiercer foreign competition, business magazine Caixin reported. A pilot scheme could involve at least two of China's largest banks getting the green light from the China Securities Regulatory Commission (CSRC) to conduct investment banking business on the mainland, according to Caixin. The Industrial and Commercial Bank of China, the country's top lender, submitted a plan to CSRC in late 2018 seeking to set up a securities unit with registered capital of 100 billion yuan, Caixin reported.

    • Reuters

      RPT-Chinese liquor makers seek listings as investors keep spirits up

      Two more liquor makers have sought listings in China, riding a wave of investor enthusiasm over spirit makers which has helped push their shares to record highs. Sichuan Langjiu applied to the securities watchdog for a 7.45 billion yuan ($1.05 billion) Shenzhen initial public offering over the weekend, the second liquor company to do so in just weeks. Guizhou Guotai Liquor filed for a 2.5 billion yuan IPO in Shanghai in late May.

    • When Should You Buy Industrial and Commercial Bank of China Limited (HKG:1398)?
      Simply Wall St.

      When Should You Buy Industrial and Commercial Bank of China Limited (HKG:1398)?

      Let's talk about the popular Industrial and Commercial Bank of China Limited (HKG:1398). The company's shares saw...

    • Dozens at China's ICBC bank test negative for coronavirus after fever
      Reuters

      Dozens at China's ICBC bank test negative for coronavirus after fever

      Days before China's once-a-year parliament is due to meet, dozens of staff at the Beijing headquarters of Industrial and Commercial Bank of China came down with fever in what turned out to be a novel coronavirus scare. Beijing has not reported any new coronavirus cases since April 15. The annual meeting of parliament, due to begin in the city on Friday, is China's most important political gathering since the coronavirus emerged in a central city late last year.

    • China's biggest banks post profit growth amid pandemic, but margins shrink
      Reuters

      China's biggest banks post profit growth amid pandemic, but margins shrink

      China's biggest listed banks posted higher profits in the first quarter despite the wider impact of the coronavirus pandemic on the economy, though margins shrank. The world's largest commercial lender Industrial and Commercial Bank of China Ltd (ICBC) <601398.SS> <1398.HK> on Tuesday reported a 3.04% rise in first quarter net profit compared to a year earlier, while Bank of Communications Co Ltd (BoCom) <601328.SS> <3328.HK> reported a 1.8% rise. Meanwhile at Agricultural Bank of China Ltd (AgBank) <1288.HK> <601288.SS> and China Construction Bank Ltd (CCB) <601939.SS> <0939.HK>, first quarter net profit rose 4.79% and 5% respectively from the same period last year.

    • U.S. Blacklist Hurt Megvii’s Sales Before IPO Attempt
      Bloomberg

      U.S. Blacklist Hurt Megvii’s Sales Before IPO Attempt

      (Bloomberg) -- Megvii Technology Ltd.’s revenue growth dissipated in the second half of 2019 after it joined Huawei Technologies Co. on a U.S. trade blacklist, underscoring the extent to which White House sanctions are hurting China’s technology leaders.The company backed by Alibaba Group Holding Ltd. grew revenue a mere 2.7% in 2019’s second half after more than tripling sales in the first six months of the year, according to unaudited numbers for investors seen by Bloomberg. On a full-year basis, Megvii fell short of its target for 2.9 billion yuan ($409 million) in sales by almost 28%, a person familiar with the matter said, asking not to be identified discussing internal targets.Megvii and its biggest competitor, SenseTime Group Ltd., had been among China’s fastest-growing startups but are now under scrutiny after the Trump administration blacklisted them over alleged involvement in human rights violations against Muslim minorities in China. The surprise action in October encompassed several leading players in the field of artificial intelligence, a key area of contention between the world’s two largest economies.Megvii suspended certain operations while it determined which parts of the business may violate the blacklist, which prohibited the export of American technology, and that delayed some orders or shipments in the second half, another person said. To re-energize the business, the AI giant is now developing new revenue streams, including temperature detection solutions deployed to help China curb Covid-19 this year.U.S. sanctions helped tank Megvii’s attempt to go public, a $1 billion deal regarded as the unofficial coming-out party for China’s burgeoning AI sector. Megvii, backed also by Alipay-operator Ant Financial, ICBC Asset Management and Lenovo Group Ltd., this year allowed its application for a Hong Kong IPO to lapse, throwing its future plans into question. Megvii representatives declined to comment.Read more: U.S. Blacklisting Undermines Megvii IPO, China’s AI Ambition China’s advances in AI have unnerved Washington because both countries are vying for leadership in a technology at the heart of everything from autonomous driving and robot waiters to facial recognition. Chinese names like Megvii and SenseTime are joined by established players including Huawei, Tencent Holdings Ltd. and Didi Chuxing in a race with the likes of Google and Microsoft Corp. to develop systems fundamental to future modern economies.The company, last valued at about $4 billion according to people familiar with the matter, generates most of its revenue from products that combine software and sensors to help government agencies and other clients enhance public safety and optimize traffic management. Megvii disclosed in its August IPO documents that sales from that business, which it labeled “city IoT solutions,” jumped 270% to 694.8 million yuan in 2019’s first six months. It said in its prospectus that it served 112 cities in China, 38% of the country’s total, as of June.It also sells face-scanning systems to companies from iPhone-maker Foxconn Technology Group to Lenovo and Ant Financial, the payments affiliate that supports Alibaba’s e-commerce business. The company generated 207.2 million yuan from the segment it dubs “personal IoT solutions,” or 22% of its revenue. Its third major business line, solutions for logistics that deploy AI-empowered robots and sensors, made up some 5% of revenue.Megvii lost 3.4 billion yuan in 2018, partly due to changes in the value of preferred shares, according to its prospectus. It listed 1.4 billion yuan in cash, equivalents and bank balances at the end of June, while it used nearly half of that for operations in the first six months of the year. Its term deposits, which refers to short-term bank deposits with maturities of three to twelve months, stood at 3.3 billion yuan as of June, according to the IPO document.(Updates with ICBC as an investor in the fifth paragraph. A previous version was corrected to remove China Mobile as an investor.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Despite Its High P/E Ratio, Is Industrial and Commercial Bank of China Limited (HKG:1398) Still Undervalued?
      Simply Wall St.

      Despite Its High P/E Ratio, Is Industrial and Commercial Bank of China Limited (HKG:1398) Still Undervalued?

      The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll show how you can use...

    • HSBC Refugees May Find a Stable Home in China
      Bloomberg

      HSBC Refugees May Find a Stable Home in China

      (Bloomberg Opinion) -- China’s banks may be about to assume the mantle of the ultimate widows-and-orphans home for Hong Kong’s small investors.For decades, HSBC Holdings Plc has held that status — a reliable provider of investor income that even carried on paying dividends through the global financial crisis in 2008-2009. Hong Kong’s biggest bank hadn’t missed a payout in Bloomberg-compiled data going back to 1986. That changed Wednesday when London-headquartered HSBC scrapped its interim dividend in response to a request from the Bank of England. The lender’s stock plunged 9.5% in Hong Kong, the most in more than a decade.It’s difficult to overstate the importance of HSBC to individual investors in the city where it was founded more than 150 years ago. The stock is unusually widely held. Institutions own just 61.5% of the shares, compared with 94% for Standard Chartered Plc, HSBC’s London-based and Hong Kong-listed rival. Standard Chartered also cancelled its dividend along with other British banks after the BOE called on them to conserve cash amid the coronavirus pandemic.HSBC’s dependable payouts have also been a lure for institutional investors. Shenzhen-based Ping An Insurance Group Co., the bank’s second-largest shareholder, cited the dividend as an attraction for taking its 7% stake. Mainland Chinese investors will also be feeling the pain: As much as 8.2% of HSBC’s Hong Kong-listed stock sits with investors who bought via trading pipes that connect the city’s exchange with counterparts in Shanghai and Shenzhen. That’s risen from about 2% three years ago.HSBC said it would cancel an interim dividend slated to be paid this month and make no payouts or buybacks until at least the end of the year. That raises the question of where investors will turn in search of the stable income that they used to take for granted from HSBC. The answer may lie in the bank’s giant, state-controlled rivals across the border in mainland China.That might seem surprising. Shares of Industrial & Commercial Bank of China Ltd., and three fellow Chinese lenders that are members of Hong Kong’s benchmark Hang Seng Index, have languished over the past decade. Their poor performance reflects investor concerns that China’s post-financial-crisis buildup of debt will eventually lead to a surge in bad loans. ICBC’s Hong Kong-traded shares are 13% lower than they were a decade ago, and Bank of China Ltd. has slumped 27%. While China Construction Bank Corp. has lost only 1%, Bank of Communications Co. has fallen 44%.Yet all have been steady dividend payers. Including dividends, ICBC has returned 46% in the past decade, Construction Bank 65% and Bank of China 28%. Only Bocom has lost money for its investors. The four banks have typically traded at high dividend yields over that period. Yields for ICBC, Construction Bank and Bank of China have all averaged more than 5%, with peaks higher than 8%. Elevated yields often indicate that investors expect payouts to be cut or omitted altogether, but dividends have actually been rising at the Chinese banks in recent years.China’s opaque financial system and the state-owned banks’ status as policy tools of the government have helped to deter some investors. Yet with the coronavirus shutting down economies from the U.S. to Europe and pressuring financial systems, it’s debatable whether Chinese institutions should be seen as any more risky than their overseas counterparts. For one thing, having been first into the coronavirus outbreak, China’s economy is also the first to start getting back to normal. For another, the government has an incentive to ensure that the banks keep paying dividends because it relies on that income to fund social security spending. An unofficial rule has mandated the big state banks to pay at least 30% of their profits out as dividends, another reason to be sanguine that payouts will be sustained.In 2016, HSBC chose to keep its headquarters in London rather than move back to Hong Kong, a call that it may now be tempted to revisit. It would be ironic if a decision by its adopted jurisdiction helped send shareholders in the bank’s home city — and biggest market — scurrying into the hands of Chinese rivals.    This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • China's big banks flag asset pressure due to virus, boding ill for smaller kin
      Reuters

      China's big banks flag asset pressure due to virus, boding ill for smaller kin

      BEIJING/SHANGHAI (Reuters) - China's largest state banks said the impact of restrictions on movement imposed to slow the spread of the coronavirus could pull down asset quality as borrowers struggle to repay loans, though they are likely big enough to weather any fallout. The comments come as four of the country's largest state-backed lenders posted estimate-beating fourth-quarter profit - but they bode ill for smaller lenders, who have less capital reserves and can call on fewer state borrowers. China's largest lenders - Industrial and Commercial Bank of China Ltd (ICBC), China Construction Bank Corp (CCB) and Bank of Communications Co Ltd (BoCom) - posted annual profit growth of over 4% for 2019 due in part to improving asset quality.

    • Three of China's big banks beat profit estimates, warn of coronavirus impact
      Reuters

      Three of China's big banks beat profit estimates, warn of coronavirus impact

      BEIJING/SHANGHAI (Reuters) - Three of China's listed state-owned banks reported forecast-beating fourth-quarter results on Friday, as non-performing loan ratios held steady. China's largest banks have enjoyed some preferential policies from the government - such as state support to tackle bad loans. The Industrial and Commercial Bank of China (ICBC), reported a 4.2% rise in fourth-quarter net profit, beating expectations.

    • Reuters

      SMBC plans to issue 1 billion yuan bonds in China

      BEIJING/HONG KONG, March 6 (Reuters) - Sumitomo Mitsui Banking Corporation (SMBC) plans to issue one billion yuan ($144 million) of three-year bonds in China, two sources familiar with the transaction said on Friday. The issuer will price the deal between 40 and 60 basis points above China Development Bank bonds of the same tenor, said the sources. Bonds issued in China by companies incorporated outside the country are also known as "Panda bonds".

    • Industrial and Commercial Bank of China Limited's (HKG:1398) 5.2% Dividend Yield Looks Pretty Interesting
      Simply Wall St.

      Industrial and Commercial Bank of China Limited's (HKG:1398) 5.2% Dividend Yield Looks Pretty Interesting

      Is Industrial and Commercial Bank of China Limited (HKG:1398) a good dividend stock? How can we tell? Dividend paying...

    • China’s Banks Are Going to Suffer. But Not Equally
      Bloomberg

      China’s Banks Are Going to Suffer. But Not Equally

      (Bloomberg Opinion) -- China’s bank stocks have sold off indiscriminately on concern the coronavirus epidemic will drive up bad loans and hurt earnings. The reality is more nuanced. The biggest state-owned banks are likely to be worst affected, as the government sticks them with the the bulk of the bill for shutting down two-thirds of the economy. The smallest, meanwhile, already have well-documented funding challenges. Midsize lenders look best placed to ride out the storm.You wouldn’t think so to look at the stock market. Medium-size lenders China Everbright Bank Co., Shanghai Pudong Development Bank Co. and China CITIC Bank Corp. have all dropped more than 10% in Shanghai trading since mid-January, when the spread of the virus started to weigh more heavily on markets. By contrast, the so-called big four state-owned banks have lost between 4.6% and 6.6%, with the steepest fall suffered by Industrial & Commercial Bank of China Ltd., the biggest.There are signs already that banks will be pressed again into what’s been called “national service” — sacrificing their commercial interests to support broader government policy objectives. On Jan. 26, the banking regulator issued guidance calling on lenders to give special consideration to borrowers amid the outbreak, such as offering a moratorium to individuals having trouble meeting mortgage, credit-card or loan payments. They were also told to extend extra support to companies that are essential in combating the virus, such as medical providers, as well as businesses operating in virus-hit areas.The cost of such support will inevitably fall most heavily on the biggest financial institutions. They are the best capitalized and have lower bad-loan ratios than the industry as a whole, even as China’s economy has slowed. For the third quarter, the six largest banks by assets reported a nonperforming loan ratio of 1.32%. That number looks sure to rise. A prolonged health emergency could lead to 5.6 trillion yuan ($800 billion) in fresh bad loans, causing the system-wide ratio to more than triple to about 6.3%, S&P Global Inc. estimates. That’s likely to mean more difficulties for small lenders, adding to funding stresses that have persisted since the bailout last May of Baoshang Bank Co. The government may be tempted to turn to its largest institutions to stave off any further collapses, as it did in July when ICBC became the largest shareholder of Bank of Jinzhou Co.Smaller lenders have also been hit hard in the market rout, with the mainland-traded shares of Bank of Nanjing Co., Bank of Hangzhou Co. and Bank of Xi’an Co. all dropping by more than 10% since mid-January. Shares of Bank of Jinzhou remain suspended in Hong Kong after tumbling 65% late last year.Besides the threat of having to rescue their weaker brethren, the biggest banks have also increased their exposure to small private companies that are likely to be among the most vulnerable amid the virus-imposed shutdown. That’s a legacy of Beijing’s  years-long deleveraging campaign, which squeezed the private sector’s access to loans. In response, the government exhorted banks to embrace “inclusive finance.” The big four — comprising ICBC, Agricultural Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. — extended 6.1% of their gross advances to small and micro businesses in the third quarter, up from 5.2% in the first. That’s still below the 7.5% share for the banking sector as a whole.Midsize lenders are less likely to be used as policy tools by Beijing. At the same time, the likes of China Merchants Bank Co., and Everbright Bank have a more secure deposit base and so aren’t as dependent on interbank funding as their smaller rivals. They tend to have strong fee income, insulating them to some extent from troubles in the private sector (to which they are big lenders) and making them less vulnerable to the rate cuts analysts expect, which typically undermine bank earnings. Merchants Bank, for instance, is strong in retail and private banking, while Everbright and CITIC have large credit-card businesses. Their earnings are also growing faster. China’s 12 joint-stock commercial banks (which mostly fall into the medium-size category) posted a 12.8% increase in third-quarter profit from a year earlier. That compared with a 6.2% gain for the big state-owned lenders and a 9.9% decline for city commercial banks, according to CGS-CIMB Research. Their NPL ratio stood at 1.6%.While there may be no escaping the damage that the coronavirus will inflict on China’s banking industry, the middle way offers the best hope of a refuge for investors.  To contact the author of this story: Nisha Gopalan at ngopalan3@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • If You Like EPS Growth Then Check Out Industrial and Commercial Bank of China (HKG:1398) Before It's Too Late
      Simply Wall St.

      If You Like EPS Growth Then Check Out Industrial and Commercial Bank of China (HKG:1398) Before It's Too Late

      It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...

    • Investors Who Bought Industrial and Commercial Bank of China (HKG:1398) Shares Three Years Ago Are Now Up 29%
      Simply Wall St.

      Investors Who Bought Industrial and Commercial Bank of China (HKG:1398) Shares Three Years Ago Are Now Up 29%

      One simple way to benefit from the stock market is to buy an index fund. But if you choose individual stocks with...

    • Is It Time To Consider Buying Industrial and Commercial Bank of China Limited (HKG:1398)?
      Simply Wall St.

      Is It Time To Consider Buying Industrial and Commercial Bank of China Limited (HKG:1398)?

      Industrial and Commercial Bank of China Limited (HKG:1398) saw a double-digit share price rise of over 10% in the past...

    • Ex-Billionaire Dragged to Court for $680 Million Unpaid Loan
      Bloomberg

      Ex-Billionaire Dragged to Court for $680 Million Unpaid Loan

      (Bloomberg) -- Three Chinese banks are suing the brother of Asia’s richest man in a London court for failing to pay back $680 million in defaulted loans.The Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China agreed to loan $925.2 million to Anil Ambani’s firm Reliance Communications Ltd. in 2012 on condition that he provide a personal guarantee, ICBC’s lawyer Bankim Thanki told the court. Some repayments were made by the wireless carrier but in February 2017, it defaulted on its payment obligations.The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.” He’s the brother of Mukesh Ambani, who’s worth $56 billion and is the wealthiest man in Asia and 14th richest in the world. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status.ICBC “failed and continues to fail, to distinguish between Mr. Ambani on the one hand, and the company to whom the loans were being extended...on the other,” Ambani’s lawyer Robert Howe said in a court filing.Anil Ambani was chairman of Reliance Communications, which fell into administration earlier this year. His wider telecommunications-to-infrastructure empire Reliance Group has continued to struggle under a mountain of debt. As of July, four of its biggest units, excluding the phone company, had about 939 billion rupees ($13.2 billion) of debt, Bloomberg reported in September.Anil Ambani was caught up in a similar case earlier this year, when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay to pay 5.5 billion rupees to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in to make the payment.The brothers’ relationship has been fraught since their father’s death left behind a vast empire that was split between them. While Mukesh’s oil and petrochemicals businesses have flourished, Anil’s assets dwindled.According to a court filing, Anil went to Beijing in the winter of 2011 to negotiate the loan with ICBC’s former Chairman Jiang Jianqing directly. The lenders sought a share pledge before granting the loans, but the legal dispute centers on whether Ambani or one of his associates went on to provide a personal guarantee as security.Hasit Shukla, Reliance’s commercial and treasury head, signed a personal guarantee on Ambani’s behalf by power of attorney when the loan was set up seven years ago, Thanki said. But Ambani didn’t give Shukla the authority to sign for him, making the guarantee non-binding, his lawyer Robert Howe said in written submissions.“Mr. Ambani’s position is that the claim made by ICBC in relation to his alleged personal guarantee for loans to RCOM is without merit,” a spokesman for the tycoon said in an email.Industrial & Commercial Bank is the sole claimant in the London case, and is representing itself and the other two lenders.“This is a straightforward debt claim to recover outstanding loans made to RCOM in good faith, and secured by a personal guarantee given by Mr. Anil Ambani,” the banks said in a statement.In Thursday’s court hearing, ICBC’s lawyers asked Judge David Waksman for an early ruling or a conditional order requiring Ambani to pay into court the unpaid sum and interest under the facility agreement. Ambani has declined to give any evidence of his wealth, they said.(Adds details of brother’s relationship in 6th paragraph.)To contact the reporters on this story: Ellen Milligan in London at emilligan11@bloomberg.net;Jonathan Browning in London at jbrowning9@bloomberg.netTo contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Christopher ElserFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

    • What Kind Of Shareholders Own Industrial and Commercial Bank of China Limited (HKG:1398)?
      Simply Wall St.

      What Kind Of Shareholders Own Industrial and Commercial Bank of China Limited (HKG:1398)?

      If you want to know who really controls Industrial and Commercial Bank of China Limited (HKG:1398), then you'll have...

    • What Did Industrial and Commercial Bank of China Limited's (HKG:1398) CEO Take Home Last Year?
      Simply Wall St.

      What Did Industrial and Commercial Bank of China Limited's (HKG:1398) CEO Take Home Last Year?

      Shu Gu became the CEO of Industrial and Commercial Bank of China Limited (HKG:1398) in 2016. This report will, first...

    • Cango Inc. (CANG) Q2 2019 Earnings Call Transcript
      Motley Fool

      Cango Inc. (CANG) Q2 2019 Earnings Call Transcript

      CANG earnings call for the period ending June 30, 2019.