Many investors avoid world's biggest bank at cheapest levels
They are deterred by the prospect that Chinese lenders like ICBC may be crippled by bad loans
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Shanghai
INDUSTRIAL & Commercial Bank of China Ltd (ICBC) shares have never been this cheap, and some analysts say there has never been a better time to buy. That's not enough to win over fund manager Arthur Kwong.
Mr Kwong, the Hong Kong-based head of Asia-Pacific equities at BNP Paribas Investment Partners, says discounts to net asset values and an unprecedented push by Chinese authorities to ease an equity-market rout don't add up to reason enough to buy Chinese banks, because a slowing economy raises the prospect that they'll be crippled by bad loans.
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