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Bank IPOs expose dark arts of Chinese finance

At the end of 2013, China Zheshang Bank had less than US$3b of debt instruments. By the end of last year, this had exploded to US$66 billion - 42 per cent of its total assets.

Hong Kong

HONG KONG's stock market is shining a new light on the dark arts of Chinese finance. The country's mid-sized lenders have become skilled at repackaging loans to look like lower-risk investments. Two impending share offerings from state-backed banks underscore how such wizardry...

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