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Hong Kong stock's unusual movement | Mainland China banking stocks rose in early trading. It is rumored that Chinese banks are about to lower deposit rates again in the near future. The industry expects there is still room for further decline.
China mainland banking's morning session was in the red, as of the deadline, Postal Savings Bank of China (01658) rose by 3%, to HK$4.81; Bank of Communications (03328) rose by 2.5%, to HK$6.16; cm bank (03968) rose by 2.43%, to HK$40; Bank of China (03988) rose by 2.39%, to HK$3.86.
Postal Savings Bank of China Reveals Board Structure
Postal Savings Bank of China Appoints New Director
Postal Savings Bank of China (01658): Hong Xiaoyuan's qualification as an independent non-executive director has been approved by the China Banking and Insurance Regulatory Commission.
Postal Savings Bank of China (01658) issued an announcement, stating that the bank recently received the "Notice from the China Banking and Insurance Regulatory Commission regarding Hong Xiaoyuan, Postal Savings...
[Brokerage Focus] Haitong Int'l: The replenishment of core Tier 1 capital this time is more of a precautionary measure under conservative circumstances.
Jingwu Cai Xun | Haitong Int'l stated that on October 12, 2024, at the State Council Information Office press conference, it was mentioned that the issuance of special national bonds will support large state-owned commercial banks in supplementing their core tier one capital, enhancing their risk resistance and crediting capabilities, and better serving the development of the real economy. The bank indicated a precautionary stance. As of Q2 2024, the ranking of the adequacy ratio of core tier one capital for the six largest banks from highest to lowest is as follows: China Construction Bank Corporation 14.01%, Industrial and Commercial Bank of China 13.84%, Bank of China 12.03%, Agricultural Bank of China 11.13%, Bank of Communications 10.30%, Postal Savings Bank of China 9.2.
Major bank ratings | ICBC International: Raised target prices for some china mainland banking stocks, still prefer state-owned banks.
Jianyin International released a research report indicating that the valuation of China mainland banking is being reevaluated amid the high market sentiment driven by stimulus policies. The bank expects that China mainland banks will deliver stable operational performance in the third quarter of 2024, thanks to higher trading income and lower impairment losses. It is expected that Industrial Bank's profit growth will reach a best 3%, followed by Agricultural Bank of China, Bank of Communications, and China Citic Bank Corporation. The bank stated a preference for state-owned banks, especially Agricultural Bank of China and China Citic Bank Corporation. The bank has raised the target price for Agricultural Bank of China from 4.2 Hong Kong dollars to 4.4 Hong Kong dollars, and for China Citic Bank Corporation from 4.1 Hong Kong dollars to 4.4 Hong Kong dollars, and for Bank of Communications.
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