ICBC 1398

[winston]

not vested

ICBC (01398.HK) reportedly may suffer loss on RMB3B trust products

ICBC (01398.HK) may suffer loss on RMB3 billion trust products entrusted by China Credit Trust, a Mainland news agency reported.


Source: AAStocks Financial News

[winston]

ICBC hit by fund scam protest

Two former employees of Industrial and Commercial Bank of China (1398) who are accused of illegal fundraising activity drew an angry crowd of protesters outside the Shanghai branch yesterday.

The two, surnamed Xu and Liu, who were reportedly with the loan department, have resigned.

Liu was arrested last month.

According to the 21st Century Business Herald, victims were cheated out of some 5.2 million yuan (HK$6.48 million), on top of an earlier scam involving 7.6 million yuan.

The two reportedly transferred the money to their own accounts.

Meanwhile, the Hexun news website said that the victims tried to lodge a complaint with the Public Security Bureau but were told to file a civil lawsuit instead.

Around 80 protesters gathered outside the bank yesterday, with some holding banners.

Victims allegedly lost between 100,000 and one million yuan each.

"We contacted ICBC about the situation, but the bank didn't respond, so we have come here to protest," an alleged fraud victim said.

An ICBC staff said that Liu's suspected illegal activity is considered a personal issue.

The bank has filed a report with the Public Security Bureau.

Bureau staff arrived at 1pm yesterday, and shoved the protesters into the bank's correspondence office.

Protesters said they will contact the China Banking Regulatory Commission before pushing ICBC again.

http://www.thestandard.com.hk/news_deta ... 30118&fc=8

[behappyalways]

Mega Default In China Scheduled For January 31
http://www.forbes.com/sites/gordonchang ... anuary-31/

[behappyalways]

Why China's banking system is in so much trouble
http://www.telegraph.co.uk/finance/news ... ouble.html

(China's credit growth expanded by double digits while GDP's growth is around 8%. The GDP's growth number is a question market. With so much loans yet low GDP's growth that meant that the credit extended is not efficient....Toll roads not collecting enough tolls, property built not sold and other wastages.....If the credit is not efficiently extended....then most likely a big proportion will become bad debts....So right now china's bad debt provn is 1%. Do you believe? The market is kinda smart that's why Chinese banks are selling at a discount to NTA. The market has taken a write off on the NTA. Whether it is enough...that's a big question market.......)

Temasek's investment is LONGGGGGGGGGGGGGGGGGGG term...........omg........

[behappyalways]

If Yu E Bao really is a vampire that Niu suggests it is, the blood it sucks is banks' excess profits. It is beyond question that as time passes and more innovation are introduced, both investors and borrowers will benefit from a more competitive financial industry. The room for improvement is substantial.

http://english.caixin.com/2014-02-24/100642419.html

[behappyalways]

HK$4.35 at the moment

http://finance.yahoo.com/q?s=1398.HK&ql=0

[behappyalways]

A source from the Industrial and Commercial Bank of China's Yuncheng branch said the bank lent Highsee money so it could repay a previous debt. It was not clear when the loan was made or what amount was involved, but the bank has been unable to get the money back.

Officials in Shanxi Scramble to Sort out Steelmaker's Debt Mess
http://english.caixin.com/2014-04-15/100665507.html

[behappyalways]

Why Investors Are Furiously Protesting Outside China’s Biggest Bank
http://blogs.wsj.com/chinarealtime/2014 ... gest-bank/

[winston]

not vested

Temasek raises stake in ICBC (01398.HK)

Temasek Holdings (Private) Limited, the sovereign wealth funds of Singapore, raised another 34.568 million H-shares of ICBC (01398.HK) +0.060 (+1.217%) Short selling $41.21M; Ratio 4.745% at an average price of $4.935 per share with an amount of $171 million on 7 October 2014, according to HKEX shareholding disclosures.

Its shareholding of ICBC increased from 8.96% to 9%.

Source: AAStocks Financial News

[winston]

not vested

Summary of latest Ratings/Targets for ICBC (01398.HK)

Summary of latest Ratings/Targets for ICBC (01398.HK) +0.060 (+1.217%) Short selling $41.21M; Ratio 4.745% :

Broker / Investment Rating / Target Price (HK$)
HSBC / Overweight / 8.4
Deutsche / Buy / 6.8
Citigroup / Buy / 6.6
Morgan Stanley / Overweight / 6.2
JP Morgan / Overweight / 6.2
DBS Vickers / Buy / 6.27->6.18
Barclays / Overweight / 6
BofA Merrill Lynch / Buy / 5.98
Goldman Sachs / Buy / 5.9
BNP Paribas / Buy / 5.85
Standard Chartered / Outperform / 5.6
Macquarie / Outperform / 5.44
BOC Intl / Hold / 4.87

Source: AAstocks.com