中国银行分析报告(英文66页)

    2013-11-21

    中国银行分析报告(英文66页)


    Contents

    4 Under-owned for a reason: the structural issues of conventional banks

    4 Sector could remain range-bound for the next couple of years, owing to “just right” policies
    5 High-beta banks lead out/underperformance when sentiment switches

    8 Online financing… the next treasure hunt?

    8 Structural positioning the key to success
    11 Alibaba’s inroads into banking more sustainable than peers
    14 Jingdong: Supply chain financing
    14 Suning: Over 1,700 branches that could turn into banks

    15 H-share banks inevitably have to deal with new competition, deregulation

    15 Investibility of micro lending market should grow over time
    15 Micro lending: beneath the lucrative rates
    16 Latest developments in interest rate deregulation
    17 Traditional banks’ development in online banking
    17 Dividend story has been compromised by corporate governance concerns

    20 Appendix: Summaries of certain key PRC laws on micro lending

    20 Circular 23
    21 Jiangsu Document No. 8
    21 Jiangsu Document No. 132
    22 Jiangsu Document No. 142
    23 Agricultural Bank of China

    27 ICBC

    31 China Construction Bank-H

    35 Bank of China (H-share)

    39 Bank of Communications

    43 China Merchants Bank

    47 China CITIC Bank

    51 China Minsheng Bank - H

    55 Chongqing Rural Commercial Bank

    60 Appendix A-1

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