"Investors, it seems, do not trust assurances from executives that risk-management processes have improved beyond recognition since the last round of recapitalisations eight years ago. Neither are they comforted by the regulator, or by
the analysts covering the stock (60
of 69 across Hong Kong and Shanghai have “buy” recommendations).
With ICBC’s share price stuck
at these levels, it looks like the world’s biggest canary in the coal mine."
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