直到三年前还有很多经济学家说中土银行全都"技术性破产"了呢. 所以校长从来不信这帮家伙. 经济学家和网吧中"练活儿"的毛孩子一样, 都生活在虚拟世界里. 十个学家八个傻,还有一个在装傻. 另外一个呢,喜欢保持沉默. 所以俺就看大稳拿咋说,他能当上大稳拿肯定有三四下.平常读读稳拿传记比啥都强.刚才校长ZT了一个王石昨晚的讲话.中土房地产的事俺就听他和小潘老任的.其他都是扯蛋!

ICBC Overtakes Citigroup as Largest Bank by Value (Update4)
2007-07-25 07:27 (New York)

By Chia-Peck Wong
July 25 (Bloomberg) -- Industrial & Commercial Bank of China Ltd. overtook Citigroup Inc. as the world's largest bank by market value after less than a year as a public company.

ICBC's shares rose 2.6 percent in Shanghai today to close at 5.84 yuan (77 cents), taking its market capitalization to $246 billion, more than Citigroup's $243.9 billion. Citigroup earned more than three times as much as ICBC last year.

The change underscores the potential investors see in China, home to three of the world's 10 largest companies by market value and the fastest-growing major economy. Beijing-based ICBC in October raised a record $22 billion in an initial public offering in a nation where until recent years bank lending was steered by the government.

``It's a play on the growing prosperity in China in the longer term,'' said Christopher Wong, who helps manage $25 billion at Aberdeen Asset Management in Singapore.

ICBC, China's largest bank with 18,000 branches and more customers than Russia has people, said lending grew 10 percent last year. Profit in the first half probably jumped more than 50 percent from 25.14 billion yuan ($3.3 billion) in the year-earlier period, it said this month.

Trade Surplus

Chinese stocks have outperformed all other major benchmarks this year, with the CSI 300 Index more than doubling. The rally, fueled by cash from a ballooning trade surplus, prompted former Federal Reserve Chairman Alan Greenspan to warn about a potential bubble in the country. In its October IPO, ICBC sold shares in both Hong Kong and Shanghai. China limits overseas investment in its domestic markets and also restricts local investors' stock buying abroad. Hong Kong has no such constraints.
ICBC's Shanghai shares have jumped 87 percent since the IPO; the so-called H shares traded in Hong Kong have risen 60 percent. The company's so-called A shares traded in Shanghai rose today, its Hong Kong-listed stock fell 1.8 percent to HK$4.90. ``A shares are dominated by domestic retail investors whereas H shares are mainly nstitutional investors,'' said Samuel Chen, an analyst at JPMorgan Chase & Co. in Hong Kong. ``The required
returns for these groups of investors are theoretically quite different.''

Banking Expansion

Chen on July 16 raised his rating on ICBC's Hong Kong shares to ``overweight,'' saying in a report that it's the ``only H-share bank that we are comfortable to commit fresh money.'' China's banks are expanding lending and wealth management services in an economy that grew 11.9 percent in the second quarter, the fastest in 12 years. They have raised $61 billion in share sales, giving them the financial strength to meet demand for loans.

The increase in the bank's shares, 16 percent this month in Shanghai alone, reflects the rich valuations that investors have pinned on Chinese stocks. ICBC's shares trade in China at a price- to-book ratio of 4.18, more than twice Citigroup's 1.93.

ICBC ``is one of the best stocks in the China banking sector,'' said Mona Chung, who helps manage more than $2 billion at Daiwa Asset Management Ltd. in Hong Kong. ``If you look at growth, it's not that expensive.''

Bad Loans, Fraud

Three of China's four largest banks have gone public in the past two years after the government spent $500 billion removing bad loans from the industry. In the first quarter this year, 3.6 percent of ICBC's loans were non-performing, down from 34 percent in 2000. China has pushed its biggest banks to sell shares, expecting corporate governance and risk management to improve as they submit to tougher international accounting rules and tighter stock market
regulation. The industry has been plagued by fraud reaching into the highest echelons at banks.
Zhang Enzhao, 60, former chief executive of China Construction Bank Corp., was jailed in November for 15 years for accepting 4.9 million yuan in bribes. Wang Xuebing, 57, who served as president of both Bank of China and China Construction Bank, was sentenced to 12 years in jail in 2003 for taking what state news agency Xinhua described as millions of yuan in bribes. ``It's never perfect,'' Aberdeen's Wong said of China's banking system. ``But are things moving in the right direction? Yes. Are the regulators doing something about it? Yes.''