Golden Era Fades for China’s Banks as Crunch Raises Default Risk

Golden Era Fades for China’s Banks as Crunch Raises Default Risk

Nelson Ching/Bloomberg

Shares of Industrial and Commercial Bank of China Ltd. and its three largest local competitors fell by an average 12 percent in Hong Kong last month, erasing the year’s gains and underperforming the 7.1 percent decline in the benchmark Hang Seng Index.