ICBC’s Biggest Surge in 3 Years Bodes Well for Hong Kong Stocks
- City’s equities have been trading at steep discount to China’s
- Monday’s jump occurred ahead of Xi’s planned visit to Shenzhen
A Industrial & Commercial Bank Of China Ltd. (ICBC) branch in Hong Kong, China.
Photographer: Justin Chin/Bloomberg
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For some investors, Chinese bank shares in Hong Kong finally became cheap enough to buy.
Industrial & Commercial Bank of China Ltd. closed 5.7% higher on Monday, its best gain in three years, after trading at the biggest discount to its Shanghai shares since early 2018. Its mainland shares only rose 1%.