A man walks past a building with an advertisement of Baoshang Bank in Beijing, China September 8, 2018. Picture taken September 8, 2019.
REUTERS
The interbank repurchase rate jumped to the highest in a month. Baoshang was part of the investment conglomerate led by financier Xiao Jianhua, known as the Tomorrow Group, which is being probed by Chinese officials, according to people familiar with the investigation. "We foresee visible share price pressure on city commercial banks with similar asset scale or those focusing on Baoshang Bank’s neighboring regions,” CICC analysts led by Victor Wang said in a note Monday.
Some lenders are already seeing their shares trade at distressed valuations. Heilongjiang’s Harbin Bank Co. is trading at about 0.34 times book value, while Liaoning’s Shengjing Bank Co. is at 0.41 times, according to data compiled by Bloomberg. That compares with the 0.7 times average price-to-book ratio at Chinese banks listed in Hong Kong.
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