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October 27, 2006
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What Does ICBC Stand For?
I Can't Believe it's China! So says the market today, punting up this gargantuan bank (the Industrial and Commercial Bank of China) that was insolvent two years ago. But everything's fixed now, the bad loans are gone thanks to China sticking in state capital and carving out Y85 billion in bad loans. They now apparently have 'sophisticated' risk controls in place and would never loan money to dodgy companies. This is the new China! Seriously, I know the prospectus has all the ifs and buts, but these things should come with cigarrette package health warnings...but hey, if you're in the shares, enjoy, and good luck. posted by HK Dave on 10.27.06 at 11:52 AM in the China economy category.
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The prospectuses (is that the plural) for every Chinese company should be required to say something along the following lines: This company is owned by the Chinese government. As such, any connection between the profitablity of this company and reality is purely coincidental. In addition, you should assume that we keep two sets of books. One for ourselves and one for those to whom we are selling stocks. posted by: China Law Blog on 10.31.06 at 02:26 PM [permalink] |
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