China banks valued like US peers at depths of 2008 crash

The four biggest lenders, including the Industrial and Commercial Bank of China Ltd (ICBC), are priced at near record low valuations of about 0.4 of their book value in Hong Kong after a sector index weakened to an 11-year low. – Bloomberg

BEIJING: Pessimism about China’s banking sector is plunging to unprecedented levels, even reaching the depths where United States lenders traded during the 2008 financial crisis.

The four biggest lenders, including the Industrial and Commercial Bank of China Ltd (ICBC), are priced at near record low valuations of about 0.4 of their book value in Hong Kong after a sector index weakened to an 11-year low.