The Unnatural Effervescence of Chinese Bank Stocks
The listing is an odds-on favorite to make fools of large investment institutions around the world and impoverish the hundreds of thousands of petty punters in Hong Kong who have been queuing up to buy this sure thing, allowing it to be oversubscribed by at least 10 times.
The ICBC issue is likely to be the biggest IPO ever but like other big Chinese ban…
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