Caution required at current
valuations 4
Cyclical weakness continued
into 2009 8
Rebuilding capital 15
China-related business –
hype and reality 20
Re-rating: too much, too
quick, and unsustainable 23
M&A…a bit like “Waiting for
Godot” 26
A tale of two cities 28
Company profiles 31
Bank of China (HK) 33
Bank of East Asia 37
ICBC (Asia) 41
Wing Hang Bank 45
Dah Sing Banking Group 49
Dah Sing Financial 53
Appendix 1: Hong Kong’s status
as an OFC 56
Appendix 2: The Prime-HIBOR
conundrum 58
Disclosure appendix 60
Disclaimer 63