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China's first privately-owned national bank, historically focused on SME and private-enterprise lending.
China's first privately-owned national bank, historically focused on SME and private-enterprise lending.
Earns mainly the spread between interest on loans to small businesses and corporates and the cost of its deposits, with card and wealth-management fees alongside. This is the Hong Kong-listed share class of the Shanghai-listed bank, whose shareholders are mainly private companies rather than the state, which is unusual among large Chinese banks.
In one line: A privately-founded Chinese commercial bank, SME-lending focused.
Moat: narrow (regulatory licence, distribution). National licence and long SME-lending relationships, but asset-quality history is weaker than peers.
Headquarters: Beijing, China · Founded: 1996 · Employees: 61,658
Size China Minsheng Banking (1988.HK) is a Hong Kong Financials company (Major Banks) with a market value of $21.9B, the 78th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.12 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against +3.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 4.9% over the last twelve months (peer median +5.3%); the operating margin is 22.9% (peer median 37.1%).
Valuation It trades at 0.20× book value against a peer median of 1.40× (cheapest of 21).
Price implies The share price implies a return on equity of about 3.8%; China Minsheng Banking delivers 4.2%, so the price asks less than the business earns today.
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$289B | HK$290B | HK$316B | HK$343B | HK$352B |
| Revenue growth | — | -8% | -8% | -3% | — |
| Net income | HK$28.1B | HK$29.8B | HK$30.3B | HK$34.8B | HK$36.2B |
| Free cash flow | HK$7.60B | -HK$3.52B | HK$89.8B | HK$59.5B | HK$17.2B |
| Capital expenditure | HK$14.9B | HK$10.1B | HK$10.5B | HK$9.59B | HK$12.5B |
| Total debt | n/a | HK$3.00T | HK$2.89T | HK$2.89T | HK$2.87T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| China Minsheng Banking 1988.HK | $21.9B | -13% | -5% | 4% | 0.20× | 3.8% |
| China Everbright Bank 6818.HK | $26.6B | -10% | -3% | 5% | 0.28× | 3.9% |
| China Zheshang Bank 2016.HK | $11.5B | -3% | +1% | 7% | 0.31× | 3.9% |
| China CITIC Bank 0998.HK | $73.0B | 0% | -1% | 9% | 0.45× | 4.5% |
| Ping An Bank 000001.SZ | $34.4B | +3% | -9% | 9% | 0.48× | 3.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1988.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.2% | +1.6% | 5th lowest of 21 |
| 6-month return | -13.1% | +3.6% | 4th lowest of 21 |
| Return on equity | 4.2% | 11.0% | lowest of 21 |
| Price / book | 0.20× | 1.40× | cheapest of 21 |
| Trailing P/E | 4.9× | 12.8× | cheapest of 19 |
| ROE the price implies | 3.8% | 9.6% | 3rd least demanding of 21 |
| ROE delivered | 4.2% | 12.2% | lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| China Minsheng Banking 1988.HK | Hong Kong | $21.9B | -13% | -5% | 4% | 0.20× | 3.8% | 4.2% |
| KeyCorp KEY | United States | $22.0B | -3% | +9% | 11% | 1.39× | 13.1% | 11.2% |
| Hanafinancialgr 086790.KS | South Korea | $22.5B | -7% | +39% | 10% | 0.79× | 5.3% | n/a |
| Banco BPM BAMI.MI | Italy | $22.8B | +1% | -4% | 12% | 1.30× | 13.5% | 12.5% |
| Bank of Nanjing 601009.SS | China | $22.8B | +5% | +6% | 12% | 0.77× | 2.8% | 11.9% |
| Mega Financial 2886.TW | Taiwan | $24.0B | +37% | +1% | 10% | 1.97× | 5.9% | 10.0% |
| Regions Financial RF | United States | $24.1B | +2% | +1% | 12% | 1.46× | 13.2% | 12.4% |
| Banco de Chile Sponsored ADR BCH | United States | $19.6B | +7% | +4% | 22% | 3.15× | 13.6% | 21.8% |
| Banco de Sabadell SAB.MC | Spain | $19.2B | +8% | -35% | 5% | 1.40× | 15.5% | 5.1% |
| Banca Mediolanum BMED.MI | Italy | $19.1B | +17% | -34% | 30% | 3.73× | 35.6% | 30.1% |
| E Sun Financial 2884.TW | Taiwan | $25.2B | +55% | +36% | 15% | 2.70× | 7.6% | 14.7% |
| Citizens Financial CFG | United States | $26.5B | -1% | +4% | 9% | 1.16× | 11.5% | 8.9% |
| China Everbright Bank 601818.SS | China | $26.6B | +1% | -7% | 7% | 0.36× | 1.8% | n/a |
| First Financial 2892.TW | Taiwan | $17.8B | +44% | +5% | 11% | 1.95× | 5.8% | 10.9% |
| mBank MBK.WA | Poland | $17.7B | +37% | -1% | 19% | 3.05× | 37.6% | 19.1% |
| Sumitomo Mitsui Trust Gp 8309.T | Japan | $27.4B | +38% | +5% | 11% | 1.18× | 7.5% | 10.9% |
| Banco Bradesco SA Sponsored ADR Pfd BBD | United States | $27.5B | -32% | +29% | 14% | 0.71× | 6.2% | 14.2% |
| Credicorp BAP | United States | $27.6B | +5% | +24% | 21% | 2.47× | 17.9% | 20.6% |
| Banco Santander (Brasil) S.A. Sponsored ADR BSBR | United States | $17.4B | -20% | +18% | 10% | 2.10× | 12.6% | 10.2% |
| WooriFinancialGroup 316140.KS | South Korea | $17.0B | -5% | +37% | 10% | 0.71× | 4.8% | n/a |
| ShinhanGroup 055550.KS | South Korea | $29.2B | -13% | +32% | 9% | 0.78× | 5.2% | n/a |