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China's leading joint-stock bank, known for retail banking, wealth management and credit cards, majority owned by China Merchants Group.
China's leading joint-stock bank, known for retail banking, wealth management and credit cards, majority owned by China Merchants Group.
Earns from the interest spread on deposits and loans and, unusually among Chinese banks, a large share of fee income from wealth products, cards and private banking for affluent clients. China Merchants Group, a state-owned conglomerate, and its affiliates are the largest shareholders. These Hong Kong shares and the Shanghai ones are the same bank.
In one line: A retail-focused Chinese US Bancorp.
Moat: narrow (brand, scale, distribution). Best-regarded retail/wealth-management franchise among China's joint-stock banks, with a strong deposit-gathering brand.
Headquarters: Shenzhen, China · Founded: 1987 · Employees: 121,585
Size Cm Bank (3968.HK) is a Hong Kong Financials company (Major Banks) with a market value of $165B, the 10th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$54.15 on 6 Nov 2026.
Performance Over six months the shares gained 16.2%, against +11.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +4.7%); the operating margin is 49.4% (peer median 36.8%).
Valuation It trades at 0.99× book value against a peer median of 1.69× (4th cheapest of 21).
Price implies The share price implies a return on equity of about 10.2%; Cm Bank delivers 13.3%, so the price asks less than the business earns today.
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$539B | HK$526B | HK$542B | HK$557B | HK$569B |
| Revenue growth | — | -3% | -3% | -2% | — |
| Net income | HK$174B | HK$157B | HK$156B | HK$158B | HK$156B |
| Free cash flow | HK$161B | HK$121B | HK$228B | HK$130B | HK$209B |
| Capital expenditure | HK$51.8B | HK$30.5B | HK$37.9B | HK$33.3B | HK$40.6B |
| Total debt | HK$2.10T | HK$1.86T | HK$1.70T | HK$1.74T | HK$1.58T |
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 |
|---|---|---|---|---|---|---|
| Cm Bank 3968.HK | $165B | +16% | +3% | 13% | 0.99× | 10.2% |
| Ping An Bank 000001.SZ | $34.4B | +3% | -9% | 9% | 0.48× | 3.6% |
| Industrial Bank 601166.SS | $62.6B | +10% | -4% | 9% | 0.49× | 2.2% |
| ICBC 1398.HK | $433B | +14% | -5% | 9% | 0.60× | 4.9% |
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 | 3968.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.3% | +2.1% | 4th highest of 21 |
| 6-month return | +16.2% | +11.5% | 8th highest of 21 |
| Return on equity | 13.3% | 12.8% | 8th highest of 21 |
| Price / book | 0.99× | 1.69× | 4th cheapest of 21 |
| Trailing P/E | 7.9× | 12.8× | 3rd cheapest of 20 |
| ROE the price implies | 10.2% | 15.1% | 4th least demanding of 21 |
| ROE delivered | 13.3% | 12.9% | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| Mitsubishi Ufj Financial 8306.T | Japan | $230B | +14% | +11% | 13% | 1.60× | 11.2% | 12.6% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Wells Fargo WFC | United States | $252B | +11% | +6% | 13% | 1.59× | 13.3% | 12.9% |
| Bank of Communications 3328.HK | Hong Kong | $107B | +19% | +3% | 8% | 0.55× | 4.8% | 8.3% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |