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China's leading joint-stock bank, known for retail banking, wealth management and credit cards, less state-directed than the 'big four'.
China's leading joint-stock bank, known for retail banking, wealth management and credit cards, less state-directed than the 'big four'.
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 Shanghai shares and the Hong Kong ones are the same bank.
In one line: China's US Bancorp / Charles Schwab hybrid in retail/wealth banking.
Moat: narrow (brand, scale, installed base). Best-regarded retail/wealth banking brand among Chinese joint-stock banks, with a large affluent customer base.
Headquarters: Shenzhen, China · Founded: 1987 · Employees: 121,585
Size China Merchants Bank (600036.SS) is a China Financials company (Major Banks) with a market value of $164B, the 10th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥42.88 on 6 Nov 2026.
Performance Over six months the shares gained 12.1%, against +12.7% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 9.3% over the last twelve months (peer median +4.0%); the operating margin is 51.7% (peer median 36.8%).
Valuation It trades at 0.94× book value against a peer median of 1.69× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 5.4%; China Merchants Bank delivers 13.6%, 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 | CN¥476B | CN¥482B | CN¥498B | CN¥501B | CN¥486B |
| Revenue growth | — | -3% | -1% | +3% | — |
| Net income | CN¥152B | CN¥145B | CN¥144B | CN¥143B | CN¥134B |
| Free cash flow | CN¥750B | CN¥573B | CN¥605B | CN¥181B | CN¥227B |
| Capital expenditure | CN¥43.7B | CN¥28.1B | CN¥34.9B | CN¥30.2B | CN¥34.9B |
| Total debt | CN¥1.92T | CN¥1.67T | CN¥1.60T | CN¥1.58T | CN¥1.41T |
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 Merchants Bank 600036.SS | $164B | +12% | +9% | 14% | 0.94× | 5.4% |
| Ping An Bank 000001.SZ | $34.4B | +3% | -9% | 9% | 0.48× | 3.6% |
| China CITIC Bank 601998.SS | $71.5B | +9% | -6% | 9% | 0.67× | 2.5% |
| Industrial and Commercial Bank of China 601398.SS | $428B | +13% | -4% | 10% | 0.75× | 2.7% |
| U.S. Bancorp USB | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% |
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 | 600036.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.8% | +2.1% | 10th highest of 21 |
| 6-month return | +12.1% | +12.7% | 11th highest of 21 |
| Return on equity | 13.6% | 12.8% | 7th highest of 21 |
| Price / book | 0.94× | 1.69× | 3rd cheapest of 21 |
| Trailing P/E | 7.1× | 12.8× | 2nd cheapest of 20 |
| ROE the price implies | 5.4% | 15.1% | 2nd least demanding of 21 |
| ROE delivered | 13.6% | 12.9% | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| 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% |