Bank of China

Hi Iggy, kudos and thanks for sharing your story 👏

You mentioned that buying into our local 3 banks didn't clear your own criteria + you didn't buy them for dividend income as well. Yet, you invested into all 3 as they rose higher and higher in the past year, so much so that the recent steep dips still have the banks being overvalued based on their P/B. My questions to you are as follows:

1. This is a perfect example where price is higher than theoretical valuation, but business fundamentals remain solid. When and what aspects allow you to make that conviction to break your own rules and say "yup, this is the one"?

2. Do you also invest in similarly positioned banking stocks (e.g. Hong Kong banks like ICBC, BoC etc)? If so, could you share your experience diversifying your assets in a slightly riskier economy where govt policies could potentially sway in any direction? If no, why not?

Cheers 😊

New stocks and HK stocks are all in the red 😇

Hong Kong stocks are in a sea of red, dizzying 😵

Healthy! Not so bad, right?

$XTALPI(02228.HK) Yesterday, Bank of China Hong Kong made a large number of "buy" orders, which should be depository receipts. It was probably a previous shareholder, such as China Life Insurance (I remember there was a similar shareholder) with holdings of approximately 235,560,969 shares, accounting for 5.86%. Comparing the number of shares transferred by BOC Hong Kong yesterday: 235 million shares. It's roughly the same. Since China Life Insurance is a state-owned enterprise, the probability of using BOC Hong Kong is the highest. I roughly guess it's their depository. It's likely that Pharmaron issued them stock certificates, converting paper certificates into electronic shares.