if you check the pb
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the valuation is quite reasonable, h-shares (latest pb)

china construction bank 1.4pb (bank of America exercised their call options at 1.2pb)
boc & citic bank 0.95pb
icbc 1.5pb
bank of communications 1.2pb
cmb 1.58pb

just ask a question: the chinese banks have the same toxic assets as citi/rbs/hsbc/etc have?
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