Ten years ago, few people would have been prepared to bet that China's financial institutions would sail through the equity markets. The names of top banks were often associated with bad debts and scandals, and most lenders had little clue about how to spot dodgy borrowers.
Taking the firms to the public markets was an extremely onerous task. However, Beijing showed an iron commitment to bank reform and was prepared to wipe the slate clean of the banks' past mistakes in order to make them fit for listing. That effort proved rewarding, with most major financial institutions having obtained stock market listings over the past decade and gained considerable status in the industry worldwide....
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