Industrial & Commercial Bank of China Ltd. is trading near a record low valuation, with its shares down 11% so far this year in Hong Kong due to rising concerns over margins and asset quality ahead of its first-half results due today. China’s biggest lender is likely to report slower earnings growth, dragged by weak margins and fee income, according to Bloomberg Intelligence analyst Francis Chan. The nation’s banks are being pressured by Beijing’s push for lower interest rates to support the economy as well as fears of contagion from a deepening property crisis. In the latest state-directed measures, major ... (full story)