Industrial & Commercial Bank of China

RANK24

ICBC, China’s largest bank by assets, is entering uncertain times. The U.S. has threatened to sanction banks that work with Chinese government officials who have pushed a national security law in Hong Kong. The move could, in the worst-case scenario, cut ICBC off from the U.S. dollar, curtailing the bank’s ability to process international payments. ICBC also suffered a more symbolic loss in June 2020, slipping to second place among the most valuable public companies listed in mainland China. First place was taken by Kweichow Moutai, a liquor maker, whose shares have soared during the COVID-19 pandemic.