Two Chinese banks were listed on the Hong Kong Stock Exchange yesterday, trading lower or flat CNBC reports. The lukewarm receptions for China Zheshang Bank and Bank of Tianjin were read by local commentators as a reflection of concern about the growth of non-performing loans and bad debts in China. The outlook for earnings growth in the mainland Chinese banking sector is also weak. The Australian Financial Review reports that ANZ took the opportunity to reduce it holding in Bank of Tianjin from 154.2 per cent to 11.9 per cent. Wells Fargo has been fined US$8.5 million for breaching customers' privacy, Reuters reports. The bank broke California's privacy law, which requires disclosure at the start of a phone call that the call may be recorded. The bank said it had changed its procedures to ensure that disclosure occurred at the start of a call.