IPOs in Hong Kong aren't a market these banks will drop, and in fact some of their peers continue to come in: Early last week, Chinese insurer Ping An Insurance (Group) Co. of China Ltd.

WSJ: China Banks Change Tack as Hong Kong IPOs Dry Up

Ping An Insurance Co.

FORBES: Criminalizing Capitalism

Unable to buy out its partner, it is pursuing local incorporation, something only recently allowed, and investments in Bank of Shanghai and Ping An, an insurance firm.

ECONOMIST: Joint ventures in China

Ping An's ambition is to move beyond insurance and become a financial conglomerate by further developing its banking and asset management units.

FORBES: China's Insurers On The Upswing

Ping An and other insurers are also expected to benefit when China's insurance regulator allows them to place more of their investments into higher-yielding assets like equity and property.

FORBES: China's Insurers On The Upswing