Bloomberg/Hong Kong As bearish calls against China’s banks are mounting, one hedge fund says the nation’s biggest financial institutions can attain the “beautiful state” enjoyed by global rivals such as JPMorgan Chase & Co. Industrial and Commercial Bank of China and the biggest Chinese banks may generate enough growth in coming years, which combined with retained earnings and capital injections would offset risks caused by non-performing assets, said Red Cliff Asset Management, a Hong Kong hedge fund founded by William Lee, a former head of Asia Pacific equity derivatives at JPMorgan. Banks such as ICBC “can potentially grow...