Investing in Chinese national banks

A friend forwarded me an article by MarketWatch: Taking Stock of Chinese Banks.

In addition to what's mentioned in the report [about the risks associated with investing in the Chinese banks which are rushing to go public lately], these companies, or any banks everywhere in the world, are companies that I try to avoid:

• I simply don't understand their business or how to value them (even though financial stocks have out-performed the overall market in the US during the last 20 years or so).
• I prefer companies that run a simple business, i.e., with only a few key products/services whose market acceptance can be more or less tracked. Banks are not those kind of companies.
• These banks offer few "hard data points" I can rely on to make investment decisions. These data typically include 10-Q/K reports, news reports and price actions. For the same reasons, I usually stay away from any company that just had its IPO, despite of the "fact" that these companies yield higher returns than the market average in its first year after IPO.
• Banks make profit from _their_ investments. Logically speaking, _IF_ I am a good money allocator/investor, why should I ask someone else, i.e., a bank, to invest or allocate money for me and expect a higher return? In other words, I am supposedly a better bank myseff. [If I am not, I should invest in an index fund or mutual funds].

Of course what I said above doesn't mean that the banks' stock price may not go up in next few months or years. For example its IPO price may be too low. Or their business may be indeed very good. But who knows? I wouldn't gamble without at lease some hard data points.