Chinese Bankers Survey 2016 - PwC · PDF fileDecember 2016, Beijing. ... stable economic...

Chinese Bankers Survey 2016

Executive summary

www.pwchk.com

February 2017


We are pleased to present the Chinese Bankers Survey 2016 report, prepared jointly by the China Banking Association (CBA) and PwC. Now in its eighth year, the report keeps track of developments in China’s banking sector from the perspective of a group of bankers.

This year’s survey dug deep into the core issues while maintaining a broad scope. Dr. BA Shusong, the project leader, together with the project team, interviewed 15 senior bankers to get their insights into the sector. Seven of the 15 bankers are at C-suite level (director, vice president or above). These interviews complemented the online survey covering 31 provinces in mainland China (excluding Hong Kong, Macau and Taiwan). With a total of 1,794 valid responses collected, the survey sampling process has taken into account participants’ geographical regions, grades, types of financial institution, and if the institution is listed on stock exchange(s) or privately held. These factors contributed to a wide and full representation of China’s banking sector.

The total assets of Chinese banking institutions amounted to over RMB 200 trillion for the first time in 2016. Nevertheless, due to the pressure of rising non-performing loan (NPL) ratios, narrowing net interest margin (NIM), and declining return on investment portfolios, Chinese banks’ profit growth continued to slow, with medium- and large-sized banks experiencing a "new normal" of single-digit growth. Banks’ existing business models are being challenged dramatically, as the Internet and mobile devices are widely used by consumers. The banking landscape in China is poised to be re-shaped by new business models as a result of the adoption of new financial technologies (FinTech).

In light of a more challenging and complicated external environment in 2016, bankers’ expectations on revenues and after-tax profits growth over the next three years are lower than previous years, with credit asset quality being the area of most concern.

Most bankers in the survey believe that the top priority in addressing risk is "to improve cash collection, accelerate write-offs and disposal of collaterals". While increasing NPL disposal efforts through conventional means such as write-offs, collections and transfers, Chinese banks are also actively exploring a diversified range of alternatives, including NPL securitisation, cooperating with the big four asset management companies (AMCs), and transfer of income beneficial rights. There is a section in this report summarising bankers’ views on the major challenges regarding disposal of NPLs.

With China’s economic structural reform at a critical juncture, Chinese banks are expected to play a more active role in fulfilling social responsibilities by serving the real economy. With regard to economic restructuring, most bankers believe that “upgrading and transforming manufacturing sector, and exploration of new markets" brings many opportunities to their sector. It is also widely agreed by the bankers that supporting the real economy and bringing down borrowing costs while removing financing barriers are paramount, as the real economy is the backbone of the country’s wealth creation. In response to “supply-side structural reform”, over 80% of bankers in the survey are committed to adjusting loan portfolios in order to support emerging industries. Banks, they argue, should launch a variety of products and services to support the central government’s initiatives, such as the scheme to “link equity investment with lending”, "debt-for-equity swaps”, and green finance. These are all regarded as part of Chinese banks’ social responsibilities to serve the real economy.

This year’s survey gives more focus on “Internet Finance”, an emerging business model in China that resembles what is known as FinTech in the West. Over the past several years, many new technologies, such as data analytics, cloud computing, artificial intelligence and blockchain have been applied in a wide range of sub-sectors in financial services, including payment and clearing, lending, wealth

Preface

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Chinese Bankers Survey 2016 3

management, retail banking and insurance. While such technological advances have taken a toll on traditional banking businesses, bankers see opportunities. They are capitalising on these by integrating technologies with innovative ideas, especially by integrating the Internet with their existing products and services. This is clearly demonstrated by the fact that bankers continue to attach great importance to Internet Finance in 2016, with half of them committing to put Internet Finance as a high priority and to increase investment. In addition to the promising opportunities ahead, over half of the bankers in the survey regard information technology (IT) as the top risk when developing new systems for internet finance.

We would like to take this opportunity to thank all those who participated in the survey. They spared time out of their busy schedules to complete questionnaires and talk to us, sharing their views, observations and valuable experience. We hope this survey report helps readers better understand the developments and prospects of China’s banking sector, as it is presented from the perspective of those practitioners. We look forward to receiving your valuable comments and suggestions, which will drive us to improve in the future.

For further information or enquiry, please contact the CBA, PwC or the Project Leader.

PAN GuangweiExecutive Vice President, China Banking Association

David WUBeijing Senior Partner, PwC China

Dr. BA ShusongProject Leader

December 2016, Beijing


A total of 166 Chinese banking institutions participated in the online survey and interviews. A full list of participating banks is shown below:

Participating Banks

4

1. Policy banks (3)

China Development Bank

The Export-Import Bank of China

Agricultural Development Bank of China

2. Large commercial banks (6)

Bank of China

Agricultural Bank of China

Industrial and Commercial Bank of China

China Construction Bank

Bank of Communications

Postal Savings Bank of China

3. Joint-stock commercial banks (12)

China CITIC Bank

China Everbright Bank

Huaxia Bank

China Minsheng Bank

China Merchants Bank

Industrial Bank

China Guangfa Bank

Ping An Bank

Shanghai Pudong Development Bank

Hengfeng Bank

China Zheshang Bank

China Bohai Bank

4. Foreign (joint venture) banks (9)

Bank of East Asia (China)

Standard Chartered Bank (China)

Citibank (China)

Hang Seng Bank (China)

Fubon Bank

Australia and New Zealand Banking Group (China)

OCBC Wing Hang Bank (China)

Bank of Tokyo-Mitsubishi UFJ (China)

Allied Commercial Bank

5. City commercial banks (63)

Bank of Beijing

Bank of Tianjin

Bank of Chengde

Bank of Langfang

Baoshang Bank

Bank of Chengdu

Bank of Dalian

Bank of Shanghai

Bank of Shangrao

Shengjing Bank

Bank of Chongqing

Datong Bank

Bank of Deyang


Dezhou Bank

Dongying Bank

Bank of Fuxin

Bank of Ganzhou

Dazhou City Commercial Bank

Guangxi Beibu Gulf Bank

Bank of Guangzhou

Bank of Guiyang

Guilin Bank

Harbin Bank

Hami City Commercial Bank

Hankou Bank

Bank of Hangzhou

Huishang Bank

Bank of Jilin

Bank of Jining

Jiangxi Bank

Bank of CTS.JZ

Jinshang Bank

Bank of Lanzhou

Linshang Bank

Longjiang Bank

Luzhou City Commercial Bank

Bank of Luoyang

Mianyang City Commercial Bank

Nanchong City Commercial Bank

Bank of Inner Mongolia

Bank of Ningbo

Bank of Ningxia

Panjin City Commercial Bank

Bank of Pingdingshan

Qilu Bank

Qishang Bank

Bank of Qingdao

Bank of Rizhao

Xiamen International Bank

Shanghai Huarui Bank

Weihai City Commercial Bank

Bank of Weifang

Bank of Urumqi

Bank of Xi’an

Yantai Bank

Yangquan City Commercial Bank

Bank of Yingkou

Zaozhuang Bank

Chang’an Bank

Changzhi Bank

Zhejiang Tailong Commercial Bank

Bank of Zhengzhou

Zhongyuan Bank

6. Rural financial institutions (73)

Shanghai Rural Commercial Bank

Shenyang Rural Commercial Bank

Shenzhen Rural Commercial Bank

Chengdu Rural Commercial Bank

Dalian Rural Commercial Bank


Xiamen Rural Commercial Bank

Anxiang County Credit Cooperative

Bazhong CDB Village Bank

Baotou City Donghe Jingu Country Bank

Beijing Fangshan SRCB Rural Bank

Cenxi Beibu Gulf County Bank

Changde Rural Commercial Bank

Xiangtan Rural Commercial Bank

Durbote Run Sheng Rural Bank

Gansu Province Rural Credit Union

Gongyi SPDB Rural Bank

Guang’an Evergrowing Rural Bank

Guanghan Zhujiang Rural Bank

Guangxi Rural Credit Union & Cooperative Bank

Guangyuan City Baoshang Guimin Country Bank

Guizhou Rural Credit Union

Hanshou Rural Commercial Bank

Honhhot Jinqiaohetao County Bank

Hubei Rural Credit Cooperatives

Hunan Guidong Rural Commercial Bank

Hunan Hengyang Hengzhou Rural Commercial Bank

Hunan Jishou Rural Commercial Bank

Hunan Jinshi Rural Commercial Bank

Hunan Lixian Rural Commercial Bank

Hunan Liling Rural Commercial Bank

Hunan Linli Rural Commercial Bank

Hunan Linwu Rural Commercial Bank

Hunan Ningxiang Rural Commercial Bank

Hunan Qiyang Rural Commercial Bank

Hunan Rucheng Rural Commercial Bank

Hunan Chenzhou Rural Commercial Bank

Hunan Provincial Rural Commercial Bank

Hunan Shuangfeng Rural Commercial Bank

Hunan Taoyuan Rural Commercial Bank

Hunan Xiangtan Tianyi Rural Commercial Bank

Hunan Xiangxiang Rural Commercial Bank

Hunan Xinhuang Rural Commercial Bank

Hunan Yizhang Rural Commercial Bank

Hunan Zixing Rural Commercial Bank

Jiangsu Province Suzhou Changshu City Rural Bank

Juancheng Baoshang Country Bank

The Federation of Kunming Rural Credit Cooperatives

Leshan Kunlun Country Bank

Liaoning Dashiqiao Longfeng County Bank

Inner Mongolia Rural Credit Cooperative

Ningxia Yellow River Rural Commercial Bank

Pingyi Hanyuan County Bank

The Federation of Qujing Rural Credit Cooperatives

Xiamen Xiang’an Minsheng County Bank

Shandong Pingyi Hanyuan County Bank

Shaanxi Qishan Chang’an County Bank

Shaoyang Rural Commercial Bank

Shenyang Yuhong Yongan Country Bank

Sichuan Beichuan Fumin County Bank

Dazhu CQRC County Bank

Sichuan Rural Credit Union


Tianjin Jinnan Village Bank

Jixian Village Bank of Tianjin

Wuming Lijiang County Bank

Xi Chang Jin Xin Rural Bank

Ronghui Country Bank of Xiangyuan

Xindu Guicheng Rural Bank

Xinmi Zhengyin Country Bank

Yongxing County Rural Credit Cooperative

Yunnan Rural Credit Cooperatives

Zhejiang Rural Credit Union

Zhejiang Xiaoshan Hushang Rural Bank

Zhongwei Xiangshan Rural Bank


The world economy has been turbulent since the beginning of 2016, with weak recovery momentum in developed economies and slower growth in emerging economies. This situation is further clouded by the result of “Brexit”. All of above uncertainties contributed to a complicated external environment for China's economy, which is already facing growth and structural challenges. In the first three quarters of 2016, the country demonstrated stable economic growth with a few positive trends. China’s economy has made progress in structural reforms and in turn improved market confidence. That said, downward pressure remains and the foundations of growth are not solid enough. Structural reforms still have a long way to go. With economic rebalancing and interest rate liberalisation gathering pace, Chinese banks are facing a series of pressures, such as slowing profit growth, narrowing net interest margin (NIM), and increasing non-performing loan (NPLs) balances and ratios. New growth engines are in urgent need. In its eighth year, the Chinese Bankers Survey report offers a complete picture of the sector, from the perspective of practitioners.

Revising growth forecasts

China reported stable Gross Domestic Product (GDP) growth of 6.7% in the first three quarters of 2016. Yet most bankers revised their growth forecasts downwards compared to one year ago, with 78.7% of bankers believing the country’s GDP growth would stay at a range between 6.0% to 7.0% over the next three years (as opposed to 85.1% of bankers expecting growth between 6.5% and 7.5% in 2015). The major challenges for China's economy as highlighted by bankers are “growth slowdown” (60.7%) and “structural imbalance” (58.6%). Over half (54.5%) of bankers argue that the biggest setback arising from economic slowdown for the banking sector is “much greater risk exposure”. Turning to the effect of Macro-prudential Assessment (MPA) introduced by the People’s Bank of China (PBoC), 68.6% of bankers think that capital

would be the main constraint and capital-intensive businesses would come under greater strain. On the RMB’s inclusion into the Special Drawing Rights (SDR) basket, 75.8% of bankers believe it will accelerate the internationalisation of RMB.

Responding to “supply-side structural reform”

As China’s economy enters a “new normal” stage, supply-side structural reform remains high on policy makers’ agenda. Around 80% of bankers agree that supply-side structural reform targeted at upgrading and transforming the manufacturing sector, and exploration of new markets offer the greatest opportunity for Chinese banks. Nevertheless, the central government’s policies on cutting excess capacity, de-stocking, de-leveraging, lowering corporate sector’s borrowing costs, improving infrastructure and removing institutional barriers also bring many challenges, such as “lower profit margins” (64.3%), “slower growth” (52.8%), “deteriorating credit asset quality” (52.8%), and “more difficult to dispose NPLs” (46.1%). When it comes to the top priority in response to supply-side structural reform, 71.6% of bankers believe that they should refrain from lending to companies in overcapacity industries, to so-called “zombie companies”, and to companies in other inefficient sectors. While as many as 85.4% of bankers think banks should adjust loan portfolios proactively, another 79.7% of bankers are in favour of more credit support to emerging industries.

Living in a “mega-asset management” and “broader investment banking” era

Profitable assets are more and more difficult to locate in China. This trend has continued for a while and is referred to as “asset scarcity" by market participants. The case was even worse in 2016. A large portion of bankers in the survey attribute this to “macro-economic slowdown” (78.3%) and “high asset risks” (76.9%), whereas another group of

Executive Summary

8


bankers argue that it is due to a highlyhomogeneous competition and similar riskpreferences. To address “asset scarcity”,“strengthening asset management” (61.8%) and “developing investment banking” (54.3%) are perceived to be the solutions. On strengthening asset management, “providing better wealth management products” (60.1%) and “offering investment advisory services” (50.1%) are the top two suggestions. In terms of asset class, bankers prefer to put wealth management funds into money market and bond market products, such as “domestic corporate bonds, short-term bills, medium-term notes and private placement bonds” (75.7%), “money market instruments such as domestic interbank loans, reverse repos and interbank deposits” (60.6%), “others assets such as non-standardised debt securities” (52.2%).

On developing investment banking, bankers suggest “exploring industry-focused funds, public-private-partnership (PPP) funds and other innovative equity financing products” (66.8%), “strengthening typical investment banking business such as bond underwriting, investment and financing advisory, and syndicated loans” (64.4%). Challenges arising from investment banking business include: “undifferentiated business models and products” (66.9%), “inadequate risk management mechanism and capacity” (60.3%), and “inexperienced personnel” (59.0%).

Linking equity investment with lending

The central government launched a pilot “investment and loan linkage” scheme in order to support start-ups and small businesses in 2016. The concept of the scheme is similar to what is known as “venture lending” or “venture debt” in the West, which is a type of debt financing provided to venture-backed companies. In the survey 71.1% of bankers agree that this scheme has opened up new investment channels and will boost investment volume. Bankers favour “technology start-ups”

(52.4%) when engaging in such activities. More generally speaking, “companies in high potential markets” are preferred (77.2%). When it comes to the business model, bankers prefer “internal collaboration between credit division and investment-focused subsidiaries” (33%), and “to grant loans to companies already funded by venture capital funds (VCs) and private equity funds (PEs)” (32.7%). Bankers also tend to “set up separate investment subsidiaries” (36.5%) in conducting these venture lending businesses. Turning to the risks, bankers regard “high risk and long payback period” (58.1%) and “different risk preferences between commercial banks and investment banks” (57.4%) as major barriers to committing more resources.

Dealing with “debt-for-equity swaps”

"Debt-for-equity swaps" are another important initiative launched by the central government in 2016 in an attempt to reduce credit risk and the leverage ratio of the corporate sector. This is also part of the “supply-side structural reform” agenda. In the survey 64.9% of bankers believe that such swaps help to ease the debt burden for businesses and may lower overall credit risk and even systematic risk. However, this is just one side of the argument, as 47.2% of bankers stress that "debt-for-equity swaps” would only defer risks rather than mitigate them. Another 47.1% of bankers are concerned that the key element, which is also a major challenge, for the initiative to succeed is a governing structure driven by market forces. Other barriers for "debt-for-equity swaps” include legal impediments, capital constraints, lack of exit-routes and inefficiencies. Only 3.9% of bankers believe it is appropriate for banks to directly convert the loans to equity. Instead, they argue, banks should engage with asset management companies (AMCs), set up separate subsidiaries, or appoint third-parties to deal with such matters in a more professional manner.


Managing risks and improving internal controls

In 2016, the credit asset quality of Chinese banks continue to face strong headwinds, with NPL balances and ratios on the rise. With regard to risks, bankers in the survey were concerned most about “credit risk due to the economic slowdown” (81.3%) and “market risk caused by the fluctuations of interest rates, exchange rates and stock indexes” (53.8%). Most bankers regard “improving cash collection related to NPL” and “accelerating write-offs, disposal of collaterals” as top priorities in risk management. For mortgages with rural business land or rural residential properties as collateral, 59.2% of bankers feel that "setting up a collateral disposal mechanism" is the most effective way to control risks. On risks associated with overseas operations, 51.0% of bankers think that risk identification is an important area of improvement.

Speaking of areas of improvement for internal controls, 55.4% of bankers find “well-defined roles and responsibilities” very important. There were a few risk incidents (e.g. bill fraud) in 2016. Bankers attribute “the mentality of putting revenue above everything else and neglecting internal controls” (69.2%) as the main cause. Businesses related to bills (74.7%) and credit (70.9%) are the two most inspected areas.

Disposing NPLs

Despite the fact that NPL balances and ratios continue to deteriorate, 69.5% of bankers still believe that NPLs have not been fully exposed, with 61.4% of bankers expecting NPLs to peak in one or two years. Most bankers tend to dispose NPLs by conventional means, such as “reclaiming in accordance with laws and regulations” (72.2%), “normal collection” (68.0%), “write-offs” (49.3%), and “restructuring” (49.1%). Under the support of regulators with new policies, 66.6% of bankers tend to “use NPL securitisation as an alternative

channel”, followed by “restructuring” (50.8%), “reclaiming in accordance with laws and regulations” (36.8%), “debt-for-equity swaps” (36.4%), “engaging with third-parties” (31.6%), and “transfer of beneficial income rights” (30.7%). Bankers’ concerns on NPL disposal are “prolonged and exhaustive lawsuits" (79.6%) and "difficult and ineffective to dispose collaterals" (67.4%).

Addressing human resource challenges

Chinese banks have experienced successive brain drains in recent years. As a result, Human Resource (HR) departments need to look at better ways to attract and retain talents. Bankers in the survey believe the most effective ways are “good promotion prospects” (49.1%), “high development potential” (45.5%) and “job stability” (40.7%); while reasons for resignation include “few promotion prospects” (50.4%), “stressful workload” (44.9%), and “poor remuneration package” (42.8%). As many as 85.3% of those who left the banking sector are still working in other types of financial institution.

Improving corporate governance

Bankers are more positive about corporate governance in their sector than they were in 2015. They gave highest marks for “meeting social responsibilities" (4.56), followed by "organisational structure" (4.44). On Employee Stock Ownership Plans (ESOPs), 87% of bankers feel positive, although there are still several obstacles such as “design of shareholding structure” (46.2%), “equity valuation and accounting & tax treatments” (45.5%), “regulatory constraints” (45.3%) and “complicated operational procedures” (44.4%).

Embracing green finance

Green development is regarded as one of the fundamental principles of China’s 13th Five-year Plan and beyond. Green Finance, a broad concept describing investing and financing activities, has


therefore drawn much attention. Nearly 90% (88.9%) of bankers believe that engaging with green finance would have a positive impact on their business. Around half (50.6%) of bankers hold the view that green finance should start with relevant products, and 82.4% of bankers are willing to grant more loans to green economic activities provided the risks are manageable. That said, challenges remain for green finance, such as “lack of incentives” (19.4%); “inadequate laws and regulations to protect investors” (17.4%); “undesirable policies” (17.1%); “shortage of practitioners, institutions, systems and capacity” (16.5%); and “inefficient market structure” (14.4%). Most bankers believe that “supportive policies” (77.8%) and “risk-sharing mechanisms” (67.9%) are in urgent need for green finance to take off.

Promoting financial inclusion

In its Plan for Promoting Financial Inclusion (2016-2020), the central government outlines a vision that all market participants shall have access to financial services. Yet 64.4% of bankers believe that financial inclusion is more about fulfilling social responsibilities. On the implementation, 74.9% of bankers argue that relevant measures should be carried out in a more targeted manner according to the institutions’ risk and return characteristics. “Supporting small-and medium-sized enterprises (SMEs)” (56.3%) and “facilitating agriculture, rural areas and farmers’ well-being" (37.0%) are also high on the agenda. On improving financial inclusion, bankers believe the focus should be put on “developing innovative financial products” (62.4%). Top challenges as highlighted by the bankers are “insufficient credit database” and “a universal credit system” (52.7%).

Re-thinking Internet Finance and information technology

“Internet Finance”, an emerging business model in China that resembles what is known as “FinTech” in

the West, is deemed as a top priority by bankers in 2016, with 47.2% of them committing to invest more in this area. That said, with a growing number of risk incidents, bankers have been re-thinking its development. In the survey, 56.4% of bankers believe that “information technology (IT) risk arising from the development of new business systems" is the greatest challenge.

Bankers are increasingly aware of the importance of IT infrastructure in 2016. Their top focus includes “trading platform” (72.3%), “credit management system” (46.1%), “risk management system” (44.2%), and “payments and clearing system” (43.4%). Applications of data analytics include “precise management ” (64.7%) and “customer engagement” (62.4%). Given Bitcoin’s popularity, the underlying technology – blockchain – catches bankers’ attention. However, most bankers are still unsure of its applications in daily business, as they believe there are still problems such as “premature application in commercial banking business” (67.6%) and “regulatory uncertainties” (64.1%).

Evaluating regulatory efficiency

Bankers’ feedback on regulatory indicators remains generally positive in 2016. Yet their ratings on the framework of those indicators and the regulators’ style dropped slightly. This is probably due to the fact that bankers had higher hopes that regulators would fine tune their policies in a timely manner and be more innovative, concerning the economic downturn. Almost half of bankers call for reforms of the current regulatory regime, a framework known as “one (central) bank” (the PBoC) and “three commissions” (China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory commission). Under the current regulatory approach that focuses on individual institutions rather than the nature of business, over 40% of bankers believe that the emphasis should be placed on utility and macro-prudential areas. Around 60%


of bankers in the survey call for the bar on provision coverage ratio to be lowered. In a time when overseas compliance is more and more challenging for Chinese banks, about 60% of bankers believe that the cause is "conflicts between domestic and overseas law and regulations“ (58.9%). Their prescriptions to the problem are “improving risk and internal controls” (54.1%), “building a compliance culture” (53.7%), “communicating with overseas regulatory bodies more closely” (45.8%), and “strengthening strategic planning of overseas operations” (43.5%).

Bankers as a community

The economic downturn undermines Chinese banks’ profitability and credit asset quality, thus affecting bankers’ well-being. In this year’s survey bankers regard “work-life balance” (3.77), “work-related stress” (3.78) and “remuneration” (3.79) as least satisfying. “Lack of effective incentives” (30.4%) is the biggest barrier in their career progression. Over the past year, more bankers have resigned from their posts. According to the survey, this is due to “bankers’ wishing to take on greater challenges in a more competitive market” (32.7%), and “the pressure of declining profitability in the banking sector” (30.7%).

Outlook

With a slowing economy and intensifying market competition, bankers’ expectations of revenues and after-tax profits over the next three years are much lower than before. Nearly 90% of them forecast growth to be less than 15%. Another 70% of bankers estimate growth under 10%. This downward forecasting trend has continued for a few years. Bankers believe that an “L-shaped” recovery over the short run is more possible (37.2%), which brings great risks to their sector. To address these risks banks should “improve credit asset quality” (64.1%) and “adjust customer profile” (54.1%). Bankers are more concerned about credit asset quality in 2016,

with over 60% of bankers predicting their NPL ratios will rise above 1.0% in the next three years. This highlights the need to improve risk management. Since the provision coverage ratios of Chinese banks are much lower than they were in previous years, over half of bankers expect the ratios to be lower than 150% by the end of 2016. Turning to capital adequacy, around 70% of bankers estimate their capital adequacy ratios (CAR) to be lower than 11.5% by the end of 2016, with another 30% of them predicting the ratios to stand below 10.5%.


Finance Services

Matthew Phillips Jimmy Leung Florence YipHong Kong and mainland China Financial Services Leader

China Financial Services LeaderHong Kong and mainland China Financial Services Tax Leader

+852 2289 2303 +86 (21) 2323 3355 +852 2289 [email protected] [email protected] [email protected]

Banking & Capital Markets

Margarita Ho Peter PT Li Richard ZhuChina Banking & Capital Markets Leader

Hong Kong Banking & Capital Markets Leader

North China Financial Services Leader

+86 (10) 6533 2368 +852 2289 2982 +86 (10) 6533 [email protected] [email protected] [email protected]

Linda Yip James Chang Chris Chan

China Financial Services PartnerChina Financial Services Consulting Leader

Transactions and Deals Partner

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William Gee China Fintech Partner+86 (10) 6533 [email protected]

Capital Markets and Accounting Advisory Services

Addison Everett Capital Markets and Accounting Advisory Services Leader+86 (10) 6533 [email protected]

Insurance

Xing Zhou Lars Nielsen Shuyen LiuChina Insurance Leader Hong Kong Insurance Leader China Actuarial Partner+86 (10) 6533 7986 +852 2289 2722 +86 (10) 6533 [email protected] [email protected] [email protected]

Chris Hancorn Xiaorong Huang Rick Barto Hong Kong Actuarial Partner China Consulting Partner Hong Kong Advisory Partner+852 2289 1177 +86 (21) 2323 3799 +852 2289 [email protected] [email protected] [email protected]

Asset and Wealth Management

Jane Xue Marie-Anne Kong China Asset and Wealth ManagementLeader

Hong Kong Asset and Wealth Management Leader

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