All Fintech China Property Financial Sector Other Coverage Weekly China City Commercial Banks - In search for new growth engine July 6, 2018 The regulatory call for financial deleveraging and unwinding of non-standard assets is posing challenges. City commercial banks need to shift their business model from focusing on scale towards innovation and profitability. With larger corporates gradually moving to direct financing, small & micro enterprise and retail business will be the key for them to succeed China Macro - Credit spreads likely to stay at elevated levels June 6, 2018 We expect onshore and offshore credit spreads to stay at elevated levels for the rest of 2018. We recommend investors to stick with companies and sectors of manageable debt level, longer debt maturity, strong cash flows, encouraged by policies and have low reliance on shadow credit. China Macro - Where are we in the financial sector deleveraging process? February 2, 2018 Since end of 2016, the regulators started to roll out a series of regulations aiming at reducing systemic financial risks. We believe this deleveraging process will last throughout 2018 until interbank liability, conduit type of asset management business and non-standard credit have significantly come down. Asia corporate insurance brokers sector - Niche and beautiful March 29, 2017 Asia’s corporate insurance brokerage industry has tremendous growth potential, driven by the growth prospects of the underlying economy and further deepening of insurance penetration rate, in our view. China Rural Banks: New urbanization, new growth engine January 13, 2017 In this report, we look at the macro level data as well as bottom-up financial data of rural banks, in an attempt to provide better insight on their performance trends, challenges they are facing and future opportunities.