汇丰银行-中国股票质押贷款：一个长期悬而未决的问题-中国金融行业

Disclaimer&Disclosures:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofithttps://www.research.hsbc.comPlayinterviewwithYorkPunChinaBrokersStock-pledgedlending:AlongoverhangStock-pledgedlendingisbothabigbusinessandasignificantriskforChina’sbrokersNear-termrisksareundercontrolbuttheycomeattheexpenseofassetqualityandprofitabilityofthebrokers;alongadjustmentprocessmayfollowWecutour2019enetprofitforecastsandtargetpricesby23%and26%onaverage,respectively;wedowngradesixstocksEQUITIESCHINASeptember2018By:YorkPunandLivyLyuhttps://www.research.hsbc.com/R/20/hSgNdKK????1EQUITIES●DIVERSIFIEDFINANCIALSERVICESSeptember2018Whyreadthisreport?Wetakeadeepdiveintothestock-pledgedlending(SPL)