Our China-Hong Kong Team

INTRODUCING HUATAI SECURITIES LEADING SECTOR ANALYSTS

2020 represents the continuation of a seven-year effort to transform Huatai Securities’ equity research product from a report-based domestic product to an All-China institutional platform of research services designed to address the needs of global investors.

In December 2019 Huatai Securities ranked #1 in Institutional Investor’s All-China Research poll of Global investors with 25 positions.

Guangyao Zhang

Director of Huatai Securities Research Institute

  • Guangyao serves as the co-head of Huatai Securities’ Research Institute. He joined Huatai Securities’ investment banking division in 2012 as Managing Director of the Strategic Clients/Investment Bank. He has more than 13 years of investment banking experience previously working for China International Capital Corporation and the National Development and Reform Commission.
  • Guangyao has extensive experience in industry research, corporate listings, sector reorganization, and domestic and foreign mergers and acquisitions. He has a profound understanding of the state-owned capital supervision system and the laws and regulations of the China securities market.
  • Guangyao graduated from Chinese Min University with bachelor’s and master’s degrees.

Lily Chen

Director of Huatai Securities Research Institute

  • Lily serves as a director of Huatai Research Institute. She joined Huatai Securities in 2009, and has held positions as a general manager of the Huatai Securities Shenzhen office, as a supervisor of Huatai Futures, and a director at Huatai Hong Kong.
  • Li graduated from Nanjing University with an undergraduate degree in law and a master’s degree in law in civil and commercial studies.

Louis Zhang

Chief Investment Strategist, Macroeconomics & Fixed Income, Vice Director of Research

zhangjiqiang@htsc.com

  • Louis serves as the Chief Investment Strategist of Macroeconomics and Fixed Income as well as Vice Director of Research at Huatai Securities. Louis joined Huatai from CICC in October, 2018 where he worked for fourteen years and was most recently the head of fixed income research.
  • Louis’ core capability is combining a deep understanding of Chinese and global financial markets and making investment recommendations that have a clear and approachable framework. Louis and his team of twelve analysts are prolific publishers, and topics range from a hierarchical A-share investment strategy approach to convertible bond strategy to detailed guides on monetary and market indicators, financial risk management issues, and capital allocation decisions.
  • Louis graduated from Fudan university.

Xinyuan Zhang

Chief Strategist, A-Share Research

zhangxinyuan@htsc.com

  • Xinyuan serves as Chief Strategist for A-share research, and oversees a team of five people. Xinyuan has spent the last six years focusing on top-down A-share strategy, macro policy interpretation, mega-trend research themes, sector allocation and rotation, and the corporate profit cycle. She has published on “Micro-Financials & the Macro-Economy“ and “Signals and Noise” among other analytical frameworks of hers, and she has received recognition among her industry peers.
  • Xinyuan received her Master of Industrial Economics from the Shanghai Academy of Social Sciences.
  • In 2019, Xinyuan ranked #2 in the Institutional Investor All-China research vote in her category (mainland).

Xiaoming Lin

Chief Quantitative Research Strategist

linxiaoming@htsc.com

  • Xiaoming serves as the Chief Quantitative Strategist at Huatai Securities with a team of thirteen professionals. In 2019, Xiaoming placed first in the Institutional Investor All-China poll for Quantitative Research (mainland).
  • Prior to joining Huatai in 2015, Xiaoming worked for seven years at the quantitative research groups at CITIC Securities Research and the Guoxin Securities Economic Research Institute.  Xiaoming also worked on the buyside for one year at a long-short hedge fund. Xiaoming received a master‘s degree from Peking University.
  • Xiaoming and Team’s work entails multiple areas: 1) Top-down asset allocation models for the Chinese market that have been incorporated into multiple strategies of different major Chinese financial institutions. 2) Top-Down Global Quant Economic Cycle models (see hist team’s HycleS1 Index and SPDBGCS1 Index on Bloomberg), and 3) Bottoms-up Multi-factor stock selection models.
  • Xiaoming and his team also perform and write in-depth about Artificial Intelligence stock selection techniques. He and his team regularly create wealth management products that focus on fixed income products combined with index options.

Rolfe Bao

Vice Director of Research
Chief Analyst, Construction Engineering and Building Materials

baorongfu@htsc.com

  • Rolfe serves as the Vice Director of Huatai Research and the Senior Analyst of the Construction Engineering & Building Team. Prior to joining Huatai in 2015, Rolfe worked in securities research at Galaxy Securities and CITIC Securities. Prior to joining the securities industry, he worked for Shanghai Greenland Corporation Limited. Rolfe holds a master’s degree in economics from Fudan University.
  • In the 2019 Institutional Investor All-China Research Poll, Rolfe placed #1 in Building Materials and #1 in Construction & Engineering (mainland). Rolfe also placed as one of the Top Ten China analysts across all sectors in 2019.
  • Rolfe’s research universe of thirty-five names includes the following:

Steve Zhixuan Lin

Lead Analyst for China Auto & Transport Equipment

zhixuan.lin@htsc.com

  • Steve serves as Chief Analyst of the Autos & Transport Equipment team, covering both A + H shares.  Steve joined Huatai Securities in 2017. Prior to that, Steve was the chief analyst of the autos team at Macquarie Securities for seven years. Prior to that, Steve was a consultant at the Arthur D. Little consulting firm providing strategic consulting global and domestic auto and auto parts manufacturers.
  • In the 2019 Institutional Investor All-China Research poll, Steve placed first (mainland) and runner-up (International), and won second place in 2017 and 2018.
  • Steve graduated from Tongji University and obtained a master’s degree in automobile engineering.  Steve and his team of five cover 47 names, including:

Fred Shen

Lead Analyst for China Transportation & Logistics

shenxiaofeng@htsc.com

  • Fred Shen serves as the lead analyst of a five-person team comprehensively covering the China transportation and logistics space. Prior to joining Huatai Securities he worked at CICC, Changjiang Securities, and Shenzhen Airlines.
  • Fred graduated from Zhejiang University and received his MBA from City University of Seattle, USA .
  • In 2019 Fred placed third in the Institutional Investor All-China research vote for his category (mainland and international).
  • Fred and his team of five analysts cover a universe of more than forty stocks including the following:

Jacqueline Dai

Lead Analyst for the China Healthcare Team

daiwen@htsc.com

  • Jacqueline serves as Chief Analyst of the China healthcare team, a seven-person analyst team covering pharma, biotech, devices, Traditional Chinese Medicine (TCM), and health care services, across both H & A shares. Prior to joining Huatai Securities she worked in the Global Research Department of HSBC and CICC (Shanghai). Wen placed 1st and 2nd in 2017 and 2018, for the institutional investors “All China” category.
  • Jacqueline has a Bachelor of Science in Biological Sciences, and a Ph.D. in Nanoscience Technology from Hong Kong University of Science and Technology.
  • In 2019, Jacqueline placed second in the Institutional Investor All-China poll in her sector (mainland) and runner-up (international).
  • Huatai’s healthcare universe of 42 names includes coverage of the following:

Jingyi Zhang

Analyst, Food and Beverage

zhangjinyi@htsc.com

  • Jingyi Zhang graduated from the Institutes of Science and Development in Chinese Academy of Sciences. She used to work at the State Information Center and the Food and Agricultural Finance Division of Baoshang Bank.
  • Jingyi joined Huatai Securities Research Institute in 2016.

Mo Zhang

Analyst, Food and Beverage

zhangmo@htsc.com

  • Mo Zhang gaduated from Jilin University with a bachelor’s degree in Financial Engineering and a master’s degree in asset evaluation from Fudan University School of Economics. Mo joined Huatai Securities in 2018, focusing on environmental protection/power industry research.

Huanyu Lin

Lead Analyst, Home Appliance Retail

liuxi@htsc.com

  • Huanyu serves as the Senior  Analyst of the Home Appliance Retail team. He joined Huatai Securities in 2018 bringing with him 8 years of experience in the securities industry.
  • Huanyu holds a Masters of Investment Management from University of Reading, ICMA Centre, in the United Kingdom. In the 2019 All-China Institutional Investor research poll, Huanyu placed third in his category (mainland).   Huanyu and his team of three cover a universe of names including:

Yixin Luo

Head of Consumer, Hong Kong Shares

luoyixin@htsc.com

  • Yixin serves as Head of the Hong Kong Consumer Team. He joined Huatai Financial Holdings in 2018. Prior to joining Huatai he held positions at ICBC International, Fubon Securities, and Furui Financial Group.
  • Yixin has a Bachelor’s of Economics from Shanghai University of Finance and Economics.

Xin Mei

Lead Analyst, Consumer Services

meixin@htsc.com

  • Xin “Mei” serves as Senior Analyst of the Consumer Services team focusing on consumer tourism, cosmetics distribution, and vocational training companies. She joined Huatai Securities in 2015.
  • Mei holds a Master’s of Analysis Finance from Lehigh University in Pennsylvania, and a Bachelor degree in Finance Engineering from Wuhan University.

Bill Huang

Chief Analyst of the New Energy (Electricity) Team

billhuang@htsc.com

  • Bill serves as Chief Analyst of the New Energy (Electricity) Team.  He joined Huatai Securities in 2017. Prior to joining Bin held positions at China Automotive Battery Research Institute, and Hua Chang Securities Research Institute. He continues to focus on research regarding the new energy automotive industry.
  • Bill holds Ph.D. in Science from Peking University. Bill’s team of three covers eighteen names including the following:

Lin Wang

TMT Research Director, A-shares

wanglin014712@htsc.com

  • Wang serves as the director and head of Huatai’s TMT research practice which spans a team of fifteen different analysts across Technology, Media, and Telecom. Wang leads the team in developing investment focuses centering on key tech verticals including 5G, cloud computing, SAAS technologies, and the Chinese internet. After working for fifteen years in the Chinese telecom industry, Lin worked for eight years at China Merchants Securities and Great Wall Securities before joining Huatai in late 2018.

Saiyi He

China Internet, Media, & Education research, H & N Shrs

hesaiyi@htsc.com

  • Saiyi serves as the China Internet, Media, and Education research focusing on H -shares and ADRs. Prior to joining Huatai Securities, Saiyi worked at Blackrock Asset Management, State Street Asset Management, Macquarie Securities, and Indus Capital.
  • Saiyi graduated from Imperial College of London with a degree in Electrical Engineering.
  • Saiyi’s team of three covers the following names:

Chunsheng “Charlie” Xie

Lead analyst for Computer Software & Hardware

xiechunsheng@htsc.com

  • Charlie serves as the senior analyst for Computer Software and Hardware. Prior to joining Huatai Securities in 2019, he covered the computer industry at UBS Securities and Haitong Securities.
  • Charlie received a Masters of Finance degree from Fudan University.

Jian Li

Non-Bank Financials, Lead Analyst

lijian@htsc.com

  • Jian serves as the Non-banking Financials analyst in Hong Kong. He joined Huatai Financial Holding in 2019, and prior to that he was the head of China insurance research at Autonomous Research. Prior to that he was an analyst at Macquarie Securities and Standard & Poor’s, and Jian also worked for the China insurance regulatory commission.
  • Jian holds PhD, master’s and bachelor’s degree in economics and finance from Renmin University of China.

Juan Shen

Chief Analyst, Financials

  • Juan serves as Senior Analyst of the China Financials team, A-shares. She brings to Huatai Securities 8 years of financial industry research experience on a broad range of topics such as capital market reformation, regulatory research topics, and financial holding industry research.
  • Prior to joining Huatai Securities in 2014, Juan worked as a non-bank financial analyst at China Merchant Securities for four years. Juan was recognized in the Institutional Investor All-China research survey for both banks and non-bank finance (mainland). Juan and her team of three’s universe of thirty-five stocks includes the following:

Jizhou Dong, CFA

China Real Estate, H-Shares

dongjizhou@htsc.com

  • Jizhou serves as H-Share Real Estate Chief. Prior to joining Huatai in November 2018, Jizhou was responsible for China real estate research at Credit Suisse and HSBC. He also worked for Goldman Sachs and worked as research strategist in the Asia-pacific region.
  • Jizhou received his Bachelor degree in economics and finance from the University of Hong Kong.    Jizhou covers more than 25 names, including the following:

Shen Chen

Lead Analyst, Real Estate

chenshen@htsc.com

  • Shen serves as Chief Analyst for the Real Estate Team. He joined Huatai Securities in 2018 with eight years of experience in real estate research.
  • Shen holds a Bachelor of Economics Degree from Shanghai University of Finance and Economics and a Master of Finance degree from the University of Newcastle, UK.
  • In the 2019 Institutional Investor All-China Research poll, Shen placed first in his category (mainland).
  • Shen’s universe of twenty-one A-share Stocks includes the following:

Bruce Wang

Lead Analyst, China Basic Materials, Head of Hong Kong Equity Research

bruce.wang@htsc.com

  • Bruce serves as the head of China Basic Materials Sector research and also as head of Hong Kong Research. Prior to joining Huatai Securities, Prior to that he worked at Bank of America Merrill Lynch, BNP Paribas, and UBS Asia covering the China basic materials sector.
  • In the 2019 Institutional Investor All-China research vote, Bruce placed #1 in Building Materials (International) and #1 in Metals & Mining (International).
  • Bruce received his master of Economics from the Tsinghua University School of Finance (PBCSF). Bruce’s team universe includes coverage of the following names:

Hanxuan Qiu

Chief Analyst, Steel & Coal

QiuHanxuan@htsc.com

  • Hanxuan serves as senior analyst for the A-share Steel and Coal team. Hanxuan joined Huatai Securities in 2015, and she also has work experience as a metals analyst at Chuancai Securities Research Institute.
  • Hanxuan Holds a Bachelor of Economics degree from the School of Economics and Management of Tsinghua University , and a Master of Science degree from Hong Kong University of Science and Technology.
  • Hanxuan’s Universe includes coverage of the following

Bin Li

Chief Analyst, Non-Ferrous Metals

libin@htsc.com

  • Bin serves as the senior analyst of the Non-Ferrous Metals team. Bin joined Huatai Securities in 2017, and he has worked in the securities research industry since 2011. He has previously worked at the Minsheng Securities Research Institute and the Shougang Research Institute of Technology.
  • Prior to that, Bin worked within the non-ferrous metals industry at the CRU Group, the commodities consulting company based in the UK. Bin holds a Master’s degree from Leiden University, Netherlands.
  • In 2019, Bin placed second in the Institutional Investor All-China poll in his sector (mainland).
  • Bin’s team’s coverage of more than thirty stocks includes the following

Xi Liu

Lead Analyst, Chemicals

liuxi@htsc.com

  • Xi (“SHE”) is the senior analyst of the Huatai Chemicals team. He joined Huatai Securities in 2015. Prior to joining Huatai Securities, he worked at the Xingye Securities Research Institute.
  • Xi holds a Bachelor of Chemistry and Master of National Economics from Nanjing University. In 2019, Xi placed third in the Institutional Investor All-China research poll for his sector coverage (mainland).
  • Xi’s universe of more than twenty companies includes the following

Cheng Zhang

Lead Analyst of Machinery & High-end Equipment Manufacturing Team

zhangcheng@htsc.com

  • Cheng serves as the Senior Analyst for the Machinery and High-end Equipment Manufacturing Team. He brings to Huatai Securities many years of mechanical industry research focusing on robots, intelligent manufacturing and energy equipment.
  • Cheng holds a Master of Finance degree from Monash University.
  • In 2019, Cheng placed second in the Institutional Investor All-China poll in his sector (mainland).
  • Major names covered in Cheng’s team of four analysts includes:

Yufeng Chen

Lead Analyst, Consumer Team
Lead Analyst, Light Infrastructure Team

chenyufeng@htsc.com

  • Yufeng serves as Senior Analyst for both the Consumer team and the Light Infrastructure team. Yufeng joined Huatai Securities research in 2011. Areas of expertise include household light industry, packaging and printing, and paper manufacturing.
  • Yufeng holds a Masters Degree in Engineering from Xiamen University.
  • Yufeng and his team’s coverage of more than twenty-five companies includes the following:

Tianming Yang

Lead Analyst, Agriculture

heqi@htsc.com

  • Tianming serves as Senior Analyst of the Agricultural team. Prior to joining Huatai Securities he worked at Guoxin Securities, BANK of China International Securities, and Fangzheng Securities.
  • He has led his team in achievements in the mining and emerging agricultural sector.
  • Tianming received a bachelor’s degree in statistics from Xi’an Jiaotong University and a master’s degree in national economics from Nanjing University.

Zongchao Wang

Lead Analyst of the Aerospace Equipment Team

wangzongchao@htsc.com

  • Zongchao serves as Senior Analyst of the Aerospace Equipment Team. Prior to this role he worked on the China Aerospace Science and Technology Group as a product development engineer. Zongchao has many years of industry experience conducting research in the military industry’s reformation, aviation, aerospace, and high-precision equipment industries.
  • Zongchao graduated from Tsinghua University with a Master of Science in Precision Instruments.
  • Zongchao and his team of two cover a universe of close to thirty names, including:

Claire Weijia Wang

Chief Analyst of Public Utility and Environmental Protection Team

wangweijia@htsc.com

  • Claire serves as Chief Analyst of the Public Utility and Environmental Protection Team. Prior to joining Huatai Securities in 2017 she worked for CICC as a public utility and environmental protection analyst and Goldman Sachs as an environmental protection, coal, steel and cement analyst.
  • Claire graduated from Zhejiang University School of Economics with a Bachelor degree in Finance, and also holds a Master Degree in Operations Research (Finance direction) from Columbia University.
  • In the 2019 Institutional Investor All-China Research poll, Claire placed first (mainland). Claire also placed as one of the Top Ten China analysts across all sectors in 2019.
  • Claire’s universe of forty names includes the following companies: