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1、DeutscheBankMarketsResearchAsiaIndustryDateChinaChinesebanks25April2017Banking/FinanceBanksIndustryUpdateHansFan,CFAJackyZuoFinancialdeleveragingimpactSeriesIResearchAnalystResearchAssociate(+852)22036353(+852)22036255–Redemptionofentrustedinvestmenthans.fan@db.comjacky.
2、zuo@db.comTighterregulationsforcedbankstoredeementrustedinvestment(“Weiwai”)StephenAndrews,CFATherecentcorrectionofChinesebanks’sharepriceswaslargelydrivenbyResearchAnalystescalatingfinancialdeleveragingefforts,withtheCBRCtakingtougher(+852)-22036191initiatives.Weexpectf
3、inancialdeleveragingtocontinue.Wearelaunchingastephen-a.andrews@db.comseriesofreportstoassessthekeyimpactsoffinancialdeleveragingindetailsuchasfundingflows,banks’capitalandassetqualityetc.InthisfirstissueweToppicksfocusontheredemptionofentrustedinvestmentor“Weiwai”inChin
4、ese.WeiwairedemptionhasledtogreatervolatilityinbondandequitymarketsandICBC(1398.HK),HKD4.99Buymayresultinrealizedinvestmentlossesforsmallerbanks.WeremainneutralChinaMerchantsBankBuy(3968.HK),HKD20.45onthesectorandpreferretail-orientedbanks(e.g.BigFour/CMB)toothers.Source
5、:DeutscheBankWhatisentrustedinvestmentandhowbigisit?EntrustedinvestmentisessentiallybanksentrustingpartoftheirWMPAUMCompaniesFeaturedand/orproprietaryfundstothird-partyassetmanagersincludingbrokers,ICBC(1398.HK),HKD4.99Buytrusts,insurancecompaniesandmutualfunds.Tomaximiz
6、ereturns,inmanyChinaConstructionBankBuy(0939.HK),HKD6.23casesassetmanagersareleveragingupinbondmarketsbyborrowingshort-Agri.BankofChina(1288.HK),HKD3.54Holdtermfundsandchasingyield(Fig4).WhilethereisnopublicdatasourceonBankofChina(3988.HK),HKD3.70Buythesizeofentrustedinv
7、estment,weestimateitmightamounttoRmb5-6tratend-2016,abigpartofwhichmaybefromWMP(~13%oftotalWMPAUM).BankofCommunicationsHold(3328.HK),HKD5.93Asforunderlyingassets,morethan90%ofentrustedinvestmentwasinvestedChinaMerchantsBankBuyinbondsandtherestinequities.Joint-stockandcit
8、y/ruralcommercialbanks(3968.HK),HKD20.45aremoreexposedtoentrustedinvestmentsthanBigFourbanks(Fig5).Chin
