汇丰银行-xx-金融服务业-xx租赁：“大xx”即将来临，feh评级降为持有-20171103-hsbc-china_leasingabig_bangis_coming；downgrade_feh_to_hold.pdfVIP

3 November 2017   China Leasing EQUITIES DIVERSIFIED FINANCIAL SERVICES A “Big Bang” is coming; downgrade FEH to Hold China  The leasing industry is likely to see a regulatory shake-up, York Pun*, CFA which could lead to short-term volatility Analyst The Hongkong and Shanghai Banking Corporation Limited yorkkypun@.hk Long-term growth remains sound and industry consolidation +852 2822 4396 could bring opportunities, but capital management is key Hetty Zhao* Associate  Downgrade FEH to Hold with an unchanged target price of *Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is HKD8.2; maintain Hold on CDBL (HKD2 TP) not registered/ qualified pursuant to FINRA regulations Prepare for a “Big Bang”. China’s leasing industry has undergone rapid and undisciplined growth since 2010, with an influx of new players and