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China State-Owned Enterprises
Will Credit Quality of Rated SOEs Remain Stable?
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Agenda14:00HKT
China State-Owned Enterprises
Will Credit Quality of Rated SOEs Remain Stable?
- Is support for broader SOEs becoming more selective?
- Although rated SOEs’ leverage will likely decline in next 12-18 months, will it remain higher than the pre-pandemic level?
- Why SOE will play an important role in China’s carbon transition and industry upgrade
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SpeakersKai Hu Senior Vice President, Corporate Finance Moody's Investors Service
Ada Li Vice President – Senior Credit Officer, Project & Infrastructure Finance Moody's Investors Service
David Yin Vice President – Senior Credit Officer, Financial Institutions Moody’s Ratings
Jin Wu Vice President - Senior Analyst, Corporate Finance Group Moody's Investors Service
Sue Su Vice President – Senior Analyst, Corporate Finance Moody's Investors Service
Yuting Liu Vice President – Senior Analyst, Corporate Finance Group Moody's Investor Service
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Kai Hu is a Senior Vice President in Moody’s Corporate Finance Group, based in Shanghai. He covers a portfolio of large Chinese state-owned enterprises.
Before joining Moody’s, Kai worked in credit risk management, trade finance and project finance at various financial institutions, including Citigroup and China Merchants Bank in New York and Bank of Communications, Shanghai Pudong Development Bank in Shanghai.
Kai holds an MBA from Ross School of Business, University of Michigan, and a Bachelor of Shanghai Institute of Foreign Trade. He is also a CFA, FRM and a member of Chinese CPA association.
Ada Li is a Vice President - Senior Credit Officer with the Project & Infrastructure Finance Group, covering a portfolio of Chinese infrastructure companies across state-owned or privately-owned utilities, ports, railways, toll roads, and local government finance vehicles.
Before joining Moody’s, Ada worked as a Vice President at Deutsche Bank, where she oversaw Greater China corporates and financial institutions. Ada has also worked at Barclays Capital, where she covered Chinese financial institutions and commodity companies.
Ada holds a BBA in Accounting & Finance from The University of Hong Kong. She is also a CFA charterholder and a certified FRM holder.
David Yin is a Vice President – Senior Credit Officer with the Financial Institutions Group at Moody’s Investors Service Hong Kong Limited. David is covering a portfolio of banks and non-bank financial institutions in China.
Before joining Moody’s, David worked as equity research analyst for Standard Chartered Bank, covering Chinese banks and securities companies. Earlier, he had covered Chinese financial institutions in Bank of China International Securities (China). He had also worked in the ECM department of Goldman Sachs Gao Hua Securities.
David holds a MSc in management and a BA in Economics from Peking University.
Jin Wu is a Vice President-Senior Analyst in the basic industries team in New York. He covers a portfolio of high-yield and investment grade chemical companies, conducts fundamental credit analysis and publishes issuer and sector research.
Prior to Jin’s current role, he supported ratings and research for a portfolio of APAC companies with focus on chemicals and metals & mining industries in Moody’s Shanghai office. Before that, Jin conducted corporate credit research and financial analysis at various financial institutions in the US, including Genworth Financial, Capital One, and Washington Mutual (now JP Morgan). Jin has covered sectors including basic industries, construction, utilities, telecommunications, media and technology, and financial.
Jin holds an MBA from the University of Washington's Foster School of Business, and a Bachelor’s degree from China’s Foreign Affairs University. He is also a CFA charterholder.
Sue Su is a Vice President and Senior Analyst in Moody’s Corporate Finance Group.
Based in Beijing, Sue supports ratings and research for a portfolio of Chinese central and local state-owned enterprises across various industries.
Before joining Moody’s, Sue spent more than 10 years in HSBC, with her most recent role as a Senior Vice President for Wholesale Credit Risk Approval. Sue also worked as an Associate Director for Credit Analysis Unit in HSBC’s Global Banking and Markets.
Sue is a CFA charterholder, and holds a BA from Beijing Foreign Studies University and an MBA from Peking University.
Yuting Liu is a Vice President and Senior Analyst in Moody’s Corporate Finance Group. Based in Beijing, Yuting supports ratings and research for a portfolio of Chinese central and local state-owned enterprises across various industries.
Yuting has more than 10 years of experience in financial analysis and credit research at credit rating agencies and other financial institutions. She first joined Moody’s in 2012 and worked for CFG teams in Australia and Beijing for three and half years.
Prior to rejoining Moody’s, Yuting was in Fitch Ratings for 2 years in the corporate research team specializing in infrastructure and construction industries. Yuting received her Master of Applied Finance degree from Macquarie University and her bachelor’s degree from the University of New South Wales.
She is also a member of the Institute of Chartered Accountants in Australia.
Kai Hu is a Senior Vice President in Moody’s Corporate Finance Group, based in Shanghai. He covers a portfolio of large Chinese state-owned enterprises.
Before joining Moody’s, Kai worked in credit risk management, trade finance and project finance at various financial institutions, including Citigroup and China Merchants Bank in New York and Bank of Communications, Shanghai Pudong Development Bank in Shanghai.
Kai holds an MBA from Ross School of Business, University of Michigan, and a Bachelor of Shanghai Institute of Foreign Trade. He is also a CFA, FRM and a member of Chinese CPA association.
Ada Li is a Vice President - Senior Credit Officer with the Project & Infrastructure Finance Group, covering a portfolio of Chinese infrastructure companies across state-owned or privately-owned utilities, ports, railways, toll roads, and local government finance vehicles.
Before joining Moody’s, Ada worked as a Vice President at Deutsche Bank, where she oversaw Greater China corporates and financial institutions. Ada has also worked at Barclays Capital, where she covered Chinese financial institutions and commodity companies.
Ada holds a BBA in Accounting & Finance from The University of Hong Kong. She is also a CFA charterholder and a certified FRM holder.
David Yin is a Vice President – Senior Credit Officer with the Financial Institutions Group at Moody’s Investors Service Hong Kong Limited. David is covering a portfolio of banks and non-bank financial institutions in China.
Before joining Moody’s, David worked as equity research analyst for Standard Chartered Bank, covering Chinese banks and securities companies. Earlier, he had covered Chinese financial institutions in Bank of China International Securities (China). He had also worked in the ECM department of Goldman Sachs Gao Hua Securities.
David holds a MSc in management and a BA in Economics from Peking University.
Jin Wu is a Vice President-Senior Analyst in the basic industries team in New York. He covers a portfolio of high-yield and investment grade chemical companies, conducts fundamental credit analysis and publishes issuer and sector research.
Prior to Jin’s current role, he supported ratings and research for a portfolio of APAC companies with focus on chemicals and metals & mining industries in Moody’s Shanghai office. Before that, Jin conducted corporate credit research and financial analysis at various financial institutions in the US, including Genworth Financial, Capital One, and Washington Mutual (now JP Morgan). Jin has covered sectors including basic industries, construction, utilities, telecommunications, media and technology, and financial.
Jin holds an MBA from the University of Washington's Foster School of Business, and a Bachelor’s degree from China’s Foreign Affairs University. He is also a CFA charterholder.
Sue Su is a Vice President and Senior Analyst in Moody’s Corporate Finance Group.
Based in Beijing, Sue supports ratings and research for a portfolio of Chinese central and local state-owned enterprises across various industries.
Before joining Moody’s, Sue spent more than 10 years in HSBC, with her most recent role as a Senior Vice President for Wholesale Credit Risk Approval. Sue also worked as an Associate Director for Credit Analysis Unit in HSBC’s Global Banking and Markets.
Sue is a CFA charterholder, and holds a BA from Beijing Foreign Studies University and an MBA from Peking University.
Yuting Liu is a Vice President and Senior Analyst in Moody’s Corporate Finance Group. Based in Beijing, Yuting supports ratings and research for a portfolio of Chinese central and local state-owned enterprises across various industries.
Yuting has more than 10 years of experience in financial analysis and credit research at credit rating agencies and other financial institutions. She first joined Moody’s in 2012 and worked for CFG teams in Australia and Beijing for three and half years.
Prior to rejoining Moody’s, Yuting was in Fitch Ratings for 2 years in the corporate research team specializing in infrastructure and construction industries. Yuting received her Master of Applied Finance degree from Macquarie University and her bachelor’s degree from the University of New South Wales.
She is also a member of the Institute of Chartered Accountants in Australia.