HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

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<p>Based on official and our on-ground observations, the tourism industry in China has clearly staged a recovery during the Labour Day Golden Week. However, we think that the pace of recovery is still moderate - as suggested by the degree of improvement in number of tourists and tourism receipt from the Qingming Festival in 4-6 Apr to the Golden Week. </p><p>In terms of transportation, the best improvements are registered on waterway transportation, and then followed by airlines and coaches - at ~11pp for airlines and ~7pp for coaches - versus early Apr. Such improvements have already driven a ~40% increase in an estimated average airfares, which will reflect positively on the 2Q20 result of the Chinese airlines. </p>

Based on official and our on-ground observations, the tourism industry in China has clearly staged a recovery during the Labour Day Golden Week. However, we think that the pace of recovery is still moderate - as suggested by the degree of improvement in number of tourists and tourism receipt from the Qingming Festival in 4-6 Apr to the Golden Week. In terms of transportation, the best improvements are registered on waterway transportation, and then followed by airlines and coaches - at ~11pp for airlines and ~7pp for coaches - versus early Apr. Such improvements have already driven a ~40% increase in an estimated average airfares, which will reflect positively on the 2Q20 result of the Chinese airlines. 

Tracking China Recovery Through Golden Week: How Is the Recovery?