Nomura：Hang Seng Bank 　恒生银行研究

01.22 7页 英文

While we applaud Hang Seng Bank’s (HSB) move to gear up its China growth over
the next few years, we believe it will take time for the China contribution to turn
significant. Listing of Industrial Bank in February will dilute HSB’s stake to some
12.8% from 15.98% currently, further capping HSB’s China-related income.