本期看点

· In 2019, the number of insolvency cases in China is expected to keep growing but at lower pace (+~20%).

· Not strong enough economic date in 1H2019, further eased monetary policy is expected

· In Q2 2019, automotive and automotive suppliers sectors downgraded from “Medium” to “Sensitive” due to declining sales volume and weaker assessments on the profitability and liquidity outlook

· The trade disputes between U.S. and China increase the uncertainty of economic recovery and the dispute is expected to last until the end of this year

· Improving direct financing for private companies with pick-up in IPO and establishment of Sci-Tech Innovation Board (STAR Market) at the Shanghai Stock Exchange in June 2019

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