Independence and objectivity
Beyond a point, "benefits" offered to analysts amount to bribes
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THE Hong Kong street protests are entering their sixth month. Although the extradition Bill was formally withdrawn on Sept 4, thousands of protestors are still taking to the streets. The ongoing protests have had consequences on many facets of daily life and business in the Chinese territory.
Naturally, investment analysts need to factor these developments into their forecasts. For one analyst, however, doing so was an uphill battle.
Zhao Dongchen, head of equity research at state-owned Industrial & Commercial Bank of China, issued a strong "sell" call on Cathay Pacific Airways Ltd. ( At the time, Bloomberg noted 13 buy calls and five hold calls on Cathay.)
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