Head of Research: Castor Pang (Tel: 852 2826 0061) Mr. Pang joined Core Pacific - Yamaichi as Head of Research in May 2011. He acquired his MPhil Degree in Finance in 1998. Since graduation, Mr. Pang started his career path in brokerage industry and worked for 4 local brokerage houses as managers of Research Department and Corporate Services Department. Prior to joining Core Pacific - Yamaichi, he was the Research Director of Cinda International since September 2009. Before that, He was the Strategist of SHK Finance during the period from December 2004 to September 2009 and responsible for investment analysis and daily recommendation. Mr. Pang is now responsible for the daily management of the Research Department and market analysis. In addition, he will accept the daily interview by local and international public media and arrange public seminar for investors.

Research Manager (Shanghai Office): Olive Xia (Tel: 8621 6886 6902) has an MBA from Fudan University and a bachelor degree in Economics from Shanghai University of Finance and Economics. She is a CFA charter holder. She has extensive experience in the consumer, auto and banking industries. Before joining Core Pacific - Yamaichi, she worked for Xinhua Finance and China Merchants Bank. She covers China consumer, insurance and auto sectors.

Senior Research Analyst: Timothy Li (Tel: 852 2826 0005) has a bachelor degree in Business Administration (Accounting and Finance) from The University of Hong Kong. Mr. Li possesses the qualification of chartered accountant as a Fellow of the Association of Chartered Certified Accountants (FCCA). Mr. Li previously worked for Dao Heng Securities. He covers banking sector.

Senior Research Analyst: Kevin Tam (Tel:852 2826 0007) has a bachelor degree in Finance and a Master degree in Economics from the Hong Kong University of Science and Technology. He is a CFA charter holder. Kevin has over 10 years of experience in equities research, mainly covering telcom and technology and industrial sectors. Prior to joining Core Pacific - Yamaichi, he worked in investment research positions in China Everbright and Bank of East Asia. Currently he covers telecom and technology, and medical and healthcare sectors.

Research Analyst: Kenny Cheung (Tel: 852 2826 0062) received his bachelor degree in Information Engineering from The University of Hong Kong and, has passed Level 3 exam of the CFA program. Before joining Core pacific-Yamaichi, Mr. Cheung worked as an analyst in SMBC Friend Securities, a Japanese securities firm. Currently Mr. Cheung covers oil and gas sector.

Research Analyst: Wilson Ho (Tel: 852 2826 0012) received his master degree in Funds Management from the University of New South Wales. Mr Ho is a FRM charter holder and has passed the CFA level 3 exam. Prior to joining Core Pacific - Yamaichi, Mr Ho worked as a research analyst in iFAST Finanical (HK). Currently Mr Ho covers China Property and China Cement sectors.

Research Analyst: Felix Kwok (Tel: 852 2826 0006) has a bachelor degree in Financial Engineering from The Chinese University of Hong Kong. Before joining Core Pacific-Yamaichi, Mr. Kwok worked in Bank Consortium Trust Co. Ltd, a pension company, and was responsible for business development. He covers consumer sector.

Research Analyst: Eugene Mak (Tel: 852 2826 0004) received his honours bachelor of science degree from The University of Toronto (St. George). Prior to joining Core Pacific-Yamaichi, Mr. Mak worked as a research analyst in Platinum Securities Ltd. and as small cap analyst at the hedge fund, Axix Capital Ltd. Currently Mr. Mak covers the retail and consumers sector.