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  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_12.jpg
  • SHANGHAI, CHINA - MAY 12: A woman in front of a Stock Exchange board in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_03.jpg
  • SHANGHAI, CHINA - MAY 12: A woman in front of a Stock Exchange board in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_11.jpg
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board  in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_08.jpg
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board  in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_07.jpg
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board  in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_04.jpg
  • SHANGHAI, CHINA - MAY 12: A man checks his cell phone in front of a Stock Exchange board in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_02.jpg
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board  in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_10.jpg
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board  in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_05.jpg
  • SHANGHAI, CHINA - MAY 12: A woman buys or sells stock on a computer made available for clients  in Shenyin and Wanguo Securities' brokerage house, on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_09.jpg
  • SHANGHAI, CHINA - MAY 12: A man buys or sells stock on a computer made available for clients  in Shenyin and Wanguo Securities' brokerage house, on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_06.jpg
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board in Shenyin and Wanguo Securities' brokerage house (the color red means the stock is going up, green means it goes down), on May 12, 2015, in Shanghai, China. In China, home of the Shanghai and the Shenzhen Stock Exchanges, small shareholders, often retired, are responsible of 80% of the market turnover, four times more than in Western Stock Exchanges dominated by professional traders and hedge funds. (Photo by Lucas Schifres/Getty Images)
    Shanghai_Stock_Exchange_01.jpg
  • Shanghai Stock Exchange stands in Pudong Business district, in Shanghai, China, on September 22, 2008. Photo by Lucas Schifres/Pictobank
    080922 China Stock Exchange 01.jpg
  • Shanghai Stock Exchange stands in Pudong Business district, in Shanghai, China, on September 22, 2008. Photo by Lucas Schifres/Pictobank
    080922 China Stock Exchange 02.jpg
  • SHENZHEN, CHINA - February 17: Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 10.jpg
  • SHENZHEN, CHINA - February 17: Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 07.jpg
  • SHENZHEN, CHINA - February 17: Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 08.jpg
  • SHENZHEN, CHINA - February 17: Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 09.jpg
  • SHENZHEN, CHINA - February 17: A security guard stands in front of today's stocks quotations' screen in Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 06.jpg
  • SHENZHEN, CHINA - February 17: A statue of a golden bull, symbol of up-going markets, stands in front of today's stocks quotations' screen in Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 04.jpg
  • SHENZHEN, CHINA - February 17: The bell used when introducing new stocks stands hangs in Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 01.jpg
  • SHENZHEN, CHINA - February 17: A statue of a golden bull, symbol of up-going markets, stands in front of today's stocks quotations' screen in Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 03.jpg
  • SHANGHAI, CHINA - September 22: Shanghai Stock Exchange stands in Pudong Business district on September 22, 2008 in Shanghai, China. (Photo by Lucas Schifres/Getty Images)
    080922 China Stock Exchange 02.jpg
  • SHANGHAI, CHINA - September 22: Shanghai Stock Exchange stands in Pudong Business district on September 22, 2008 in Shanghai, China. (Photo by Lucas Schifres/Getty Images)
    080922 China Stock Exchange 01.jpg
  • SHENZHEN, CHINA - February 17: The entrance hall of Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 05.jpg
  • SHENZHEN, CHINA - February 17: The bell used when introducing new stocks stands hangs in Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, China. (Photo by Servais Mont/Getty Images)
    060217 Pictobank Shenzhen Stock 02.jpg
  • SHENZHEN, CHINA - February 17: The facade of Shenzhen Stock Exchange on February 17, 2006 in Shenzhen, Guangdong province, China. (Photo by Lucas Schifres/Getty Images)
    060217 Pictobank Shenzhen Stock 11.jpg
  • Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 10.jpg
  • The bell used when introducing new stocks hangs in front of today's stocks quotations' screen in Shenzhen Stock Exchange, in Shenzhen, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 02.jpg
  • Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 07.jpg
  • Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 08.jpg
  • Today's stocks quotations are pictured on a screen at Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 09.jpg
  • A statue of a golden bull, symbol of up-going markets, stands in front of today's stocks quotations' screen in Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 04.jpg
  • A security guard stands in front of today's stocks quotations' screen in Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 06.jpg
  • The bell used when introducing new stocks stands hangs in Shenzhen Stock Exchange, in Shenzhen, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 01.jpg
  • A statue of a golden bull, symbol of up-going markets, stands in front of today's stocks quotations' screen in Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 03.jpg
  • The facade of Shenzhen Stock Exchange building, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 11.jpg
  • The entrance hall of Shenzhen Stock Exchange, in Shenzhen, Guangdong province, China, on February 17, 2006. Photo by Servais Mont/Pictobank.
    060217 Pictobank Shenzhen Stock 05.jpg
  • A shareholder checks the evolution of the stock maket on a computer at a stock brokerage in Shanghai, China, on November 21, 2007. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 16.jpg
  • A shareholder checks the evolution of the stock maket on a computer at a stock brokerage in Shanghai, China, on November 21, 2007. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 10.jpg
  • Kevin Wang poses for a photo with his computer showing stock indexes in his appartment in Shanghai, China, on December 6, 2007. Kevin Wang is a graduate student in Business administration at the Jiao Tong University in Shanghai. When he is not studying for his MBA, he spends most of his time, like many educated urban young Chinese of his age, investing money on the Chinese stock market. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 07.jpg
  • A shareholder reacts to the evolution of markets on a stocking board at a stock brokerage in Shanghai, China, on November 20, 2007. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 01.jpg
  • Shareholders play cards at a stock brokerage in Shanghai, China, on November 21, 2007. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 14.jpg
  • A old shareholder is having lunch at a stock brokerage in Shanghai, China, on November 20, 2007. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 04.jpg
  • An old man sleeps at a stock brokerage in Shanghai, China, on November 20, 2007. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 03.jpg
  • A old shareholder is having lunch at a stock brokerage in Shanghai, China, on November 20, 2007. A growing number of Chinese have cash to invest but little market know-how. Excited Chinese from the country's emerging new middle class - people who have never experienced investing in stocks - dive in with little understanding of how trading works, approaching the market the way many approach playing roulette. Photo by Patrick Wack/Pictobank
    071120 Pictobank China Stockers 06.jpg
  • Dongfeng Stock Exchange Debut
    Dongfeng Stock Exchange debut.JPG
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board in a brokerage house (the color red means the stock is going up, not down), on May 12, 2015, in Shanghai, China. (Photo by Lucas Schifres/Pictobank)
    Shanghai 065.jpg
  • SHANGHAI, CHINA - MAY 12: A woman in front of a Stock Exchange board in a brokerage house (the color red means the stock is going up, not down), on May 12, 2015, in Shanghai, China. (Photo by Lucas Schifres/Pictobank)
    Shanghai 064.jpg
  • SHANGHAI, CHINA - MAY 12: A man checks his cell phone in front of a Stock Exchange board in a brokerage house (the color red means the stock is going up, not down), on May 12, 2015, in Shanghai, China. (Photo by Lucas Schifres/Pictobank)
    Shanghai 062.jpg
  • SHANGHAI, CHINA - MAY 12: A family in front of a Stock Exchange board in a brokerage house (the color red means the stock is going up, not down), on May 12, 2015, in Shanghai, China. (Photo by Lucas Schifres/Pictobank)
    Shanghai 061.jpg
  • SHANGHAI, CHINA - MAY 12: A man in front of a Stock Exchange board in a brokerage house (the color red means the stock is going up, not down), on May 12, 2015, in Shanghai, China. (Photo by Lucas Schifres/Pictobank)
    Shanghai 063.jpg
  • HONG KONG - MAY 05: Passers by walk pass a stock exchange board displaying the Hong Kong index (Hang Seng index) in Central business district, on May 5, in Hong Kong. (Photo by Lucas Schifres/Pictobank)
    Hong Kong 138.jpg
  • HONG KONG - MAY 05: Passers by walk pass a stock exchange board displaying the Hong Kong index (Hang Seng index) in Central business district, on May 5, in Hong Kong. (Photo by Lucas Schifres/Pictobank)
    Hong Kong 137.jpg
  • HONG KONG - MAY 05: A man walks pass a stock exchange board displaying the Hong Kong index (Hang Seng index) in Central business district, on May 5, in Hong Kong. (Photo by Lucas Schifres/Pictobank)
    Hong Kong 135.jpg
  • HONG KONG - MAY 05: A man walks pass a stock exchange board displaying the Hong Kong index (Hang Seng index) in Central business district, on May 5, in Hong Kong. (Photo by Lucas Schifres/Pictobank)
    Hong Kong 136.jpg
  • HONG KONG - MAY 05: Beverly Chung and Keith Cheung chat in front of a stock exchange board displaying the Hong Kong index (Hang Seng index) in Central business district, on May 5, in Hong Kong. (Photo by Lucas Schifres/Pictobank)
    Hong Kong 140.jpg
  • HONG KONG - MAY 05: A man walks pass a stock exchange board displaying the Hong Kong index (Hang Seng index) in Central business district, on May 5, in Hong Kong. (Photo by Lucas Schifres/Pictobank)
    Hong Kong 139.jpg
  • SHANGHAI, CHINA - MAY 11: Jason Zhai in front of a Stock Exchange display board in Pudong business district, on May 11, 2015, in Shanghai, China. (Photo by Lucas Schifres/Pictobank)
    Shanghai 012.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 09.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 08.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 07.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 06.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 05.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 04.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 03.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 02.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 01.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 10.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 08.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 09.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 05.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 06.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 07.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 01.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 04.jpg
  • Unemployed Han Mei looks worried in a small brokerage house, China, on February 4, 2009. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore. Photo by Lucas Schifres/Pictobank
    090204 Pictobank Brokerage house 03.jpg
  • SHANGHAI, CHINA - February 04: Unemployed Han Mei looks worried in a small brokerage house on February 04, 2009 in China. Han Mei worked in Investment banking and lost her job on February 3 'because of the crisis' as her employer put it. A couple of months ago, Han Mei sold her small stock portfolio after it lost half of its value. She doesn't want to invest in the stock exchange anymore.  (Photo by Lucas Schifres/Getty Images)
    090204 Pictobank Brokerage house 10.jpg
  • XINJIANG PROVINCE, CHINA - October 10: Workers stock a harvest of cotton in a cotton factory on October 10, 2006 near Korla, Xinjiang province, China. (Photo by Servais Mont/Getty Images)
    061010 Cotton Harvest Xinjiang 11.jpg
  • XINJIANG PROVINCE, CHINA - October 10: Workers stock a harvest of cotton in a cotton factory on October 10, 2006 near Korla, Xinjiang province, China. (Photo by Servais Mont/Getty Images)
    061010 Cotton Harvest Xinjiang 08.jpg
  • XINJIANG PROVINCE, CHINA - October 10: Workers stock a harvest of cotton in a cotton factory on October 10, 2006 near Korla, Xinjiang province, China. (Photo by Servais Mont/Getty Images)
    061010 Cotton Harvest Xinjiang 10.jpg
  • XINJIANG PROVINCE, CHINA - October 10: Workers stock a harvest of cotton in a cotton factory on October 10, 2006 near Korla, Xinjiang province, China. (Photo by Servais Mont/Getty Images)
    061010 Cotton Harvest Xinjiang 09.jpg
  • Panel Discussion 'Picking the Best Themes - Can You Spot a Trend' with moderator Nik Bienkowski, Co-Founder and Co-CEO, HANetf, and panellists Harvey Liu, Senior Portfolio Manager, Fountainhead Capital, Deborah Fuhr, Managing Partner & Co-Founder, ETFGI, Zak Allom, Chief Commercial Officer, BetaSmartz, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_4145.jpg
  • Panel Discussion 'Spotlight on Emerging Markets' with moderator Richard Morrow, Editor, AsianInvestor, and panellists Stephen Pau, Chief Investment Officer, HeFeng Family Office, Rebecca Sin, Head of ETF Sales Trading, Asia Pacific, Commerzbank AG, Isaac Poole, Chief Investment Officer, Oreana Financial Services Limited, Tariq Dennison, Pension advisor and Responsible Officer, GFM Asset Management, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_3906.jpg
  • Panel Discussion 'The China Conundrum - How to Invest in China' with moderator Daniel Flatt, Editorial Director, Haymarket Financial Media, and panellists Brendan Ahern, Chief Investment Officer, KraneShares, Dr Lin Li, Managing Director, Head of Asset Allocation Strategy Research, CreditEase Wealth Management (Hong Kong) Limited, Mona Chung, Head of ETF and Cross Asset, Ping An Asset Management, Qianyun Liao, Head of Index Department, ChinaBond Pricing Center Co., Ltd, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_3599.jpg
  • Panel Discussion 'The China Conundrum - How to Invest in China' with moderator Daniel Flatt, Editorial Director, Haymarket Financial Media, and panellists Brendan Ahern, Chief Investment Officer, KraneShares, Dr Lin Li, Managing Director, Head of Asset Allocation Strategy Research, CreditEase Wealth Management (Hong Kong) Limited, Mona Chung, Head of ETF and Cross Asset, Ping An Asset Management, Qianyun Liao, Head of Index Department, ChinaBond Pricing Center Co., Ltd, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_3571.jpg
  • Panel Discussion 'The Strategic Imperative' with moderator Isaac Poole, Chief Investment Officer, Oreana Financial Services Limited, and panellists Anthony Cheung, Managing Director, Global Head of ESG and Sustainable Investing, Hamon Investment Group, James Fletcher, Director, Global Emerging Markets Equities, Small and Midcap Strategy, APG Asset Management, Ka Shi Lau, Managing Director & CEO, BCT Group, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_2888.jpg
  • Presentation by Gray Lui, Head of Index Development, China Exchanges Services Company Limited (CESC), during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_2663.jpg
  • Presentation by Gray Lui, Head of Index Development, China Exchanges Services Company Limited (CESC), during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_2655.jpg
  • Set-up and registration during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_2594.jpg
  • Set-up and registration during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 8 November 2018. Photo by Lucas Schifres/Studio EAST
    181108_GUA111_LS_2534.jpg
  • Networking Drinks Reception during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_2476.jpg
  • Closing Keynote by Cui Li, Chief Economist, Managing Director and Head of Macro Research, China Construction Bank International, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_2251.jpg
  • Panel Discussion 'ETF Trading -  Better Understanding of the Asia Markets' with moderator John Swolfs, CEO, Inside ETFs, and panellists Viktor Östebo, Head of Institutional Trading, Flow Traders Asia, Brian Roberts, Senior Vice President, Head of Exchange Traded Products, HKEX, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_2120.jpg
  • Panel Discussion 'Risk Mitigation & ETFs - Managing Risk is the New Alpha' with moderator Richard Morrow, Editor, AsianInvestor, and panellists Min Lei, Director and Head, Financial Risk Management for Asian Markets, AXA, Jackie Choy, Director of ETF Research, Asia, Morningstar Investment Management Asia Limited, Stella Yiu, Head (Investment Regulation), Mandatory Provident Fund Schemes Authority, and André Havas, Senior Partner, CIMalgo AB, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_1746.jpg
  • Panel Discussion 'Risk Mitigation & ETFs - Managing Risk is the New Alpha' with moderator Richard Morrow, Editor, AsianInvestor, and panellists Min Lei, Director and Head, Financial Risk Management for Asian Markets, AXA, Jackie Choy, Director of ETF Research, Asia, Morningstar Investment Management Asia Limited, Stella Yiu, Head (Investment Regulation), Mandatory Provident Fund Schemes Authority, and André Havas, Senior Partner, CIMalgo AB, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_1699.jpg
  • Panel Discussion 'Leveraged & Inverse ETFs' with moderator Louis Poon, Executive Vice Chairman, Association of Family Offices in Asia, and panellists Kenny Wen, Wealth Management Strategist, Everbright Sun Hung Kai, Paul Liu, Board Adviser, IPP Financial Services Holdings Limited, Derek Mok, Chief Investment Officer, Fubon Convoy Asset Management Limited, and Nik Bienkowski, Co-Founder and Co-CEO, HANetf, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_1331.jpg
  • Panel Discussion 'Leveraged & Inverse ETFs' with moderator Louis Poon, Executive Vice Chairman, Association of Family Offices in Asia, and panellists Kenny Wen, Wealth Management Strategist, Everbright Sun Hung Kai, Paul Liu, Board Adviser, IPP Financial Services Holdings Limited, Derek Mok, Chief Investment Officer, Fubon Convoy Asset Management Limited, and Nik Bienkowski, Co-Founder and Co-CEO, HANetf, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_1231.jpg
  • Panel Discussion 'Factor Investing' with moderator John Swolfs, CEO, Inside ETFs, and panellists Ben Johnson, CFA, Director of Global ETF Research, Morningstar<br />
Rico Kwan, Head of Quantitative Analysis and Data, Hang Seng Indexes Company Limited, Takefumi Konishi, Senior Manager, Asset Management Division, Mitsubishi UFJ Trust and Banking Corporation, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_1156.jpg
  • Panel Discussion 'Factor Investing' with moderator John Swolfs, CEO, Inside ETFs, and panellists Ben Johnson, CFA, Director of Global ETF Research, Morningstar<br />
Rico Kwan, Head of Quantitative Analysis and Data, Hang Seng Indexes Company Limited, Takefumi Konishi, Senior Manager, Asset Management Division, Mitsubishi UFJ Trust and Banking Corporation, during Inside ETFs Asia Conference at the Grand Hyatt hotel, Hong Kong, China, on 7 November 2018. Photo by Lucas Schifres/Studio EAST
    181107_GUA111_LS_1130.jpg
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