Morgan Stanley Securities (China) is well positioned in the China market and provides our clients with a wide range of bond market services, including issuance of corporate bonds and financial bonds, as well as issuance of convertible corporate bonds with or without detachable warrants. Our bond underwriting team has abundant domestic experience and global insights with extensively established international networks comprised of investment institutions in both domestic and global capital markets, making it possible to offer comprehensive support to our clients in the localization and globalization process of their business. With our deep understanding of bond financing, we are adept at meeting diversified needs for structural financing. We commit ourselves in providing our clients with cost-efficient debt financing solutions in an attempt to help them seize opportunities, conquer challenges and achieve sustainable development in the capital market.