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Kendra Yan

Research Analyst at China International Capital Corporation (CICC)

Kendra Yan is an analyst at China International Capital Corporation (CICC), frequently engaging with leading public companies such as HSBC in investor presentations and research coverage. Known for her financial analysis expertise, Yan is active in equity research, contributing to performance discussions and detailed evaluations of non-interest income and broader bank performance. While specific career milestones, prior firms, performance rankings, and licensing credentials are not publicly detailed, she is recognized for her rigorous analyst work and regular participation in high-level corporate earnings calls. Her specialization includes the banking and financial services sector, reflecting deep sector knowledge and a growing professional reputation.

Kendra Yan's questions to HSBC HOLDINGS (HSBC) leadership

Question · Q4 2025

Kendra Yan asked about HSBC's macro assumptions behind the future three-year guidance, specifically concerning proposed interest rate cuts and balance sheet reduction by the Federal Reserve, and any associated risks.

Answer

Group Chief Risk and Compliance Officer Pam Kaur stated that guidance considers plausible downside scenarios, including interest rate cuts (quantum and duration) and their impact on ECLs. She noted the resilience of the business despite evolving tariffs and trade landscapes, and emphasized that HSBC looks at specific idiosyncratic factors and risk concentrations in home markets, maintaining a conservative approach in guidance and targets. Pam Kaur concluded by highlighting HSBC's fundamental identity as a relationship bank with a full-service suite of products.

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Question · Q2 2025

Kendra Yan of CICC asked about the sustainability of the strong non-interest income growth seen in Q1 and Q2, particularly from wealth and FX. She also inquired about HSBC's strategy and initiatives regarding stablecoins and cryptocurrencies.

Answer

Group CEO Georges Elhedery explained that HSBC's tokenized deposit service is live for wholesale clients in Hong Kong and Singapore, with more markets coming. The bank is watching stablecoin regulation closely before offering further services and has no appetite for unpegged crypto assets. Group CFO Pam Kaur added that while quarterly results can be volatile, underlying drivers like net new invested assets provide an annuity-like revenue stream.

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Question · Q2 2025

Kendra Yan of CICC asked about the sustainability of the strong non-interest income momentum, particularly from wealth management and FX. She also inquired about HSBC's strategic view and initiatives regarding stablecoins and cryptocurrencies in light of new regulations.

Answer

Group CEO Georges Elhedery confirmed HSBC is expanding its tokenized deposit services for wholesale clients but has no appetite for non-pegged cryptocurrencies. He noted that while wealth management aims for medium-term double-digit growth, it can be volatile. Group CFO Pam Kaur added that underlying growth is supported by strong net new invested assets ($75 billion over 12 months) and a record insurance CSM balance, providing an annuity-like revenue stream.

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