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Ray Zhong

Research Analyst at JPMorgan Chase & Co.

Ray Zhong is an Executive Director and Equity Research Analyst at JPMorgan Chase & Co., specializing in industrials sector coverage with a primary focus on multi-industry companies and industrial technology. He covers prominent firms such as General Electric, Honeywell, 3M, and United Technologies, providing investment recommendations that have contributed to a solid performance record, including high conviction calls recognized by institutional clients. Since beginning his career at JPMorgan Chase & Co. in 2016 after earning his MBA from Columbia Business School, Ray has built expertise in equity research and previously held internships at firms such as BlackRock and CITIC Securities. He holds the FINRA Series 7, 63, 86, and 87 licenses, and has been recognized within JPMorgan for his detailed industry insights and advanced modeling capabilities.

Ray Zhong's questions to Howard Hughes Holdings (HHH) leadership

Question · Q2 2025

Ray Zhong inquired about the pro forma leverage following a potential insurance acquisition, the expected deal size, and the operational changes implemented since Pershing Square's increased involvement, including the future of the real estate portfolio mix.

Answer

Executive Chairman William Ackman and CIO Ryan Israel clarified that an acquisition would likely use the ~$1 billion in cash on hand, potentially supplemented by capital from Pershing Square affiliates for a larger deal, while maintaining control. Ackman affirmed no changes to the real estate strategy, while CEO David O'Reilly detailed how G&A savings were achieved by centralizing the development team, a plan initiated prior to the Pershing transaction. Israel added that the key change is a broader approach to capital allocation.

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