UA Finance saw a 37% pre-tax profit decline, consumer loan book in China withdrew by 11% h-o-h. Bad loan charge-offs rose by a significant 3.4ppt to 9.4% in 1H15

Challenges from weak economy, e-finance competition and stock market volatility. Disappointment in dividend payout of disposal cash proceeds further dilutes ROE

We retain our Hold rating on SHKC but cut our TP by 18% to HKD6.10 (from HKD7.30). We adjust earnings to reflect the completion of the sale of subsidiary SHKF