Exposing a complete scam shop
Location/Market: I'm based in China/HK.
Relevance: while the thread will not be directly relevant to >95% of users in this forum, I want to get a message out: bad companies should get exposed. Maybe people still go work atdie there or (I know it's Piper Sandler now) worked analysts to the verge of dying. Those are personal choices.
It's wrong to hide that kind of information from job candidates.
Company: Haitong International Securities (HTI)
Why it is a Scam shop: HTI actually has good deal flow. It has ranked at least top 10 for the last 3 years in the HK IPO market. Most IB activities in China/HK are IPOs and it's the main revenue stream of banks.
However, under this glory, there is some heavily veiled ugly truth: people who work in Beijing & Shanghai are paid 1/3 to 1/4 of what people in HK are making.
Example: the starting salary for an HTI analyst in Shanghai is 15K RMB/Month. That is extremely low for an investment bank that tops HK IPO league tables. To give you some context, you can do English translation, teach high school math or English or whatever, or sell insurance (this might be a stretch) to make 15K/Month. None of that requires you to go to a top school with good grades and relevant finance internships.
HTI HK: analysts now make 50K HKD/Month. This is roughly 3x what mainland analysts make.
Hours: comparable. My group has slightly better hours than HK. A neighbor group I know constantly pulls late nights even on weekends and it's none-stop. Chinese people call this "927" --- 9am to 2am, 7days a week. No, it's not during live deals.
HTI HK analysts: they definitely have 1 day to rest and they don't average 2am every single day even during holidays unless you are the lead analyst on a live deal. I know that for a fact because hey, I collaborate with HK colleagues all the time and we actually talk to each other. Maybe management thinks we don't, but we do.
What management is doing about this: they want people working in mainland offices to think that we should appreciate what we have right now, and the "bonus" will be high after we have completed a successful IPO. It doesn't take a lot of brainpower to figure out that even if we have some kind of a big payday coming IPO time, people in mainland offices still make 1/2-1/3 of what HK colleagues make. Somehow mgmt thinks people are dumb and don't realize this. Maybe they don't give a fuck and just treat people as cheap labor.
Offices: Beijing, Shanghai, and Hong Kong offices cover the Chinese and HK markets.department, about 40-50 people in HK and 40-50 people in mainland. So 50% of people make shit money. No, capability-wise, HK colleagues are not necessarily better.
Reimbursement system: you have to submit your expense report within 1 week of finishing your trip. If it's past 1 week, you pay that shit yourself. The reimbursement system has changed 4-5 times over the last 3 months.
Pro: none I can think of.