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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 40 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
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  "presentationDate": "2020-09-01 00:00:00",
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      "kind": "chart",
      "text": "China 3rd Party Payment Revenue Size",
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      "kind": "list",
      "text": "Online consumer finance is gravitating to large platforms with core competency. Rising credit risks due to COVID-19 outbreak may lead to further market share consolidation. Banks prefer to cooperate with platforms with client access and core technological competency. SINA's fintech business including loan facilitation and online payment is expected to grow at CAGR of 28.5% during 20E – 25E, slightly higher than China 3rd party payment revenue CAGR of 26.2% during 18 – 23E, which could be attributable to it's smaller size. SINA could benefit from its access to customers and continue gain shares through industry consolidation.",
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      "text": "Source: PBOC, WIND",
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      "kind": "title",
      "text": "China Online Consumer Finance and Online Payment Overview",
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