Memo shows Citigroup has hired BofA's Rohan Sen to lead technology-services banking coverage.

China Index Academy’s China Real Estate Index System 100-city price index: July average second‑hand residential price 12,584 yuan/sq m, down 0.44% MoM (decline widened 0.02 ppt vs June) and down 7.37% YoY. By tier MoM: first‑tier -0.25%, second‑tier -0.45%, third/fourth‑tier -0.48%; first‑tier monthly decline widened 0.09 ppt, while Shanghai continued to rise +0.09% MoM. YoY: first‑tier -6.61%, second‑tier -7.85%, third/fourth‑tier -7.20%. Eight cities up MoM, 92 cities down.

The National Interbank Funding Center convened a meeting on optimizing the direct-issue mechanism for financial bonds in Shanghai's Bund. Attendees included department heads from Shanghai Clearing House, major financial-bond issuers and investors, and People’s Bank of China departments. Participants broadly endorsed the direct-issue mechanism, saying it has materially improved issuance transparency and narrowed primary‑secondary spreads, and submitted proposals for further refinement.