Forgot your password?

Please enter the email address you used when registering.

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Invalid login

Enter your password to login.

Invalid email
Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Resend the email

Confirmed.
Welcome back.

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Please enter a valid phone number.

We need a phone number to keep your account secure. We'll send you a code to validate your phone number right now.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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Number is too short
Number is too long
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Passwords do not match
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

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China’s policy tailwinds set economic recovery in motion

With the first half of 2022’s market events behind us, we see a brighter outlook for Chinese equities in the mid-year ahead.

The government recently announced shortening quarantine times for inbound travellers and easing of lockdown measures — encouraging signs that more relaxation of restrictions is yet to come. Chinese equity markets are rebounding from valuation troughs amid improving market sentiment, lockdowns being lifted and a slew of stimulus measures. With China’s pro-growth policies expected to continue, we see opportunities arise in three investment themes for the mid-year ahead: policy tailwinds, innovation, and consumption upgrade. We remain constructive, expecting policy executions to accelerate in the second half of the year, and believes that longer-term investors will be rewarded for participating in these sectorial opportunities.

Market overview: Chinese equity valuations are rebounding from multi-year lows

As lockdowns began to ease towards the end of the second quarter, Chinese equity valuations are rebounding from multi-year lows. During the first quarter of 2022 – the peak of new COVID cases, global financial markets as well as China’s stock markets declined. Back then, it was a perfect storm of risk-off events: Russia-Ukraine geopolitical tensions, regulatory curbs on tech stocks, potential de-listing of the American depositary receipts (ADRs) of Chinese firms, and a looming hawkish U.S. Federal Reserve.

In the last two months, China’s stock markets have staged the first phase of a rebound (see Chart 1) on the back of a raft of relaxation measures: Investor sentiment has recovered as lockdown restrictions begin to ease; the Hong Kong government accelerated its reopening in May by cutting quarantine times for inbound travellers (from 14 days to 7 days) and eased social distancing measures. In June, China shortened quarantine times for those entering major cities, who will only need to spend 7 days in a quarantine facility, and 3 days of home quarantine (that’s down from 14 days of hotel-quarantine in many parts of China currently, and as many as 21 days of isolation in the past), according to a revised government protocol.1

Chart 1: China and Hong Kong stock markets rebound from policy support
(May 2022 – present)
Chart showing, in percentage terms, the total returns for the MSCI China Index, the Shanghai Stock Exchange Composite Index, and the Hang Seng Index between April 29 and July 1, 2022. The chart shows that these three indexes have performed well during the period, returning more than 5%. Chart showing, in percentage terms, the total returns for the MSCI China Index, the Shanghai Stock Exchange Composite Index, and the Hang Seng Index between April 29 and July 1, 2022. The chart shows that these three indexes have performed well during the period, returning more than 5%.

Source: Bloomberg, as of 1 July, 2022. Index performance is based on total return in U.S. dollar. It is not possible to invest directly in an index.

Chart 2: MSCI China Index performance and valuation (10-year)
Chart mapping the performance of the MSCI China Index against the price-earnings ratio of the index between July 2012 and data available as of July 1, 2022. The chart shows price-earnings ratio of the MSCI China Index has hit low levels not seen in about five years. Chart mapping the performance of the MSCI China Index against the price-earnings ratio of the index between July 2012 and data available as of July 1, 2022. The chart shows price-earnings ratio of the MSCI China Index has hit low levels not seen in about five years.

Source: Bloomberg as of 1 July, 2022. It is not possible to invest directly in an index. LHS refers to left-hand side; RHS refers to right-hand side. PE refers to price/earnings ratio.

At the time of writing, the MSCI China, Hong Kong and Chinese onshore A-shares indexes have rebounded since May and their price-to-earnings (PE) valuations have recovered from multi-year lows. We believe Chinese equities could have more room to run due to their attractive valuations that are below the historical average and near the bottom of the standard deviation range (see Chart 2). Also, we’re more constructive of the second half outlook which we’ll highlight in the next section.

Mid-year outlook: Economic reopening and policy support

China’s first-quarter GDP beat expectations and grew 4.8% year-on-year. We expect that for the remainder of this year, China should see a re-acceleration in GDP growth, while most of the Asia (ex-China) central banks are likely to raise rates on US dollar strength. Recent economic data such as China’s industrial output, exports, retail sales have been picking up and the purchasing managers’ index (PMI) for June rose above the expansionary territory of 50 — signs that factory productions are resuming, and pent-up domestic demand being released.2

A raft of economic stimulus measures was announced throughout the first half of 2022 (see Appendix), which shall permeate the real economy. Numerous sectors are expected to benefit from further macro-policy push in the second half, and with a stronger boost to consumption and easing supply-chain bottlenecks.

Investors might increasingly view China as a diversifier (of risks and returns). While global central banks are dealing with elevated inflation and rate hikes in the cards, China has been pursuing a divergent monetary policy: the central bank lowered the reserve requirement rate (RRR) by 25 basis points (bps),3 slashed the 5-year loan prime rate (LPR) by 15 bps and further reduced the mortgage rate floor for first-time homebuyers.

We believe China still has room to ease monetary policy further amid below-target inflation and support for the labour market. The property market has stabilised while further clarification is needed on two areas, i.e., when China would move on from dynamic zero COVID response and when the political landscape will settle following the 20th Party Congress.

In terms of fiscal policy, there is a decent probability that China’s National People’s Congress Standing Committee August meeting may approve additional fiscal stimulus, likely in the order of RMB$ 1 trillion. On 23 June, President Xi reiterated China’s commitment toward pre-established 2022 growth targets.

All in all, we believe that the fiscal and monetary stimulus announced in May 2022 set the stage for further economic recovery for the second half of the year, and markets have not fully priced in the more constructive outlook.

Sector opportunities: cyclical and structural tailwinds in three investment themes

We identify three key investment themes for the midyear that continue to benefit from continued policy support.

1 Policy tailwinds

Powering growth with renewable energy and the auto sector

At a time when elevated oil prices push up global inflation, China has been making promising progress in tapping clean and alternative energy. On renewable energy, China aims for CO2 emissions to peak by 2030 and carbon neutrality by 2060. According to the National Development and Reform Commission, China plans to raise the share of non-fossil fuels in its primary energy mix to 25% by 2030, from 15.9% in 2020 and that total installed capacity of wind power and solar power could reach more than 1.2 billion kilowatts.4 (see Chart 3) We continue to see solid investment opportunities in the renewable energy sector. For example, China makes 87% of the world’s polysilicon (a vital component of the solar supply chain) installed capacity.5 (see Chart 4)

Chart 3: China’s primary energy consumption by source
Chart showing how China’s energy consumption has evolved since 2019, and how it’s expected to change in the next 8 years. The chart shows that consumption of renewable energy is expected to exceed 20% by 2030, as coal and oil consumption is expected to moderate. Chart showing how China’s energy consumption has evolved since 2019, and how it’s expected to change in the next 8 years. The chart shows that consumption of renewable energy is expected to exceed 20% by 2030, as coal and oil consumption is expected to moderate.
Chart 4: Global polysilicon capacity breakdown
Chart showing the market composition of the global polysilicon market, as of April 2022. The chart shows that China accounts for 87% of global polysilicon production, followed by Germany, and Malaysia. Chart showing the market composition of the global polysilicon market, as of April 2022. The chart shows that China accounts for 87% of global polysilicon production, followed by Germany, and Malaysia.

Source (Chart 3): BP statistics, Our World in Data, IEA, Daiwa as of September 2021. Renewable includes hydro, solar, wind, nuclear and biofuel. 2030 estimate based on National Development and Reform Commission target, as of January 2022. Source (Chart 4): BNEF, BofA Global Research, as of April 2022. For details of Others: see ReportLinker and Bernreuter Research reports.

Another beneficiary of policy tailwind is the auto sector, a key contributor of China’s consumption growth. In May, authorities relaxed car-purchase restrictions and cut the purchase tax by half for small-engine passenger cars priced under RMB$300,000 with 2.0-litre or smaller engines. About 90% of engine vehicles in the market would likely be eligible for tax incentives.6 The tax cut was larger than expected and should benefit traditional auto manufacturers. Retail sales of passenger vehicles have already edged higher since the new tax policy, topping 1.96 million units (from 1 June to 30 June). (see Chart 5) We expect Chinese automakers will continue to accelerate their production and deliveries from June 2022 in anticipation of a demand recovery.

Chart 5: China retail passenger vehicle sales
Chart of retail passenger vehicle sales in China from June 2021 to June 2022. The chart shows that retail passenger vehicle sales rose significantly in May and June 2022. Chart of retail passenger vehicle sales in China from June 2021 to June 2022. The chart shows that retail passenger vehicle sales rose significantly in May and June 2022.

Source: Bloomberg as of 13 July 2022.

On infrastructure spending, the State Council announced plans to use funds from the local government special bond (LGSB) programme to support a broader range of projects, including new infrastructure such as high tech and 5G.7 We believe infrastructure construction may accelerate in the third quarter of 2022 if the LGSB quota is used by June and could be fully utilised in projects by August 2022.

2 Innovation

As a digital economy and high-value global manufacturing hub

We continue to see opportunities that leverage the government’s agenda to develop a digital economy and China strengthening its position as a high-value global manufacturing hub, industrial automation and manufacturing upgrades led by advanced technology. Recently announced incentives support innovative growth:

  • In March, China announced a 10-year plan to research and reform the nation’s scientific and technological systems. This can impact industries related to biomedicines, high-end instruments, green and low carbon energy transformation, and basic software.
  • We also expect new-energy vehicle manufacturers to benefit from the government’s “New energy vehicle (NEV) to rural” campaign using exhibitions and promotional activities to boost sales of new-energy vehicles, especially in rural areas.8 In addition, local governments are offering subsidies or coupons for vehicle purchases. These policies focus more on vehicle replacement and NEV purchases.

With the growing adoption of renewable energy, such as solar and wind, we expect demand for battery storage of renewable energy or energy storage systems (ESS) to rise. Indeed, China’s installation of ESS is expected to grow at a 56% cumulative average growth rate over the next decade.9

In the longer term, we believe China will play a pivotal role in the global electric-vehicle (EV) supply chain, with EV battery manufacturers leading the way. The lithium ion-battery is the most important component of an electric vehicle, as it is the energy source; and Chinese companies make over half of the world’s EV batteries10 (see Chart 6) Outside of China, ASEAN markets are also developing their own EV supply chain, which provides opportunities for China’s companies that have exposure throughout the entire EV supply chain.

Chart 6: Importance of China’s battery supply chain in global market (2021 market share)
Pie chart showing China’s role in the global electric car battery market, as of January 3, 2022. The chart shows that China produces 51% of the world’s electric car batteries. Pie chart showing China’s role in the global electric car battery market, as of January 3, 2022. The chart shows that China produces 51% of the world’s electric car batteries.

Source: Morgan Stanley, as of 3 January 2022. * For details of Other markets: see Bloomberg and Mining Intelligence reports.

There is also a growing list of other companies in the EV supply chain such as makers of components: battery precision parts, car charging stations, electric motors, automotive lens and sensors, and other EV-associated products. We think the long-term outlook for these EV component providers is also promising.

We believe Chinese makers of advanced driver assistance systems (ADAS), for example, are poised to benefit from a structural shift toward energy efficiency and changing consumption patterns of the younger generation. ADAS are applications and technologies that are installed into self-driving (autonomous) vehicles to serve multiple purposes from injury protection, pedestrian detection, night vision, road safety, cruise control to automatic parking. Components of an ADAS range from hardware or software, chips, sensors and radars to cameras and lens.

We predict ADAS suppliers will see growing penetration rate as the demand for autonomous vehicles increases and these assisted-driving technologies are installed. According to the projections of China Association of Automobile Manufacturers (CAAM), the country’s ADAS market recorded sales of CNY 84.4 billion in 2020 while industry reports expect the market to reach CNY 225 billion by 2025. (see Chart 7)

Chart 7: Advanced Driver Assistance System (ADAS) sales in CNY (billion)
Chart comparing annual sales of advanced driver-assistance systems in China in 2020 versus projected sales in 2025. The chart shows that sales of advanced driver-assistance systems in China is expected to more than double in the five years between 2020 and 2025. Chart comparing annual sales of advanced driver-assistance systems in China in 2020 versus projected sales in 2025. The chart shows that sales of advanced driver-assistance systems in China is expected to more than double in the five years between 2020 and 2025.

Source: China Association of Automobile Manufacturers (CAAM), EqualOcean, as of 8 May 2022.

3 Consumption

Upgrading lifestyle and products amid changing demographics

With stimulus measures underway, we expect consumption growth to pick up in the year's second half. China’s travel, tourism, and hotel stocks are rebounding after the government announced the relaxation of travel rules and reopening of city lockdowns.11 Domestic consumption-related stocks including restaurant operators and local retail businesses are also benefiting as the government relaxes quarantine times for close contacts.

The free digital cash campaign launched in Shenzhen and Hebei may further stimulate the purchase of consumer electronics and home appliances. In Shenzhen, consumers will receive up to RMB$10,000 for each purchase of a new-energy vehicle, RMB$2000 for purchasing consumer electronics and RMB$2000 for home appliances.12

Furthermore, consumption growth will remain an ongoing theme in China, given a population of 1.4 billion and a growing middle-income class. Thanks to the rise of homegrown brands or “guochao”, Chinese domestic brands are fast gaining market share from foreign equivalents in several consumer categories, such as sportswear, skincare, and cosmetics. In cosmetics, for example, local brands are growing in popularity among the sophisticated younger consumers, who use social platforms to access skincare knowledge. (see Chart 8)

Chart 8: Domestic brands gaining attention
Chart comparing the number of online searches for homegrown brands versus foreign brands in China has changed between 2009 and May 2021. The chart shows that online searches for homegrown brands in China accounts for 75% of overall relevant searches, up from 38% in 2009. Chart comparing the number of online searches for homegrown brands versus foreign brands in China has changed between 2009 and May 2021. The chart shows that online searches for homegrown brands in China accounts for 75% of overall relevant searches, up from 38% in 2009.

Source: Baidu, Research Institute of People.cn, as of May 2021.

Conclusion: We believe Chinese equities are ripe with stock-picking opportunities

We have already seen the V-shaped recovery that China’s economy experienced in 2021. The COVID-persistent environment makes it hard to find a quick resolve to economies affected by the pandemic, but we believe that China has been coping with these challenges progressively and is likely set for a gradual recovery. Thanks to the government’s fiscal and monetary policy support, we see structural sector themes and opportunities in Chinese equities. The country remains committed to carbon neutrality and is fast becoming a leader in the global EV ecosystem and in a dynamic and thriving consumption market. We believe that longer-term investors will be rewarded for their participation in these sectorial opportunities and benefit from asset-allocation and diversification perspectives. Meanwhile, a bottom-up, focused and stock picking approach is key to understanding China’s diverse equity universe.

Appendix: Key policy measures in the first half of 2022 (1H 2022)

Fiscal measures13 Objectives/sector beneficiaries
Expand the scope of businesses eligible for VAT credit rebates from 6 to 13 industries14
  • Retail, hospitality, and catering
  • Healthcare and social work
  • Culture, sports, and entertainment
Defer payments on some social insurance programmes, subsidies for utility expenses and rentals, and financing support
  • Support small businesses
Increase emergency loans to airlines by RMB$150  billion, funded with bond issuance of RMB$200 billion
  • Ease supply chain bottlenecks. Airlines

Streamline restrictions on the movement of trucks across regions

Free access to COVID testing for cargo drivers

Increase domestic and international passenger flights in an orderly manner, facilitate the travel of foreign companies’ employees

  • Ease supply chain bottlenecks for airlines, logistics and travel
Relax car purchase restrictions and reduce purchase taxes on select passenger cars
  • Boost consumer consumption. Automakers

Boost spending and guide banks to finance construction projects for irrigation facilities, transportation facilities, residential community renovation, rural road construction projects

Support railway construction with bond issuance

  • Increase infrastructure spending.
  • Support industrials
Monetary policy measures Objectives/sector beneficiaries
Reduced the RRR for most banks by 25 basis points and by 50 basis pointss for smaller lenders, effective  25 April
  • Alleviate the liquidity crunch ,and support economic growth
Provide funds to banks to encourage lending to small businesses
  • Small businesses
Defer principal and interest payments on small business loans and truckers’ car loans, as well as mortgages and consumer loans for individuals experiencing temporary difficulties
  • Small businesses, truckers, mortgages, and consumers
Loosen minimum downpayment requirements, and cut mortgage rates
  • Homebuyers
Lowered the 5-year loan prime rate (LPR) by 15 basis points to 4.45% and reduced the mortgage-rate floor for first-time homebuyers by 20 basis points on 15 May
  • Alleviate the liquidity crunch
    and support economic growth.
  • Homebuyers

1 Source: China’s National Health Commission; Bloomberg, 28 June 2022

2 Global Times, “China’s export growth rebounds to 16.9% in May as epidemic outbreak wanes”, 9 June 2022. Statista, China: Manufacturing Purchasing Managers' Index 2022 as of 30 June 2022

3 Bloomberg, “China’s Central Bank Pledges Support for Businesses Amid Covid”, 18 April 2022

4 National Development and Reform Commission, “Nation moves ahead with ambitious climate goals”, 6 January 2022. IHS Markit, “China seeks to perform balancing act with latest national energy plans amid climate, supply risks”, 1 April 2022

5 BNEF, BofA Global Research, as of April 2022.

6 Fitch Ratings, “China Aims to Restore Car Demand with Strong Fiscal Stimulus”, 13 June 2022

7 The State Council Information Office of China (SCIO), “China speeds up future-oriented infrastructure development”, 12 May 2022

8 China Daily, “China relaxes restrictions, cuts taxes to boost auto sales”, 31 May 2022

9 Daiwa, as of January 2022.

10 Morgan Stanley report, "China Battery Supply Chain", as of 3 January 2022.

11 Bloomberg, 30 June 2022.

12 Global Times, “Shenzhen offers subsidies to NEV, home appliance and digital products buyers to boost consumption”, 26, May 2022.

13 Bloomberg, “These Are the 33 New Measures China Is Taking to Boost Growth", 23 May 2022.

14 China Briefing, “China Stimulus Policy - 33 New Support Measures for Boosting Growth”, 2 June 2022

Important disclosures

The Russell 2000 Index tracks the performance of 2,000 publicly traded small-cap companies in the United States. The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. It is not possible to invest directly in an index. Price to earnings (P/E) is a valuation measure comparing the ratio of a stock’s price with its earnings per share. 

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, and affect portfolio performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the portfolio’s performance, resulting in losses to your investment.

Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments.  These risks are magnified for investments made in emerging markets. Currency risk is the risk that fluctuations in exchange rates may adversely affect the value of a portfolio’s investments.

The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. You should consider the suitability of any type of investment for your circumstances and, if necessary, seek professional advice.

This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Investment Management or its affiliates. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife Investment Management does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife Investment Management disclaims any responsibility to update such information.

Neither Manulife Investment Management or its affiliates, nor any of their directors, officers or employees shall assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients should seek professional advice for their particular situation. Neither Manulife, Manulife Investment Management, nor any of their affiliates or representatives is providing tax, investment or legal advice.  This material was prepared solely for informational purposes, does not constitute a recommendation, professional advice, an offer or an invitation by or on behalf of Manulife Investment Management to any person to buy or sell any security or adopt any investment strategy, and is no indication of trading intent in any fund or account managed by Manulife Investment Management. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation does not guarantee a profit or protect against the risk of loss in any market. Unless otherwise specified, all data is sourced from Manulife Investment Management. Past performance does not guarantee future results.

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Kai-Kong Chay, CFA

Kai-Kong Chay, CFA, 

Senior Portfolio Manager, Greater China Equities

Manulife Investment Management

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