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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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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

That email address is already associated with an account.

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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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.
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An error occurred while processing your request. Please try again later.

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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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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First name is required
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Firm is required
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Role is required
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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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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.

Confirm your email address

We have sent an email to {0}. Click the link in the email to finish setting up your dashboard

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. 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. That user does not exist. 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. 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 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. An error occurred while processing your request. Please try again later. 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. That user does not exist. 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. 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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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 next six months.

The government recently reduced quarantine times for inbound travelers and announced an easing of lockdown measures—encouraging signs that more relaxation of restrictions is yet to come. Chinese equity markets are rebounding from valuation troughs amid an improving market sentiment, the lifting of lockdowns, and a slew of stimulus measures. With China’s pro-growth policies expected to continue, we expect opportunities to arise in three investment themes in the next six months: policy tailwinds, innovation, and a consumption upgrade among consumers. We remain constructive on the asset class and expect policy executions to accelerate in the second half of the year. We also believe 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 toward the end of the second quarter, Chinese equity valuations have rebounded from multi-year lows. During the first quarter of 2022, which coincided with the peak of new COVID-19 cases, global financial markets, including China’s stock markets, declined. Back then, it was a perfect storm of risk-off events: Russia-Ukraine geopolitical tensions, regulatory curbs on technology stocks, the potential delisting of Chinese firm’s American depositary receipts, and a hawkish U.S. Federal Reserve (Fed).

In the past two months, China’s stock markets have staged the first phase of their rebound on the back of a raft of COVID-19-related relaxation measures. Investor sentiment has recovered as lockdown restrictions are gradually eased; the Hong Kong government accelerated to reopen its borders in May by cutting the required quarantine period for inbound travelers (from 14 days to 7 days) and eased social distancing measures. In June, China shortened quarantine times for those entering major cities: Visitors will only need to spend 7 days in a quarantine facility followed by 3 days of home quarantine. This is down from 14 days of hotel quarantine in many parts of China, and as many as 21 days previously, according to a revised government protocol.1

China and Hong Kong stock markets rebound from policy support
(April 29–July 1, 2022)
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 July 1, 2022. Index performance is based on total return in U.S. dollar. It is not possible to invest directly in an index.

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 July 1, 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 Index and the Hong Kong and Chinese onshore A-shares indexes have rebounded since May, and their respective price-to-earnings (PE) valuations have recovered from multi-year lows. We believe Chinese equities could have more room to run due to attractive valuations—they’re sitting below the historical average and near the bottom of the standard deviation range. We’re also more constructive of the second half outlook, which we 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 over year. We expect China to experience a reacceleration in GDP growth in the remainder of the year, while most Asian central banks (excluding China) are likely to raise rates (partly) as a result of U.S. dollar strength. Recent economic data—including China’s industrial output, exports, and retail sales—have been picking up and the Purchasing Managers’ Index for June returned to the expansionary territory of above a 50 reading. These are signs that factory productions are resuming and pent-up domestic demand is being released.2

A raft of economic stimulus measures was announced throughout the first half of 2022, which should permeate the real economy. Numerous sectors are expected to benefit from a further macro policy push in the second half, providing a stronger boost to consumption and helping to ease supply chain bottlenecks. Investors might also increasingly view China as a diversifier of risks and returns. While global central banks are dealing with elevated inflation and expected rate hikes, the People’s Bank of China’s been pursuing a divergent monetary policy. The central bank lowered the country’s reserve requirement rate by 25 basis points (bps),3 slashed the 5-year loan prime rate by 15bps, 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, a development that should support the labor market. In addition, the property market has stabilized, although further clarification is needed in two areas: When China would move on from its zero-COVID policy and when the political landscape will settle following the 20th Party Congress.

In terms of fiscal policy, there’s a decent probability that China’s National People’s Congress Standing Committee may approve additional fiscal stimulus at its August meeting, likely in the order of CNY1 trillion. On June 23, President Xi Jinping reiterated China’s commitment toward preestablished 2022 growth targets.

All in all, we believe that the fiscal and monetary stimulus announced in May 2022 has set the stage for further economic recovery in the second half of the year, and markets have yet to fully price 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’s been making progress in its efforts to tap into clean and alternative energy. On the renewable energy front, China aims for carbon emissions to peak by 2030 and plans to achieve 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 expects the total installed capacity of wind power and solar power to reach more than 1.2 billion kilowatts.4 As such, we continue to see solid investment opportunities in the renewable energy sector; for example, in terms of installed capacity, China produces 87% of the world’s polysilicon, a vital component of the solar supply chain.5

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.

Source: 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.

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 BNEF, BofA Global Research, as of April 2022.

Another beneficiary is the auto sector, a key contributor to China’s consumption growth. In May, authorities relaxed car purchase restrictions and halved the car purchase tax for small engine passenger cars priced under CNY300,000 with engines no larger than 2.0 liters. For context, roughly 90% of engine-powered vehicles in the market will likely be eligible for the incentive.6 Encouragingly, the tax cut was larger than expected and should benefit traditional auto manufacturers. Retail sales of passenger vehicles have already edged higher since the introduction of the new tax policy, topping 1.96 million units in June. We expect Chinese automakers to continue to accelerate their production and deliveries from June 2022 in anticipation of a demand recovery.

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 July 13, 2022.

In regard to infrastructure spending, the State Council announced plans to use funds from the local government special bond (LGSB) program to support a broader range of projects, including new infrastructure initiatives such as next-generation technology and 5G.7 We believe infrastructure construction may accelerate in the third quarter of 2022 if the LGSB quota is used up by June and could be used to fund projects by August 2022.

2 Innovation

Devloping a digital economy and high-value global manufacturing hub

We continue to see opportunities that leverage the government’s goal of developing a digital economy and strengthening China’s position as a high-value global manufacturing hub. Ongoing industrial automation and manufacturing upgrades led by advanced technology could also lead to new opportunities. In our view, 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 benefit 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, which uses 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) to assist with vehicle purchases.

In light of the growing adoption of renewable energy, we expect demand for battery storage 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 Chinese EV battery manufacturers leading the way. The lithium ion battery is the most important component of an EV and Chinese companies produce over half of the world’s EV batteries.10 Outside of China, ASEAN economies are also developing their own EV supply chain, which creates opportunities for China’s companies that have exposure to different parts of the EV supply chain.

China’s role in the global EV battery supply chain (2021)
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 January 3, 2022. EV refers to electric vehicles.

There’s also a growing list of other companies in the EV supply chain, including makers of components such as 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 that serve multiple purposes from injury protection, pedestrian detection, night vision, road safety, and cruise control to automatic parking. Components of an ADAS can range from hardware or software, chips, sensors, and radars to cameras and lenses.

We predict ADAS suppliers will see the penetration rate for their products grow as the demand for autonomous vehicles increases. According to the projections of China Association of Automobile Manufacturers, the country’s ADAS market recorded sales of CNY84.4 billion in 2020; industry reports expect the market to reach CNY225 billion by 2025.

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, EqualOcean, as of May 8, 2022. ADAS refers to advanced driver-assistance systems). E refers to estimates.

3 Consumption

Lifestyle and product upgrades amid changing demographics

With stimulus measures under way, we expect consumption growth to pick up in the second half of the year. China’s travel, tourism, and hotel stocks have rebounded after the government announced a relaxation in travel rules and lifted lockdowns.11 Domestic consumption-related stocks (e.g., restaurant operators and local retail businesses) are also benefiting from the government’s decision to reduce quarantine times for those who’ve been in close contact with COVID-19 patients.

The free digital yuan handout campaign launched in Shenzhen and Hebei may further stimulate purchases of consumer electronics and home appliances. In Shenzhen, consumers will receive up to CNY10,000 for each purchase of an NEV, CNY2000 for consumer electronics, and CNY2000 for home appliances.12

Furthermore, consumption growth will remain an ongoing theme in China, given its population of 1.4 billion and its growing middle class. Thanks to the rise of homegrown brands, referred to as guochao locally, Chinese domestic brands are fast gaining market share from their foreign equivalents in several consumer categories, including sportswear, skincare, and cosmetics. In cosmetics, for example, local brands are growing in popularity among sophisticated younger consumers who use social platforms to access skincare knowledge. 

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, May 2021.

We believe Chinese equities are ripe with stock-picking opportunities

We’ve already seen the V-shaped recovery that China’s economy experienced in 2021. The COVID-19-persistent environment makes it hard to find a quick solution for economies affected by the pandemic, but we believe that China’s been coping with these challenges progressively and seems set for a gradual recovery. Thanks to fiscal and monetary policy support from the government, we see structural sector themed opportunities in Chinese equities. The country remains committed to carbon neutrality and is fast becoming a leader in the global EV ecosystem within a dynamic and thriving consumption market. We believe that longer-term investors will be rewarded for their participation in these sectorial opportunities and enjoy diversification benefits. In our view, a bottom-up, focused stock-picking approach is key to understanding China’s diverse equity universe.

Appendix: key policy measures in the first half of 2022

Fiscal measures13 Objectives/sector beneficiaries
Expand the scope of businesses eligible for value-added tax 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 programs, introduce subsidies for utility expenses and rentals, and provide financing support
Support small businesses
Increase emergency loans provided to airlines by CNY150 billion funded by a CNY200 billion bond issuance
  • Ease supply chain bottlenecks
  • Support airlines
Streamline restrictions on the movement of trucks across regions, grant free access to COVID-19 testing for cargo drivers, increase domestic and international passenger flights in an orderly manner, and facilitate travel for 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
  • Support automakers
Boost official spending, guiding banks to finance construction projects for irrigation facilities, transportation facilities, residential community renovation, rural road construction projects, and support railway construction (funded by bond issuance)
  • Increase infrastructure spending.
  • Support industrials
Monetary policy measures Objectives/sector beneficiaries
Reduced required reserve ratio for most banks by 25 bps (50bps for smaller lenders) from April 25, 2022

Alleviate 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 who are experiencing temporary difficulties

Support small businesses, truckers, mortgages, and consumers

Loosen minimum downpayment requirements and cut mortgage rates

Support homebuyers

Lowered the 5-year loan prime rate by 15bps to 4.45% and reduced the mortgage-rate floor for first-time homebuyers by 20bps on May 15, 2022
  • Alleviate liquidity crunch
    and support economic growth.
  • Support homebuyers

1 China’s National Health Commission, Bloomberg, June 28, 2022. 2 “China’s export growth rebounds to 16.9% in May as epidemic outbreak wanes,” Global Times, June 9, 2022. Statista, June 30, 2022. 3 “China’s Central Bank Pledges Support for Businesses Amid Covid,” Bloomberg, April 18, 2022. 4 “Nation moves ahead with ambitious climate goals,” National Development and Reform Commission, January 6, 2022. “China seeks to perform balancing act with latest national energy plans amid climate, supply risks,” IHS Markit,  April 1, 2022. 5 BNEF, BofA Global Research, April 2022. 6 “China Aims to Restore Car Demand with Strong Fiscal Stimulus,” Fitch Ratings, June 13, 2022. 7 “China speeds up future-oriented infrastructure development,” The State Council Information Office of China, May 12, 2022. 8 “China relaxes restrictions, cuts taxes to boost auto sales,” China Daily, May 31, 2022. 9 Daiwa, January 2022. 10 “China Battery Supply Chain," Morgan Stanley, January 3, 2022. 11 Bloomberg, June 30, 2022. 12 “Shenzhen offers subsidies to NEV, home appliance and digital products buyers to boost consumption,” Global Times, May 26, 2022. 13 “These Are the 33 New Measures China Is Taking to Boost Growth," Bloomberg, May 23, 2022. 14 “China Stimulus Policy - 33 New Support Measures for Boosting Growth,” China Briefing, June 2, 2022.

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. 

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Australia: Manulife Investment Management Timberland and Agriculture (Australasia) Pty Ltd, Manulife Investment Management (Hong Kong) Limited. Canada: Manulife Investment Management Limited, Manulife Investment Management Distributors Inc., Manulife Investment Management (North America) Limited, Manulife Investment Management Private Markets (Canada) Corp. China: Manulife Overseas Investment Fund Management (Shanghai) Limited Company. European Economic Area Manulife Investment Management (Ireland) Ltd. which is authorised and regulated by the Central Bank of Ireland Hong Kong: Manulife Investment Management (Hong Kong) Limited. Indonesia: PT Manulife Aset Manajemen Indonesia. Japan: Manulife Investment Management (Japan) Limited. Malaysia: Manulife Investment Management (M) Berhad  200801033087 (834424-U) Philippines: Manulife Investment Management and Trust Corporation. Singapore: Manulife Investment Management (Singapore) Pte. Ltd. (Company Registration No. 200709952G) South Korea: Manulife Investment Management (Hong Kong) Limited. Switzerland: Manulife IM (Switzerland) LLC. Taiwan: Manulife Investment Management (Taiwan) Co. Ltd. United Kingdom: Manulife Investment Management (Europe) Ltdwhich is authorised and regulated by the Financial Conduct Authority United States: John Hancock Investment Management LLC, Manulife Investment Management (US) LLC, Manulife Investment Management Private Markets (US) LLC and Manulife Investment Management Timberland and Agriculture Inc. Vietnam: Manulife Investment Fund Management (Vietnam) Company Limited.

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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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